REG - Taylor Maritime Taylor Maritime -TMI - Dividend Declaration

Taylor MaritimeAnnouncement

26/07/2024 07:00

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RNS Number : 9266X  Taylor Maritime Investments Limited  26 July 2024

26 July 2024

 

Taylor Maritime Investments Limited (the "Company")

 

Dividend Declaration

 

The Board of Taylor Maritime Investments Limited ("TMI" or the "Company"), the
listed specialist dry bulk shipping company, is pleased to declare an interim
dividend in respect of the period to 30 June 2024 of 2 US cents per ordinary
share:

 

 Ex Date:                           8 August 2024

 Record Date:                       9 August 2024

 Last day for currency elections:   12 August 2024

 Payment Date:                      30 August 2024

 

The default payment for dividends remains in US Dollar, however, dividends are
capable of being paid in sterling, provided that the relevant shareholder has
registered to receive their dividend in sterling under the Company's Dividend
Currency Election. A copy of the Dividend Currency Election form can be
downloaded from the Company's website www.taylormaritimeinvestments.com
(http://www.taylormaritimeinvestments.com/) . Completed Dividend Currency
Election forms should be sent to the Company's registrar, Computershare
Investor Services (Guernsey) Limited, c/o The Pavilions, Bridgwater Road,
Bristol, BS99 6ZY. CREST shareholders must elect via CREST.

 

Non-CREST shareholders wishing to receive Company dividends by electronic
funds transfer directly to their bank accounts can register for
Computershare's Global Payment Service at www.investorcentre.co.uk
(http://www.investorcentre.co.uk) .

 

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

 Apex Group                               +44 20 3530 3107

 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
Supra/Ultramax 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 18 vessels, including
two vessels held for sale, in the geared dry bulk segment.  The ships are
employed utilising a variety of employment/charter strategies.

On 20 December 2022, 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.  Following the approval of a Selective Capital
Reduction ("SCR") by Grindrod shareholders and the High Court of the Republic
of Singapore, due to take effect on 16 August 2024, Grindrod is set to become
a wholly owned subsidiary of the Company through its subsidiary Good Falkirk
(MI) Limited "GF".   Grindrod will subsequently be delisted from each of
Nasdaq and the JSE.  Grindrod has an owned fleet of 17 dry bulk vessels,
including one vessel held for sale, complementary to the Company's fleet.
They are Japanese built, including 10 Handysize vessels and 7 Supra/Ultramax
vessels.  Grindrod has seven vessels in its chartered in fleet with purchase
options on three.

The combined TMI and Grindrod fleet numbers 38 vessels (including vessels held
for sale and chartered in vessels with 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 Taylor Maritime.
Taylor Maritime was established in 2014 as a privately owned ship-owning and
management business with a seasoned team including 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).  The commercial and
technical management arms of Taylor Maritime were acquired by Grindrod in
October 2023.

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

About Geared Vessels

Geared vessels are characterised by their own cargo 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

 

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