4th Jul 2014 09:45
LONDON (Alliance News) - Braemar Shipping Services PLC Friday said its expectations for the year remain unchanged but said its outlook will require adjustments if the proposed merger with ACM Shipping Group PLC becomes effective.
In the three months to May 31, Braemar's shipbroking division traded slightly ahead of the corresponding period last year, Chief Executive James Kidwell will tell shareholders at the company's annual general meeting scheduled to start at 1100 BST.
Braemar, which provides broking, consultancy, technical, logistics and other services to the shipping, marine and energy industries, has also seen a good start to the year for its technical division, Kidwell will say. He also will that the company has taken steps to focus the Logistics business on its core areas, which resulted in the sale of the small, seasonal Tours business.
The environmental division has "continued its routine level of activity without any significant new project work in the period," according to the statement.
In June, Braemar said received the backing of shareholders with a total of 18.8% of its shares, including two institutional shareholders, for its proposed merger with ACM Shipping. The two companies said back in May that they had agreed to merge to create a combined ship-broking business worth GBP167 million. The deal will see Braemar shareholders take a 72% stake in the new entity and ACM shareholders 28%.
Kidwell will say the planning for the merger already has begun.
Braemar shares were Friday quoted at 519.91 pence, down 0.02%.
By Samuel Agini; [email protected]; @samuelagini
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