20th Sep 2019 14:29
(Alliance News) - Tufton Oceanic Assets Ltd on Friday said it has raised USD31 million via a placing of 30.7 million shares, pursuant to the placing programme announced in 2018.
The stock was trading flat on Friday in London at USD1.01 a share, giving Tufton a market capitalisation of USD257.9 million.
In 2018, Tufton said it would raise up to USD250 million through a C share placing and open offer, as well as a placing programme, in order to acquire a pipeline of second-hand vessels.
The company, which invests in a diversified portfolio of commercial sea vessels, was expecting to raise USD100 million through the placing and offer for subscription of 100 million C shares at USD1.00 per share. Alongside this, a placing programme of 200 million shares or C shares was to be launched, with a gross target of USD150 million over the year.
Following the admission, Tufton will have 255.3 million shares overall.
Related Shares:
Tufton Assets.