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

Taylor MaritimeAnnouncement

19/07/2024 12:00

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RNS Number : 0270X  Taylor Maritime Investments Limited  19 July 2024

19 July 2024

 

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

 

Grindrod Shipping Holdings Ltd announces declaration and finalisation
announcement in respect of the Selective Capital Reduction and the cash
distribution

 

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 the following
updates regarding the Selective Capital Reduction:

Following the receipt of the High Court of the Republic of Singapore's
approval on 16 July 2024, the Selective Capital Reduction will take effect
upon the lodgement of the Court Order with the Singapore Registrar ("ACRA
Lodgements") which is expected to take place on 16 August 2024 (the Effective
Date"). Other than the ACRA Lodgements there are no other outstanding
conditions to the Selective Capital Reduction becoming effective.

As a result, all of the ordinary shares of Grindrod Shipping held by
shareholders, comprising 3,479,225 shares, other than shares held by its
subsidiary, Good Falkirk (MI) Limited ("GF"), will be cancelled and Grindrod
Shipping will become a wholly owned subsidiary of the Company through GF
(which will own 100% of the shares in Grindrod Shipping - up from 82.33%).

Trading of Grindrod Shipping's shares on the Nasdaq will be suspended with
effect on and from 15 August 2024 and trading of Grindrod Shipping's shares on
the JSE will be suspended with effect on and from 16 August 2024.

The Record Date for the cash distribution is 20 August 2024 with the payment
date expected to be 21 August 2024.

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

 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 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.  Grindrod has an owned fleet of 17 dry bulk
vessels 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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