TIDMTMIP TIDMTMI
RNS Number : 9811T
Taylor Maritime Investments Limited
28 July 2022
28 July 2022
Taylor Maritime Investments Limited
Dividend Declaration
The Board of Taylor Maritime Investments Limited (" TMI " or the
" Company "), the listed specialist dry bulk shipping company, is
pleased to declare an increased interim dividend in respect of the
period to 30 June 2022 of 2 US cents per Ordinary Share,
representing an increase of 14% per share and reflecting a new
annualised dividend target for financial year 2022 of 8% on the IPO
price.
Ex Date: 4 August 2022
Record Date: 5 August 2022
Last day for currency 8 August 2022
elections: 24 August 2022
Payment Date:
The default payment for dividends remains in US Dollar, however,
dividends are capable of being paid in sterling, provided that the
relevant shareholder has registered to receive their dividend in
sterling under the Company's Dividend Currency Election. A copy of
the Dividend Currency Election form can be downloaded from the
Company's website www.taylormaritimeinvestments.com . Completed
Dividend Currency Election forms should be sent to the Company's
registrar, Computershare Investor Services (Guernsey) Limited, c/o
The Pavilions, Bridgwater Road, Bristol, BS99 6ZY. CREST
shareholders must elect via CREST.
Non-CREST shareholders wishing to receive Company dividends by
electronic funds transfer directly to their bank accounts can
register for Computershare's Global Payment Service at
www.investorcentre.co.uk .
ENDS
For further information, please contact:
Taylor Maritime Investments Limited IR@tminvestments.com
Edward Buttery
Camilla Pierrepont
Jefferies International Limited
Stuart Klein
Gaudi Le Roux +44 20 7029 8000
Montfort Communications TMI@montfort.london
Alison Allfrey
George Morris Seers
Notes to editors
About the Company
Taylor Maritime Investments Limited is an internally managed
shipping 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 Supramax bulk
carrier segments of the global shipping sector. The Company invests
in a diversified portfolio of vessels which are primarily
second-hand and which, historically, have demonstrated average
yields in excess of the Company's target dividend yield of 8% p.a.
(on the Initial Issue Price). The shares offer a compelling and
differentiated investment opportunity with the aim of delivering
strong cashflow, stable income and potential for capital
growth.
The Company invests in high quality, Japanese built vessels
which are primarily second-hand and acquired at valuations below
long-term average prices and depreciated replacement cost. The
current portfolio numbers 28 vessels. The Company has a leading
position in the Handysize shipping sector and, thanks to versatile
geared vessels delivering necessity goods, provides an attractive,
defensible yield underpinned by zero long-term structural gearing,
financial discipline and an optimal balance of charter rates and
durations. It has a selective growth strategy focusing on accretive
opportunities to increase shareholder returns and recycle capital
efficiently.
The Company has announced an increased interim dividend of 2
cents per Ordinary Share paid on a quarterly basis, with a targeted
total NAV return of 10-12% per annum (net of expenses and fees but
excluding any tax payable by Shareholders) over the medium to
long-term. The Board approved a special dividend of 3.22 cents per
share in respect of the period to 31 March 2022 paid on 6 May 2022,
which brought total dividends declared for the period from IPO to
31 March 2022 to 8.47 US cents per share, representing a dividend
yield on the IPO price of approximately 10% on an annualised basis.
This reflected excess cash generation in what continues to be a
historically strong market and a desire to return capital to
shareholders in a timely manner.
Sustainability is at the heart of the way in which the Company
is managed and it is committed to achieving a long-term target of
zero carbon emissions by 2050. Substantial technological advances
are a key element of this for the broader shipping industry, with
near term incremental progress effected by initiatives such as
retrofitting the fleet with energy saving devices, using low
sulphur fuels and trialling biofuels.
The Company has the benefit of an experienced Executive Team led
by Edward Buttery. The Executive Team 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
experienced industry professionals are based in Hong Kong,
Singapore and London.
For more information, please visit
www.taylormaritimeinvestments.com .
About Geared vessels
Geared vessels are characterised by their own loading and
unloading equipment. The Handysize market segment is particularly
attractive, given the flexibility, versatility and port
accessibility of these vessels which carry necessity goods -
principally foodstuffs and products related to infrastructure
building - ensuring broad diversification of fleet activity and
stability of earnings.
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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July 28, 2022 02:00 ET (06:00 GMT)
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