Last checked at 30 Sep 2022 17:33
30 September 2022
Taylor Maritime Investments Limited (the "Company")
Director/PDMR Shareholding
The Company announces that Christopher Buttery has purchased 50,000 ordinary shares in the capital of the Company ("Ordinary Shares") as follows:
Director/PDMR | Ordinary Shares Acquired
| Price per Ordinary Share (USD) | Total Holding following Purchase | % of the Company's issued share capital now held |
Christopher Buttery | 50,000 | 1.21 | 700,722 | 0.212 |
The relevant notifications set out below are provided in accordance with the requirements of the Market Abuse Regulation.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Christopher Buttery | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Director | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Taylor Maritime Investments Limited | |||
b)
| LEI
| 213800FELXGYTYJBBG50 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary USD shares | |||
Identification code (ISIN) | GG00BP2NJT37 | ||||
b)
| Nature of the transaction
| Purchase | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
US$1.21 per share | 50,000 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 50,000 | ||||
- Total Price | US$60,500 | ||||
e)
| Date of the transaction
| 28 September 2022 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
For further information, please contact:
Taylor Maritime Investments Limited Edward Buttery Alexander Slee
| +852 2252 3882 info@tminvestments.com
|
Jefferies International Limited Investment Banking Stuart Klein Gaudi Le Roux
Sector coverage Doug Mavrinac Hugh Eden
| +44 20 7029 8000
|
Buchanan | |
Charles Ryland Henry Wilson Hannah Ratcliff
| +44 20 7466 5107 +44 20 7466 5111 +44 20 7466 5102 |
Sanne Fund Services (Guernsey) Limited Tom Daish Matt Falla | +44 (0)1481 737600 |
About the Company
Taylor Maritime Investments Limited is an internally managed shipping 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 and which, historically, have demonstrated average yields in excess of the Company's target dividend yield of 8% p.a. (on the Initial Issue Price). The shares offer a compelling and differentiated investment opportunity with the aim of delivering strong cashflow, stable income and potential for capital growth.
The Company invests in high quality, Japanese built vessels which are primarily second-hand and acquired at valuations below long-term average prices and depreciated replacement cost. The current portfolio numbers 28 vessels. The Company has a leading position in the Handysize shipping sector and, thanks to versatile geared vessels delivering necessity goods, provides an attractive, defensible yield underpinned by zero long-term structural gearing, financial discipline and an optimal balance of charter rates and durations. It has a selective growth strategy focusing on accretive opportunities to increase shareholder returns and recycle capital efficiently.
The Company has announced an increased interim dividend of 2 cents per Ordinary Share paid on a quarterly basis, with a targeted total NAV return of 10-12% per annum (net of expenses and fees but excluding any tax payable by Shareholders) over the medium to long-term. The Board approved a special dividend of 3.22 cents per share in respect of the period to 31 March 2022 paid on 10 June 2022, which brought total dividends declared for the period from IPO to 31 March 2022 to 8.47 US cents per share, representing a dividend yield on the IPO price of approximately 10% on an annualised basis. This reflected excess cash generation in what continues to be a historically strong market and a desire to return capital to shareholders in a timely manner.
Sustainability is at the heart of the way in which the Company is managed and it is committed to achieving a long-term target of zero carbon emissions by 2050. Substantial technological advances are a key element of this for the broader shipping industry, with near term incremental progress effected by initiatives such as retrofitting the fleet with energy saving devices, using low sulphur fuels and trialling biofuels.
The Company has the benefit of an experienced Executive Team led by Edward Buttery. The Executive Team work 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 experienced 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 and unloading equipment. The Handysize market segment is particularly attractive, given the flexibility, versatility and port accessibility of these vessels which carry necessity goods - principally foodstuffs and products related to infrastructure building - ensuring broad diversification of fleet activity and stability of earnings.
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