Tufton Oceanic Assets Ltd. Divestment of Containership (1136W)

TIDMSHIP

RNS Number : 1136W

Tufton Oceanic Assets Ltd.

20 December 2021

Tufton Oceanic Assets Limited (The "Company")

Divestment of Containership

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that it has agreed to divest the Containership Swordfish for $19m. The realised net IRR will be 27% and realised net MOIC will be 2.4x. Swordfish was acquired in January 2018 for $10.25m as one of the Company's first two investments together with the Containership Kale, which was sold earlier this year.

This will be the Company's seventh divestment. Whilst the Company aims to hold its investments over the longer term, the Investment Manager will seek to realise investments where additional value can be generated for shareholders. This divestment, together with the various divestments announced since late 2020, demonstrates the Company's commitment to capital re-allocation. This is increasingly relevant given the absolute and relative movements in asset values across and within the main shipping markets since 3Q20.

The Investment Manager continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors and expects to redeploy these proceeds promptly. Prospective investments include chemical or product tankers as well as bulkers. The Company will announce a further update in due course.

For further information, please contact:

 
 Tufton Investment Management Ltd (Investment 
  Manager) 
  Andrew Hampson 
  Paulo Almeida                                                   +44 (0) 20 7518 6700 
 
 Singer Capital Markets 
  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 $316.5m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange on 20 December 2017 and subsequent capital raises.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DISFZMMZFLMGMZM

(END) Dow Jones Newswires

December 20, 2021 02:00 ET (07:00 GMT)

Tufton Oceanic Assets (LSE:SHIP)
Historical Stock Chart
From Jul 2024 to Aug 2024