3 Feb 2020 07:00
3 February 2020
TUFTON OCEANIC ASSETS LIMITED
(the "Company")
$19.3m Divestment of three General Cargo vessels
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has divested three General Cargo vessels for $19.3m. The divestment reduces the Company's fleet from seventeen to fourteen vessels.
The realised yield and IRR exceed the targets expressed in the Company's prospectus dated 25 September 2018.
This is the Company's first divestment. The Company expects to redeploy the proceeds over the next few months. Whilst the Company aims to hold its investments over the longer term, we will sell investments where this generates additional value for shareholders.
Tufton Oceanic Ltd, the Investment Manager, continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors.
For further information, please contact:
Tufton Oceanic Limited (Investment Manager) Andrew Hampson Paulo Almeida | +44 (0) 20 7518 6700 |
N+1 Singer James Maxwell, Alex Bond (Corporate Finance) Alan Geeves, James Waterlow, Sam Greatrex (Sales) | +44 (0) 20 7496 3000 |
Hudnall Capital LLP Andrew Cade | +44 (0) 20 7520 9085 |
About the Company
Tufton Oceanic Assets Limited invests in a diversified portfolio of secondhand commercial sea-going vessels with the objective of delivering strong cash flow and capital gains to investors. The Company's investment manager is Tufton Oceanic Ltd. The Company has raised a total of approximately $250m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange, on 20 December 2017, a subsequent placing and offer in October 2018, a placing in March 2019 and a placing in September 2019.
Tufton Oceanic. (SHIP)