20th Oct 2021 12:00
20 October 2021
TUFTON OCEANIC ASSETS LIMITED
("Tufton Oceanic Assets" or the "Company")
Result of Annual General Meeting
Tufton Oceanic Assets announces the results of its Annual General Meeting ("AGM") held at 11.00 a.m. today. Resolutions 1-11 inclusive were duly passed by way of a poll.
Resolution 12, in respect of the renewal of Director's authority to issue shares, was not passed. With Resolution 11 being duly passed by way of a poll, this will allow the Directors, at their discretion, to allot and issue shares in the Company up to a total representing 10 per cent. of its Ordinary Shares in issue. However, with Resolution 12 not passed, this will not allow the Company authority to issue a further 10 per cent. of Ordinary Shares.
Although resolutions 2 and 9 were passed, the Board notes that 15.74% of votes were received against both resolutions. The Company intends to speak with the largest shareholders who voted against these resolutions.
The full results of the AGM are as follows:
RESOLUTIONS | FOR | AGAINST | TOTAL VOTES | % OF ISSUED SHARE CAPITAL VOTED | VOTES WITHHELD* | ||
Votes | % | Votes | % | ||||
1. Ordinary | 146,031,744 | 97.66 | 3,500,000 | 2.34 | 149,531,744 | 53.30 | 3,055 |
2. Ordinary | 125,989,911 | 84.26 | 23,541,833 | 15.74 | 149,531,744 | 53.30 | 3,055 |
3. Ordinary | 149,531,744 | 100.00 | Nil | 0.00 | 149,531,744 | 53.30 | 3,055 |
4. Ordinary | 149,505,242 | 99.99 | 16,521 | 0.01 | 149,521,763 | 53.29 | 13,036 |
5. Ordinary | 149,521,883 | 100.00 | 1,000 | 0.00 | 149,522,883 | 53.29 | 11,916 |
6. Ordinary | 146,020,818 | 97.66 | 3,502,065 | 2.34 | 149,522,883 | 53.29 | 11,916 |
7. Ordinary | 149,520,818 | 100.00 | 2,065 | 0.00 | 149,522,883 | 53.29 | 11,916 |
8. Ordinary | 149,530,744 | 100.00 | 1,000 | 0.00 | 149,531,744 | 53.30 | 3,055 |
9. Ordinary | 125,986,679 | 84.26 | 23,539,259 | 15.74 | 149,525,938 | 53.29 | 8,861 |
10. Ordinary | 149,526,744 | 100.00 | Nil | 0.00 | 149,526,744 | 53.29 | 8,055 |
11. Extraordinary | 147,180,391 | 98.43 | 2,354,408 | 1.57 | 149,534,799 | 53.30 | Nil |
12. Extraordinary | 94,748,647 | 63.36 | 54,786,152 | 36.64 | 149,534,799 | 53.30 | Nil |
*A 'vote withheld' is not a vote in law and is not counted towards the proportion of votes 'for' and 'against' a resolution.
As at the date of the AGM, the number of ordinary shares in issue, and therefore the total number of voting rights was 280,571,401.
A copy of the full text of Extraordinary Resolutions 11 and 12 will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further information, please contact:
Tufton Investment Management Ltd Andrew Hampson Paulo Almeida | +44 (0) 20 7518 6700 |
Singer Capital Markets James Maxwell, Alex Bond (Corporate Finance) Alan Geeves, James Waterlow, Sam Greatrex (Sales) | +44 (0) 20 7496 3000 |
Hudnall Capital LLP Andrew Cade | +44 (0) 20 7520 9085 |
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 $277.5m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange, on 20 December 2017, a subsequent placing and offer in October 2018, a placing in March 2019, a placing in September 2019 and tap issues in March and August 2021.
Related Shares:
Tufton Assets.