Braemar Shipping Shareholders Approval ACM Merger

Fri, 04th Jul 2014 12:06

LONDON (Alliance News) - Braemar Shipping Services PLC shareholders Friday approved the company's proposed merger with ACM Shipping Group PLC, with the deal now awaiting approval by ACM shareholders.

Earlier Friday, Braemar had said that its expectations for the year remain unchanged but its outlook will require adjustments if the proposed merger with ACM Shipping becomes effective. Braemar said it expects the merger to become effective on July 25.

In June, Braemar said that the merger had received the backing of shareholders with a total of 18.8% of its shares.

The merger is now conditional on ACM shareholders backing the deal at the company's meeting of shareholders scheduled for Monday.

Braemar shares were Friday quoted at 519.125 pence, down 0.2%.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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