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TAYLOR MARITIME INVESTMENTS LIMITED

(TMI)
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Taylor Maritime Investments : Carey Olsen And Praxis Fund Services Support Taylor Maritime Investments On London Stock Exchange Listing

06/07/2021 | 10:10am EDT

Carey Olsen's Guernsey corporate team and leading funds services provider Praxis Fund Services (PFS) have assisted on the initial public offering (IPO) of Taylor Maritime Investments Limited and its admission to trading on the Main Market of the London Stock Exchange (LSE).

The Guernsey-domiciled closed-ended investment company, which raised US$253 million through its initial placing, will invest in a diversified portfolio of vessels, which will primarily be second-hand geared ships.

Following its admission to trading, Taylor Maritime Investments has confirmed the simultaneous acquisition of 17 vessels from multiple vendors. It is targeting an annual dividend yield of 7%, with the first quarterly payout estimated to be 1.75 cents per share for the period ending September 2021.

Working alongside onshore counsel Norton Rose Fulbright, the Carey Olsen team advising on the Guernsey legal and regulatory aspects of the admission was led by partner Ben Morgan, with assistance from senior associate James Cooke.

Ben said: "We are delighted to have advised Taylor Maritime Investments on its successful admission to the Main Market of the London Stock Exchange. The company boasts an experienced executive team with a strong track record of raising and deploying capital within the shipping sector and it was pleasure to advise them on this exciting project.

"The listing also serves as the latest example of Guernsey's position as the number one jurisdiction for non-UK companies looking to list on the London Stock Exchange."

PFS, part of the global PraxisIFM Group, has been appointed to provide administration and corporate secretarial services to Taylor Maritime Investments.

PFS managing director David Le Boutillier said: "I echo Ben's comments and we're delighted to have worked with the Carey Olsen and Taylor Maritime teams on this successful admission. As one of the leading administrators of listed funds we welcome Taylor Maritime to our portfolio of clients."

International Fund Management Limited (IFM), which is also part of the PraxisIFM Group, provided the fund with PRIIPs services.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mr Ben Morgan
Carey Olsen
P.O. Box 98, Carey House
Les Banques
St Peter Port
GY1 4BZ
GUERNSEY
Tel: 1481727272
Fax: 1481711052
E-mail: charlotte.barnes@careyolsen.com
URL: www.careyolsen.com

© Mondaq Ltd, 2021 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing

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Managers and Directors
Nicholas Lykiardopulo Independent Chairman
Helen Tveitan-de Jong Independent Non-Executive Director
Trudi Clark Independent Non-Executive Director
Sandra Platts Independent Non-Executive Director