REG - Taylor Maritime Taylor Maritime -TMI - Dividend Currency Election

Taylor Maritime InvestmentsAnnouncement

20/02/2024 12:15

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RNS Number : 7932D  Taylor Maritime Investments Limited  20 February 2024

 

20 February 2024

 

Taylor Maritime Investments Limited

(the "Company")

 

Dividend Currency Election

 

An announcement was made on 26 January 2024 regarding the dividend to be paid
on 29 February 2024 and the option for shareholders to elect to receive this
in sterling rather than US dollars.

 

The dividend rate per share to be used to pay shareholders who elected to
receive their dividend in sterling will be 1.581653 pence per share (2 US
cents per share converted into sterling using a USD/GBP rate of 1.2645).

 

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 18 dry bulk
vessels complementary to the Company's fleet excluding vessels held for
sale.  They are Japanese built, including 11 Handysize vessels and 7
Supra/Ultramax vessels.  Grindrod has eight vessels in its chartered in fleet
with purchase options on three.

The combined TMI and Grindrod fleet numbers 40 vessels (including chartered in
vessels with purchase options).

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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