19 July
2024
Taylor
Maritime Investments Limited (the "Company" or "TMI")
Grindrod
Shipping Holdings Ltd announces declaration and finalisation
announcement in respect of the Selective Capital Reduction and the
cash distribution
Taylor Maritime Investments
Limited, the specialist dry bulk shipping
investment company, is pleased to
disclose that its subsidiary, Grindrod
Shipping Holdings Ltd. ("Grindrod Shipping"), today announced the
following updates regarding the Selective Capital
Reduction:
Following the receipt of the High
Court of the Republic of Singapore's approval on 16 July 2024, the
Selective Capital Reduction will take effect upon the lodgement of
the Court Order with the Singapore Registrar ("ACRA Lodgements") which is expected to
take place on 16 August 2024 (the Effective Date"). Other than the
ACRA Lodgements there are no other outstanding conditions to the
Selective Capital Reduction becoming effective.
As a result, all of the ordinary
shares of Grindrod Shipping held by shareholders, comprising
3,479,225 shares, other than shares held by its subsidiary, Good
Falkirk (MI) Limited ("GF"), will be cancelled and Grindrod
Shipping will become a wholly owned subsidiary of the Company
through GF (which will own 100% of the shares in Grindrod Shipping
- up from 82.33%).
Trading of Grindrod Shipping's
shares on the Nasdaq will be suspended with effect on and from 15
August 2024 and trading of Grindrod Shipping's shares on the JSE
will be suspended with effect on and from 16 August
2024.
The Record Date for the cash
distribution is 20 August 2024 with the payment date expected to be
21 August 2024.
Further details can be found in the
announcement released today by Grindrod Shipping.
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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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Jefferies International
Limited
Stuart
Klein
Gaudi Le
Roux
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+44 20 7029
8000
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Apex Group
Matt Falla
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+44 20 3530 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 ten Handysize vessels and seven
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 and including vessels held for
sale).
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