REG - Braemar PLC - Investigation Update

BraemarAnnouncement

Wed 11:15

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RNS Number : 4122M  Braemar PLC  11 June 2025

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE
INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO.
596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL)
ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION
IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

11 June 2025

BRAEMAR PLC

("Braemar", the "Company" and together with its subsidiaries, the "Group")

 

 Investigation Update

 

As disclosed in the Group's FY23, FY24 and FY25 Annual Report and Accounts, an
independent investigation was conducted during 2023 that focused on several
transactions dating back from 2006 to 2013. Post-investigation, the Group
recognised a provision in relation to these transactions of c. $2.5m in its
FY23 accounts and retained the provision in its FY24 and FY25 accounts. The
Group also took key remedial actions and steps to comply with applicable
accounting, legal, and regulatory obligations, which included ring-fencing
that amount in a separate bank account.

 

The board is pleased to report that, following notification in late January
2025, the National Crime Agency (NCA) has today been granted an account
freezing order in respect of the separate bank account. The order relates
solely to the separate bank account and the ring-fenced amount, and does not
apply to, or otherwise impact the Company's trading or net assets. The Company
has cooperated fully with the NCA throughout, will continue to do so, and
looks forward to releasing the provision in due course.

 

Enquiries:

 Braemar Plc                                                 Tel: +44 (0)20 3142 4100
 James Gundy, Group Chief Executive Officer
 Grant Foley, Group Chief Financial & Operating Officer
 Rebecca-Joy Wekwete, Company Secretary

 Houston                                                     Tel: +44 (0)20 4529 0549
 Kate Hoare / Charlie Barker / Ben Robinson

 Canaccord Genuity                                           Tel: +44 (0) 20 7523 8000
 Adam James / Harry Rees

 

About Braemar Plc

 

Braemar provides expert advice in shipping investment, chartering, and risk
management to enable its clients to secure sustainable returns and mitigate
risk in the volatile world of shipping. Our experienced brokers work in tandem
with specialist professionals to form teams tailored to our customers' needs,
and provide an integrated service supported by a collaborative culture.

 

Braemar joined the Official List of the London Stock Exchange in November 1997
and trades under the symbol BMS.

 

For more information, including our investor presentation,
visit www.braemar.com (http://www.braemar.com/)  and follow Braemar
on LinkedIn (https://www.linkedin.com/company/braemar-ltd) .

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