REG - Taylor Maritime Taylor Maritime -TMI - Grindrod Shipping announces despatch of circular

Taylor Maritime InvestmentsAnnouncement

14/05/2024 12:00

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RNS Number : 3688O  Taylor Maritime Investments Limited  14 May 2024

14 May 2024

 

Taylor Maritime Investments Limited (the "Company" or "TMI")

 

 

Grindrod Shipping Holdings Ltd announces despatch of circular to shareholders

 

The Board of Taylor Maritime Investments Limited, the listed specialist dry
bulk shipping investment company, is pleased to announce that its subsidiary,
Grindrod Shipping Holdings Ltd. ("Grindrod Shipping"), today announced that it
has despatched a circular (the "Circular") to its shareholders in connection
with the proposed selective capital reduction (the "Selective Capital
Reduction") pursuant to Section 78G of the Companies Act 1967 of Singapore.

 

Under the terms of the Selective Capital Reduction, on the effective date, all
of the ordinary shares of Grindrod Shipping held by shareholders, comprising
3,479,225 shares, other than shares held by the Company's subsidiary, Good
Falkirk (MI) Limited ("GF"), will be cancelled and each participating
shareholder will be entitled to receive US$14.25 for each Grindrod Shipping
share that is cancelled.

 

Grindrod Shipping will be holding an extraordinary general meeting to approve
the proposed Selective Capital Reduction by way of a special resolution.
Notice of such meeting is set out in the Circular which will be held on 20
June, 2024.  The Company, GF and their respective concert parties will
abstain and not vote on the special resolution relating to the Selective
Capital Reduction.

 

The implementation of the Selective Capital Reduction will also be dependent
on the approval of the High Court of the Republic of Singapore.

 

If the Selective Capital Reduction is approved, Grindrod Shipping will become
a wholly owned subsidiary of the Company through its subsidiary GF (which will
own 100% of the shares - up from 82.33%) and Grindrod Shipping will be
delisted from the NASDAQ and JSE.

 

Further details can be found in the announcement released by Grindrod
Shipping.

 

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

 Apex Group                               +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 18 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.  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 38 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).  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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