London-listed shipbroker Braemar Shipping Services has rewarded three of its top executives with shares and options worth £605,000 ($760,000) after a profitable year.
The company said it had granted the stock as part of its annual bonus plan for the financial year that ended on 29 February.
Braemar ACM Shipbroking chief executive James Gundy received 386,195 shares. Peter Mason, general counsel and company secretary, was awarded 24,650 shares.
Nick Stone, group finance director and group chief operating officer, received 28,245 shares.
The shares vest three years from now.
In addition, Gundy and Stone have been given options for 24,650 more shares each.
The exercise price for these shares is £1.22, which is the average of the middle-market quotations over the three days immediately preceding the grant date.
Stock rises
The stock closed up 2.48% at £1.24 in London on Monday.
The trio helped the broker to a net profit of £4m in the period, against a loss of £27.4m in the previous 12 months, when it was hit by discontinued loss-making offshore, marine and adjusting businesses.
Revenue grew to nearly £121m from £118m over the same period.
The shipbroking performance was described as "excellent", with underlying operating profit of £11.7m up 26% from last year.
Stone additionally took on the operating role in June as Braemar continues to search for a chief executive after James Kidwell retired last July.
Stone joined the broker in April 2019.
