In QuotedData’s morning briefing 11 December 2024:

• Taylor Maritime Investments (TMI) announced it is proposing to transfer the company’s equity shares listing from the closed-ended investment funds category to the equity shares (commercial companies) category of the official list. This follows the completion of the acquisition of Grindrod Shipping Holdings Ltd on 16 August 2024, with the board concluding that TMI Group’s current and future activities are more reflective of a commercial company as compared to an investment entity. The company also  announced its intention to declare a special dividend of 4 cents per ordinary share in respect of the period to 31 December 2024, to be paid in the first quarter of calendar year 2025, in addition to the regular quarterly dividend of 2 cents per ordinary share. Following the payment of the special dividend and the regular quarterly dividend in the first quarter of calendar year 2025, the company will have paid 14 consecutive quarterly dividends including two special dividends since IPO amounting to $113.8m returned to shareholders. Commenting on the special dividend, Edward Buttery, chief executive officer, said: “The board’s intention to pay a special dividend is the result of cash generated from recent disposals completed at, or close to, NAV. Given we’ve been able to realise NAV through vessel sales, it makes sense to return some of the surplus cash to our shareholders who have continued to support TMI since IPO. We’re also pleased to have refinanced the group’s debt under more favourable terms, enabled by our simplified corporate structure post the Grindrod acquisition. As we enter a new phase of the company’s evolution, our philosophy and core strategy remain the same. I believe the company is well-positioned to benefit from the positive medium-term outlook for our segment of shipping and is more resilient in the face of short-term macro uncertainty.”
• HydrogenOne Capital Growth (HGEN) has announced that its investment adviser HydrogenOne Capital LLP is selling its business and assets to Cordiant Capital Inc, a specialist global infrastructure and real assets manager. HGEN’s board is supportive of the transaction that, subject to certain regulatory approvals, is expected to complete in early 2025. Following this, HGEN plans to change its name to Cordiant HydrogenOne Plc. There will be no impact on the existing management and operations of either HGEN or its manager, although it is expected that the transaction will result in an acceleration in HGEN’s market access and capabilities, which should be helpful in tackling its substantial discount to NAV. Cordiant is a specialist global infrastructure and real assets investment manager, with a sector-led approach to providing growth capital solutions to promising mid-sized companies in Europe, North America and select global markets. With over $4 billion in committed capital under management, Cordiant invests in three focus sectors of ‘infrastructure 2.0’ – energy transition infrastructure, digital infrastructure, and agriculture value chain. HGEN’s investment adviser and Cordiant will be hosting a live 30-minute webinar presentation for investors to provide an update on the transaction commencing at 11:00 am GMT today (click here to register).
• Third Point Investors (TPOU) says that the strategy review that it launched in April is still ongoing. A further update will be provided in early April 2025. It is expected that any recommended proposals will subsequently be put to shareholders and voted on by them as appropriate.
• Capital & Regional (CAL) says its takeover by NewRiver REIT (NRR) has been approved and its shares have been delisted as of this morning.