Business
Braemar Naves Payment Rescheduling
Braemar Naves Payment Rescheduling.
About this update from Braemar Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6507A\n Braemar Shipping Services PLC\n 03 June 2021\n \n \n \n \n \n \n \n \n BRAEMAR\n \n \n \n \n \n SHIPPING SERVICES PLC\n \n \n \n (\"Braemar\", the \"Company\" or the \"Group\")\n \n \n 3 June 2021\n \n \n \n \n \n Braemar Naves Payment Rescheduling\n \n \n and \n \n \n Related Party Transaction\n \n \n \n \n Braemar, a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management, is pleased to announce that it has agreed a rescheduling of deferred consideration amounts owed by Braemar in relation to its acquisition of Braemar Naves in 2017, alongside the integration of its Financial Division, which was created by the acquisition, into its Shipbroking Division (the \"Restructuring\").\n The integration of the Financial Division into the Shipbroking Division is part of Braemar's strategy to streamline the Group and focus on its core Shipbroking business. Braemar believes that the integration will further improve collaboration and enhance client service.\n The Restructuring will see over €2.9m, which was previously due for repayment before the end of December 2022, being deferred to be paid no earlier than September 2025. In addition, a further amount of approximately €0.75m will be satisfied by the issue of new ordinary shares in the capital of the Company in three tranches between September 2021 and December 2022. The recipients of these shares have agreed to \"lock-up\" restrictions in relation to the new shares.\n As a result of the Restructuring, the earliest redemption dates of the outstanding balance of the deferred consideration, including those amounts to be satisfied by the new shares, will be as follows (with the total of these amounts not being affected by the Restructuring):\n \n \n \n \n Financial year ending\n \n \n Amount / £m\n \n \n Amount / €m\n \n \n \n \n Feb-22\n \n \n 3.1*\n \n \n 3.5*\n \n \n \n \n Feb-23\n \n \n 1.4**\n \n \n 1.6**\n \n \n \n \n Feb-24\n \n \n 0.6\n \n \n 0.7\n \n \n \n \n Feb-25\n \n \n 0.6\n \n \n 0.7\n \n \n \n \n Feb-26\n \n \n 2.5\n \n \n 2.9\n \n \n \n \n \n * Including approximately €0.6m / £0.5m to be satisfied by the issue of new shares\n \n \n ** Including approximately €0.1m / £0.1m to be satisfied by the issue of new shares\n \n As part of the...