14 May
2024
Taylor
Maritime Investments Limited (the "Company" or "TMI")
Grindrod
Shipping Holdings Ltd announces despatch of circular to
shareholders
The Board of Taylor Maritime
Investments Limited, the listed specialist dry bulk shipping
investment company, is pleased to announce that its subsidiary,
Grindrod Shipping Holdings Ltd. ("Grindrod Shipping"), today
announced that it has despatched a circular (the "Circular") to its
shareholders in connection with the proposed selective capital
reduction (the "Selective Capital Reduction") pursuant to Section
78G of the Companies Act 1967 of Singapore.
Under the terms of the Selective
Capital Reduction, on the effective date, all of the ordinary
shares of Grindrod Shipping held by shareholders, comprising
3,479,225 shares, other than shares held by the Company's
subsidiary, Good Falkirk (MI) Limited ("GF"), will be cancelled and
each participating shareholder will be entitled to receive US$14.25
for each Grindrod Shipping share that is cancelled.
Grindrod Shipping will be holding an
extraordinary general meeting to approve the proposed Selective
Capital Reduction by way of a special resolution. Notice of
such meeting is set out in the Circular which will be held on 20
June, 2024. The Company, GF and their respective concert
parties will abstain and not vote on the special resolution
relating to the Selective Capital Reduction.
The implementation of the Selective
Capital Reduction will also be dependent on the approval of the
High Court of the Republic of Singapore.
If the Selective Capital Reduction is
approved, Grindrod Shipping will become a wholly owned subsidiary
of the Company through its subsidiary GF (which will own 100% of
the shares - up from 82.33%) and Grindrod Shipping will be delisted
from the NASDAQ and JSE.
Further details can be found in the
announcement released by Grindrod Shipping.
ENDS
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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 (0) 203 530 3107
|
|
|
|
|
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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 18 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 38 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). 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
