Braemar Shipping Services PLC said it has acquired Steege Kingston Partnership Ltd, a loss adjusting company, for up to 12 mln stg.
The company said it will pay an initial 5.5 mln stg in cash from existing resources of 4.2 mln stg and the issue of 306,513 new shares in the company subject to a restriction they may not be sold within two years of the date of completion.
Braemar Shipping said it will pay the remaining amount of 8.0-8.5 mln stg in cash based on a multiple of EBIT in each of the two years after completion.
It said completion will take place on March 3 2008.
Steege Kingston posted a pretax profit of 1.7 mln stg on consolidated revenue of 7 mln for the year to Dec 31 2007. Its gross assets were 7.2 mln stg and net assets were 4.9 mln stg, including cash of 0.2 mln stg.
The company said it will pay an initial 5.5 mln stg in cash from existing resources of 4.2 mln stg and the issue of 306,513 new shares in the company subject to a restriction they may not be sold within two years of the date of completion.
Braemar Shipping said it will pay the remaining amount of 8.0-8.5 mln stg in cash based on a multiple of EBIT in each of the two years after completion.
It said completion will take place on March 3 2008.
Steege Kingston posted a pretax profit of 1.7 mln stg on consolidated revenue of 7 mln for the year to Dec 31 2007. Its gross assets were 7.2 mln stg and net assets were 4.9 mln stg, including cash of 0.2 mln stg.