TRANSACTION SUMMARY

On 5 January 2021, Tufton Oceanic announced a corporate reorganisation designed to reflect the evolution of its businesses and to realign its structure, ownership and management to provide the appropriate incentives for its continued success. In pursuit of these objectives, the business is to be split into Tufton Investment Management (“Tufton”) which encompass the existing asset backed investment business and Oceanic Investment Management which encompass the Oceanic Hedge Fund, together with its systematic trading platform and equity accounts. Each business will have separate ownership, independent Boards, management and staff.

As part of the structural change and the carefully planned development of leadership strategy, Tufton has also concluded a reorganisation of its ownership, with a European family office acquiring the shares of a number of Tufton’s long standing financial shareholders. The transaction has enabled the Tufton management team to acquire a substantially increased stake in the business. In addition, the new financial partner plans to support the growth prospects of the business by investing in future funds and investments managed or arranged by Tufton, including future capital raises by Tufton Oceanic Assets Ltd (SHIP.L).

TUFTON INVESTMENT MANAGEMENT ("TUFTON")

Tufton is a leading investment manager focused on the shipping industry, with $1.1bn in shipping assets across a number of funds including Tufton Oceanic Assets Limited which, as of 30 September 2020, has an NAV of $243m.

ROLE

SHP acted as financial adviser to Tufton Oceanic.