Braemar Shipping Services PLC Sale of AqualisBraemar Shares (2138Z)
May 20 2021 - 2:00AM
UK Regulatory
TIDMBMS
RNS Number : 2138Z
Braemar Shipping Services PLC
20 May 2021
BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
20 May 2021
Sale of AqualisBraemar LOC ASA Shares
Braemar Shipping Services plc (LSE: BMS), a leading
international Shipbroker and provider of expert advice in shipping
investment, chartering and risk management, announces that it has
sold its remaining AqualisBraemar LOC ASA ("AQB") shares, reducing
net debt by GBP7.3 million* and realising a profit on sale of
GBP3.9 million.
Braemar received its investment in AQB as a result of the
Braemar board's decision to exit technical services and dispose of
its Technical Services division to Aqualis ASA in June 2019 in
exchange for a minority equity stake in the combined entity. AQB is
listed on the Oslo Stock Exchange . Braemar sold 9.6 million of its
shares in AQB, or around one half of its original interest, in
January this year, and its remaining 9,640,261 shares have now been
sold at a price of NOK9.0.
The net proceeds of the sale, totalling GBP7.3 million*, will be
used to increase the resources available to the Group to pursue its
new growth strategy centred on Shipbroking. The Group's net bank
debt was approximately GBP10 million at 28 February 2021. The
carrying value of the AQB shares sold was GBP3.3 million, realising
an estimated profit on disposal of GBP3.9 million.
Following the sale, Braemar's interest in AQB shares will be
limited to its holding of 6,523,977 performance-based warrants, of
which one million are expected to vest shortly.
James Gundy, Chief Executive Officer of Braemar, commented:
"We are pleased to have completed the sale of our remaining
shares in AqualisBraemar LOC on the back of their strong recent
trading, in order to focus on the delivery of our new growth
strategy centred on Shipbroking. The sale also helps to continue to
reduce the Group's net debt and strengthen our balance sheet,
positioning the Group well for future growth."
*NOK/GBP 0.085
For further information, contact:
Braemar Shipping Services
James Gundy, Chief Executive Officer Tel +44 (0) 20 3142 4100
Nick Stone, Chief Operating Officer
& Finance Director
Peter Mason, Company Secretary
finnCap
Matt Goode / James Thompson Tel +44 (0) 20 7220 0500
Buchanan
Charles Ryland / Victoria Hayns / Tel +44 (0) 20 7466 5000
Stephanie Watson / Matilda Abraham
Notes to Editors:
About Braemar Shipping Services plc
Braemar is a leading international Shipbroker and provider of
expert advice in shipping investment, chartering and risk
management. Braemar employs approximately 530 people in 30
locations worldwide across its Shipbroking, Financial and Logistics
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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