REG - Taylor Maritime Taylor Maritime -TMI - Result of General Meeting

Taylor MaritimeAnnouncement

13/01/2025 14:45

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RNS Number : 1278T  Taylor Maritime Investments Limited  13 January 2025

 

 13 January 2025

 

Taylor Maritime Investments Limited

Result of General Meeting

 

The Board of Taylor Maritime Investments Limited ("TMI" or the "Company"), the
listed specialist dry bulk shipping investment company, is pleased to announce
that at the General Meeting of the Company held earlier today, all resolutions
were passed on a poll. The proxy votes received by the Company were as
follows:

 

 Resolution                                                                     For                  Against             Withheld*
                                                                                Votes        %       Votes       %       Votes
 Transfer of the listing of the whole of the Company's issued share capital to  222,028,310  98.21%  4,043,512   1.79%   3,930
 the equity shares (commercial companies) category of the Official List, as
 described in Part 1 of the circular to Shareholders dated 11 December 2024
 (the "Circular").

 Amendments to the Company's Articles of Incorporation.                         172,478,379  76.29%  53,593,443  23.71%  3,930

 Change of the Company's name to Taylor Maritime Limited.                       222,031,310  98.21%  4,040,512   1.79%   3,930

 

*A vote withheld is not a vote in law and is therefore not counted towards the
proportion of votes "For" or "Against" the resolution. Resolutions 1 to 3 were
proposed as Special Resolutions. Resolutions 2 and 3 were proposed subject to
and conditional on the passing of Resolution 1.

 

As explained in the Circular, the Company will apply to the United Kingdom
Financial Conduct Authority (the "FCA") for the transfer the listing category
of its Ordinary Shares from the closed-ended investment funds category to the
equity shares (commercial companies) category of the Official List (the
"Proposed Transfer"), expected to take effect on 10 February 2025 (the
"Proposed Transfer Effective Date"). Subject to FCA approval, with effect from
the Proposed Transfer Effective Date, the Company's Investment Policy will
cease to apply, notice will be given to the Guernsey Financial Services
Commission for the surrender of the Company's registration as a closed-ended
collective investment scheme, and application will be made to the Guernsey
Registry for the change of the Company's name to Taylor Maritime Limited.  A
further announcement will be released in due course confirming the changes.

 

Shareholder attention is drawn to paragraphs 4, 5 and 6 of Part 1 of the
Circular for further details of the effect and implications of the Proposed
Transfer.

 

The Board notes a high proportion of the votes cast against Resolution 2 were
cast by a single large shareholder. The Board engaged with such shareholder
prior to the General Meeting and will extend an option of further engagement
to understand the reasons behind their decision.  The Board notes such
shareholder voted in favour of Resolutions 1 and 3.

 

In accordance with UKLR 6.4.13, details of those resolutions passed at the
General Meeting that were not in the ordinary course of business are detailed
below.

 

1.     That the transfer of the listing of the whole of the Company's
issued share capital from the closed-ended investment funds category to the
equity shares (commercial companies) category of the Official List as
described in Part 1 of the Circular be approved and that accordingly the
Company's Investment Policy shall no longer apply from the Proposed Transfer
Effective Date and that the Directors be and are hereby authorised to do
and/or procure to be done all such acts or things as they may consider
necessary or desirable in connection therewith.

 

2.     That, subject to and conditional on the passing of Resolution 1
above and the Proposed Transfer becoming effective, the Company adopts the
amendments to its Articles as described in Part 4 of the Circular and in the
form as may be inspected at the registered office of the Company during usual
hours on any weekday from the date of the Circular up to and including the
date of the General Meeting and at the place of the General Meeting for at
least 15 minutes before and during the General Meeting.

 

3.     That, subject to and conditional on the passing of Resolution 1
above and the Proposed Transfer becoming effective, in accordance with section
25(2) of the Companies (Guernsey) Law, 2008 (as amended, extended or
replaced), the name of the Company be changed to Taylor Maritime Limited.

 

 

 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

 Sanne Fund Services (Guernsey) Limited   +44 20 3530 3107

 Matt Falla

 

Notes to Editors

 

About the Company

Taylor Maritime Investments Limited is an internally managed investment
company listed under the closed-ended investment funds category of the FCA's
UK Listing Rules sourcebook (previously the Premium Segment of the Official
List), with 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 and Japanese built.

 

The Company acquired a controlling stake in Grindrod Shipping Holdings Limited
("Grindrod") in December 2022 and, following a selective capital reduction
which took effect on 16 August 2024, Grindrod became a wholly owned subsidiary
of the Company and was delisted from each of Nasdaq and the JSE.  As a
result, the Company, through its subsidiaries, currently has an owned fleet of
31 dry bulk vessels consisting of 21 Handysize vessels (including one vessel
held for sale) and ten Supra/Ultramax vessels (including one vessel under a JV
agreement and one long-term chartered in vessel with purchase option).  The
Company also has six vessels in its short-term chartered in fleet. The ships
are employed utilising a variety of employment/charter strategies.

 

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.

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

 

About Geared Vessels

Geared vessels are characterised by their own cargo loading and discharging
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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