Braemar Shipping Services PLC 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.
Source: Braemar Shipping Services Plc