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Braemar Shipping Services PLC - London-based shipbroker - Completes disposal of its logistics division Cory Brothers to Vertom Cory Holdings Ltd for between £10.3 million and £15.5 million in total.
Initial consideration of £6.5 million will be paid, and then three further payments based on the percentage of gross profit of the newly formed Vertom-Cory business over three earnout periods ending December 31, 2024.
The three earnout payments combined will be between £3.8 million and £9 million.
The sales reflects the last part of the group's new strategy of simplifying its operations to focus on the Shipbroking business.
‘The disposal of Cory is the last key step in the execution of our stated strategy of refocusing Braemar on our shipbroking core and I am pleased that the buyers of Cory are a long-term strategic partner. We look forward to continuing to work with them under their new ownership and seeing the business thrive,’ said Chief Executive Officer James Gundy.
Current stock price: 248.00 pence
12-month change: up 5.1%
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