- Financial Statements Delay Threatens Braemar’s Shares
- Auditor Concerns Prompt Investigation into Account Items
- Possible Suspension of Braemar’s Shares
Braemar, which has been listed on the main London stock exchange since 1997, has been informed by its auditor that its financial statements will not be approved by this week’s deadline.
The shipbroker Braemar, which is listed on the London Stock Exchange, risks being plunged into crisis as a delay in the publication of its full-year financial statements threatens to prompt the suspension of its shares.
Braemar, a company with a market capitalization of approximately £92 million, will likely inform investors in the coming days that it will be unable to meet a previously announced deadline of the second half of June to disclose its financial results.
This weekend, city sources reported that BDO, the company’s auditor, had notified the company of concerns regarding certain account items.
This weekend, it was unclear what their nature was.
BDO may have hired FRP Advisory staff to investigate.
According to one source, Braemar’s shares could be suspended as early as this week.
Braemar is a prominent international participant in the global shipping industry, providing a variety of services.
It offers advice on transportation investment, chartering, and risk management, among other services.
The company boasted unprecedented sales and profits for the year ending on February 28 in February.
If its shares are suspended, the company will join Wandisco and Revolution Beauty, among others, who have been forced to deal with a similar situation in recent months.
Braemar, a London-listed company since 1997, refused to comment.
