Taylor Maritime set for restructuring after vote

Published 01/13/2025, 09:34 AM

LONDON - Taylor Maritime Investments Limited (TMI), a specialist dry bulk shipping investment company, announced that shareholders have approved a series of significant changes, including a move to change the company's name and listing category. The resolutions were passed during a General Meeting held today, with a majority voting in favor of the proposed amendments.

Shareholders voted overwhelmingly to transfer the listing of the company's issued share capital from the closed-ended investment funds category to the equity shares (commercial companies) category of the Official List. The change is expected to take effect on February 10, 2025, subject to approval by the UK Financial Conduct Authority (FCA).

In addition to the listing transfer, shareholders approved amendments to the company's Articles of Incorporation and a change of the company's name to Taylor Maritime Limited. The name change is also conditional upon the successful transfer of the listing category.

The approval of these changes will lead to the company's Investment Policy ceasing to apply from the effective date of the transfer. Moreover, Taylor Maritime Investments will surrender its registration as a closed-ended collective investment scheme with the Guernsey Financial Services Commission and apply for the name change to Taylor Maritime Limited at the Guernsey Registry.

The Board noted that a significant number of votes against the amendments to the Articles of Incorporation came from a single large shareholder. Although this shareholder voted against one resolution, they supported the other two, including the name change and the transfer of the listing category. The Board has expressed willingness to engage further with this shareholder to understand their concerns.

The company's announcement follows the details provided in a circular to shareholders dated December 11, 2024, which outlined the implications and effects of the proposed changes. The Board will release further announcements to confirm the changes once they become effective.

This news is based on a press release statement from Taylor Maritime Investments Limited.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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