Taylor Maritime Ltd Taylor Maritime -TMI - Proposed third return of capital

Taylor Maritime

Tue 07:00

RNS Number : 2824J
  
Taylor Maritime Limited
  
23 June 2026
  
 


23 June 2026
 
Taylor Maritime Limited (the "Company" or "TML")
 
Proposed third return of capital
 
The Board of Taylor Maritime Limited, the specialist dry bulk shipping company, is pleased to announce the sale of one vessel which was subject to a purchase option by the Company, generating net proceeds of $11.4 million.  In addition, the Company has agreed terms for the sale of its 50% share in a joint venture owning one vessel, generating net proceeds of $16.6 million.
 
Both transactions are expected to complete by the end of June 2026. Subject to completion, the Board is pleased to announce its intention to undertake a third return of capital of a minimum $45 million in July 2026 by way of a partial compulsory redemption of ordinary shares.  This would bring the total capital returned to shareholders since the start of the managed realisation process to $218.4 million.
 
Details, including the total redemption amount, redemption price, timetable and other terms are expected to be announced by the Company in July 2026.
 
Further updates regarding the sales process, and future returns of capital to shareholders, will be provided in due course.
 
Commenting on the asset disposals and managed wind-down, Edward Buttery, Chief Executive Officer, said:
 
"These further sales underline our commitment to delivering an efficient and orderly asset realisation, preserving value for shareholders through timely deal execution and maximising returns of capital to shareholders."
 
 
ENDS
 




For further information, please contact: 
 




Taylor Maritime Limited  
Edward Buttery  
Kael O'Sullivan
 


IR@taylormaritime.com
 




Jefferies International Limited  
Stuart Klein 
Gaudi Le Roux


+44 20 7029 8000 
  




 
Panmure Liberum Limited
Chris Clarke
Nicholas How


 
+44 20 3100 2190









 
The person responsible for arranging for the release of this announcement on behalf of the Company is Matt Falla, Company Secretary.
 
Notes to Editors
  
About the Company 
Taylor Maritime Limited is a shipping company listed under the equity shares (commercial companies) category of the Official List, with its shares trading on the Main Market of the London Stock Exchange since May 2021.  Between May 2021 and February 2025, the Company was listed under the closed-ended investment funds category of the Official List.  
The Company is pursuing a managed realisation of the Company's assets, prioritising the maximisation of proceeds from vessel sales and future returns of capital to shareholders, in tandem with an orderly winding down of the Company's operations.  The timing of disposals and subsequent returns of capital will be influenced by market conditions and commercial factors.
The Company, through its subsidiaries, currently has an owned fleet of 6 dry bulk vessels consisting of 4 Handysize vessels and 2 Supra/Ultramax vessels.  The Company also has one vessel under JV agreement and one vessel in its chartered in fleet.  The ships are all employed on time charter.
For more information, please visit www.taylormaritime.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
 
 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
DISUUSNRNBUNUAR