Braemar nears majority
London shipbroker ACM Shipping has revealed shareholders owning 46.8% of the company have pledged to vote in favour of the proposed merger with UK rival Braemar Shipping Services.
The company said in a regulatory filing that further irrevocable undertakings totalling 4.7% were received.
The vote will take place at an upcoming general meeting.
The deal, which TradeWinds first disclosed last week, will see Braemar acquire the entire issued capital of ACM.
ACM shareholders will be entitled to receive two new ordinary shares and £2.50 ($4) in cash for every five ACM ordinary shares.
This will result in Braemar shareholders owning 72% of the enlarged share capital and ACM shareholders holding the remaining 28%.
Among those pledging their stock are ACM executive chairman Johnny Plumbe with 5.73%, CEO James Gundy with 6.29% and director Mike Rudd with another 6.29%.
Prominent in the list of employees voting in favour are William Middleton, with 6.29%, and Andrew Wakely, with 3.19%.