Tufton Oceanic Assets Ltd. Team Increases Stake in Investment Manager (5192K)
January 05 2021 - 2:00AM
UK Regulatory
TIDMSHIP
RNS Number : 5192K
Tufton Oceanic Assets Ltd.
05 January 2021
5 January 2021
Tufton Oceanic Assets Limited (The "Company")
Management Team increases stake in Tufton Investment
Management
The Company notes that its Investment Manager, Tufton Investment
Management Limited ("Tufton"), has announced the conclusion of a
corporate reorganisation, with the purpose of increasing the
ownership stake of senior management as part of a carefully planned
leadership strategy developed over the past few years.
A new financial partner, a European family office, has acquired
shares from a number of Tufton's long standing financial
shareholders in a transaction which has enabled the management
team, led by Andrew Hampson (CEO) and Paulo Almeida (CIO), to
acquire a substantially increased stake in the business. In
addition, the new partner plans to support the growth prospects of
the business by investing in future funds and investments managed
or arranged by Tufton, including future capital raises by the
Company.
Tufton have kept the Board of the Company fully briefed on all
relevant elements of the transaction throughout the negotiations.
The Board is reassured that there will be no changes to the team
currently providing services to the Company and that service levels
will be uninterrupted by the transaction. It sees as a positive
that Tufton will remain independently managed and will operate
under its current brand whilst the management team will have a
substantially increased stake in the business.
Tufton manages $1.1bn in shipping assets across a number of
funds including the Company which, as of 30 September 2020, has an
NAV of $243m.
Andrew Hampson and Paulo Almeida said, "We are very pleased with
the outcome of the shareholding reorganisation and having our new
backer. This is the result of a carefully planned process that
leaves the existing business in its current, healthy form yet
improves alignment with our investor base and provides growth
opportunities. We also thank the exiting shareholders for their
dedication to Tufton over the years and for their support in
completing this transaction."
Tufton founder Ted Kalborg said, "Tufton is in excellent hands
and with its reorganised shareholding structure is ready to take
advantage of the many new growth opportunities we see in the global
shipping industry. I am also very pleased that the firm's new
shareholder has requested I remain involved in the business for at
least the next few years."
For further information, please contact:
Tufton Investment Management Ltd (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 Investment Management 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 .
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END
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