Taylor Maritime Investments Limited Issue of Consideration Shares (8034E)
12 Julio 2021 - 01:00AM
UK Regulatory
TIDMTMIP TIDMTMI
RNS Number : 8034E
Taylor Maritime Investments Limited
12 July 2021
Date: 12 July 2021
Taylor Maritime Investments Limited
Issue of Consideration Shares in connection with completion of
acquisition of seed asset
Taylor Maritime Investments Limited, the specialist dry bulk
shipping investment company, today announces that it has allotted
9,000,000 ordinary shares of no par value (the "Consideration
Shares") as part consideration for the acquisition of a Supramax
vessel which was agreed at the time of the Company's IPO and forms
part of its seed portfolio (Seed Asset 18 as described in its
prospectus dated 7 May 2021). The allotment of the Consideration
Shares is conditional on, inter alia, completion of the acquisition
and comprises 50% of the acquisition consideration with the
remaining 50% to be satisfied by the payment of US$9 million in
cash.
Application has been made for the admission of the Consideration
Shares to the premium segment of the Official List of the Financial
Conduct Authority and to trading on the London Stock Exchange's
Main Market for listed securities ("Admission"). The Consideration
Shares will rank pari passu with the Company's existing ordinary
shares and Admission is expected to occur at 8.00am on 14 July 2021
when the acquisition is expected to complete.
Following the allotment of the Consideration Shares, it is
expected that the total number of shares in issue will be
262,678,486 and that, accordingly, the total number of voting
rights of the Company will be 262,678,486. This total voting rights
figure may be used by shareholders as the denominator for the
calculations by which they will determine whether they are required
to notify their interests in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure Guidance
and Transparency Rules.
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
Praxis Fund Services Limited
Tom Daish
Matt Falla +44 1481 737600
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.
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 .
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