REG - Tufton Assets Ltd. Tufton Assets - SHPP - Divestment of Neon and use of proceeds

Tufton AssetsAnnouncement

05/09/2025 07:02

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RNS Number : 0596Y  Tufton Assets Limited  05 September 2025

05 September 2025

Tufton Assets Limited ("SHIP" or the "Company")

Divestment of Neon and use of proceeds

 

The Board of Tufton Assets Limited (ticker: SHIP.L) is pleased to announce
that the Company has disposed of Neon, for total proceeds of $23.5m which
represents a 2.6% premium to its most recent holding NAV as at 30 June 2025.
Divestments to date have been in aggregate c.6% above NAV.

The realised net IRR on Neon was 13.5% and the MOIC 1.85x, significantly ahead
of the Company's published IRR target of 12%. The Company's fleet now
comprises 19 vessels.

Since the end of June market conditions have improved in the Company's major
segments i.e. Product Tankers and Bulkers. The Board and the Investment
Manager will consider reinvestment or return of the proceeds in accordance
with the terms of the Mid-term Strategy Review and provide a further update in
due course.

 

 

 

For further information, please contact:

 Tufton Investment Management Ltd                                      +44 (0) 20 7518 6700

 ("Investment Manager" or "Tufton")

 Andrew Hampson

 Nicolas Tirogalas

 Singer Capital Markets                                                +44 (0) 20 7496 3000

 James Maxwell, Alex Bond (Corporate Finance)

 Alan Geeves, James Waterlow, Sam Greatrex (Sales)

 Hudnall Capital LLP                                                   +44 (0) 20 7520 9085

 Andrew Cade

 

About the Company

Tufton Assets Limited invests in a diversified portfolio of second-hand
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
USD316.5 million (gross) through its Initial Public Offering on the Specialist
Fund Segment of the London Stock Exchange on 20 December 2017 and subsequent
capital raises, and the Company has returned USD185.1 million to investors
over the same period.

 

 

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