LONDON (Alliance News) - Tufton Oceanic Assets Ltd on Thursday said it has raised USD78.4 million in a placing and open offer of 'C' shares.
The 'C' shares, Tufton said, will convert into ordinary shares at the earliest of 80% of assets attributable to 'C' class shares being invested, or after 12 months.
In September, fund manager Tufton had said it planned to raise up to USD250 million to acquire some second-hand vessels.
Shares were untraded on Thursday, last quoted at a price of USD1.08 each.
Tufton Oceanic. (SHIP)