REG - Taylor Maritime Taylor Maritime -TMI - Board Changes

Taylor MaritimeAnnouncement

05/01/2023 07:00

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RNS Number : 7268L  Taylor Maritime Investments Limited  05 January 2023

5 January 2023

 

 

Taylor Maritime Investments Limited

Board Changes

 

 

The Board of Taylor Maritime Investments Limited ("TMI" or the "Company"),
the listed specialist dry bulk shipping company, announces that following the
successful completion of the acquisition of Grindrod Shipping, Nicholas
Lykiardopulo, Chair, has decided to step down from the Board with effect from
6 January 2023 in order to devote more time to his personal businesses after a
period of intense and demanding activity with TMI.

 

Frank Dunne, who was appointed as a non-executive Director and Senior
Independent Director of the Company on 31 October 2022, will act as Interim
Chair whilst a recruitment process is conducted to seek a new Chair. Frank has
a wealth of legal experience from an extensive career with the Maritime team
at Watson Farley & Williams ("WFW"), the specialist maritime, aviation
and energy law firm, working on a broad range of ship finance work,
investment transactions, restructurings, public market transactions and
listings. Frank served as Chairman of WFW from 2004 to 2017.

 

Commenting, Frank Dunne said, "I am delighted to take up the role of Interim
Chair at a pivotal time for TMI. The Company and I would like to thank Nick
for his excellent leadership during its formative first period as a listed
company since its IPO in May 2021, culminating in the successful closing of
its transformational acquisition of Grindrod Shipping which creates a
significant owner of geared dry-bulk ships. It has been an honour and an
education to work with Nick".

 

Edward Buttery, CEO of TMI, added, "Frank's legal reputation in the maritime
sector is unrivalled. He will be a strong presence in the coming months as we
focus on deleveraging and continuing to deliver compelling cash yields as we
establish a critical path for earnings and NAV accretion from the stand-out
growth opportunity the Grindrod transaction represents. We will be conducting
a thorough recruitment process to appoint a new Chair and will update the
market in due course.  I would like to thank Nick for all the excellent work
he has done to establish TMI on such a firm footing and for his personal
support and encouragement which have been truly invaluable".

 

Nick Lykiardopulo said, "It has been a privilege to lead such a strong and
dynamic team through a period of change and opportunity. With the successful
closing of the acquisition of Grindrod Shipping and the Company entering a new
and exciting phase of its development, it is the right time for me to hand
over the helm to a new Chair."

 

 

 

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 and which, historically, have demonstrated average yields in
excess of the Company's target dividend yield of 8% p.a. (on the Initial Issue
Price).  The current portfolio numbers 26 vessels in the geared dry bulk
segment.  The ships are employed utilising a variety of employment/charter
strategies.

 

On 29 November, the Company announced it had acquired a controlling interest
in Grindrod Shipping Holdings Ltd ("Grindrod") (NASDAQ:GRIN,
JSE:GSH).  Grindrod is Singapore incorporated and dual listed on NASDAQ
and the Johannesburg Stock Exchange.  Grindrod owns 25 smaller, geared
vessel categories complementary to those of the Company's fleet.  They are
mostly Japanese built, including 15 Handysize vessels and 10 Supramax and
Ultramax vessels.  Grindrod also has six vessels in its chartered in fleet
with purchase options on four.

 

The Company announced an increased interim dividend of 2 cents per Ordinary
Share paid on a quarterly basis on 28 July 2022, 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
market segment is 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.

 

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