RNS Number : 9584H
Taylor Maritime Investments Limited
11 October 2024
 

11 October 2024

 

Taylor Maritime Investments Limited (the "Company")

Director/PDMR Shareholding

 

The Company announces that Gordon French, Non-Executive Director, has purchased 100,000 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

 Gordon French

100,000

US$1.015

 

100,000

0.030%

 

 

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

 

Gordon French

2

 

Reason for the notification

 

a)

 

Position/status

 

Non-Executive Director

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)




 

USD1.015

 

 

100,000







d)

 

Aggregated information




- Aggregated volume

100,000 shares

- Total Price

USD 101,500.00



e)

 

Date of the transaction

 

10 October 2024

 

f)

 

Place of the transaction

 

London Stock Exchange

 

 

ENDS

 

 

For further information, please contact: 

 

Taylor Maritime Investments Limited  

Edward Buttery  

Camilla Pierrepont

 

IR@tminvestments.com

 

Jefferies International Limited  

Stuart Klein 

Gaudi Le Roux

 

+44 20 7029 8000 

  

Apex Group

Matt Falla

+44 20 3530 3107






 

 

Notes to Editors

  

About the Company 

Taylor Maritime Investments Limited is an internally managed investment company listed under the closed-ended investment funds category of the FCA's UK Listing Rules sourcebook (previously the Premium Segment of the Official List), with 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 and Japanese built. 

The Company acquired a controlling stake in Grindrod Shipping Holdings Limited ("Grindrod") in December 2022 and, following a Selective Capital Reduction which took effect on 16 August 2024, Grindrod became a wholly owned subsidiary of the Company and was delisted from each of Nasdaq and the JSE.  As a result, the Company, through its subsidiaries, currently has an owned fleet of 32 dry bulk vessels, consisting of 25 Handysize vessels and seven Supra/Ultramax vessels.  The Company also has seven vessels in its chartered in fleet with purchase options on three. The ships are employed utilising a variety of employment/charter strategies.

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).  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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DSHUAABRSRURAAA