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Well they’re clearly all associates.
Those 3 are supposedly independent, but were all proposed by SF/Man Capital. The 4th one is Heikal who was elected towards end of November - he is the chairman of SF.
There were 3 directors voted in in November,
“ Further to the Company's announcement yesterday regarding changes to the board of directors, the Company announces that the board of directors (the "Board") have made the following appointments:
· Mansour Al Alami ("Mr Alami") as chairman of the board;
· Rashad Saif Al Jarwan ("Mr. Al Jarwan") as the Senior Independent Director;
· Audit & Risk Committee: Saeed Mer Abdulla Khoory ("Mr. Khoory") and Mr. Al Jarwan to the Audit & Risk Committee, and Mr. Al Jarwan as chairperson of said committee;
· Remuneration Committee: Mr. Khoory, Mr. Al Jarwan and Mr. Alami to the Remuneration Committee, and Mr. Khoory as chairperson of said committee; and
· Nomination Committee: Mr. Alami, Mr. Al Jarwan and Mr. Khoory to the Nomination Committee, and Mr. Alami as chairperson of said committee.
Next Steps
The Board will now commence a review of the Company's business and operational matters including, as a matter of priority, the Company's financing arrangements.
The Board notes that Mr. Tim Summers, while no longer a director of the Company, continues in his role as Chief Executive Officer for an interim period in order to enable a smooth transition and a new Chief Executive Officer to be appointed in due course.”
There are 4 directors, out of which 1 (Heikal) is a SF rep. Are you saying the other 3 are (direct) reps of Man Cap? :)
I think several of the new Board members are direct Man Cap employees. So it is not at all unusual that they aren’t buying shares for their own personal account!
I wouldn’t read too much into the new Board having not bought any shares yet. Ultimately these guys are agents of SeaFox and Man Capital. So they actually indirectly have a boat load of shares!! They may very easily have some sort of incentive mechanism negotiated directly with SF/Man Cap. The new Board buying shares directly might also be prohibited as they might (not sure) technically be considered concert parties with SF and of course SF are at their 29.99% limit.
Don't know if they are in a no-trade period - they have been on the board for more than 2 months now - so been some time. Completely agree with you on CEO/BOD having some holding, especially when prices are this low (if not now, then when!) - that is why I am surprised, and not insecurity!
4C & Cam - another possibility could be that the BOD are prohibited from selling or buying except at specific pre-arranged times, this is the case with some companies - anyone know if it is the case here?
Personally I always like companies where the BOD/CEO have a decent share holding, especially if they have bought it with their own cash rather than it being given to them. This is not (sadly) a guarantee of success but it does at least encourage company and share holder interests to be aligned. In the case of GMS it would be great to see the BOD put some of their money on the table but I'm not going to hold my breath.
4corners
"Either they are stingy, or do not believe in the story (i.e. they know something negative), or know something material and positive"
Think thats far to simplified... there could be one of any options / reasons why they haven't bought other than those two... some of the biggest risers on the market the BOD hardly own any shares... given these guys have only been in for 2 months, probably give them a break ?
4corners
"Not really surprised that it hasn't moved" ... I disagree.
Back when the original finance was announced this was 14p & proceeded to trade above 10p for the following few months... it strikes me that much of the reason this has been pushed down to these levels is actually because of the board especially when you consider they won't be able to get a placing away at less than 10p without a re jig AND the backing of the large shareholders who are holding from WAY higher up.
Perhaps there are some sour investors selling up due to the board changes.
Every day, on every B.B., here is a post about directors not buying. Do you have insecurity issues??
Not really surprised that it hasn't moved - no clarity (yet) on how the cap structure discussion will evolve, and what the profitabilith will be this year.
What is surprising though is that none of the new board members have bought a single share at these prices. Not even 100,000 shares which would cost them 6,000 pounds! Either they are stingy, or do not believe in the story (i.e. they know something negative), or know something material and positive.....
Really surprised there is not more interest here... guess if terms are favourable, which it seems98% likely of being from this price... the herd will push us up.
6.29 closing price.
holding today. can't do forever.
85% held by sig shareholders I meant mate.
Definitely not 85% - maybe 15%. Three investors themselves own 50%.
85% according to market screener.
Back in June ? Only possible to buy through negotiated trades ?
Any idea what the free float is here?
"Shot up to 22p".... :)
Those were negotiated trades
This shot up to 22p when the finance was announced in June & continued to trade at c14p for the proceeding 2 months...
Given the “revised terms” are going to be favourable... anyone any idea why this is sat at 6p ?
Seems a serious disconnect considering the company is performing better now than previous years.
@AA2020 - check this one out - https://www.reuters.com/article/shuaa-stanford-marine-restructuring-int/uaes-shuaa-capital-buys-out-stanford-marines-debt-as-part-of-restructuring-idUSKBN29F071
This one has been in trouble since 2018, with the parent company itself bankrupt. Looks like banks had taken over the company previously
And , even if they did a 10 for 1 then 9 junk, the ongoing equity would be at NAV. So, plenty upside even then!!!
AA2020 - Yes, consolidate then subdivide and reclassify. Have explained on NSF B.B. but less of a chance of that here imho
“These discussions are in regard to certain improvements to the terms of the debt structure, that was concluded in June this year, as part of the restructuring of its debt facilities. The Company is pleased to report that discussions have been positive, yet not conclusive and the Company anticipates that there is a reasonable chance to reach an agreement in the course of the coming weeks.
This extension provides the time for the parties to conclude and formally document proposed changes to the following (among other matters): the timing and targeted quantum of new equity to be raised, the pricing of the debt, and the timing and conditions to be met, to avoid any payment of PIK interest and issuance of any warrants.”
So... all we know... terms will be better than those put out in June.