Tufton Assets Limited (SHPP) ORD NPV (GBP)

Tufton Assets Limited, formerly Tufton Oceanic Assets Limited, is a Guernsey-based investment company. The Company invests in a diversified portfolio of secondhand commercial sea-going vessels with the objective of delivering cash flow and capital gains to investors. It will make investments through one or more underlying special purpose vehicle over which the Company will exercise control with regard to investment decisions and which will mainly be wholly owned by the Company and may be held through an intermediate holding company. The Company may, from time to time, invest through vehicles that are not wholly owned by it. In such circumstances, the Company will seek to secure controlling rights over such vehicles through shareholder agreements or other legal arrangements. No single vessel will represent more than 25 percent of net asset value. It will not invest in cruise ships or in other closed-ended investment companies. Its investment manager is Tufton Investment Management Ltd.

To provide investors with an attractive level of regular and growing income and capital returns through investing in second-hand commercial sea-going vessels.

• Ongoing charge1.05%
• Annual management charge -
• Performance feeYes

The management fee equals to 0.85% p.a. of the prevailing NAV up to USD 250m, 0.75% p.a. of the prevailing NAV between USD 250m and USD 500m and 0.65% p.a. of the prevailing NAV in excess of USD 500m. The performance fee equals to 20% of the excess in Total Return per share.