Braemar chief ups stake

REAL estate fund group Braemar said today it is converting around £200,000 of loan notes issued to chief executive Marc Duschenes into shares.

The move will result in 7.3 million ordinary shares being issued to Mr Duschenes and will reduce the group’s debt by £200,000 as well as saving £20,000 over the next 18 months in interest costs.

The loan notes were originally issued as part of the deal to buy Hale-based Braemar from Mr Duschenes when the business floated in 2005. Mr Duschenes now has a 24% stake in the group.

Braemar also announced that following an agreement with a third party, who has been promoting the company’s fund, a further 1 million new shares have been issued. In total, more than 8.3 million shares will be admitted to AIM on July 8.