Today TOAL announced that it has raised gross proceeds of US$91 million through a Placing and Offer for Subscription.
The Company intends to invest in a diversified portfolio of secondhand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. The shipping industry is fundamental to international trade as it’s the most cost effective means of transporting large volumes of essential commodities and finished goods around the world.
Application has been made in respect of 91,000,000 Ordinary Shares to be admitted to trading on the Specialist Funds Segment of the Main Market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the Ordinary Shares will commence at 8:00 a.m. (London time) on Wednesday 20 December 2017.
Singer Capital Markets is acting as joint placing agent to the company.