A council in the UK county of Yorkshire has emerged as an unlikely major shareholder in Tufton Oceanic Assets Ltd.
East Riding Council now holds 10m shares in the company, which represents a stake of 10.9%, according to a regulatory filing.
The shares are thought to be held by the East Riding Pension Fund, which administers the Local Government Pension Scheme (LGPS) for the four unitary authorities in the region plus over 190 other local employers and organisations.
East Riding is the second major investor to confirm a major shareholding in the maritime-focused fund management firm.
Alder Investment Management, a family office in London, subscribed for 6.8m shares in the placing, giving it a stake of 7.4%.
Tufton was admitted to trading on London’s Main Market on 20 December 2017, having raised $91m through the issue of 91m shares at $1 each at its initial public offering.
The company, which trades under the ticker symbol SHIP, ai ms to generate a total annual return of around 12% from trading in second-hand tonnage.
Its main focus will be its quarterly dividends, which it hopes will yield 5% in the first year, rising to 7% thereafter. The portfolio will be re-valued every three months.
Tufton is London’s first listed shipping fund since Nimrod Sea Assets delisted last year after it was impacted by the crash in the offshore markets.
