REG - Taylor Maritime Taylor Maritime -TMI - Dividend Currency Election

Taylor MaritimeAnnouncement

15/02/2023 18:15

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RNS Number : 0684Q  Taylor Maritime Investments Limited  15 February 2023

 

15 February 2023

 

Taylor Maritime Investments Limited

(the "Company")

 

Dividend Currency Election

 

An announcement was made on 27 January 2023 regarding the dividend to be paid
on 28 February 2023 and the option for shareholders to elect to receive this
in sterling rather than US dollars.

 

The dividend rate per share to be used to pay shareholders who elected to
receive their dividend in sterling will be 1.659613 pence per share (2 US
cents per share converted into sterling using a USD/GBP rate of 1.2051).

 

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 numbers 26 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 owns 25 geared dry bulk vessels
complementary to the Company's fleet.  They are mostly Japanese built,
including 15 Handysize vessels and 10 Supramax and Ultramax vessels.
 Grindrod has six vessels in its chartered in fleet with purchase options on
four.

 

The combined TMI and Grindrod fleet numbers 57 vessels (including chartered in
vessels).

 

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.

 

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