Compulsory Partial Redemption
Taylor Maritime Limited announced a compulsory partial redemption of shares totaling US$143,395,682, representing approximately 46% of its issued share capital, at a price of US$0.9441 per share. This capital distribution is conditional on shareholder approval at a General Meeting on January 27, 2026, and is expected to be completed around February 13, 2026. Following the redemption, approximately 151,886,115 shares will be cancelled, and a new ISIN number will be issued for the remaining shares, effective February 2, 2026.
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The Board of TML, the specialist dry bulk shipping company, is pleased to announce details of the Company's capital distribution, first announced on 12 December 2025, which is conditional on the amendments to the Company's articles of Incorporation to be considered by the Company's shareholders at the General Meeting being held on 27 January 2026.
The Board has resolved to make a capital distribution totalling US$ 143,395,682 to the Company's shareholders by way of a compulsory partial redemption of shares at a price of US$ 0.9441 per share (the "Compulsory Redemption"). The amount to be applied to the Compulsory Redemption and the redemption price per share have been determined by Board by reference to the 31 December 2025 net asset value, net of the direct costs of the Compulsory Redemption.
The Compulsory Redemption will be affected pro rata to holdings on the share register as at the close of business on 30 January 2026 (the "Redemption Date"), being the record date for the Compulsory Redemption. Approximately 46 per cent. of the Company's issued share capital will be redeemed on the Redemption Date (the "Redemption Ratio") equivalent to approximately 151,886,115 of the Company's issued shares. Fractions of shares produced by the Redemption Ratio will not be redeemed, so the number of shares to be compulsorily redeemed from each shareholder will be rounded down to the nearest whole number of shares.
Payments of redemption monies are expected to be affected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) on or around 13 February 2026. Any certificates currently in circulation will be superseded by a new certificate which will be distributed to certificated shareholders representing the balance of their shareholding in the Company after the Redemption Date.
The Company currently has 330,215,878 shares in issue. All of the shares redeemed on the Redemption Date will be cancelled and accordingly will thereafter be incapable of transfer by shareholders or reissue by the Company.
The shares will be disabled in CREST after close of business on the Redemption Date and the existing ISIN number, GG00BP2NJT37, (the "Old ISIN") will expire. The new ISIN number, GG00BTZC2850, (the "New ISIN") in respect of the remaining shares which have not been compulsorily redeemed will be enabled and available for transactions from 8.00 a.m. on 2 February 2026. The share price TIDM, "TMIP" and "TMI", will remain unchanged. For the period up to and including the Redemption Date, shares will be traded under the Old ISIN and as such, a purchaser of such shares may have a market claim for a proportion of the redemption proceeds following the activation of the New ISIN. CREST will automatically transfer any open transactions as at the Redemption Date to the New ISIN.
As the Compulsory Redemption remains conditional on shareholders approving the resolution at the General Meeting, a further announcement will be released following the General Meeting on 27 January 2026 confirming the results of the shareholder vote.
About Geared Vessels
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.