Proposed third return of capital
Taylor Maritime Limited announced the sale of one vessel for $11.4 million and its 50% share in a joint venture vessel for $16.6 million, with both transactions expected to complete by the end of June 2026. Following these sales, the company intends to undertake a third return of capital of at least $45 million in July 2026 through a partial compulsory redemption of ordinary shares, bringing the total capital returned to shareholders since the managed realisation process began to $218.4 million.
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The Board of Taylor Maritime Limited, the specialist dry bulk shipping company, is pleased to announce the sale of one vessel which was subject to a purchase option by the Company, generating net proceeds of $11.4 million. In addition, the Company has agreed terms for the sale of its 50% share in a joint venture owning one vessel, generating net proceeds of $16.6 million.
Both transactions are expected to complete by the end of June 2026. Subject to completion, the Board is pleased to announce its intention to undertake a third return of capital of a minimum $45 million in July 2026 by way of a partial compulsory redemption of ordinary shares. This would bring the total capital returned to shareholders since the start of the managed realisation process to $218.4 million.
Details, including the total redemption amount, redemption price, timetable and other terms are expected to be announced by the Company in July 2026.
Further updates regarding the sales process, and future returns of capital to shareholders, will be provided in due course.
Commenting on the asset disposals and managed wind-down, Edward Buttery, Chief Executive Officer, said:
"These further sales underline our commitment to delivering an efficient and orderly asset realisation, preserving value for shareholders through timely deal execution and maximising returns of capital to shareholders."
About Geared Vessels
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.