Grindrod announces Selective Capital Reduction

The Board of Taylor Maritime Investments Limited ("TMI" or the "Company"), the listed specialist dry bulk shipping investment company, is pleased to announce that its subsidiary, Grindrod Shipping Holdings Ltd ("Grindrod"), has today announced that it proposes to implement a selective capital reduction exercise (the "Selective Capital Reduction") pursuant to sections 78G to 78I of the Companies Act 1967 of Singapore.

Under the Selective Capital Reduction, Grindrod proposes to cancel all of the shares held by its shareholders, other than the shares held by Good Falkirk (MI) Limited ("Good Falkirk"), comprising 3,479,225 shares. Good Falkirk is a wholly-owned subsidiary of the Company through which the Company currently holds its existing stake in Grindrod.

Each participating Grindrod shareholder will, subject to the implementation of the Selective Capital Reduction and the satisfaction of certain conditions described below, receive US$14.25 for each Grindrod share that is cancelled.

The Selective Capital Reduction must be approved by way of a special resolution at an extraordinary general meeting of Grindrod. The Company, Good Falkirk and their respective concert parties will abstain and not vote on the special resolution relating to the Selective Capital Reduction.

The Selective Capital Reduction will also be conditional on (i) the grant of an order by the High Court of the Republic of Singapore approving the Selective Capital Reduction and such court order having become final, (ii) the receipt of approval from the Johannesburg Stock Exchange for the corporate action timetable and the circular to Grindrod shareholders, and (iii) receipt of the approval of the Financial Surveillance Department of the South African Reserve Bank for the Selective Capital Reduction and the cash distribution in connection therewith.

If the Selective Capital Reduction is successfully completed, Grindrod will become a wholly-owned subsidiary of the Company.

Further details of the Selective Capital Reduction can be found in the announcement released by Grindrod.

For further information, please contact: Taylor Maritime Investments Limited Edward Buttery Camilla Pierrepont IR@tminvestments.com Sanne Fund Services (Guernsey) Limited Matt Falla +44 (0) 203 530 3107

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