Taylor Maritime Investments Limited TMI CEO Appointed CEO of Grindrod Shipping (5712T)
March 21 2023 - 2:00AM
UK Regulatory
TIDMTMIP TIDMTMI
RNS Number : 5712T
Taylor Maritime Investments Limited
21 March 2023
21 March 2023
Taylor Maritime Investments Limited (the "Company")
TMI CEO and Executive Director Edward Buttery Appointed CEO of
Grindrod Shipping
The Company announces that Edward Buttery, Chief Executive
Officer and Executive Director of TMI, will be appointed Chief
Executive Officer of its recently acquired subsidiary, Grindrod
Shipping Holdings Limited (NASDAQ: GRIN; JSE: GSH) with effect from
1 April 2023, making him CEO of both companies.
Edward's role as Grindrod CEO will be focused on achieving
strategic synergies. He will be supported by Grindrod's existing,
highly experienced Senior Management Team, which will continue to
be responsible for day-to-day operational aspects of Grindrod. This
will enable the execution of a clear commercial strategy across
both companies and create a high degree of alignment whilst
respecting the interests of all stakeholders.
As before, TMI's Executive Team will continue to manage
day-to-day matters and investment strategy at TMI and support
Edward in his dual CEO role.
Commenting on the appointment, Edward said, "My focus is on
delivering synergies for the TMI and Grindrod fleet through a
cohesive strategy and commercial vision. We are already starting to
see the benefits that greater scale brings."
Dr. Kurt Klemme, Chairman of the Board of Directors at Grindrod
Shipping said, "We look forward to working with Ed in his new role
as CEO and believe the company's business is in good hands. We are
confident that with his position as CEO of Grindrod and TMI he'll
be able to achieve the co-operation of both companies to optimize
earnings potential."
ENDS
For further information, please contact:
Taylor Maritime Investments IR@tminvestments.com
Limited
Edward Buttery
Camilla Pierrepont
Jefferies International Limited
Stuart Klein +44 (0) 207 029
Gaudi Le Roux 8000
Montfort Communications TMI@montfort.london
Alison Allfrey
George Morris Seers
Sanne Fund Services (Guernsey)
Limited +44 (0) 203 530
Matt Falla 3107
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 numbers 23 vessels in the geared
dry bulk segment. The ships are employed utilising a variety of
employment/charter strategies.
On 20 December, 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
owns 25 geared dry bulk vessels complementary to the Company's
fleet (including one vessel contracted for sale). They are mostly
Japanese built, including 15 Handysize vessels and 10
Supra/Ultramax vessels. Grindrod has seven vessels in its chartered
in fleet with purchase options on four.
The combined TMI and Grindrod fleet numbers 54 vessels
(including long term chartered in vessels).
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 the
Commercial Manager, Taylor Maritime. Established in 2014, Taylor
Maritime is a privately owned ship-owning and management business
with a seasoned team that includes 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). Taylor Maritime's team of
industry professionals are based in Hong Kong, London and
Singapore.
For more information, please visit
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
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"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.
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END
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