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.