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LONDON (Alliance News) - Tufton Oceanic Assets Ltd on Tuesday posted a slight increase in net asset value since its initial public offering in December, having invested significantly in container ships.
The company invests in second-hand commercial sea-going vessels. As at June 30, Tufton's net asset value per share was USD1.016, a positive progression from USD1.000 per share on its debut on December 18.
In the period from the IPO to June end, the company's profit and comprehensive income totalled USD3.3 million. Tufton paid USD43.6 million to buy four container ships, almost half of the USD91 million raised during its listing.
This fleet value contributed USD0.026 per share during the financial period but had a negative impact in its most recent quarter due to a mismatch between values and charter rates.
Post period end, Tufton has committed USD21.8 million to buy a 75% stake in a liquefied petroleum gas carrier and another USD10 million to buy a handysize bulk carrier. These bring the total amount of IPO income invested to 85%.
On June 30, the company's share price was USD1.06 per share, up from its USD1.00 initial launch price and shares have traded at an average 4.3% premium to net asset value during the period.
Shares in Tufton Oceanic Assets were untraded at USD1.05 on Tuesday.
No dividend was declared during the period. However, a first dividend of USD0.015 per share was declared July 27 and paid August 17. Future dividends will be paid following the the end of each quarter and the next dividend is expected to be paid this November. The company is aiming for a dividend yield of 5% on the issue price for the 12 months after its listing and 7% after that.
"The directors expect the dividend to grow, in absolute terms, modestly over the long term," Tufton said.
Having invested the majority of its income from the IPO, Tufton is looking at future fundraising plans.
"The company remains on target to fully deploy the proceeds of the initial fund raising within the timescales set out at launch, and together with our advisers we are now considering a future fundraising plan to take advantage of a number of opportunities available to the company," said Non-Executive Chairman Rob King.