Braemar Shipping Services plc has completed the merger with ACM Shipping Group Plc (‘ACM’). ACM will merge with Braemar Seascope, the shipbroking division of Braemar Shipping Services, to form a new combined shipbroking business, which will trade as Braemar ACM Shipbroking.
Braemar ACM Shipbroking brings together two leading shipbroking companies and builds on their complementary strengths in tanker and dry cargo chartering and sale and purchase. The combined business will enable Braemar ACM Shipbroking to provide enhanced worldwide market coverage in these sectors as well as in the Offshore and Containers sectors.
Now that the merger has completed, the New Ordinary Shares have been admitted on the Official List and dealings are expected to commence today 2014 at 8.00am under the ticker symbol LSE:BMS.
Previous ACM Directors, Johnny Plumbe, Tim Jaques, Jürgen Breuer and Mark Tracey have now been appointed as Directors of Braemar, alongside the existing members of the Board, Sir Graham Hearne, James Kidwell, Martin Beer, Denis Petropoulos, Alastair Farley and David Moorhouse.
James Kidwell, Chief Executive of Braemar Shipping Services plc, commented: “I am delighted to welcome all ACM employees to Braemar Shipping Services Plc. Our merger is driven by the overall vision of Braemar Shipping Services as the most valued provider of services to the shipping and energy industries. This is a very exciting step forward for the Group and for Braemar ACM. We are creating a top class shipbroking business and we look forward to capitalising on the opportunities that arise from the increased reach and prominence of the business.”