Director/PDMR Shareholding

RNS Number : 7441M

Taylor Maritime Investments Limited

16 January 2023

 

16 January 2023

Taylor Maritime Investments Limited (the "Company")

Director/PDMR Shareholding

The Company announces that Frank Dunne, Interim Chair, has purchased 32,555 ordinary shares in the capital of the Company ("Ordinary Shares") as follows:

Director/PDMR	Ordinary Shares Acquired	Price per Ordinary Share	Total Holding following Purchase	% of the Company's issued share capital now held
Frank Dunne	32,555	$1.09	42,416	0.013

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	Frank Dunne
2	Reason for the notification
a)	Position/status	Interim Chair
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	213800K6VJ62SKV9VL48
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 shares
	Identification code (ISIN)	GG00BP2NJT37
b)	Nature of the transaction	Purchase
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			US$1.09 per Ordinary Share	32,555
d)	Aggregated information
	- Aggregated volume	32,555
	- Total Price	US$35,484.95
e)	Date of the transaction	13 January 2023
f)	Place of the transaction	London Stock Exchange

ENDS

For further information, please contact:  Taylor Maritime Investments Limited    Edward Buttery  Camilla Pierrepont [e-mail] Jefferies International Limited    Stuart Klein  Gaudi Le Roux [phone]  Montfort Communications   Alison Allfrey  George Morris Seers [e-mail]   Sanne Fund Services (Guernsey) Limited Matt Falla [phone]

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 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 current portfolio numbers 26 vessels in the geared dry bulk segment.  The ships are employed utilising a variety of employment/charter strategies.

On 29 November, the Company announced it had acquired a controlling interest in Grindrod Shipping Holdings Ltd ("Grindrod") (NASDAQ:GRIN, JSE:GSH).    Grindrod is Singapore incorporated and dual listed on NASDAQ and the Johannesburg Stock Exchange.  Grindrod owns 25 smaller, geared vessel categories complementary to those of the Company's fleet.  They are mostly Japanese built, including 15 Handysize vessels and 10 Supramax and Ultramax vessels.  Grindrod also has six vessels in its chartered in fleet with purchase options on four.

The Company announced an increased interim dividend of 2 cents per Ordinary Share paid on a quarterly basis on 28 July 2022, 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 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 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 equipment. The Handysize market segment is 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.

 

END

 

 

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