Proposed Compulsory Redemption
Summary by AI BETAClose X
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms part of retained EU law (as defined in the European Union (Withdrawal) Act 2018). On the publication of this announcement via a regulatory information service, this inside information is now considered to be in the public domain.
12 December 2025
Taylor Maritime Limited (the "Company")
Proposed Return of Capital by way of Partial Compulsory Redemption of Ordinary Shares
Taylor Maritime Limited, the specialist dry bulk shipping company, is pleased to announce its intention to distribute to shareholders an aggregate amount of approximately $143.4 million in Q1 2026. It is expected that such return will be made by way of a partial compulsory redemption of ordinary shares.
Details, including the price, timetable and other terms, will be included in a shareholder circular expected to be published in January 2026 ahead of a General Meeting to approve the changes to the Company's Articles of Incorporation required to facilitate such transaction. It is expected that Ordinary shares will be redeemed from all Shareholders pro rata to their Shareholdings on the relevant redemption record date.
This return of capital will be made in addition to the planned regular quarterly dividend of 2.00 US cents per share for the period ending 31 December 2025, which is expected to be declared in January 2026. The proposed quarterly dividend and return of capital would together represent a return to shareholders of approximately $150 million in aggregate.
The Company's dividend target for the current financial year remains 8 cents per share but will be reviewed going forward.
Commenting on the proposed partial compulsory redemption Edward Buttery, Chief Executive Officer, said:
"Having liquidated a large portion of the fleet through 2025 to protect against short-term downside risk and preserve shareholder value, we have greatly reduced our exposure to ongoing market volatility. With the balance sheet suitably fortified with a sizeable cash surplus, we have determined to make a substantial return of capital to shareholders which, when combined with our regular quarterly dividend, will see circa $150 million paid to shareholders early in the New Year. We will retain sufficient cash to ensure smooth operations as we evaluate our strategic options during the first half of 2026. We will continue to focus on reducing costs while maintaining a close dialogue with shareholders on capital allocation and strategic direction. We will review our dividend policy going forward given the substantial return of capital and our reduced operating platform."
ENDS
|
For further information, please contact:
|
The person responsible for arranging for the release of this announcement on behalf of the Company is Matt Falla, Company Secretary.
Notes to Editors
About the Company
Taylor Maritime Limited (formerly Taylor Maritime Investments Limited) is a shipping company listed under the equity shares (commercial companies) category of the Official List, with its shares trading on the Main Market of the London Stock Exchange since May 2021. Between May 2021 and February 2025, the Company was listed under the closed-ended investment funds category of the Official List.
The Company is focused on navigating shipping market cycles on behalf of its shareholders, leveraging a dynamic and experienced management team with deep relationships in the industry and an agile business model underpinned by low leverage and financial flexibility, to deliver long-term attractive returns through both income and capital appreciation.
The Company, through its subsidiaries, currently has an owned fleet of 8 dry bulk vessels (including 1 vessel held for sale) consisting of 6 Handysize vessels and 2 Supra/Ultramax vessels. The Company also has 1 vessel under JV agreement and 5 vessels in its chartered in fleet. The ships are employed utilising a mix of time charter, voyage charter, and Contracts of Affreightment ("CoAs") to optimise fleet earnings and cargo coverage.
The Company's current target dividend policy is 8 cents p.a. paid on a quarterly basis.
For more information, please visit www.taylormaritime.com.
About Geared Vessels
Geared vessels are characterised by their own cargo 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 thereof) 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
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 5 minutes ago 3i Infrastructure
- 11 minutes ago QinetiQ Group
- 33 minutes ago JPMorgan Emerging Markets Growth & Income plc
- 35 minutes ago National Grid
- 1 hour ago City of London Investment Group