Oversubscribed Tap Issue raising US$39 million

Singer Capital Markets is delighted to have acted as Financial Adviser, Joint Broker and Joint Bookrunner to Tufton Oceanic Assets Limited (‘SHIP’) on its oversubscribed Tap Issue raising US$39 million.

US$39.0 million was raised via the issue of 28,057,140 Tap Issue Shares at a price of US$1.39 per Tap Issue Share.

The Tap Issue was well supported by new and existing shareholders and was materially oversubscribed above the Company’s remaining general authorities granted by shareholders at its 2021 AGM and a scaling back exercise in respect of the Tap Issue was therefore carried out. Key staff and affiliates of the Investment Manager have been allocated 671,567 Tap Issue Shares and since the Tap Issue was oversubscribed, their subscription was also subject to scale back.

Application has been made in respect of 28,057,140 new Ordinary Shares to be admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange plc (“Admission”). Admission will become effective and dealings in the Ordinary Shares will commence at 8.00 a.m. (London time) on 17 November 2021.

Singer Capital Markets is acting as Financial Adviser, Joint Broker and Joint Bookrunner to Tufton Oceanic Assets Limited.

About Tufton Oceanic Assets Limited

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.

Ticker: SHIP

Market Cap: £292 million*

Website: Click here

*As at 17/11/2021