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LONDON (Alliance News) - Tufton Oceanic Assets Ltd said Thursday it is planning to raise up to USD75 million in a share placing in order to secure the necessary cash to capitalise on a series of acquisitions.
The investment company said its manager has identified an attractive pipeline of secondhand vessels for investment and therefore proposed the capital raise.
Tufton will issue shares at USD1.02 each, representing a 3.8% discount to its closing price of USD1.06 on Wednesday.
Tufton shares were trading flat at USD1.06 on Thursday around midday. The company has a market capitalisation of GBP186 million.
The placing will open immediately and close on March 8, or earlier at the company's discretion. The final number of shares issued will be announced at the close, and they will start trading on March 14.
Furthermore, the company said it acquired a general cargo vessel for USD6.8 million, taking its fleet to 12 vessels.
"The vessel will have a bareboat charter of seven years to a leading general cargo shipping operator," Tufton added.