20 December 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 47,605 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 6 January 2022. 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 225.2p 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 | 138,9311 | 0.43% |
| Mark Kuchenbecker | Managing Director of Braemar Naves | 138,9311 | 0.43% |
1 Includes 72,918 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 €5.2m with a final 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 32,200,279 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 +44 (0) 20 3142 4100 |
| Nick Stone, Group Chief Financial Officer |
|
| Peter Mason, Company Secretary |
|
|
Investec Bank Plc |
|
| Gary Clarence / Alex Penney / Alice King | Tel +44 (0) 20 7597 5970 |
|
Buchanan |
|
| Charles Ryland / Victoria Hayns / Stephanie Whitmore / Matilda Abraham | Tel +44 (0) 20 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, risk management and logistics services. Braemar employs approximately 540 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)
|
| ||||
| d)
| Aggregated information - Aggregated volume - Price |
15,334 ordinary shares of 10p each £34,532.17
| ||||
| e)
| Date of the transaction
| 17 December 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)
|
| ||||
| d)
| Aggregated information - Aggregated volume - Price |
15,334 ordinary shares of 10p each £34,532.17
| ||||
| e)
| Date of the transaction
| 17 December 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)
|
| ||||
| d)
| Aggregated information - Aggregated volume - Price |
16,937 ordinary shares of 10p each £38,142.12
| ||||
| e)
| Date of the transaction
| 17 December 2021 | ||||
| f)
| Place of the transaction
| Outside of a trading venue | ||||
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