Taylor Maritime Investments Limited Dividend Currency Election (0935T)
November 10 2023 - 8:02AM
UK Regulatory
TIDMTMIP TIDMTMI
RNS Number : 0935T
Taylor Maritime Investments Limited
10 November 2023
10 November 2023
Taylor Maritime Investments Limited
(the "Company")
Dividend Currency Election
An announcement was made on 25 October 2023 regarding the
dividend to be paid on 24 November 2023 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 1.626016
pence per share (2 US cents per share converted into sterling using
a USD/GBP rate of 1.23).
ENDS
For further information, please contact:
Taylor Maritime Investments IR@tminvestments.com
Limited
Edward Buttery
Camilla Pierrepont
Jefferies International
Limited
Stuart Klein
Gaudi Le Roux +44 20 7029 8000
Sanne Fund Services (Guernsey)
Limited
Matt Falla +44 1481 737600
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 20 vessels,
excluding one vessel held for sale post period, 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 seven vessels in its chartered in fleet with
purchase options on three.
The combined TMI and Grindrod fleet numbers 42 vessels
(including chartered in vessels with purchase options and excluding
vessels held for sale during the period).
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 .
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.
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END
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