UK shipbroker Braemar Shipping Services has handed over new stock to the bosses of finance division Braemar Naves as part of money owed for its takeover in 2017.

The 157,339 London-listed shares are worth £400,000 ($538,000) at the current price in London of £2.54.

The shares will go to "persons closely associated" with Axel Siepmann and Mark Kuchenbecker, joint managing directors of Braemar Naves.

The pair, together with these associates, now own 106,660 shares each, holdings of 0.33% of Braemar.

The total includes 55,981 shares held by an entity jointly owned by both men.

The awards are part of a June deal to reschedule deferred amounts owed by Braemar for the acquisition of the German company, known at the time as Naves Corporate Finance.

Loans still held

In addition, parties connected to Siepmann and Kuchenbecker continue to hold convertible loan notes issued as payment for the takeover.

These amount to €5.3m ($6.14m), with one further tranche of €700,000 due to be issued in September 2022.

The 2017 deal saw the shipbroker break into the finance arena with a swoop for the maritime specialist,

London-based Braemar paid an initial €24m ($28.6m at the exchange rate at the time of the deal) in cash and equities for the business, with the figure potentially growing to €35m.

In August, the shipbroker gained more shareholder support for its executive pay report after bringing in external advisors.

A total of 83.5% of investors voted in favour of the remuneration document at the London-listed shipbroker's annual general meeting (AGM).

This compared to just 66% in 2020, which prompted action by the board to identify the reasons behind the number.