TIDMTMIP TIDMTMI
RNS Number : 0872B
Taylor Maritime Investments Limited
31 May 2023
31 May 2023
Taylor Maritime Investments Limited (the "Company")
Chair Appointment
The Board of Taylor Maritime Investments Limited ("TMIL" or the
"Company"), the specialist dry bulk shipping company, is pleased to
announce that Henry Strutt has been appointed non-Executive Chair
of the Company with effect from 1 June 2023.
Henry brings extensive financial services experience from his
time spent in senior positions at several financial institutions,
including Robert Fleming Group of Companies, Smith &
Williamson, and Harrods Bank. He also has considerable investment
trust experience and currently serves as Chair of the Edinburgh
Worldwide Investment Trust plc.
On appointment, Henry will be appointed as a member of the
Nomination and Remuneration Committee and the ESG & Engagement
Committee, and Frank Dunne will re-join the Risk and Audit
Committee.
Commenting on the appointment, Edward Buttery, CEO of TMI said:
"I am delighted to welcome Henry at such a formative time for TMI.
His extensive management experience in both financial services and
the investment trust space will position us ideally as we look to
generate compelling synergies from our recent acquisition of
Grindrod and face the market as a force to be reckoned with in
geared dry bulk".
Henry Strutt, incoming Chair, commented:
"Joining TMI at this fascinating inflection point is a wonderful
opportunity. I am looking forward to providing counsel to Ed and
the wider TMI management team as the business crystallises its
position as a significant owner of dry bulk ships".
Frank Dunne, Interim Chair and SID added :
"I am pleased to be passing the baton into Henry's capable
hands. His expertise and track record make him an excellent fit for
TMI as the business looks to capitalize on an improving market and
robust fundamentals for the years to come. I look forward to
continuing to contribute to TMI's success in my position as
SID".
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
Montfort Communications TMI@montfort.london
Alison Allfrey
George Morris Seers
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 Supramax 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 24 geared dry bulk vessels complementary to the Company's
fleet. They are mostly Japanese built, including 15 Handysize
vessels and 9 Supramax and 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 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, Singapore and
London.
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.
LEI: 213800FELXGYTYJBBG50
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END
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