TIDMTMIP TIDMTMI
RNS Number : 8879S
Taylor Maritime Investments Limited
19 November 2021
Taylor Maritime Investments Limited (the "Company")
19 November 2021
Delivery of Seed Asset and Issue of Consideration Shares
Taylor Maritime Investments Limited, the specialist dry bulk
shipping company, today announces that it has allotted 1,175,000
ordinary shares of no par value (the "Consideration Shares") at
US$1 per share in connection with the completion of the acquisition
of a Japanese built Handysize vessel which was agreed at the time
of the Company's IPO (Seed Asset 22 as described the IPO
prospectus).
The vessel delivered on 4 November 2021 and increased TMI's
delivered fleet to 27 vessels. The vessel has since been fixed on a
short period time charter of 3 months at an average annualised
unlevered gross cash yield of over 50%. The remaining five
committed vessels are expected to deliver before the end of January
2022.
The Consideration Shares are to be issued to Fort Taylor (MI)
Limited(1) , one of the selling shareholders of Seed Asset 22,
which has agreed as part of the Company's IPO to reinvest its sale
proceeds in ordinary shares at the IPO issue price. The
Consideration Shares are subject to a lock up until 27 May 2022
being 12 months after the IPO followed by a 6 month orderly market
period.
The allotment of the Consideration Shares is conditional on,
inter alia, 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"). Application has been made for 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 23 November 2021.
Following the allotment of the Consideration Shares, the total
number of shares in issue will be 330,215,878 and, accordingly, the
total number of voting rights of the Company will be 330,215,878.
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.
(1) Fort Taylor (MI) Limited is a company in which certain
Directors and PDMRs of the Company (Edward Buttery, Christopher
Buttery, Camilla Pierrepont and Alexander Slee) or persons closely
associated with them hold respective non-controlling interests.
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 recently established,
internally managed investment company listed on the Premium Listing
Category of the Official List and traded on the Main Market of the
London Stock Exchange. 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 7% p.a. and were acquired at
valuations that are expected to be below long-term average
prices.
The Company's initial investments comprise Geared Bulk Carriers
(Handysize and Supramax types) 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. 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 previously 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 .
About Geared vessels
The Company specializes in the acquisition and chartering of
vessels in the Handysize and Supramax bulk carrier segments of the
global shipping sector. These "Geared" vessels, which have their
own loading equipment, are mostly acquired second-hand, leveraging
valuations that are below long-term average prices. The Handysize
market segment is 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.
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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