24 October 2024
Tufton Oceanic Assets Limited
(the "Company")
Result of Annual General Meeting
The Company announces the results of its Annual General Meeting ("AGM") held at 11.00 a.m. on 24 October 2024. Resolutions 1-14 inclusive were duly passed by way of a poll.
In particular, the Board would like to draw shareholder attention to the passing of Resolutions 12 and 13 whereby shareholders approved the continuation of the Company as set out in the Prospectus dated 25 September 2018 (Resolution 12) and in addition, the Company's name change from Tufton Oceanic Assets Limited to Tufton Assets Limited as of 1 November 2024 (Resolution 13).
The full results of the AGM were as follows:
| ORDINARY RESOLUTIONS | FOR | AGAINST | TOTAL VOTES | % OF ISSUED SHARE CAPITAL VOTED | VOTES WITHHELD* | ||
| Votes | % | Votes | % | ||||
| 1. To receive the Company's Annual Report and Audited Financial Statements for the year ended 30 June 2024.
| 197,770,316 | 100.00 | 0 | 0.00 | 197,770,316 | 73.04% | 7,182 |
| 2. To re-appoint PricewaterhouseCoopers CI LLP as auditor to the Company until the conclusion of the next general meeting at which accounts are laid before the Company.
| 197,609,872 | 99.92 | 148,908 | 0.08 | 197,758,780 | 73.03% | 18,718 |
| 3. To authorise the Directors to determine the remuneration of the auditor.
| 197,625,656 | 100.00 | 0 | 0.00 | 197,625,656 | 72.99% | 151,842 |
| 4. To approve the remuneration of the Directors for the year ended 30 June 2024, as set out in the Directors' Report.
| 197,647,677 | 99.97 | 57,846 | 0.03 | 197,705,523 | 73.02% | 71,975 |
| 5. To re-elect Mr Robert King as a Director who retires by rotation in accordance with Article 21.3 of the Articles.
| 197,734,255 | 100.00 | 6,976 | 0.00 | 197,741,231 | 73.03% | 36,267 |
| 6. To re-elect Mr Stephen Le Page as a Director who retires by rotation in accordance with Article 21.3 of the Articles.
| 197,734,255 | 100.00 | 6,976 | 0.00 | 197,741,231 | 73.03% | 36,267 |
| 7. To re-elect Mr Paul Barnes as a Director who retires by rotation in accordance with Article 21.3 of the Articles.
| 197,621,255 | 99.94 | 119,976 | 0.06 | 197,741,231 | 73.03% | 36,267 |
| 8. To re-elect Ms Christine Rødsæther as a Director who retires by rotation in accordance with Article 21.3 of the Articles.
| 197,744,250 | 100.00 | 6,976 | 0.00 | 197,751,226 | 73.03% | 26,272 |
| 9. To elect Ms Trina Le Noury as a Director who retires by rotation in accordance with Article 21.3 of the Articles.
| 197,631,064 | 99.94 | 119,976 | 0.06 | 197,751,040 | 73.03% | 26,458 |
| 10. Authority to make acquisitions of the Company's own shares.
| 197,744,533 | 99.99 | 18,603 | 0.01 | 197,763,136 | 73.04% | 14,362 |
| 11. To approve the Company's dividend policy.
| 197,759,296 | 100.00 | 2,325 | 0.00 | 197,761,621 | 73.04% | 15,877 |
| 12. To approve the Continuation of the Company.
| 190,871,147 | 96.51 | 6,892,691 | 3.49 | 197,763,838 | 73.05% | 13,660 |
| SPECIAL RESOLUTION | | ||||||
| 13. To approve the Company name change.
| 197,528,964 | 99.93 | 146,575 | 0.07 | 197,675,539 | 73.00% | 101,959 |
| EXTRAORDINARY RESOLUTION | | ||||||
| 14. Authority to allot and issue shares and to sell shares held in treasury as if the pre-emption rights in the Articles do not apply.
| 197,493,637 | 99.87 | 247,418 | 0.13 | 197,741,055 | 73.03% | 36,443 |
*A 'vote withheld' is not a vote in law and is not counted towards the proportion of votes 'for' and 'against' a resolution.
As at the date of the AGM, the number of ordinary shares in issue, and therefore the total number of voting rights was 270,756,330.
A copy of the full text of Extraordinary Resolution 14 will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
For further information, please contact:
| Tufton Investment Management Ltd (Investment Manager)
Andrew Hampson Nicolas Tirogalas | +44 (0) 20 7518 6700 |
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| Singer Capital Markets
James Maxwell, Alex Bond, Jalini Kalaravy (Corporate Finance) Alan Geeves, James Waterlow, Sam Greatrex (Sales) | +44 (0) 20 7496 3000 |
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| Hudnall Capital LLP
Andrew Cade | +44 (0) 20 7520 9085 |
About the Company
Tufton Oceanic Assets Limited invests in a diversified portfolio of secondhand commercial sea-going vessels with the objective of delivering strong cash flow and capital gains to investors. The Company's investment manager is Tufton Investment Management Ltd. The Company has raised a total of approximately $316.5m (gross) through its Initial Public Offering on the Specialist Fund Segment of the London Stock Exchange on 20 December 2017 and subsequent capital raises.
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