REG - Tufton Oceanic Asset Tufton Oceanic -SHPP - Compulsory Redemption of Shares

Tufton AssetsAnnouncement

17/07/2024 07:15

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RNS Number : 4800W  Tufton Oceanic Assets Ltd.  17 July 2024

17 July 2024

 

Tufton Oceanic Assets Limited

(The "Company")

Compulsory Redemption of Shares

Further to the resolutions passed by the Company's shareholders at its
Extraordinary General Meeting on 11 June 2024 to enable compulsory redemptions
of the Company's ordinary shares ("Shares"), the Company today announces that
it will return approximately US$31.5m by way of a compulsory redemption of up
to 20,328,259 Shares (the "Redemption").

The Redemption will be effected at a price of US$1.550 per Share, being the
NAV per Share as at 30 June 2024,  pro-rata to holdings of Shares on the
Company's register of members at close of business on 14 August 2024 (the
"Redemption Date"), being the record date for the Redemption. As at today's
date, the Company has 291,082,541 Shares in issue with voting rights and
17,546,000 Shares held in treasury.

On this basis, a holder of 100,000 Shares will have 6,983 Shares redeemed, and
receive US$10,823.65 in cash.

Fractions of Shares will not be redeemed and so the number of Shares to be
compulsorily redeemed from each Shareholder will be rounded down to the
nearest whole number of Shares.

Payments of redemption monies are expected to be effected either through CREST
(in the case of Shares held in uncertificated form) on 28 August 2024 or by
electronic bank transfer or cheque (in the case of Shares held in certificated
form) to be enclosed with new share certificates. Any share certificates
currently in issue will be superseded by a new share certificate which will be
distributed to certificated Shareholders in the week commencing 26 August
2024.

All Shares that are redeemed will be cancelled. Accordingly, once redeemed,
such Shares will be incapable of transfer by Shareholders or reissue by the
Company.

The Shares will be disabled in CREST after close of business on the Redemption
Date and the existing ISIN number, GG00BDFC1649, (the "Old ISIN") will expire.

The new ISIN number, GG00BSFVPB94, (the "New ISIN") in respect of the
remaining Shares, which will not have been redeemed, will be enabled and
available for transactions after 8.00 a.m. on 15 August 2024.

Up to and including the Redemption Date, the Shares will continue to be traded
under the Old ISIN and as such, a purchaser of such Shares who was not on the
register as at the record date for the Redemption would have a market claim
for a proportion of the redemption proceeds following the activation of the
New ISIN. CREST will automatically transform any open transactions as at the
Redemption Date to the New ISIN.

Shareholders should note that the Board retains absolute discretion as to the
execution, extent and timing of any further redemptions.

Currency Election

Redemption monies will be paid in the same currency (US Dollars or GBP
Sterling) that each Shareholder is paid dividends. If any certificated or
uncertificated Shareholder wishes to receive redemption monies in a currency
(US Dollars or GBP Sterling) that is different from its dividend payments, it
should complete and return a redemption currency election form to
Computershare Investor Services plc, The Pavilions, Bridgwater Road, Bristol,
BS99 6AH no later than 1.00 p.m. on 14 August 2024. A copy of this form is
available on the Company's website at
http://www.tuftonoceanicassets.com/company-documents/
(http://www.tuftonoceanicassets.com/company-documents/) . Please note that,
unlike dividend currency elections, Shareholders cannot elect to switch the
currency in which they receive proceeds of the Redemption through the CREST
platform. Any redemption currency election forms submitted shall relate only
to the proceeds of the current Redemption and will not endure.

2Q24 Dividend

The Company announced its Net Asset Value for the three months ending 30 June
2024 earlier today. For the avoidance of doubt, the record date for the
Company's quarterly dividend for the three months ending 30 June 2024 (the
"2Q24 Dividend") is 26 July 2024, which precedes the record date for the
Redemption. Accordingly, Shareholders will be eligible to receive both the
2Q24 Dividend and proceeds from the Compulsory Redemption on the basis they
continue to own Shares on each of the 2Q24 Dividend record date and the
Redemption record date.

 

Expected timetable for Redemption

The anticipated dates and sequence of events relating to the implementation of
the Redemption are set out below:

 Latest time to submit currency election form for the Redemption                 Close of business on 14 August 2024
 Redemption Record Date                                                          Close of business on 14 August 2024
 Redemption Date and expiry of Old ISIN                                          After close of business on 14 August 2024
 Redemption Ex Date                                                              15 August 2024
 New ISIN enabled                                                                15 August 2024
 Cheques in respect of Redemption monies and new share certificates to be        Week commencing 26 August 2024
 posted to certificated shareholders
 Electronic payments in respect of Redemption monies to be paid to certificated  28 August 2024
 shareholders
 CREST Accounts credited in respect of Redemption monies to be paid to           28 August 2024
 uncertificated shareholders

 

Capitalised terms used but not defined in this announcement will have the same
meaning as set out in the circular of the Company published on 20 May 2024.

 New ISIN: GG00BSFVPB94  USD Quote  GBX Quote
 SEDOL                   BSFXP71    BSFVPB9
 TIDM                    SHIP       SHPP

 

For further information, please contact:

 

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

 Andrew Hampson

 Nicolas Tirogalas

 Singer Capital Markets Advisory LLP                                            +44 (0) 20 7496 3000

 James Maxwell, Alex Bond, Jalini Kalaravy (Corporate Finance)

 Alan Geeves, James Waterlow, Sam Greatrex (Sales)

 Hudnall Capital LLP                                                              +44 (0) 20 7520 9085

 Andrew Cade

 

LEI: 213800L1N2V3FVNOSY44

A copy of this announcement will be available on the Company's website
at https://www.tuftonoceanicassets.com. Neither the content of the Company's
website, nor the content on any website accessible from hyperlinks on its
website for any other website, is incorporated into, or forms part of, this
announcement nor, unless previously published by means of a recognised
information service, should any such content be relied upon in reaching a
decision as to whether or not to acquire, continue to hold, or dispose of,
securities in the Company.

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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
$316.5m (gross) through its Initial Public Offering on the Specialist Fund
Segment of the London Stock Exchange on 20 December 2017 and subsequent
capital raises.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
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