London Stock Exchange welcomes Taylor Maritime Investments Limited to the Premium Segment of the Main Market
London Stock Exchange welcomes Taylor Maritime Investments (‘TMI’) to mark the admission of TMI’s shares to trade on the Premium Segment of the Main Market.
TMI is an internally managed investment company with an Executive Team led by Edward Buttery. The Executive Team has to date worked closely together for the Commercial Manager, Taylor Maritime. Established in 2014 by Edward Buttery, 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 is based in Hong Kong and London. Taylor Maritime's principals have been some of the most active buyers of Handysize and Supramax dry bulk ships having made over US$1.3 billion of asset purchases and sales since 1987.
The IPO raised gross proceeds of approximately US$253.7 million by way of an Initial Placing, Offer for Subscription and issue of Consideration Shares.
The Initial Seed Asset Acquisition Agreements were completed on the First Day of Dealings. These agreements relate to 17 vessels being acquired for an aggregate consideration of US$182.8 million.
The Company will initially target an annual dividend yield of 7% (on the initial Issue Price) paid quarterly with the potential for further growth over the long term.
Edward Buttery, CEO of Taylor Maritime Investments Limited, said: "We are very pleased to be part of the prestigious London Main Market and would like to thank everyone who participated in the IPO. This is a major milestone for Taylor Maritime Investments and provides us with a platform to grow the Company as we pursue our ambition to deliver consistent income and capital growth to our shareholders. We look forward to swiftly deploying the proceeds of the IPO into our seed portfolio of carefully selected and high-quality Handysize and Supramax vessels."