Issue of Consideration Shares

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	[phone]
Jefferies International Limited Investment Banking Stuart Klein Gaudi Le Roux Sector coverage Doug Mavrinac Hugh Eden	[phone]
Praxis Fund Services Limited Tom Daish Matt Falla	[phone]
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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