Business
Trading Update and Proposed Capital Reduction
Trading Update and Proposed Capital Reduction.
About this update from Braemar Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN\n \n \n \n \n 14 February 2023\n \n \n \n \n \n \n \n \n \n BRAEMAR\n \n \n \n \n \n PLC\n \n \n \n (\"Braemar\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n \n Trading update\n \n \n \n \n Capital reduction to increase capacity to pay future dividends\n \n \n \n \n \n \n Braemar Plc (LSE: BMS), a provider of expert investment, chartering, and risk management advice to the shipping and energy markets, today announces an update on trading for the year ending 28 February 2023, together with an intention to convene a General Meeting\n (\n \"\n \n GM\n \n \"\n )\n in order to propose a capital reduction process\n .\n The latter process is designed to increase the Group's distributable reserves, increase the Group's capacity to pay future dividends and provide sufficient distributable reserves to cover all historic dividends paid\n .\n \n \n \n \n \n \n \n \n Trading Update\n \n \n \n \n \n \n The board of Braemar is pleased to report that the Group has continued to trade well since the release of its interim results in November 2022. The integration of the Group's newly acquired Spanish and US businesses announced in December 2022 has progressed well and both businesses are set to make an immediate and strong contribution to the Group's trading in the next\n financial year\n .\n \n \n \n \n \n The board looks forward with confidence to providing a more detailed update on trading for the year ending 28 February 2023 and on expectations for the year to Fe...