Braemar Shipping Services PLC Disposal of Braemar Response (4891D)
10 October 2018 - 5:00PM
UK Regulatory
TIDMBMS
RNS Number : 4891D
Braemar Shipping Services PLC
10 October 2018
10 October 2018
BRAEMAR SHIPPING SERVICES PLC
("Braemar" or the "Company")
Disposal of Braemar Response
Braemar Shipping Services plc (LSE: BMS), a leading
international provider of broking, financial, consultancy,
technical and logistics services to the shipping, marine, energy,
offshore and insurance industries, is pleased to announce that, in
line with its previously announced strategy, it has completed the
disposal of its incident response business, Braemar Response, to
Grupo Ambipar (the "Disposal"). The sale is for a total
consideration of GBP774,000.
The Response business was part of Braemar's Technical division
and is an environmental consultancy, contracting and training
service provider in the marine, oil & gas, road and rail
industries.
Background to this transaction
As previously announced, a decision was made by the Board of
Directors earlier this year to divest Braemar Response. It
contributed strongly during its time in the Group, but it was felt
that the business would benefit from scale and the prioritisation
of capital requirements within Braemar led the Board to believe
that it would benefit from having an alternative owner.
Details and financial impact of the transaction
The consideration for the Disposal comprises an initial cash
payment of GBP400,000 with a further GBP374,000 payable within
twelve months of Completion.
Braemar purchased the business in 2006 for GBP900,000 since
which time it has generated GBP4,250,000 in dividend income. During
the year ended 28(th) February 2018 Braemar Response posted sales
of GBP3,896,000 and a loss before taxation of GBP595,000.
Grupo Ambipar is a Brazilian environmental services group with
over 3,000 employees.
James Kidwell, CEO of Braemar, commented: "We are delighted to
have found an excellent home for Braemar Response in Grupo Ambipar.
The disposal allows Braemar to focus on delivering its strategy for
its core consultancy and professional services."
Ends
For further information, contact:
Braemar Shipping Services Tel +44 (0) 20 3142
4100
James Kidwell, Chief Executive
James Hayward, Interim Finance Director
Peter Mason, Company Secretary
Stockdale Securities Tel +44 (0) 20 7601
6100
Robert Finlay / Antonio Bossi, Corporate
Finance
Henry Willcocks / Fiona Conroy, Corporate
Broking
Buchanan Tel +44 (0) 20 7466
5000
Charles Ryland / Stephanie Watson / Tilly Tel + 44 (0) 20 3405
Abraham 1035
Park Partners (Corporate Finance Advisors)
Jon Howells
Notes to Editors:
About Braemar Shipping Services plc
Braemar Shipping Services plc is a leading international
provider of knowledge and skill-based services to the shipping,
marine, energy, offshore and insurance industries. Founded in 1972,
Braemar employs approximately 750 people, post this transaction, in
more than 60 locations worldwide across its Shipbroking, Financial
Technical 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 visit www.braemar.com
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END
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