Tufton Oceanic Assets Ltd - Guernsey, England based investment company specialising in second-hand commercial sea vessels - Publishes notice ahead of extraordinary general meeting on June 11. Proposes changes to existing investment policy. Recommends it be eased to enable the Investment Manager to propose investments the IM believes will maximise investor returns in a manner consistent with the objective of diversifying investment risk across shipping segments. At present the policy restricts Tufton from making new investments that would result in any shipping segment accounting for more than 50% of net asset value. Explains recent transactions have seen Tufton's exposure to a single shipping segment exceed 50%. As a result, Tufton has been unable to make further investments. Notes at the end of the first quarter, Tankers accounted for just under 57% of NAV. Further, proposes changes to Tufton's existing articles to facilitate a return to shareholders by way of a redemption of shares. Notes currently the company's shares are non-redeemable.
Current stock price: 92.35 pence
12-month change: up 4.9%
By Jeremy Cutler, Alliance News reporter
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Tufton Oceanic. (SHIP)