Brief: Braemar Shipping Signs Proposal To Dispose 3 Businesses Within Braemar Technical Services

Aqualis ASA

13/05/2019 07:22

May 13 (Reuters) - Braemar Shipping Services PLC  BRMS.L :
    * BRAEMAR SHIPPING SERVICES - PROPOSED DISPOSAL OF 3
BUSINESS
LINES WITHIN BRAEMAR TECHNICAL SERVICES DIVISION TO AQUALIS ASA
    * BRAEMAR SHIPPING SERVICES PLC - PROPOSED DEAL IN EXCHANGE
FOR A
SIGNIFICANT EQUITY STAKE IN COMBINED GROUP
    * BRAEMAR SHIPPING SERVICES PLC - CONSIDERATION PAYABLE TO
BRAEMAR
WILL BE IN APPROXIMATELY 14.9 MILLION NEW AQUALIS ORDINARY
SHARES
    * BRAEMAR SHIPPING SERVICES - DEAL INCLUDES 6.0 MILLION
PERFORMANCE-BASED WARRANTS, TO POTENTIALLY TAKE BRAEMAR'S STAKE
TO 33% OF AQUALIS SHARE CAPITAL
    * BRAEMAR SHIPPING SERVICES PLC - BRAEMAR WILL BECOME
LARGEST
SHAREHOLDER IN ENLARGED GROUP, INITIALLY HOLDING 26% OF ENLARGED
AQUALIS SHARE CAPITAL
    * BRAEMAR SHIPPING SERVICES PLC - AQUALIS WILL BE REBRANDED
AND
RENAMED AS AQUALISBRAEMAR ASA
    * BRAEMAR SHIPPING SERVICES - WILL APPOINT ONE MEMBER TO
BOARD OF
AQUALISBRAEMAR, WHICH IS TO BE JAMES KIDWELL, CHIEF EXECUTIVE
OFFICER OF BRAEMAR
    * BRAEMAR SHIPPING SERVICES - AQUALIS INTENDS TO RAISE
FINANCE OF
UP TO ABOUT US$6M FOR ENLARGED AQUALIS GROUP BY WAY OF AN EQUITY
FUNDRAISING
    * BRAEMAR SHIPPING SERVICES PLC - TECHNICAL DIVISION HAS
CONTINUED
TO FACE TOUGH MARKET CONDITIONS
    * BRAEMAR SHIPPING SERVICES PLC - FINANCIAL PERFORMANCE OF
TECHNICAL DIVISION HAS BEEN DISAPPOINTING IN 2018 AND IN Q1 OF
2019
    * BRAEMAR SHIPPING SERVICES - TOTAL CONSIDERATION FOR
BRAEMAR
TECHNICAL SERVICES IN FORM OF 14.9 MILLION NEW AQUALIS SHARES
WITH VALUE OF ABOUT £5.5M

Source text for Eikon:  ID:nRSM7467Ya 
Further company coverage:  BRMS.L 

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