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Taylor Maritime Investments Limited

-0.70 (-0.86%)
Share Name Share Symbol Market Type Share ISIN Share Description
Taylor Maritime Investments Limited LSE:TMIP London Ordinary Share GG00BP2NJT37 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -0.70 -0.86% 80.50 112,240 16:35:23
Bid Price Offer Price High Price Low Price Open Price
79.00 82.00 81.00 81.00 81.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Trust,ex Ed,religious,charty 259.14 252.81 76.60 1.05 265.82
Last Trade Time Trade Type Trade Size Trade Price Currency
16:33:53 O 250 81.00 GBX

Taylor Maritime Investme... (TMIP) Latest News (1)

Taylor Maritime Investme... (TMIP) Discussions and Chat

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Date Time Title Posts
31/5/202309:04:::: TAYLOR MARITIME INVESTMENTS LTD ::::94

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Posted at 31/5/2023 09:04 by sam 4224
I think probably has more to do with general market weakness and worry about inflation/economy. Also huge covid outbreak in China and its impact on world economy will not have helped. Hopefully the announcement today of the new Chairman together with year end results not that far away will see the share price improve. The key I feel is getting the debt down post the grindrod acquisition
Posted at 07/11/2022 17:11 by sam 4224
More director buys announced. Personally I think a steal at this price. I also don't think they would be buying if they thought the bid for grindrod would not succeed
Posted at 02/9/2022 17:16 by sf5
Useful commentary the other day from David Stevenson:

''TMI – still a buy, especially after Grindrod deal
Another of my core buy recommendations – and member of my alternative funds trading list – is shipping fund Taylor Maritime Investments. Just this week the funds managers announced what I think is a fairly audacious offer to buy the remaining shares it doesn’t own (it already owns 26%) in US listed Grindrod Shipping Holdings. Taylor Maritime already holds a 26% stake in Grindrod. The proposal is for an aggregate value of $26 per share, comprising a cash purchase price of $21 per share to be paid by TMI and a special cash dividend from Grindrod of $5 per share to its existing shareholders. TMI has said that it intends to fund the transaction with a combination of existing cash, debt and the special dividend from Grindrod.

Here's the view of Liberum’s fund analyst:

“TMI originally acquired a 23% stake in Grindrod in December 2021 from Remgro, the company's largest shareholder, for $18 per share. Grindrod's portfolio is relatively complimentary to TMI's, given its sector focus. Grindrod’s fleet comprises 15 handysize vessels, 9 supramax/ultramax vessels and 1 product tanker. The company also charters in six supramax/ultramax vessels. The weighted average age of the fleet is eight years. Grindrod employs leverage (compared to TMI's long-term ungeared strategy) and had c.$209m outstanding at 30 June 2022. Given the complementary nature of the portfolios and TMI's large stake, a takeover transaction is the logical next step for the business. TMI is unable to grow through equity issuance given the current discount to NAV. The aggregate transaction value represents a 26.8% premium to Grindrod's closing share price on Friday. The shares rose 17% yesterday following the announcement of the transaction. The cost to TMI of the $21 cash purchase price would be $295.5m assuming all of the remaining shares are acquired. Further debt will be required as we estimate TMI will have c.$120m of cash including the special dividend and proceeds from recent vessel sales. TMI has a $160m revolving credit facility, of which $140m was drawn at 30 June 2022. “

Looking at Grindrod itself, over the period through to 2020 this business was loss making – ranging between $20m in 2018 and $60m in 2017- but did produce a whopping profit of $132m in 2021. At the cashflow level, in 2020 Grindrod produced net cash inflows at the operating level of $70m in 2020 and $204m in 2021. There’s also net long-term borrowing of $223m on the balance sheet against ships worth $469m. The shares are up 32% year to date. I suppose the big question is how TMI will raise the extra cash to pay for the deal.''

Posted at 30/8/2022 08:58 by sam 4224
yes , and grindrod have confirmed now in sole talks with tmip. If successful will be a much larger company generating even better profits than now !
Posted at 18/8/2022 08:50 by sam 4224
Great share , excellent profits, excellent dividend, very experienced and active board. Have bought more today, now my largest holding
Posted at 28/7/2022 08:46 by livewireplus
At 30 June 2022 then unaudited NAV was USD 1.79 per ordinary share .... so that's about GBP 1.47 ...
Posted at 06/5/2022 07:32 by livewireplus
Special interim dividend in respect of the period to 31 March 2022 of 3.22 US cents per ordinary share announced.
Posted at 27/1/2022 07:29 by livewireplus
Interim dividend of 1.75 cents per share declared
Posted at 13/12/2021 10:35 by sf5
Fairly encouraging investor call this morning on TMIP's 24.8% holding in Grindrod, a complementary business owning 25 bulk carriers. Suggests they acquired their major stake at effective discount of at least 30% to NAV and an effective yield of 16%. Financed partly by disposal of two non-core TMIP ships at almost 100% IRR.
Posted at 28/7/2021 01:39 by tovers93
Sceptical - I am now sure you have understood the business.
Whilst some companies may complete share issues to raise capital to stem losses, this company is raising capital to acquire additional assets to generate returns.
The downside of the raising would be dilution of % holding, which is unlikely to be consequential for private investors.
The upside is that they can convert that cash into assets yielding 20% annual return (as explained in latest RNS - note this potentially means the dividend yield could be over 2x the yield expected in the IPO Prospectus).
Given the company holds the assets at Fair Value Through Profit and Loss (i.e. as investments, not CAPEX), we can also expect to see appreciation of them as used vehicles prices appear to be growing given the shortfall in supply.
In short, capital raising is not a negative. It will be almost nil affect to Net Asset Value as it is Dr Cash Cr Share Capital(allowing for some capital raising costs)

The company is currently trading at net asset value, so the dividend (could be upto 20% based on latest RNS) isn't even factored into the price yet!

Taylor Maritime Investme... share price data is direct from the London Stock Exchange
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