Shipbroker ACM announced that the Scheme relating to the recommended merger of ACM with Braemar was approved on July 7 at the Court Meeting and that the Special Resolution was approved at the general meeting.
Completion of the Scheme remains subject to the satisfaction or waiver of the remaining conditions of the Scheme set out in the scheme document dated 12 June 2014, according to ACM.
The Scheme Court Hearing to sanction the Scheme is expected to take place on 23 July 2014 and the Reduction Court Hearing to confirm the Capital Reduction is expected to take place on 25 July 2014.
It is expected that dealings in ACM Shares will be suspended at 7.30 a.m. on 24 July 2014 and the Scheme will become effective on 25 July 2014.
Braemar Shipping Services has begun planning for the merger with ACM Shipping Group plc, announced in May 2014, Braemar’s Chief executive James Kidwell said.
“The clear objective of the merger is to be the “best in class” in our shipbroking business and provide clients with a top quality service based on strong teams with excellent market coverage,” as explained by Kidwell.
The company recorded early signs of improvement in the shipping markets for the three months to 31 May 2014 that have led to an increase in the total forward order book of Braemar Shipping Services’ shipbroking division compared with the forward order book at 31 May 2013, the company said.
Press Release, July 10th, 2014