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RNS Number : 1315H Taylor Maritime Investments Limited 15 March 2024
15 March 2024
Taylor Maritime Investments Limited (the "Company")
Director/PDMR Shareholding
The Company announces that Edward Buttery, Chief Executive Officer, has
purchased 200,000 ordinary shares in the capital of the Company ("Ordinary
Shares") as follows:
Director/PDMR Ordinary Shares Acquired Price per Total Holding % of the Company's
Ordinary Share following Purchase issued share capital now held
Edward Buttery 200,000 USD0.98 615,000 0.186%
The relevant notifications set out below are provided in accordance with the
requirements of the Market Abuse Regulation.
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Edward Buttery
2 Reason for the notification
a) Position/status Chief Executive Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Taylor Maritime Investments Limited
b) LEI 213800FELXGYTYJBBG50
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary shares
Identification code (ISIN) GG00BP2NJT37
b) Nature of the transaction Purchase
Purchase not linked to a share option programme
c) Price(s) and volume(s)
Price(s) Volume(s)
$0.98 200,000
d) Aggregated information
- Aggregated volume 200,000
- Total Price USD 196,000
e) Date of the transaction 15 March 2024
f) Place of the transaction London Stock Exchange (off market)
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 (0) 203 530 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 19 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 excluding vessels held for
sale. They are Japanese built, including 10 Handysize vessels and 7
Supra/Ultramax vessels. Grindrod has seven vessels in its chartered in fleet
with purchase options on three.
The combined TMI and Grindrod fleet numbers 39 vessels (including chartered
in vessels with purchase options and excluding 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) (listed in Oslo
BWEK:NO). 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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