Tufton Oceanic Assets Limited

Share Issue/Capital Change • Sep 3, 2018

National Storage Mechanism | Additional information

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RNS Number : 4445Z

Tufton Oceanic Assets Ltd.

03 September 2018

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES, AUSTRALIA, SOUTH AFRICA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").  Upon publication of this announcement, the inside information is now considered to be in the public domain for the purposes of MAR.

Tufton Oceanic Assets Limited

("Tufton Oceanic Assets" or the "Company") 

Intention to raise further capital

Tufton Oceanic Assets Limited (ticker: SHIP) announces its intention to raise further capital by way of an offering of C shares in the Company.

Tufton Oceanic Ltd, the Company's investment manager ("Investment Manager"), believes that capital availability for shipping continues to be constrained, and the supply side recovery is continuing and driven by an order book near a 20-year low while secondhand prices in many shipping segments continue to be significantly below depreciated replacement cost. As previously announced, approximately 85 per cent. of the IPO proceeds have been successfully invested in six vessels and the Investment Manager anticipates that the remaining funds will be fully committed before or shortly after the proposed fundraise is closed.

The Investment Manager has identified an attractive pipeline of secondhand vessels and in order to capitalise on these opportunities and grow the portfolio, the Company intends to raise further capital through an issue of C shares, by way of a placing and offer for subscription, to be accompanied by a 12 month placing programme.

A further update is expected towards the end of September.

For further information, please contact:

Tufton Oceanic Limited (Investment Manager) Andrew Hampson Paulo Almeida	+44 (0) 20 7518 6700
N+1 Singer                   James Maxwell (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 was established to invest in a diversified portfolio of secondhand commercial sea-going vessels delivering strong cash flow and capital gains to investors. The Company's investment manager is Tufton Oceanic Limited. The Company was admitted to the Specialist Fund Segment of the London Stock Exchange's main market on 20 December 2017.

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.

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