Braemar Shipping Regulatory News (BMS)

24 Dec 2007 08:03

Braemar Shipping Services PLC24 December 2007 BRAEMAR SHIPPING SERVICES PLC PRESS RELEASE For immediate release 24 December 2007 Braemar Shipping Services plc Acquisition of 80% of Fred. Olsen Freight Limited The Board of Braemar Shipping Services plc is delighted to announce that itswholly-owned subsidiary, Cory Brothers Shipping Agency Limited has todayacquired 80% of the share capital of Fred. Olsen Freight Limited ("FOFL"). FOFL provides a range of freight forwarding and liner agency services for apredominantly UK client base. It has 50 employees mainly based in Ipswich. Thebusiness will be brought together with Cory's logistics business which is basedin Felixstowe and run by John van Bergen, Cory's director for freight forwardingand logistics. The purchase price payable for the 80% interest is £1.3 million to be satisfiedin cash from internal resources. The amount is adjustable depending on finalresults for 2007 and profitability during 2008. In the year to 31 December 2007 FOFL is expected to generate revenues of £15million and pre-tax profits of approximately £400,000 and the net assetsacquired are expected to be in the region of £200,000. Commenting on the acquisition, Quentin Soanes, director of Braemar ShippingServices plc and Chairman of Cory said, "Cory's logistics business has grownsignificantly over the last few years and there is a natural fit with FredOlsen's business which will increase the range of services we offer. Thecombined business has an exciting future and we are delighted to welcome theFOFL team to the Group." Jeremy Dowler, director of FOFL noted that, "Combining the business with Corywill provide a solid base for additional expansion of customer services whichFred. Olsen will be supporting through its 20% shareholding." Ends For further information, contact: Braemar Shipping Services plc Quentin Soanes Tel +44 (0) 20 7535 2650 James Kidwell Tel +44 (0) 20 7535 2881 Aquila Financial Peter Reilly Tel +44 (0) 20 7202 2601 Elaborate Communications Sean Moloney Tel +44 (0) 1296 682356 Charles Stanley Securities Philip Davies Tel +44 (0) 20 7149 6457 Notes Braemar Shipping Services plc (previously known as Braemar Seascope Group plc)is a leading integrated provider of broking and consultancy services to theshipping industry. Braemar Shipping Services plc Specialised shipbroking and consultancy services to international ship ownersand charterers in the sale & purchase, tanker, gas, chemicals, offshore,container and dry bulk markets. www.braemarseascope.com Falconer Bryan Pte Ltd Offices at the following locations: Australia, China, India, Indonesia, Malaysia, Singapore, Vietnam, United Kingdom www.falconer-bryan.com Cory Brothers Shipping Agency Port agency, freight forwarding and logistics services within the UK. www.cory.co.uk Wavespec Marine engineering and naval architecture consultants to the shipping andoffshore markets. www.wavespec.com DV Howells Pollution response service primarily in the UK for marine and rail operations www.dvhowells.co.uk This information is provided by RNS The company news service from the London Stock Exchange