Taylor Maritime Investments Limited Acquisition of two geared Handysize bulk vessels (0020C)
16 Junio 2021 - 1:00AM
UK Regulatory
TIDMTMIP
RNS Number : 0020C
Taylor Maritime Investments Limited
16 June 2021
16 June 2021
Taylor Maritime Investments Limited (the "Company")
Acquisition of two geared Handysize bulk vessels completes
deployment of IPO proceeds
Taylor Maritime Investments Limited, the recently launched
specialist dry bulk shipping investment company, is pleased to
announce that is has successfully completed the deployment of the
proceeds raised at IPO following the purchase of two Japanese built
geared Handysize bulk vessels for an aggregate consideration of
US$26.45 million in cash. Both vessels are being acquired at below
80% of depreciated replacement cost.
These two vessels are in addition to the 23 Seed Assets
comprising the Company's Seed Portfolio. The average age of the two
vessels is in line with the current average fleet age of the Seed
Portfolio of 10.6 years. Delivery of the two ships is expected in
mid-July and early-November 2021.
Since the Company's Prospectus was published on 7 May 2021, five
vessels of the Company's Seed Portfolio have, on renewal of their
initial employment, been fixed on charters of approximately one
year in duration at an average annualised unlevered gross cash
yield of over 20%.
Following completion of the Remaining Seed Asset Acquisition
Agreements, the Company's fleet will comprise 25 vessels. The
Executive Team continues to make positive progress on its pipeline
of primarily Handysize and Supramax vessels. The Company looks
forward to providing more details on these opportunities in due
course.
Edward Buttery, Chief Executive Officer, said: "We are pleased
to have made these two attractively priced acquisitions which fully
deploy our IPO proceeds. We have also successfully placed another
five of the vessels in our existing fleet on new charters that are
delivering a strong yield and have a good duration. We continue to
see significant potential in the Handysize market with its ongoing
robust fundamentals."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK
DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
("UK MAR").
For further information, please contact:
Taylor Maritime Investments Limited
Edward Buttery
Alexander Slee +852 2252 3882
Jefferies International Limited
Investment Banking
Stuart Klein
Gaudi Le Roux
Sector coverage
Doug Mavrinac
Hugh Eden +44 20 7029 8000
LEI: 213800FELXGYTYJBBG50
NOTES:
About the Company
Taylor Maritime Investments Limited is a newly established,
internally managed investment company listed on the Premium Segment
of the Official List and traded on the Main Market of the London
Stock Exchange. The Company will invest in a diversified portfolio
of vessels which will primarily be second-hand and which,
historically, have demonstrated average yields in excess of the
Company's target dividend yield of 7% p.a. and are capable of being
acquired at valuations that are expected to be below long-term
average prices.
The Company's initial investments forming the Seed Portfolio
comprise Geared Ships (Handysize and Supramax types) to be employed
utilising a variety of employment/Charter strategies.
The Company intends to pay dividends on a quarterly basis with
dividends declared in January, April, July and October. The Company
expects to declare its first dividend of 1.75 cents per Ordinary
Share for the initial period ended 30 September 2021 in October
2021. Once the Company is fully invested, the Company will target a
Total NAV Return of 10 to 12% p.a. (net of expenses and fees but
excluding any tax payable by Shareholders) over the medium to long
term. [1]
The Company has the benefit of an experienced Executive Team led
by Edward Buttery. The Executive Team have to date worked closely
together for 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 and
London.
For more information, please visit
www.taylormaritimeinvestments.com .
[1] The above references to dividends and returns are
expectations and not profit forecasts and there can be no assurance
that these will be met.
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