Last checked at 27 Aug 2021 07:00
Taylor Maritime Investments Limited ("TMI" or the "Company")
Grant of Long-Term Incentive Plan Awards
Taylor Maritime Investments Limited (TMI / TMIP), the specialist dry bulk shipping company, announces that on 26 August 2021, the following awards over Ordinary Shares were granted to the following members of the Executive Team, in accordance with the terms of the Company's Long-Term Incentive Plan ("LTIP"):
Director/PDMR | Position | Shares Awarded |
Edward Buttery | Director & Chief Executive Officer | 750,000 |
Alexander Slee | Chief Operating Officer | 562,500 |
Camilla Pierrepont | Chief Strategy Officer | 562,500 |
Yam Lay Tan | Chief Financial Officer | 420,000 |
Each award is subject to achieving a total NAV return of between 5% and 12% on average over the three year performance period commencing with the financial year beginning 1 April 2021. The normal vesting date of each award will be 26 August 2024. Further details are available in the Company's IPO Prospectus which can be found at https://taylormaritimeinvestments.com/.
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Edward Buttery | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Director & Chief Executive Officer | |||
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
| Grant of awards under the Company's Long-Term Incentive Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
N/A | 750,000 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 750,000 | ||||
- Total Price | N/A | ||||
e)
| Date of the transaction
| 26 August 2021 | |||
f)
| Place of the transaction
| N/A | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Alexander Slee | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Operating Officer | |||
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
| Grant of awards under the Company's Long-Term Incentive Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
N/A | 562,500 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 562,500 | ||||
- Total Price | N/A | ||||
e)
| Date of the transaction
| 26 August 2021 | |||
f)
| Place of the transaction
| N/A | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Camilla Pierrepont | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Strategy Officer | |||
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
| Grant of awards under the Company's Long-Term Incentive Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
N/A | 562,500 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 562,500 | ||||
- Total Price | N/A | ||||
e)
| Date of the transaction
| 26 August 2021 | |||
f)
| Place of the transaction
| N/A | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Yam Lay Tan | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Financial Officer | |||
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
| Grant of awards under the Company's Long-Term Incentive Plan | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
N/A | 420,000 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 420,000 | ||||
- Total Price | N/A | ||||
e)
| Date of the transaction
| 26 August 2021 | |||
f)
| Place of the transaction
| N/A | |||
Taylor Maritime Investments Limited Edward Buttery Alexander Slee
| IR@tminvestments.com |
Jefferies International Limited Investment Banking Stuart Klein Gaudi Le Roux
| +44 20 7029 8000
|
Sector coverage Doug Mavrinac Hugh Eden
| |
Montfort Communications Nick Bastin Alison Allfrey Miles McKechnie
| TMI@montfort.london
|
Praxis Fund Services Limited Tom Daish Matt Falla | +44 1481 737600 |
Notes to editors
About Taylor Maritime Investments
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 have to date worked closely together for 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 and London.
For more information, please visit www.taylormaritimeinvestments.com.
About Geared vessels
The Company specializes in the acquisition and chartering of vessels in the Handysize and Supramax bulk carrier segments of the global shipping sector. These "Geared" vessels, which have their own loading equipment, are mostly acquired second-hand, leveraging valuations that are well below long-term average prices. 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.