28th Jan 2015 08:22
LONDON (Alliance News) - Braemar Shipping Services PLC Wednesday said it exchanged contracts to sell its leasehold interest in its Marylebone corporate headquarters to Greenhouse Sports Ltd for a net consideration of GBP9.5 million before tax, as it prepares to move to a new HQ in Trafalgar Square following its merger with ACM Shipping Group PLC.
The company said the leasehold had a net book value of GBP4.0 million, leading to an exceptional gain of GBP5.5 million. It expects the deal to complete on February 26, and will use the money raised to cut debt and give it more financial flexibility.
Its shares were down 0.7% at 451.62 pence early Wednesday.
By Steve McGrath; [email protected]; @stevemcgrath1
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