25 March 2025
Stainless Tankers ASA("STST" or the "Company")
Management Service Provider completes Management Buyout
The Company notes that its Management Service Provider, Tufton Management Ltd
("Tufton"), has announced the completion of a management-led buyout of all the
equity interests in Tufton previously held by a European Family Office. This
carefully planned buyout has greatly increased the ownership stake of, and
control by, senior management in line with the leadership strategy developed
over the past few years.
The Board of the Company is reassured that there will be no changes to the team
currently providing services to the Company and that service levels will be
unaffected by the transaction. It views positively the fact that Tufton will be
fully independently managed and will continue to operate under its current brand
and with the same team. Tufton has $1.5bn+ of mandated assets across a number of
funds, including Tufton Assets Limited which, as at 31 December 2024, had a NAV
of $428.9m and the Company which, as at 31 December 2024, had a NAV of $103.8m
or $7.69/share (approx. NOK 87.3/share).
Andrew Hampson (Tufton Group CEO) and Nicolas Tirogalas (Tufton Group CIO and
President) said, "We are very pleased and excited with the outcome of the
management-led buyout. This is the result of a carefully planned process that
leaves the existing business in its current, healthy form and further
strengthens and aligns management incentives with future growth opportunities.
We also wish to thank the outgoing shareholder for their cooperation over the
past few years and for their support in completing this transaction."
For further information, please contact:
Tufton Management Ltd (Management Service Provider)
Andrew Hampson
Nicolas Tirogalas
+44 (0) 20 7518 6700
About the Company
Stainless Tankers ASA is a shipping company specialized in providing seaborne
transportation of chemical cargoes worldwide. The Company provides investors
with pure-play stainless steel chemical tanker exposure in an investor friendly
structure through its fleet of nine stainless steel vessels, each with an
approximate total carrying capacity of 20,000dwt. The fleet is managed by Tufton
Management Ltd, with a primary focus on maximizing earnings and distributing
excess operating cashflow to shareholders.