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On 04 September 2025, Taylor Maritime Limited's Annual General Meeting passed all resolutions on a poll. Shareholders approved the re-election of directors, the re-appointment of Deloitte as auditor, the dividend policy, and granted authority for market purchases of up to 14.99% of ordinary shares and to issue up to 33 million new ordinary shares, both expiring at the 2026 AGM or within 15 months. Concurrently, Director Sandra Platts retired with immediate effect and Rebecca Brosnan succeeded her as Chair of the Remuneration Committee.
| Date | 4 Sept 2025 |
| Time | 15:56:39 |
| Category | AGMs and other meetings |
| ID | 0910Y |
4 September 2025
Taylor Maritime Limited
Result of Annual General Meeting
Board Changes
The Board of Taylor Maritime Limited, the listed specialist dry bulk shipping company, is pleased to announce that at the Annual General Meeting of the Company held earlier today, all resolutions were passed on a poll. The proxy votes received by the Company were as follows:
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Resolution |
For |
Against |
Withheld* |
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|
Votes |
% |
Votes |
% |
Votes |
|
|
1. Financial Statements and Directors' Report for the year ended 31 March 2025
|
195,497,982 |
99.99 |
15,445 |
0.01 |
13,017,523 |
|
2. Directors' Remuneration Policy
|
192,281,173 |
92.22 |
16,215,637 |
7.78 |
34,140 |
|
3. Directors' Remuneration Report
|
192,704,568 |
92.42 |
15,797,063 |
7.58 |
29,319 |
|
4. Re-election of Henry Strutt as a Director
|
195,283,249 |
93.67 |
13,207,595 |
6.33 |
40,106 |
|
5. Re-election of Edward Buttery as a Director
|
195,415,718 |
93.73 |
13,075,126 |
6.27 |
40,106 |
|
6. Re-election of Trudi Clark as a Director
|
208,347,068 |
99.96 |
91,776 |
0.04 |
92,106 |
|
7. Re-Election of Charles Maltby as a Director
|
205,526,010 |
98.60 |
2,912,834 |
1.40 |
92,106 |
|
8. Re-Election of Rebecca Brosnan as a Director
|
208,336,649 |
99.95 |
102,195 |
0.05 |
92,106 |
|
9. Re-Election of Gordon French as a Director
|
208,349,718 |
99.96 |
89,126 |
0.04 |
92,106 |
|
10. Re-Election of Alexander Slee as a Director
|
208,343,188 |
99.95 |
95,656 |
0.05 |
92,106 |
|
11. Re-Election of Yam Lay Tan as a Director
|
207,981,395 |
99.79 |
446,449 |
0.21 |
103,106 |
|
12. Re-Election of Camilla Pierrepont as a Director
|
208,364,073 |
99.97 |
69,332 |
0.03 |
97,545 |
|
13. Re-appointment of Deloitte as Auditor
|
208,468,697 |
99.98 |
41,747 |
0.02 |
20,506 |
|
14. Authorise the Directors to determine the remuneration of the Auditor
|
208,496,074 |
99.99 |
18,841 |
0.01 |
16,035 |
|
15. Approval of the dividend policy
|
208,510,143 |
100.00 |
4,772 |
0.00 |
16,035 |
|
16. Authority to make market purchases of the Company's Shares
|
195,432,412 |
93.73 |
13,081,015 |
6.27 |
17,523 |
|
17. Authority to issue up to 33 million Ordinary Shares
|
188,248,387 |
90.28 |
20,265,040 |
9.72 |
17,523 |
*A vote withheld is not a vote in law and is therefore not counted towards the proportion of votes "For" or "Against" the resolution. Resolutions 1 to 15 were proposed as Ordinary Resolutions, and resolutions 16 and 17 were proposed as Extraordinary Resolutions.
In accordance with UKLR 6.4.13, details of those resolutions passed at the AGM that were not in the ordinary course of business are detailed below.
16. THAT the Company be and is hereby generally and unconditionally authorised in accordance with Section 315 of The Companies (Guernsey) Law, 2008 (as amended) (the "Law") to make market acquisitions (as defined in the Law) of its ordinary shares of no par value in the capital of the Company ("Ordinary Shares"), provided that:
a. the maximum aggregate number of Ordinary Shares hereby authorised to be purchased is such number as represents 14.99% of the Ordinary Shares in issue immediately following the passing of this resolution;
b. the minimum price (exclusive of expenses) which may be paid for an Ordinary Share is 1 US$ cent;
c. the maximum price (exclusive of expenses) which may be paid for an Ordinary Share shall be not more than the higher of (i) 5% above the average market value of an Ordinary Share for the five business days prior to the day the purchase is made and (ii) the value of an Ordinary Share calculated on the basis of the higher of the price quoted for the last independent trade and the highest independent bid for any number of the Ordinary Shares on the trading venue where the purchase is carried out;
d. the authority hereby conferred shall expire at the conclusion of the next annual general meeting of the Company held in 2026 or 15 months from the date of this resolution, whichever is the earlier, unless such authority is varied, revoked or renewed prior to such time; and
e. the Company may make a contract to purchase Ordinary Shares under the authority hereby conferred prior to the expiry of such authority which will or may be executed wholly or partly after the expiration of such authority and may make an acquisition of Ordinary Shares pursuant to any such contract.
17. THAT the Directors of the Company be and are hereby empowered to issue the following shares in the Company or rights to subscribe for such shares in the Company for cash as if the pre-emption provisions contained under Article 8 of the Company's articles of incor-poration did not apply to any such issues provided that this power shall be limited to the issue of the below-mentioned shares or of rights to subscribe for the below-mentioned shares:
(i) up to a maximum number of 33 million Ordinary Shares;
that such power shall expire on the earlier of the conclusion of the next annual general meeting of the Company or on the expiry of 15 months from the passing of this Resolution except that the Company may before such expiry make offers or agreements which would or might require Ordinary Shares or rights to subscribe for such shares in the Company to be issued after such expiry and notwith-standing such expiry the Directors may issue Ordinary Shares or rights to subscribe for such shares in the Company in pursuance of such offers or agreements as if the power conferred hereby had not expired.
As explained in the Company's 31 March 2025 Annual Report, the Board confirms that Mrs Sandra Platts, having agreed not to stand for re-election by Shareholders at the 2025 AGM, has retired with immediate effect. Mrs Rebecca Brosnan has succeeded Mrs Platts as Chair of the Company's Remuneration Committee.
ENDS
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For further information, please contact:
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The person responsible for arranging for the release of this announcement on behalf of the Company is Matt Falla, Company Secretary.
Notes to Editors
About the Company
Taylor Maritime Limited is a shipping company listed under the equity shares (commercial companies) category of the Official List, with its shares trading on the Main Market of the London Stock Exchange since May 2021. Between May 2021 and February 2025, the Company was listed under the closed-ended investment funds category of the Official List.
The Company is focused on navigating shipping market cycles on behalf of its shareholders, leveraging a dynamic and experienced management team with deep relationships in the industry and an agile business model underpinned by low leverage and financial flexibility, to deliver long-term attractive returns through both income and capital appreciation.
The Company, through its subsidiaries, currently has an owned fleet of 14 dry bulk vessels (including 6 vessels held for sale) consisting of 8 Handysize vessels and 6 Supra/Ultramax vessels. The Company also has 1 vessel under JV agreement and 6 vessels in its chartered in fleet. The ships are employed utilising a mix of time charter, voyage charter, and Contracts of Affreightment ("CoAs") to optimise fleet earnings and cargo coverage.
The Company's target dividend policy is 8 cents p.a. paid on a quarterly basis.
For more information, please visit www.taylormaritime.com.
About Geared Vessels
Geared vessels are characterised by their own cargo loading equipment. The Handysize and Supra/Ultramax market segments are 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.
IMPORTANT NOTICE
The information in this announcement may include forward-looking statements, which are based on the current expectations and projections about future events and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereon) or other variations thereon or comparable terminology. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur.
References to target dividend yields and returns are targets only and not profit forecasts and there can be no assurance that these will be achieved.
LEI: 213800FELXGYTYJBBG50