Braemar arranges deals for clients to hire, buy and sell ships. It also provides research and financial advice for shipping and energy companies.
What you get
Equiniti (EQ), Braemar’s registrar, lists the company for EQ Boost. If your holding qualifies, you can spend your dividends on retailer e-vouchers worth more than you pay; the extra value varies by retailer.
Old certificates may say Braemar Shipping Services
It shortened its name from Braemar Shipping Services to Braemar in September 2022. The company kept the BMS ticker, and its announcement said existing share certificates remained valid.
What it takes
The published terms do not state a minimum shareholding.
You spend your own dividend money. Choosing EQ Boost replaces the dividend instruction Equiniti holds for that holding, including any dividend reinvestment or scrip instruction. The whole dividend goes to EQ Boost, and you cannot top up the account with other money.
Before buyingA perk is a minor benefit of owning a share, not a reason to buy one. Share prices fall as well as rise, and dealing costs, spreads and tax can exceed a perk’s value. Read about the risks.
Holding through a broker
EQ Boost does not accept shares a broker holds for you in its nominee account. It can accept company-sponsored nominee holdings, so ask Equiniti whether yours qualifies.
Other conditions
- Age and residency
- You must be over 18. EQ’s terms appear to limit the service to UK residents; if you live elsewhere, ask Equiniti before you apply.
- Excluded holders
- Corporate shareholders; executors and administrators acting for deceased shareholders
- Joint holdings
- The account opens in the first-named holder’s name. They must have permission to create it, and withdrawals go to a bank account in their name.
How to claim
You make the election in Shareview Portfolio, Equiniti’s online shareholder account. EQ Boost then asks for your date of birth and an email address that no other EQ Boost account uses.
- 1. Check the election for your Braemar holdingRegister for Shareview Portfolio if needed, then check the dividend election for this holding. If EQ Boost is available, choose it and follow the activation email. Each holding needs its own election. Ask Equiniti if the option or holding does not appear.
- 2. Buy vouchers when your dividend arrivesSign in to EQ Boost, compare the current retailer offers and read their terms.
Dates
The published terms do not say how long you must hold the shares.
- Qualifying date
- Check the record date in Braemar’s announcement for the dividend you want to redirect.
- Claim deadline
- Choose EQ Boost at least 15 working days before the dividend payment date, unless another deadline is stated. A late instruction takes effect for a later dividend.
- Expiry
- Each retailer sets its voucher expiry and spending rules.
Practical notes
Voucher and account risks
Vouchers are in sterling. If a retailer goes out of business, you could lose the value of its unspent vouchers. EQ Boost is not regulated by the Financial Conduct Authority (FCA), and money in the account has no Financial Services Compensation Scheme protection. If Equiniti Financial Services Limited holds your shares, the dividend loses FCA client-money protection when it moves to EQ Boost.
Changing back to cash
You can withdraw unspent money to a UK bank account in the account holder’s name. To stop future dividends going to EQ Boost, change the election by the same deadline shown above. A late change may send one more dividend to EQ Boost.