NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO
WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
THAT JURISDICTION.
This announcement
contains inside information for the purposes of Article 7 of the
Market Abuse Regulation EU 596/2014 as it forms part of retained EU
law (as defined in the European Union (Withdrawal) Act
2018).
5 April 2024
Taylor Maritime Investments
Limited
Grindrod Shipping Holdings Ltd announces
Selective Capital Reduction
The Board of Taylor Maritime Investments
Limited ("TMI" or the
"Company"), the listed
specialist dry bulk shipping investment company, is pleased to
announce that its subsidiary, Grindrod Shipping Holdings Ltd
("Grindrod"), has today
announced that it proposes to implement a selective
capital reduction exercise (the "Selective Capital Reduction") pursuant
to sections 78G to 78I of the Companies Act 1967 of Singapore.
Under the Selective Capital Reduction, Grindrod
proposes to cancel all of the shares held by its
shareholders, other than the shares held by Good Falkirk (MI)
Limited ("Good Falkirk"),
comprising 3,479,225 shares. Good Falkirk is a wholly-owned
subsidiary of the Company through which the Company currently holds
its existing stake in Grindrod.
Each participating Grindrod shareholder will,
subject to the implementation of the Selective Capital Reduction
and the satisfaction of certain conditions described below, receive
US$14.25 for each Grindrod share that is cancelled.
The Selective Capital Reduction must be
approved by way of a special resolution at an extraordinary
general meeting of Grindrod. The Company, Good Falkirk and
their respective concert parties will abstain and not vote on the
special resolution relating to the Selective Capital
Reduction.
The Selective Capital Reduction will
also be conditional on (i) the grant of an order by the High Court
of the Republic of Singapore approving the Selective Capital
Reduction and such court order having become final, (ii) the
receipt of approval from the Johannesburg Stock Exchange for the
corporate action timetable and the circular to Grindrod
shareholders, and (iii) receipt of the approval of the Financial
Surveillance Department of the South African Reserve Bank for the
Selective Capital Reduction and the cash distribution in connection
therewith.
If the Selective Capital Reduction is
successfully completed, Grindrod will become a wholly-owned
subsidiary of the Company.
Further details of the Selective Capital
Reduction can be found in the announcement released by
Grindrod.
ENDS
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For further information, please
contact:
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Taylor Maritime Investments
Limited
Edward
Buttery
Camilla
Pierrepont
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IR@tminvestments.com
|
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Sanne Fund Services (Guernsey)
Limited
Matt Falla
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+44 (0) 203 530 3107
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The person responsible for arranging for the
release of this announcement on behalf of the Company is Matt
Falla, Sanne Fund Services (Guernsey) Limited,
Company Secretary.
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. 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).
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
