London-based Braemar, a specialist in investment, chartering and risk management, said today it is nearing the end of an investigation into a historic transaction dating back to 2013.
The company´s board currently expects to publish its financial final results for FY23 in October 2023, whilst the board expects to request a restoration of its listing.
According to a London Stock Exchange filing, “the investigation has been thorough and complex, but is now nearing completion and has focused on a small number of transactions which were carried out between 2006 to 2013.”
The London-listed expert revealed on June 26, 2023 that the board of the company and the group’s auditors, carried out an investigation into a particular transaction of circa $3m, which originated in 2013, and involved payments being made through to 2017.
Braemar´s board commenced an independent investigation into a transaction dating back to 2013.
The investigation has been conducted by FRP, an independent specialist firm and has been overseen by an investigation committee chaired by the Group’s non-executive chairman.
This caused a delay in the publication of the company´s final results for FY23, until the completion of the work.
“As far as the board is able, further detail will be provided at that time,” said Braemar.
James Gundy, Group CEO commented: “I would like to thank all our shareholders and the Braemar team for their patience and understanding during this period. We continue to deliver on our strategy, and I am delighted with the performance of the business and the strong start to this year. I am also pleased that the investigation, which has been time consuming, and complex is now coming to an end and the business has shown considerable resilience throughout this period, which makes me incredibly proud.”
Braemar reconfirmed in the filing its expectation of reporting record revenue and record profitability for FY23.
