Last checked at 5 Jan 2023 07:00
5 January 2023
Taylor Maritime Investments Limited
Board Changes
The Board of Taylor Maritime Investments Limited ("TMI" or the "Company"), the listed specialist dry bulk shipping company, announces that following the successful completion of the acquisition of Grindrod Shipping, Nicholas Lykiardopulo, Chair, has decided to step down from the Board with effect from 6 January 2023 in order to devote more time to his personal businesses after a period of intense and demanding activity with TMI.
Frank Dunne, who was appointed as a non-executive Director and Senior Independent Director of the Company on 31 October 2022, will act as Interim Chair whilst a recruitment process is conducted to seek a new Chair. Frank has a wealth of legal experience from an extensive career with the Maritime team at Watson Farley & Williams ("WFW"), the specialist maritime, aviation and energy law firm, working on a broad range of ship finance work, investment transactions, restructurings, public market transactions and listings. Frank served as Chairman of WFW from 2004 to 2017.
Commenting, Frank Dunne said, "I am delighted to take up the role of Interim Chair at a pivotal time for TMI. The Company and I would like to thank Nick for his excellent leadership during its formative first period as a listed company since its IPO in May 2021, culminating in the successful closing of its transformational acquisition of Grindrod Shipping which creates a significant owner of geared dry-bulk ships. It has been an honour and an education to work with Nick".
Edward Buttery, CEO of TMI, added, "Frank's legal reputation in the maritime sector is unrivalled. He will be a strong presence in the coming months as we focus on deleveraging and continuing to deliver compelling cash yields as we establish a critical path for earnings and NAV accretion from the stand-out growth opportunity the Grindrod transaction represents. We will be conducting a thorough recruitment process to appoint a new Chair and will update the market in due course. I would like to thank Nick for all the excellent work he has done to establish TMI on such a firm footing and for his personal support and encouragement which have been truly invaluable".
Nick Lykiardopulo said, "It has been a privilege to lead such a strong and dynamic team through a period of change and opportunity. With the successful closing of the acquisition of Grindrod Shipping and the Company entering a new and exciting phase of its development, it is the right time for me to hand over the helm to a new Chair."
ENDS
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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 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.