Notice of AGM & Annual Report Announcement

RNS Number : 4505V

Taylor Maritime Investments Limited

10 August 2022

 

10 August 2022

Taylor Maritime Investments Limited

Publication of Annual Report & Notice of Annual General Meeting

The Board of Taylor Maritime Investments Limited (" TMI " or the " Company "), the listed specialist dry bulk shipping company, is pleased to announce that the Annual Report and Financial Statements for the year ended 31 March 2022 (the " Annual Report ") has today been circulated to shareholders.

The Company also announces that the Annual General Meeting (" AGM ") of the Company will be held at Sarnia House, Le Truchot, St Peter Port, Guernsey on 7 September 2022 at 11.00 a.m. Copies of the Notice of AGM and forms of proxy have also been circulated to shareholders.

Copies of the Annual Report, Notice of AGM and forms of proxy will also be available on the Company's website ( https://taylormaritimeinvestments.com/investor-centre/results-and-presentations/ ) and at the National Storage Mechanism ( https://data.fca.org.uk/#/nsm/nationalstoragemechanism ).

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]

Notes to editors

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.

 

END

 

 

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