Tufton Oceanic Assets Ltd. Divestment of Two Containerships (7982A)
February 07 2022 - 1:59AM
UK Regulatory
TIDMSHIP
RNS Number : 7982A
Tufton Oceanic Assets Ltd.
07 February 2022
7 February 2022
Tufton Oceanic Assets Limited (The "Company")
Divestment of Two Containerships
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is
pleased to announce that it has agreed to divest the Containerships
Candy and Echidna for a total of $21.0m. The realised net IRR will
be c.74% and realised net MOIC will be c.1.80x. Both ships were
acquired in January 2021 for $13.75m in total, soon after the
Company's divestment of the Suezmax Tanker Bear. The divestment of
Candy and Echidna follows the Company's four Containership exits in
the past year.
This will be the Company's ninth 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.
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 and 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
DISBKQBQABKDABK
(END) Dow Jones Newswires
February 07, 2022 01:59 ET (06:59 GMT)
Tufton Oceanic Assets (LSE:SHIP)
Historical Stock Chart
From Jul 2024 to Aug 2024
Tufton Oceanic Assets (LSE:SHIP)
Historical Stock Chart
From Aug 2023 to Aug 2024