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| Date | 14 Feb 2022 |
| Time | 07:00:06 |
| Category | Disposals |
| ID | 4818B |
14 February 2022
Tufton Oceanic Assets Limited (The "Company")
Divestment of a Containership and
the Investment Manager joins the Maersk Mc-Kinney Møller Center for Zero Carbon Shipping
The Board of Tufton Oceanic Assets Limited (ticker: SHIP.L) is pleased to announce:
Divestment of Containership
The Company has agreed to divest the Containership Vicuna for $18.0m. The realised net IRR will be 46% and realised net MOIC will be 2.3x. The Company acquired Vicuna in October 2019 for $8.75m.
This will be the Company's tenth 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.
Collaboration with the Maersk Mc-Kinney Møller Center for Zero Carbon Shipping
The Investment Manager has joined the Maersk Mc-Kinney Møller Center for Zero Carbon Shipping (the "Center") as a Mission Ambassador. The Company will benefit from Tufton and the Center's collaboration on decarbonisation of the maritime industry.
For further information, please contact:
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Tufton Investment Management Ltd (Investment Manager or Tufton) Andrew Hampson Paulo Almeida |
+44 (0) 20 7518 6700 |
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Singer Capital Markets James Maxwell, Alex Bond (Corporate Finance) Alan Geeves, James Waterlow, Sam Greatrex (Sales) |
+44 (0) 20 7496 3000 |
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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.