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Share Name Share Symbol Market Type Share ISIN Share Description
Braemar Shipping Services Plc LSE:BMS London Ordinary Share GB0000600931 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 220.00 218.00 222.00 221.50 220.00 220.00 48,352 08:00:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Transportation 120.8 4.9 12.9 17.1 71

Braemar Shipping Services PLC Completion of AqualisBraemar Share Sale

28/01/2021 7:00am

UK Regulatory (RNS & others)


TIDMBMS

RNS Number : 1311N

Braemar Shipping Services PLC

28 January 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

   BRAEMAR   SHIPPING SERVICES PLC 

("Braemar", the "Company" or the "Group")

28 January 2021

Successful Completion of AqualisBraemar LOC ASA Share Sale

Braemar Shipping Services plc (LSE: BMS), a leading international provider of shipbroking, financial advisory, and logistics services principally to the shipping and energy industries, announces that further to the announcement made yesterday in relation to the potential sale of up to 9,600,000 existing AqualisBraemar LOC ASA ("AQB") shares held by Braemar ("AQB Shares"), the Company is pleased to announce that 9,600,000 AQB Shares were sold at a price of NOK7.50 per AQB Share (the "Sale").

The net proceeds of the Sale, totalling GBP6.0 million* will be used to reduce the Group's net bank debt which was GBP19.3m at 31 August 2020. The carrying value of the AQB Shares sold was GBP3.2 million equating to a profit on disposal of GBP2.8 million. Subsequent to the Sale, Braemar has an interest in 9,640,261 AQB Shares representing approximately 10.4% of the total issued share capital of AQB. Braemar will enter into a customary 90 day lock-up period for its remaining shares in AQB and will continue to be represented on the board of AQB through board member Ron Series, the Chairman of Braemar.

James Gundy, Chief Executive Officer of the Company commented:

"We have been very pleased with the performance of AqualisBraemar and its management team since the combination of Braemar Technical Services with Aqualis ASA in June 2019. The Board is however conscious of the net indebtedness of the Group and the realisation of some of our shares in AqualisBraemar represented an efficient and attractive way to strengthen our balance sheet."

*NOK/GBP 0.085

For further information, contact:

 
 Braemar Shipping Services 
  James Gundy, Chief Executive Office   Tel +44 (0) 20 3142 4100 
  Nick Stone, Chief Operating Officer 
   & Finance Director 
  Peter Mason, Company Secretary 
 finnCap 
  Matt Goode / James Thompson / Kate    Tel +44 (0) 20 7220 0500 
   Washington 
 
 
  Buchanan 
   Charles Ryland / Stephanie Watson    Tel +44 (0) 20 7466 5000 
    / Matilda Abraham 
 

Notes to Editors:

About Braemar Shipping Services plc

Braemar Shipping Services plc is a leading international provider of shipbroking, financial advisory, port and marine consulting services principally to the shipping and energy industries. Founded in 1972, Braemar employs approximately 530 people in 30 locations worldwide across its Shipbroking, Financial, Logistics and Engineering divisions.

Braemar joined the Official List of the London Stock Exchange in November 1997 and trades under the symbol BMS.

For more information, including our investor presentation, visit www.braemar.com

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END

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January 28, 2021 02:00 ET (07:00 GMT)

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