2 October 2023

 

Taylor Maritime Investments Limited (the "Company" or "TMI")

 

Announcement of effective date of Grindrod's Proposed Capital Reduction and Cash Distribution of US$32.44 million

 

Taylor Maritime Investments Limited, the specialist dry bulk shipping company, today announces that its subsidiary Grindrod Shipping has issued a press release announcing the effective date of a proposed capital reduction and notice of the record date and the cash distribution date in relation to such capital reduction.   

The proposed capital reduction will result in a cash distribution of US$32.44 million in two tranches; the first distribution of US$1.01598 per ordinary share, payable on or about 26 October 2023 and the second distribution of US$0.63193 per ordinary share, payable on or about 11 December 2023.  Of the total cash distribution, US$26.68 million would be payable to TMI in line with its 83.23% ownership and is expected to be used to further reduce debt and for general corporate purposes.

 

For full details please refer to the Grindrod Shipping website.

 

ENDS

 

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 Supra/Ultramax 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 currently numbers 21 vessels in the geared dry bulk segment.  The ships are employed utilising a variety of employment/charter strategies.

 

On 20 December 2022, 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 currently owns 20 geared dry bulk vessels complementary to the Company's fleet excluding vessels held for sale.  They are mostly Japanese built, including 13 Handysize vessels and 7 Supra/Ultramax vessels.  Grindrod has seven vessels in its chartered in fleet with purchase options on three (excluding vessels held for sale).

 

The combined TMI and Grindrod fleet numbers 48 vessels (including chartered in vessels but excluding vessels held for sale).

 

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