Tufton Oceanic Asset Tufton Oceanic -SHPP - NAV, Dividend Declaration & Dividend Target Raised

Tufton Assets

18/10/2022 07:00

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RNS Number : 1646D  Tufton Oceanic Assets Ltd.  18 October 2022

18 October 2022

 

Tufton Oceanic Assets Limited

("Tufton Oceanic Assets" or the "Company")

3Q22 Net Asset Value and Dividend Declaration; Dividend Target Raised

 

Tufton Oceanic Assets announces that as at 30 September 2022 the unaudited net
asset value ("NAV") was $456.3 million (£408.8 million*) and the unaudited
NAV per ordinary share was $1.479 (£1.325*). The NAV total return for the
quarter was 3.3%.

 

The Company is pleased to announce a dividend of $0.02 per ordinary share for
the quarter ending 30 September 2022. The dividend will be paid on 11 November
2022 to holders of ordinary shares recorded on the register as at close of
business on 28 October 2022 with an ex-dividend date of 27 October 2022.

 

Encouraged by strong visible cash flows from increased charter cover,
diversification and continued supply-side recovery, the Company has raised its
target annual dividend from $0.080 to $0.085 per share, to commence from 4Q22.
After the increase, the Company is forecast to have a dividend cover of c.1.8x
over the next 18 months.

The Company's quarterly factsheet as at 30 September 2022 will shortly be
available on the Company's website in the Investor Relations section under
Company Documents at www.tuftonoceanicassets.com/quarterly-reports
(http://www.tuftonoceanicassets.com/quarterly-reports) .

 

 

*30 September 2022 closing mid-rate of USD/GBP 0.8958. Source: Morningstar

 

For further information, please contact:

 

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

 Andrew Hampson

 Paulo Almeida

 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 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.

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