Wavespec Holding BV acquired Braemar Wavespec Limited, Braemar Wavespec Inc. and Braemar Lng B.V. from Braemar Shipping Services Plc (LSE:BMS) for £2.6 million on April 1, 2021. Under the terms, Wavespec Holding BV will issue a promissory note with a maturity date of March 31, 2026. The disposal agreement contains an obligation for the buyer to secure the note by providing a standby letter of credit issued by an international bank with an acceptable credit rating, if they fail to deliver such a letter of credit, Braemar Shipping Services can elect to receive a sum of cash of £0.5 million from the buyer with the balance of the note of £2.135 million remaining unsecured. The relevant employees, including Managing Director Sheila McClain, will leave Braemar Shipping Services as part of the disposal. For the year to February 29, 2020, target companies generated revenue of £3.1 million and an underlying operating loss of £1.4 million and gross assets as at August 31, 2020 were £0.5 million. The Board intends to use the consideration from the disposal to improve the net debt position of the Braemar Shipping Services. Matt Goode, James Thompson, Andrew Burdis of FinnCap Ltd acted as financial advisors to the transaction. Wavespec Holding BV completed the acquisition of Braemar Wavespec Limited, Braemar Wavespec Inc. and Braemar Lng B.V. from Braemar Shipping Services Plc (LSE:BMS) on April 1, 2021.