LONDON: Taylor Maritime Investments Limited announced the launch of its initial public offering (IPO) on the Premium Segment of the Main Market of the London Stock Exchange, a news release said.
Taylor Maritime Investments is offering approximately 250 million ordinary shares at an initial issue price of US$1.00 per ordinary share.
The Company 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 Company has conditionally agreed to acquire an initial portfolio comprising 23 Seed Assets each of which are Geared Ships with their own loading capabilities (Handysize and Supramax types).
The aggregate consideration payable for the Seed Portfolio (assuming completion of the acquisition of all of the Seed Assets) is US$264.1 million of which US$157.1 million will be satisfied in cash and US$107.0 million is expected to be satisfied by the issue of Consideration Shares.
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.
The Company expects to declare its first dividend of 1.75 cents (or the Sterling equivalent) 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 10-12% per annum (net of expenses and fees) over the medium to long term.
Jefferies International Limited is acting as Sole Sponsor, Global Coordinator and Bookrunner in relation to the IPO.www.taylormaritime.com