Braemar enters trading plan with employee share ownership trustee

Braemar Shipping Services announced on Friday that SG Kleinwort Hambros Trust Company, as trustee of the Braemar employee share ownership plan, has entered into a trading plan with the company.

The London-listed firm said that under the trading plan, which will run from 5 March to 14 May, the trustee would instruct broker Stockdale Securities to acquire ordinary shares for the share ownership plan.

Purchases under the trading plan would be limited to a total of 250,000 ordinary shares during the period of operation, with a maximum number of shares per transaction of 10,000.

The maximum price paid per ordinary share would be 5% above the average of the middle market quotations for such shares for the five business days immediately preceding the day on which the purchase is made.

“While the company is in a closed period neither the company nor the trustee will attempt to terminate or amend the trading plan that has been entered into,” Braemar’s board said in its statement.

“The trading plan will expire at the close of business on 14 May.”

Braemar said the trustee had “absolute discretion and independence” in respect of any trading decisions it may make in respect of the purchase of ordinary shares, pursuant to the trading plan.