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LONDON (Alliance News) - Tufton Oceanic Assets Ltd on Tuesday said it intends to 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, intends to raise USD100 million of this through the placing and offer for subscription of 100 million C shares at USD1.00 per share.
Alongside this, a placing programme of approximately 200 million ordinary shares or C shares is to be launched, with a gross target of USD150 million in the next 12 months.
Tufton said that the actual number of shares to be issued under the programme was not known.
Cenkos Securities PLC and Hudnall Capital LLP will act as joint placing agents and financial advisors for the placing Nplus1 Singer Advisory LLP will be a joint placing agent only.
Shares in Tufton were untraded at USD1.06 on Tuesday.