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Taylor Maritime Investments Limited announced on 5 August 2022 that it granted Long-Term Incentive Plan (LTIP) awards over Ordinary Shares to four members of its Executive Team on 2 August 2022. Edward Buttery (CEO) was granted 642,629 shares, Alexander Slee (Deputy CEO) and Camilla Pierrepont (Chief Strategy Officer) each received 514,104 shares, and Yam Lay Tan (CFO) received 418,085 shares. These awards are conditional on achieving an average total NAV return of 5% to 12% over a three-year performance period commencing 1 April 2022, with a normal vesting date of 2 August 2025.
| Date | 5 Aug 2022 |
| Time | 15:51:53 |
| Category | Director/PDMR dealings |
| ID | 1462V |
5 August 2022
Taylor Maritime Investments Limited
Grant of Long-Term Incentive Plan Awards
Taylor Maritime Investments Limited (TMI / TMIP), the specialist dry bulk shipping company, announces that on 2 August 2022, 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"):
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Director/PDMR |
Position |
Shares Awarded |
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Edward Buttery |
Director & Chief Executive Officer |
642,629 |
|
Alexander Slee |
Deputy CEO |
514,104 |
|
Camilla Pierrepont |
Chief Strategy Officer |
514,104 |
|
Yam Lay Tan |
Chief Financial Officer |
418,085 |
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 2022. The normal vesting date of each award will be 2 August 2025. Further details are available in the Company's IPO Prospectus which can be found at https://taylormaritimeinvestments.com/.
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1
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Details of the person discharging managerial responsibilities / person closely associated
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a)
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Name
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Edward Buttery |
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2
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Reason for the notification
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a)
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Position/status
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Director & Chief Executive Officer |
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b)
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Initial notification /Amendment
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Initial notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
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Name
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Taylor Maritime Investments Limited |
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b)
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LEI
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213800FELXGYTYJBBG50 |
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4
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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
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a)
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Description of the financial instrument, type of instrument |
Ordinary USD shares |
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Identification code (ISIN) |
GG00BP2NJT37 |
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b)
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Nature of the transaction
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Grant of awards under the Company's Long-Term Incentive Plan |
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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N/A |
642,629 |
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d)
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Aggregated information |
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- Aggregated volume |
642,629 |
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- Total Price |
N/A |
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e)
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Date of the transaction
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2 August 2022 |
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f)
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Place of the transaction
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N/A |
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1
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Details of the person discharging managerial responsibilities / person closely associated
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a)
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Name
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Alexander Slee |
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2
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Reason for the notification
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a)
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Position/status
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Deputy CEO |
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b)
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Initial notification /Amendment
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Initial notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
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Name
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Taylor Maritime Investments Limited |
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b)
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LEI
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213800FELXGYTYJBBG50 |
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4
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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
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a)
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Description of the financial instrument, type of instrument |
Ordinary USD shares |
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Identification code (ISIN) |
GG00BP2NJT37 |
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b)
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Nature of the transaction
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Grant of awards under the Company's Long-Term Incentive Plan |
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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N/A |
514,104 |
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d)
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Aggregated information |
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- Aggregated volume |
514,104 |
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- Total Price |
N/A |
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e)
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Date of the transaction
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2 August 2022 |
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f)
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Place of the transaction
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N/A |
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1
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Details of the person discharging managerial responsibilities / person closely associated
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a)
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Name
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Camilla Pierrepont |
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2
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Reason for the notification
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a)
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Position/status
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Chief Strategy Officer |
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b)
|
Initial notification /Amendment
|
Initial notification |
|||
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3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
Taylor Maritime Investments Limited |
|||
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b)
|
LEI
|
213800FELXGYTYJBBG50 |
|||
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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
|
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|
a)
|
Description of the financial instrument, type of instrument |
Ordinary USD shares |
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Identification code (ISIN) |
GG00BP2NJT37 |
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b)
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Nature of the transaction
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Grant of awards under the Company's Long-Term Incentive Plan |
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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N/A |
514,104 |
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d)
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Aggregated information |
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- Aggregated volume |
514,104 |
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- Total Price |
N/A |
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e)
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Date of the transaction
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2 August 2022 |
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f)
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Place of the transaction
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N/A |
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1
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Details of the person discharging managerial responsibilities / person closely associated
|
||||
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a)
|
Name
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Yam Lay Tan |
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2
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Reason for the notification
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a)
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Position/status
|
Chief Financial Officer |
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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 |
|||
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|
|
||||
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Identification code (ISIN) |
GG00BP2NJT37 |
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b)
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Nature of the transaction
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Grant of awards under the Company's Long-Term Incentive Plan |
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c)
|
Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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N/A |
418,085 |
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d)
|
Aggregated information |
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|||
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||||
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- Aggregated volume |
418,085 |
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- Total Price |
N/A |
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e)
|
Date of the transaction
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2 August 2022 |
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f)
|
Place of the transaction
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N/A |
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ENDS
For further information, please contact:
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Taylor Maritime Investments Limited Edward Buttery Camilla Pierrepont
|
|
|
Jefferies International Limited Stuart Klein Gaudi Le Roux
|
+44 20 7029 8000 |
|
Montfort Communications Alison Allfrey George Morris Seers |
Notes to editors
About the Company
Taylor Maritime Investments Limited is an internally managed shipping 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 shares offer a compelling and differentiated investment opportunity with the aim of delivering strong cashflow, stable income and potential for capital growth.
The Company invests in high quality, Japanese built vessels which are primarily second-hand and acquired at valuations below long-term average prices and depreciated replacement cost. The current portfolio numbers 28 vessels. The Company has a leading position in the Handysize shipping sector and, thanks to versatile geared vessels delivering necessity goods, provides an attractive, defensible yield underpinned by zero long-term structural gearing, financial discipline and an optimal balance of charter rates and durations. It has a selective growth strategy focusing on accretive opportunities to increase shareholder returns and recycle capital efficiently.
The Company has announced an increased interim dividend of 2 cents per Ordinary Share paid on a quarterly basis, with a targeted total NAV return of 10-12% per annum (net of expenses and fees but excluding any tax payable by Shareholders) over the medium to long-term. The Board approved a special dividend of 3.22 cents per share in respect of the period to 31 March 2022 paid on 6 May 2022, which brought total dividends declared for the period from IPO to 31 March 2022 to 8.47 US cents per share, representing a dividend yield on the IPO price of approximately 10% on an annualised basis. This reflected excess cash generation in what continues to be a historically strong market and a desire to return capital to shareholders in a timely manner.
Sustainability is at the heart of the way in which the Company is managed and it is committed to achieving a long-term target of zero carbon emissions by 2050. Substantial technological advances are a key element of this for the broader shipping industry, with near term incremental progress effected by initiatives such as retrofitting the fleet with energy saving devices, using low sulphur fuels and trialling biofuels.
The Company has the benefit of an experienced Executive Team led by Edward Buttery. The Executive Team 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 experienced 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 and unloading equipment. The Handysize market segment is particularly attractive, given the flexibility, versatility and port accessibility of these vessels which carry necessity goods - principally foodstuffs and products related to infrastructure building - ensuring broad diversification of fleet activity and stability of earnings.