15 March 2024
Taylor Maritime Investments Limited (the "Company")
Director/PDMR Shareholding
The Company announces that Edward Buttery, Chief Executive Officer, has purchased 200,000 ordinary shares in the capital of the Company ("Ordinary Shares") as follows:
| Director/PDMR | Ordinary Shares Acquired | Price per Ordinary Share | Total Holding following Purchase | % of the Company's issued share capital now held |
| Edward Buttery | 200,000
| USD0.98 | 615,000 | 0.186% |
The relevant notifications set out below are provided in accordance with the requirements of the Market Abuse Regulation.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
| a)
| Name
| Edward Buttery | |||
| 2
| Reason for the notification
| ||||
| a)
| Position/status
| Chief Executive Officer | |||
| b)
| Initial notification /Amendment
| Initial notification | |||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
| a)
| Name
| Taylor Maritime Investments Limited | |||
| b)
| LEI
| 213800FELXGYTYJBBG50 | |||
| 4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
| a)
| Description of the financial instrument, type of instrument | Ordinary shares | |||
| | | ||||
| Identification code (ISIN) | GG00BP2NJT37 | ||||
| | | ||||
| b)
| Nature of the transaction
| Purchase Purchase not linked to a share option programme | |||
| c)
| Price(s) and volume(s) | | | | |
| | | Price(s) | Volume(s) | | |
| | | $0.98 | 200,000 | | |
| | | | | | |
| d)
| Aggregated information | | |||
| | | ||||
| - Aggregated volume | 200,000 | ||||
| - Total Price | USD 196,000 | ||||
| | | ||||
| e)
| Date of the transaction
| 15 March 2024
| |||
| f)
| Place of the transaction
| London Stock Exchange (off market)
| |||
ENDS
| For further information, please contact:
| | ||||||
| | |
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 19 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 has an owned fleet of 17 dry bulk vessels complementary to the Company's fleet excluding vessels held for sale. They are Japanese built, including 10 Handysize vessels and 7 Supra/Ultramax vessels. Grindrod has seven vessels in its chartered in fleet with purchase options on three.
The combined TMI and Grindrod fleet numbers 39 vessels (including chartered in vessels with purchase options and 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 Taylor Maritime. Taylor Maritime was established in 2014 as a privately owned ship-owning and management business with a seasoned team including 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). The commercial and technical management arms of Taylor Maritime were acquired by Grindrod in October 2023.
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
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