Braemar PLC (LSE:BMS, OTC:BSEAF), the shipping broker, has sunk almost 20% in early-Monday trading as delays to its full-year results could mean shares in the group are suspended.
Auditors are looking into a US$3mln transaction from 2013 that involved payments being made up until 2017.
In a statement, the firm said: “The board is not presently comfortable with the manner in which the transaction has been historically represented and the remaining liability recorded in the Company's balance sheet.”
Independent advisor FRP Advisory Group PLC (AIM:FRP) will help with the probe along with an investigation committee, led by Braemar’s non-executive chairman, it added.
Full-year results, which were due on June 30, will now be published at a later date, with specifics being confirmed in due course.
To comply with the FCA, Braemar has requested to suspend trading in its shares from July 3.
Revenues for 2023 are expected to be as little as £150mln and underlying earnings at no less than £20mln, the nautical advisor reconfirmed having provided a similar update in March.
A final dividend of 8p per share is to be proposed at the company's next annual general meeting, if accepted it would bring the final figure for the year to 12p per share.
Around 10am, Braemar shares were down 19.4% at 225p,