REG - Taylor Maritime Taylor Maritime -TMI - Grindrod completes selective capital reduction

Taylor MaritimeAnnouncement

16/08/2024 11:00

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RNS Number : 7553A  Taylor Maritime Investments Limited  16 August 2024

16 August 2024

 

Taylor Maritime Investments Limited (the "Company" or "TMI")

 

Grindrod Shipping Holdings Ltd announces the effectiveness of the Selective
Capital Reduction

 

Taylor Maritime Investments Limited, the specialist dry bulk shipping
investment company, is pleased to disclose that its subsidiary, Grindrod
Shipping Holdings Ltd. ("Grindrod Shipping"), today announced that the
Selective Capital Reduction became effective upon lodgement of the Court Order
with the Singapore Registrar on 16 August 2024.

 

As a result, all of the ordinary shares of Grindrod Shipping held by
shareholders, comprising 3,479,225 shares, other than shares held by TMI's
subsidiary, Good Falkirk (MI) Limited ("GF"), have been cancelled and Grindrod
Shipping has become a wholly owned subsidiary of the Company through GF (which
now owns 100% of the shares in Grindrod Shipping - up from its previous
shareholdings of 82.33%).  Grindrod Shipping will be delisted from the NASDAQ
and JSE.

 

The Last Day of Trading of Grindrod Shipping's shares on the NASDAQ was on 15
August 2024 and the Last Day of Trading of Grindrod Shipping's shares on the
JSE will be on 16 August 2024.

 

The cash distribution is expected to be paid to Grindrod Shipping's
shareholders on 21 August 2024 and, in any event, will be paid no later than
27 August 2024. The Record Date for the cash distribution for JSE purposes is
20 August 2024.

 

Further details can be found in the announcement released today by Grindrod
Shipping.

 

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 17 vessels, including
one vessel 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 a Selective Capital Reduction, which
took effect on 16 August 2024, Grindrod became a wholly owned subsidiary of
the Company through its subsidiary Good Falkirk (MI) Limited "GF".  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 ten
Handysize vessels and seven 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 chartered in
vessels with purchase options and including vessels held for sale).

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 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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