Tufton Oceanic Assets Limited

Capital/Financing Update • Feb 21, 2019

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 6679Q

Tufton Oceanic Assets Ltd.

21 February 2019

Tufton Oceanic Assets Limited (The "Company")

$6.75m Investment in one General Cargo vessel

The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce that the Company has agreed to acquire one general cargo vessel for $6.75m. This acquisition will take the Company's fleet to twelve vessels.

The vessel will have a bareboat charter of seven years to a leading general cargo shipping operator.

The yield exceeds the targets expressed in the Company's prospectus dated 25 September 2018.

The Company's capital resources are now fully committed. This investment will increase the Company's operating cash flow post fees and post capex to a level that will cover the Company's stated 7% target dividend* by over 1.7x.  It will also increase the Company's average charter length.

Tufton Oceanic Ltd, the Investment Manager, continues to identify an attractive pipeline of opportunities across a range of the Company's target sectors.

*This is a target only and not a profit forecast. There can be no assurance that the target can or will be met and should not be taken as an indication of the Company's expected or actual future results. Accordingly, potential investors should not place any reliance on this target in deciding whether or not to invest in the Company or assume that the Company will make any distributions at all and should decide for themselves whether or not the target dividend yield is reasonable or achievable.  The target dividend yield is based on the IPO issue price of US$1.00 per ordinary share.

For further information, please contact:

Tufton Oceanic Ltd                                                          Tel: +44 (0) 20 7518 6700

Andrew Hampson                          

Paulo Almeida

N+1 Singer                                                                          Tel: +44 (0) 207 496 3000

James Maxwell, Alex Bond (Corporate Finance)                                                                                              

Alan Geeves, James Waterlow, Sam Greatrex (Sales)

Hudnall Capital LLP                                                         Tel: +44 (0) 20 7520 9085

Andrew Cade

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 $170m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange, on 20 December 2017, and a subsequent placing and offer in October 2018.

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.

END

MSCVBLFLKLFBBBF