London-listed Taylor Maritime Investments has raised $75m through the issue of more than 65m new ordinary shares issued at $1.15 per share to acquire up to six handysize bulk carriers.
The placing was oversubscribed and a scaling back exercise has been undertaken. The Guernsey-incorporated firm expects the new shares to become effective and dealings to commence on the London Stock Exchange on Wednesday.
The Ed Buttery-led vehicle expects to acquire Japanese-built vessels at attractive prices, which would deliver strong earnings in the current rate environment.
“We are grateful for the trust placed in us by our investors and look forward to putting this money to work rapidly to capitalise upon these attractive market conditions. The fundraise has continued to broaden our investor base and should enhance secondary market liquidity in the shares,” said Edward Buttery, CEO of Taylor Maritime Investments.
In a recent trading update, Taylor Maritime Investments said its fleet value has gone up by $33.3m (10.5%) and charter rates by over 30% since the IPO in London. The company currently expects delivery of the eight committed vessels between July 2021 and January 2022, which will take its fleet to 25 vessels.