Braemar Shipping Regulatory News (BMS)

22 December 2022

BRAEMAR PLC

("Braemar", the "Company" or the "Group")

Issue of Shares / PDMR Shareholding

Braemar, a leading international Shipbroker and provider of expert advice in shipping investment, chartering and risk management announces that application has been made for 37,636 new ordinary shares of 10p each in the capital of the Company ("Ordinary Shares") to be admitted to the Official List of the UK Listing Authority and to trading on London Stock Exchange's Main Market for listed securities ('Admission'). It is expected Admission will become effective and trading will commence at 8.00 a.m. on 5 January 2023.

The new Ordinary Shares will rank pari passu with the existing Ordinary Shares of the Company.

The new Ordinary Shares have been allotted as part of the agreed rescheduling of deferred consideration amounts owed by Braemar in relation to its acquisition of Braemar Corporate Finance (formerly known as "Braemar NAVES"), as previously announced on 3 June 2021. The new Ordinary Shares will be allotted in satisfaction of amounts due for repayment to persons closely associated with Axel Siepmann, a Managing Director of Braemar Corporate Finance and a PDMR of the Company, and Mark Kuchenbecker, a former Managing Director of Braemar Corporate Finance and former PDMR of the Company. The new Ordinary Shares were subscribed for at 315.7p per share, which was calculated using the volume weighted average price per Ordinary Share for the 30 consecutive trading days prior to subscription.

Following this share issue, the total holding of Ordinary Shares of Axel Siepmann (including those persons closely associated with him) is as follows:

1 Includes 86,308 Ordinary Shares held by an entity jointly owned by Axel Siepmann.

Connected parties of Axel Siepmann and the other sellers of Braemar Corporate Finance continue to hold convertible loan notes issued as consideration for the acquisition of Braemar Corporate Finance in 2017 amounting to approximately €4.4m. Further information on these loan notes and their redemption dates can be found in the 3 June 2021 announcement, the Company's 2022 Annual Report and the original acquisition circular, each of which are available on the Company's website.

The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.

Following Admission and allotment of the shares, the Company's issued share capital will comprise 32,636,872 Ordinary Shares, which figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules. The Company does not hold any shares in treasury.

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Notes to Editors:

About Braemar

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.

Braemar's experienced brokers work in tandem with specialist professionals to form teams tailored to its customers' needs, and provides 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.