Carey Olsen's Guernsey corporate team and funds services provider Praxis Fund Services (PFS) have assisted on the initial public offering of Taylor Maritime Investments and its admission to trading on the Main Market of the London Stock Exchange.
The Guernsey-domiciled closed-ended investment company, which raised $253m through its initial placing, will invest in a diversified portfolio of vessels, which will primarily be secondhand geared ships.
Following its admission to trading, Taylor Maritime Investments has confirmed the simultaneous acquisition of 17 vessels from multiple vendors.
It is targeting an annual dividend yield of 7%, with the first quarterly payout estimated to be 1.75 cents per share for the period ending September 2021.
Working alongside onshore counsel Norton Rose Fulbright, the Carey Olsen team advising on the Guernsey legal and regulatory aspects of the admission was led by Partner Ben Morgan (pictured), assisted by Senior Associate James Cooke.
PFS, part of the PraxisIFM Group, has been appointed to provide administration and corporate secretarial services to Taylor Maritime Investments.
International Fund Management, also part of the PraxisIFM Group, provided packaged retail investment and insurance products.