Last checked at 30 Jul 2021 16:06
30 July 2021
Taylor Maritime Investments Limited (the "Company")
Director/PDMR Shareholding
Further to the announcement on 26 July 2021, the Company announces that interests in the below ordinary shares in the capital of the Company ("Ordinary Shares") were acquired by Directors of the Company in connection with the admission of 65,217,392 new ordinary shares to premium listing and trading on the Main Market of the London Stock Exchange on 28 July 2021 ("Admission"):
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 | 174,000 | 1.15 | 174,000 | 0.053 |
Edward Buttery | 50,000 | 1.15 | 328,807 | 0.100 |
Trudi Clark | 10,000 | 1.15 | 50,000 | 0.015 |
Nicholas Lykiardopulo* | 436,086 | 1.15 | 2,436,086 | 0.743 |
Helen Tveitan | 20,000 | 1.15 | 20,000 | 0.006 |
* Mr Nicholas Lykiardopulo subscribed for 110,000 Ordinary Shares directly and an additional 326,086 Ordinary Shares were subscribed for by a trust of which Mr Lykiardopulo is a beneficiary.
Part A below sets out relevant notifications for these acquisitions, provided in accordance with the requirements of the Market Abuse Regulation.
In addition, the Company makes the below amendments to the Director / PDMR Shareholding announcement (RNS 2526A) released on 28 May 2021. All other details remain unchanged.
1. Edward Buttery held 186,307 ordinary shares on completion of the Initial Seed Asset Acquisition Agreements on Admission including shares acquired through an interest in vendors (amended from 180,001 ordinary shares) giving him a total holding of the same number of ordinary shares and constituting 0.073% of the then issued share capital (amended from 0.071%). Following the acquisition by Edward Buttery of 92,500 ordinary shares announced on 30 June 2021 and an additional 50,000 ordinary shares announced today, his total holding is now 328,807 ordinary shares constituting 0.100% of the current issued share capital.
2. Camilla Pierrepont held 23,371 ordinary shares on completion of the Initial Seed Asset Acquisition Agreements on Admission including shares acquired through an interest in vendors (amended from 20,000 ordinary shares) giving her a total holding of the same number of ordinary shares and constituting 0.009% of the then issued share capital (amended from 0.008%). Following the acquisition by Camilla Pierrepont and persons closely associated with her of 82,239 ordinary shares announced on 30 June 2021, her total holding is now 105,610 ordinary shares constituting 0.032% of the current issued share capital.
Part B below sets out amended notifications for the acquisitions announced in RNS 2526A, provided in accordance with the requirements of the Market Abuse Regulation.
Part A - 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$1.15 per share | 174,000 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 174,000 | ||||
- Total Price | US$200,100 | ||||
e)
| Date of the transaction
| 28 July 2021 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Edward Buttery | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Director & CEO | |||
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$1.15 per share | 50,000 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 50,000 | ||||
- Total Price | US$57,500 | ||||
e)
| Date of the transaction
| 28 July 2021 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Trudi Clark | |||
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$1.15 per share | 10,000 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 10,000 | ||||
- Total Price | US$11,500 | ||||
e)
| Date of the transaction
| 28 July 2021 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Nicholas Lykiardopulo | |||
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$1.15 per share | 110,000 | ||||
US$1.15 per share | 326,086 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 436,086 | ||||
- Total Price | US$501,500 | ||||
e)
| Date of the transaction
| 28 July 2021 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Helen Tveitan | |||
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$1.15 per share | 20,000 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 20,000 | ||||
- Total Price | US$23,000 | ||||
e)
| Date of the transaction
| 28 July 2021 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
Part B - Amended 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
| Edward Buttery | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Director & CEO | |||
b)
| Initial notification /Amendment
| Amendment | |||
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 per share | 1 | ||||
US$1 per share | 186,306 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 186,307 | ||||
- Total Price | US$186,307 | ||||
e)
| Date of the transaction
| 27 May 2021 | |||
f)
| Place of the transaction
| London Stock Exchange | |||
Name
| Camilla Pierrepont | |||
Reason for the notification
| ||||
Position/status
| Chief Strategy Officer | |||
Initial notification /Amendment
| Amendment | |||
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
Name
| Taylor Maritime Investments Limited | |||
LEI
| 213800FELXGYTYJBBG50 | |||
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
| ||||
Description of the financial instrument, type of instrument | Ordinary USD shares | |||
Identification code (ISIN) | GG00BP2NJT37 | |||
Nature of the transaction
| Purchase | |||
Price(s) and volume(s) | ||||
Price(s) | Volume(s) | |||
US$1 per share | 23,371 | |||
Aggregated information | ||||
- Aggregated volume | 23,371 | |||
- Total Price | US$23,371 | |||
Date of the transaction
| 27 May 2021 | |||
Place of the transaction
| London Stock Exchange | |||
For further information, please contact:
Taylor Maritime Investments Limited Edward Buttery Alexander Slee
| +852 2252 3882 |
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 |
Praxis Fund Services Limited Tom Daish Matt Falla | +44 (0)1481 737600 |
About the Company
Taylor Maritime Investments Limited is a recently established, internally managed investment company listed on the Premium Segment of the Official List and traded on the Main Market of the London Stock Exchange. 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 7% p.a. and were acquired at valuations that are expected to be below long-term average prices.
The Company's initial investments comprise Geared Bulk Carriers (Handysize and Supramax types) employed utilising a variety of employment/Charter strategies.
The Company intends to pay dividends on a quarterly basis with dividends declared in January, April, July and October. The Company expects to declare its first dividend of 1.75 cents per Ordinary Share for the initial period ended 30 September 2021 in October 2021. Once the Company is fully invested, the Company will target a Total NAV Return of 10 to 12% p.a. (net of expenses and fees but excluding any tax payable by Shareholders) over the medium to long term.
The Company has the benefit of an experienced Executive Team led by Edward Buttery. The Executive Team previously worked closely together for the Commercial Manager, Taylor Maritime. Established in 2014, Taylor Maritime is a privately owned 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 and London.
For more information, please visit www.taylormaritimeinvestments.com.