Tufton Oceanic Assets Limited
("Tufton Oceanic Assets" or the "Company")
C Share Conversion Ratio
Further to the announcement on 8 January 2019, Tufton Oceanic Assets is pleased to announce the ratio of the C Share conversion.
The Conversion Ratio, as calculated in accordance with the terms set out in the Company's articles of incorporation, is 1.0794 Ordinary Shares for each C Share which is held on the record date of 11 February 2019, which will be last day for trading in the C Shares on the London Stock Exchange. The NAVs per share were based on the ex dividend NAVs as at close of business on 31 December 2018, being the Calculation Date. Entitlements will be rounded down to the nearest whole Ordinary Share.
On the basis of the Conversion Ratio, a holder of 1,000 C Shares will receive 1,079 new Ordinary Shares upon Conversion.
Applications have been made for 84,624,960 Ordinary Shares to be admitted to the Specialist Fund Segment of the London Stock Exchange's main market for listed securities ("Admission"). Admission is expected to occur at 8.00 a.m. on 12 February 2019.
The Ordinary Shares arising on Conversion will rank pari passu with, and will have the same rights as, the Ordinary Shares of the Company already in issue, including the right to receive dividends declared subsequent to Admission.
Total Voting Rights
Following the issuance of the new Ordinary Shares, the Company's total issued share capital will consist of 175,624,960 Ordinary Shares with one voting right per share. The Company does not hold any Ordinary Shares in Treasury. The above figure of 175,624,960 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Unless otherwise defined, capitalised terms in this announcement shall have the meaning given to them in the prospectus dated 25 September 2018.
For further information, please contact:
Tufton Oceanic Limited Tel: +44 (0) 20 7518 6700
Andrew Hampson
Paulo Almeida
N+1 Singer Tel: +44 (0) 207 496 3030
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 Limited. The Company was admitted to the Specialist Fund Segment of the London Stock Exchange on 20 December 2017.
