11th Mar 2019 11:16
LONDON (Alliance News) - Tufton Oceanic Assets Ltd on Monday said it has raised USD50 million via a share placing, missing its previously announced target.
The investment company placed 49.0 million shares at USD1.02 each. Tufton shares were untraded on Monday, last quoted at USD1.05 apiece.
At the end of February, Tufton said it was planning to raise USD75 million in the placing, in order to secure the necessary cash to make some acquisitions.
Back then, the company said its manager had identified an attractive pipeline of secondhand vessels for investment and therefore proposed the capital raise.
Related Shares:
Tufton Assets.