26th Jun 2023 10:21
(Alliance News) - Braemar PLC said on Monday that trading in its shares will be suspended from next week Monday due to a delay in the publication of its annual results pending an investigation into a 2013 transaction.
Shares in Braemar, a London-based shipbroker and advisor in shipping investment, dropped by 18% to 228.12 pence in London on Monday morning.
The company said that the investigation was looking at a 2013 transaction of around USD3.0 million, and involving payments being made through to 2017.
Under the Financial Conduct Authority's disclosure guidance and transparency rules, the company is required to publish its audited financial 2023 results by June 30.
The company has appointed the London-based specialist firm FRP Advisory to assist with the investigation, and has established a specific investigation committee chaired by its non-executive chair to oversee this.
The company has said until this work is complete, it cannot publish its financial 2023 results and so will not reach the June 30 deadline on Friday.
Braemar re-affirmed its March 22 announcement that it is nonetheless expecting to report record revenue and record profitability for financial 2023.
"The board is not presently comfortable with the manner in which the transaction has been historically represented, and the remaining liability recorded in the company's balance sheet," Braemar said on Monday.
"Upon conclusion of the investigation, should this liability be released, it would not affect the underlying trading profit or cash position of the company for financial 2023."
By Will Neill, Alliance News reporter
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