Taylor Maritime Investments Limited Dividend Declaration (6154X)

TIDMTMIP TIDMTMI

RNS Number : 6154X

Taylor Maritime Investments Limited

27 April 2023

27 April 2023

Taylor Maritime Investments Limited

Dividend Declaration

The Board of Taylor Maritime Investments Limited (" TMI " or the " Company "), the listed specialist dry bulk shipping company, is pleased to declare an interim dividend in respect of the period to 31 March 2023 of 2 US cents per ordinary share:

 
 Ex Date:                 11 May 2023 
  Record Date:             12 May 2023 
  Last day for currency    16 May 2023 
   elections: 
  Payment Date:            31 May 2023 
 

The default payment for dividends remains in US Dollar, however, dividends are capable of being paid in sterling, provided that the relevant shareholder has registered to receive their dividend in sterling under the Company's Dividend Currency Election. A copy of the Dividend Currency Election form can be downloaded from the Company's website www.taylormaritimeinvestments.com . Completed Dividend Currency Election forms should be sent to the Company's registrar, Computershare Investor Services (Guernsey) Limited, c/o The Pavilions, Bridgwater Road, Bristol, BS99 6ZY. CREST shareholders must elect via CREST.

Non-CREST shareholders wishing to receive Company dividends by electronic funds transfer directly to their bank accounts can register for Computershare's Global Payment Service at www.investorcentre.co.uk .

ENDS

 
For further information, please contact: 
 Taylor Maritime Investments       [e-mail] 
  Limited 
  Edward Buttery 
  Camilla Pierrepont 
 Jefferies International Limited 
  Stuart Klein 
  Gaudi Le Roux                    [phone] 
 Montfort Communications           [e-mail] 
  Alison Allfrey 
  George Morris Seers 
 Sanne Fund Services (Guernsey) 
  Limited 
  Matt Falla                       [phone] 
 
 
 

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 Supramax 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 numbers 23 vessels in the geared dry bulk segment. The ships are employed utilising a variety of employment/charter strategies.

On 20 December, 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 owns 24 geared dry bulk vessels complementary to the Company's fleet. They are mostly Japanese built, including 15 Handysize vessels and 9 Supramax and Ultramax vessels. Grindrod has seven vessels in its chartered in fleet with purchase options on four.

The combined TMI and Grindrod fleet numbers 54 vessels (including chartered in vessels).

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

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 [e-mail] 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

DIVBQLLLXZLXBBK

(END) Dow Jones Newswires

April 27, 2023 02:01 ET (06:01 GMT)