Issue of Shares / PDMR Shareholding

RNS Number : 6309N

Braemar Shipping Services PLC

01 October 2021

 

1 October 2021

BRAEMAR SHIPPING SERVICES PLC

("Braemar", the "Company" or the "Group")

Issue of Shares / PDMR Shareholding

Braemar (LSE: BMS ), a leading international Shipbroker and provider of expert advice in shipping investment, chartering, risk management and logistics services, announces that application has been made for 157,339 new ordinary shares of 10p each in the capital of Braemar ('Ordinary Shares') to be admitted to the Official List of the UK Listing Authority and to trading on London Stock Exchange's Main Market for listed securities ('Admission'). It is expected Admission will become effective and trading will commence at 8.00 a.m. on 7 October 2021. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares of the Company.

The new Ordinary Shares have been allotted as part of the agreed rescheduling of deferred consideration amounts owed by Braemar in relation to its acquisition of Braemar Naves, as previously announced on 3 June 2021.  The new Ordinary Shares have been allotted in satisfaction of amounts due for repayment to persons closely associated with Axel Siepmann and Mark Kuchenbecker, who are Managing Directors of Braemar Naves and PDMRs of the Company.  The new Ordinary Shares were subscribed for at 275.41p per share, which was calculated using the volume weighted average price per Ordinary Share for the 30 consecutive trading days prior to subscription.

Following this share issue, the total holding of Ordinary Shares of each of Axel Siepmann and Mark Kuchenbecker (including those persons closely associated with them) is as follows:

Name	Title	Shares	% of Company's issued share capital
Axel Siepmann	Managing Director of Braemar Naves	106,6601	0.33%
Mark Kuchenbecker	Managing Director of Braemar Naves	106,6601	0.33%

¹ Includes 55,981 Ordinary Shares held by an entity jointly owned by Axel Siepmann and Mark Kuchenbecker

Connected parties of Axel Siepmann and Mark Kuchenbecker continue to hold convertible loan notes issued as consideration for the acquisition of Braemar Naves in 2017 amounting to approximately €5.3m with one further tranche of €0.7m due to be issued in September 2022.  Further information on these loan notes and their redemption dates can be found in the 3 June 2021 announcement, the Company's Annual Report and the original acquisition circular, each of which are available on the Company's website.

The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

Following Admission, the Company's issued share capital will comprise 32,152,674 Ordinary Shares, which figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules. The Company does not hold any shares in treasury.

For further information, contact:

Braemar Shipping Services
James Gundy, Group Chief Executive Officer	Tel [phone]
Nick Stone, Group Chief Financial Officer
Peter Mason, Company Secretary
finnCap
Matt Goode / James Thompson	Tel [phone]
Buchanan
Charles Ryland / Victoria Hayns / Stephanie Whitmore / Matilda Abraham	Tel [phone]

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

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Siepmann & Cie. Verwaltungs GmbH
2	Reason for the notification
a)	Position/status	Person closely associated with Axel Siepmann, Managing Director of Braemar Naves
b)	Initial notification /Amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Braemar Shipping Services Plc
b)	LEI	213800EV6IKTTHJ83C19
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 10p each  GB0000600931
b)	Nature of the transaction	Issue of ordinary shares of 10p each
c)	Price(s) and volume(s)	Price(s)  Volume(s) 275.41p 50,679
d)	Aggregated information - Aggregated volume  - Price	50,679 ordinary shares of 10p each  139,576.20
e)	Date of the transaction	30 September 2021
f)	Place of the transaction	Outside of a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Kesone Verwaltungsgesellschaft mbH
2	Reason for the notification
a)	Position/status	Person closely associated with Mark Kuchenbecker, Managing Director of Braemar Naves
b)	Initial notification /Amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Braemar Shipping Services Plc
b)	LEI	213800EV6IKTTHJ83C19
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 10p each  GB0000600931
b)	Nature of the transaction	Issue of ordinary shares of 10p each
c)	Price(s) and volume(s)	Price(s)  Volume(s) 275.41p 50,679
d)	Aggregated information - Aggregated volume  - Price	50,679 ordinary shares of 10p each  139,576.20
e)	Date of the transaction	30 September 2021
f)	Place of the transaction	Outside of a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	CFC Beteiligungsgesellschaft mbH
2	Reason for the notification
a)	Position/status	Person closely associated with Axel Siepmann and Mark Kuchenbecker, Managing Directors of Braemar Naves
b)	Initial notification /Amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Braemar Shipping Services Plc
b)	LEI	213800EV6IKTTHJ83C19
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 10p each  GB0000600931
b)	Nature of the transaction	Issue of ordinary shares of 10p each
c)	Price(s) and volume(s)	Price(s)  Volume(s) 275.41p 55,981
d)	Aggregated information - Aggregated volume  - Price	55,981 ordinary shares of 10p each  154,179.49
e)	Date of the transaction	30 September 2021
f)	Place of the transaction	Outside of a trading venue

 

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DSHURANRAWUKOAR