Braemar Shipping Services PLC Update on the sale of Wavespec (3789C)
June 18 2021 - 4:32AM
UK Regulatory
TIDMBMS
RNS Number : 3789C
Braemar Shipping Services PLC
18 June 2021
18 June 2021
BRAEMAR SHIPPING SERVICES PLC
("Braemar", the "Company" or the "Group")
Update on the sale of Wavespec
Braemar (LSE: BMS), a leading international provider of
shipbroking, financial advisory, risk management and logistics
services, notes certain speculation that the purchaser of the
Wavespec business, which Braemar disposed of in March 2021, has not
fulfilled certain contractual obligations , with the result that
Wavespec is unlikely to be able to continue to operate.
If the purchaser does not fulfil its obligations regarding the
consideration, which the Board now believes is likely, Braemar will
charge a predominantly non-cash loss from discontinued operations
of GBP0.9m in its accounts for the year ending February 2022.
Whilst Braemar took security over the shares of Wavespec, Braemar
has no financial or operating interest in Wavespec following the
sale.
The Group continues to trade well and trading at the start of
the new financial year remains strong.
For further information, contact:
Braemar Shipping Services
James Gundy, Group Chief Executive Officer Tel +44 (0) 20
3142 4100
Nick Stone, Group 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 / Stephanie Tel +44 (0) 20
Watson / Matilda Abraham 7466 5000
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 520 people in 30 offices
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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