REG - Taylor Maritime Taylor Maritime -TMI - Director/PDMR Shareholding

Taylor MaritimeAnnouncement

15/09/2023 15:45

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RNS Number : 6401M  Taylor Maritime Investments Limited  15 September 2023

15 September 2023

 

Taylor Maritime Investments Limited (the "Company")

Director/PDMR Shareholding

 

The Company announces that Henry Strutt, non-executive Director and Chairman,
has purchased 74,000 ordinary shares in the capital of the Company ("Ordinary
Shares") as follows:

 

 Director/PDMR   Ordinary Shares Acquired  Price per        Total Holding        % of the Company's

                                           Ordinary Share   following Purchase   issued share capital now held
  Henry Strutt   74,000 1                  $0.845           74,000               0.022%

 

The relevant notifications set out below are provided in accordance with the
requirements of the Market Abuse Regulation.

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Henry Strutt

 2    Reason for the notification

 a)   Position/status                                              Non-executive Director and Chairman

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Taylor Maritime Investments Limited

 b)   LEI                                                          213800FELXGYTYJBBG50

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted

 a)   Description of the financial instrument, type of instrument  Ordinary shares

      Identification code (ISIN)                                   GG00BP2NJT37

 b)   Nature of the transaction                                    Purchase

                                                                   Purchase not linked to a share option programme
 c)   Price(s) and volume(s)

                                                                                     Price(s)                       Volume(s)
                                                                                     USD 0.845 per Ordinary Share   18,000            Henry Strutt

                                                                                     USD 0.845 per Ordinary Share

                                                                                                                    56,000            PCA

 d)   Aggregated information

      - Aggregated volume                                          74,000
      - Total Price                                                USD 62,530

 e)   Date of the transaction                                      13 September 2023

 f)   Place of the transaction                                     London Stock Exchange

 

ENDS

 

 For further information, please contact:

Taylor Maritime Investments Limited     IR@tminvestments.com (mailto:IR@tminvestments.com)

 Edward Buttery

 Camilla Pierrepont

 Jefferies International Limited         +44 20 7029 8000

 Stuart Klein

 Gaudi Le Roux

 Montfort Communications                 TMI@montfort.london (mailto:TMI@montfort.london)

 Alison Allfrey

 George Morris Seers

 Sanne Fund Services (Guernsey) Limited  +44 1481 737600

 Matt Falla

 

Notes to Editors

 

About the Company

Taylor Maritime Investments Limited is an internally managed investment
company listed on the Premium Segment of the Official List, its shares trading
on the Main Market of the London Stock Exchange since May 2021.  The
Company specializes in the acquisition and chartering of vessels in the
Handysize and Supramax bulk carrier segments of the global shipping sector.
The Company invests in a diversified portfolio of vessels which are primarily
second-hand.  TMI's fleet portfolio currently numbers 22 vessels in the
geared dry bulk segment.  The ships are employed utilising a variety of
employment/charter strategies.

 

On 20 December, the Company announced it acquired a controlling majority
interest in Grindrod Shipping Holdings Ltd ("Grindrod") (NASDAQ:GRIN,
JSE:GSH), a Singapore incorporated, dual listed company on NASDAQ and the
Johannesburg Stock Exchange.  Grindrod currently owns 21 geared dry bulk
vessels complementary to the Company's fleet.  They are mostly Japanese
built, including 13 Handysize vessels and 8 Supra/Ultramax vessels.  Grindrod
has seven vessels in its chartered in fleet with purchase options on four.

 

The combined TMI and Grindrod fleet numbers 47 vessels (excluding three long
term chartered in vessels without purchase options).

 

The Company's target dividend policy is 8 cents p.a. paid on a quarterly
basis, with a targeted total NAV return of 10-12% per annum over the medium to
long-term.

 

The Company has the benefit of an experienced Executive Team led by Edward
Buttery and who previously worked closely together at the Commercial Manager,
Taylor Maritime.  Established in 2014, Taylor Maritime is a privately owned
ship-owning and management business with a seasoned team that includes the
founders of dry bulk shipping company Pacific Basin Shipping (listed in Hong
Kong 2343.HK) and gas shipping company BW Epic Kosan (formerly Epic
Shipping) (listed in Oslo BWEK:NO).  Taylor Maritime's team of industry
professionals are based in Hong Kong, Singapore and London.

 

For more information, please visit www.taylormaritimeinvestments.com
(http://www.taylormaritimeinvestments.com/) .

 

About Geared Vessels

Geared vessels are characterised by their own loading equipment. The Handysize
and Supra/Ultramax market segments are particularly attractive, given the
flexibility, versatility and port accessibility of these vessels which carry
necessity goods - principally food and products related to infrastructure
building - ensuring broad diversification of fleet activity and stability of
earnings through the cycle.

 

IMPORTANT NOTICE

The information in this announcement may include forward-looking statements,
which are based on the current expectations and projections about future
events and in certain cases can be identified by the use of terms such as
"may", "will", "should", "expect", "anticipate", "project", "estimate",
"intend", "continue", "target", "believe" (or the negatives thereon) or other
variations thereon or comparable terminology. These forward-looking statements
are subject to risks, uncertainties and assumptions about the Company,
including, among other things, the development of its business, trends in its
operating industry, and future capital expenditures and acquisitions. In light
of these risks, uncertainties and assumptions, the events in the
forward-looking statements may not occur.

 

References to target dividend yields and returns are targets only and not
profit forecasts and there can be no assurance that these will be achieved.

 

LEI: 213800FELXGYTYJBBG50

 

 1  Includes 56,000 shares acquired by a PCA.

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