Team Increases Stake in Investment Manager

5 January 2021

Tufton Oceanic Assets Limited (The "Company")

Management Team increases stake in Tufton Investment Management

The Company notes that its Investment Manager, Tufton Investment Management Limited ("Tufton"), has announced the conclusion of a corporate reorganisation, with the purpose of increasing the ownership stake of senior management as part of a carefully planned leadership strategy developed over the past few years.

A new financial partner, a European family office, has acquired shares from a number of Tufton's long standing financial shareholders in a transaction which has enabled the management team, led by Andrew Hampson (CEO) and Paulo Almeida (CIO), to acquire a substantially increased stake in the business. In addition, the new partner plans to support the growth prospects of the business by investing in future funds and investments managed or arranged by Tufton, including future capital raises by the Company.

Tufton have kept the Board of the Company fully briefed on all relevant elements of the transaction throughout the negotiations. The Board is reassured that there will be no changes to the team currently providing services to the Company and that service levels will be uninterrupted by the transaction. It sees as a positive that Tufton will remain independently managed and will operate under its current brand whilst the management team will have a substantially increased stake in the business.

Tufton manages $1.1bn in shipping assets across a number of funds including the Company which, as of 30 September 2020, has an NAV of $243m.

Andrew Hampson and Paulo Almeida said, "We are very pleased with the outcome of the shareholding reorganisation and having our new backer.  This is the result of a carefully planned process that leaves the existing business in its current, healthy form yet improves alignment with our investor base and provides growth opportunities.  We also thank the exiting shareholders for their dedication to Tufton over the years and for their support in completing this transaction."

Tufton founder Ted Kalborg said, "Tufton is in excellent hands and with its reorganised shareholding structure is ready to take advantage of the many new growth opportunities we see in the global shipping industry. I am also very pleased that the firm's new shareholder has requested I remain involved in the business for at least the next few years."

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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 $250m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange, on 20 December 2017, a subsequent placing and offer in October 2018, a placing in March 2019 and a placing in September 2019.