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Missed your chance SBB1? Or were you able to get in sooner?
Get in early.
As the uncertainty clears up so will the window of opportunity to get ahead of the crowd reduce.
At just 15% of NAV. It's ridiculous. This Co is not at risk of going under. It is, as it always has been, operationally profitable and the cost cuttings recently announced by the Co will serve to reduce day rates, generating more business. The outcome of discussions with the Banking Syndicate is eagerly awaited. Spreading the repayment period will ensure that the Co can start to think about restoring Dividends which will make the stock attractive to PI's and II's alike. A wholly Shariah loan to clear all existing borrowing should not be discounted. In that case, the SP will, indeed, rocket.
IMHO, having withdrawn so many of their proposed resolutions, Seafox should have retracted their requisition for a General Meeting, if that's possible. I see little likelihood of Halbouny being elected and Mazrui's hopes might be dashed by virtue of Seafox's endorsement. My Proxy has latitude to cast my votes on Mazrui, as he sees fit, according to what is said at the GM. The strength of local support, in the UAE, for this outfit ought not to be underestimated. I don't think it likely that the Co will fall prey to a subversive or openly hostile T/O. The Co needs to get the new deal with the Banking Syndicate wrapped up and published. That will serve to attract new II's and encourage existing II's to increase their holdings at these ridiculously low SP's. My thoughts atm with the victims of the mindless killings in New Zealand. Appalling.
It is difficult to see if there is someone or group trying to achieve a controlling interest
Take a company private.
In more often than not the private investors are left guessing what is going on. A group of Venture capitalist or Large fund managers investing can give a truer picture to the balance or stability behind the core price.
Its another day of low activity widening spreads. Slow selling mainly.
I wonder if seaforx will try and buy some shares at 18p? Will there be a deal at the meeting?
Perhaps they were just wanting enough leverage for a meeting and not a greater holding?
It is a pity there is no audio feed from the meeting.
My Proxy but it's not for me to disclose his attendance pb. He does read this BB. There are different shareholding reporting rules applicable to AIM listed and main market listed companies at different times in different circumstances and, I believe, with different thresholds. Since we'll be finding out on Monday what Seafox's holding is at that time, I don't see much merit in tearing after them, our Co Sec or anyone else to ascertain what it is now. There is a need for more transparency both with main market and AIM listed companies. Other, foreign, bourses require this. London, as a financial centre, likes to be 'grey' and its that, in large measure, that makes it successful in all that it does... making money. It can be a dirty business, as we saw as a consequence of the Crash and any number of misselling and other scandals.
I think they should inform GMS of their holding and GMS release the appropriate RNS.
As all other shareholders do so we dont have the ass-you-ass-me situation (I know you believe it to be the case having spoken to them) but it is (and has been) standard practice for large holders to inform the COMPANY AND IT RELEASE a rns on their holding alone at every whole percentage point.IT IS SUPPOSED TO BE LIKE THAT TO TAKE AWAY THE AMBIGUITY WE HAVE HERE. Has seafox stopped buying? is it selling? how much do they hold? This is not a GMS problem. This is a shareholder problem. They are supposed to inform as soon as reasonably practicable over 3% as far as I am aware. anyway my rant over. you see it happen sometimes.no one seems to do anything about it. people tell you they dont need to or whatever and believe it when there told and there is ambiguity. that's why that rule is there. I did find it once a while back for another situation but its pointless "trawling" through it again. thanks for pointing out other services use the equipment besides oil and it is nice to know the more diversified the work the more likely any sector problems will have less knock on effect.
Do you know of anyone attending the meeting on Monday?
Not all of our business is derived from oil exploration pb. Servicing and decommissioning existing rigs continues while offshore wind farm development will go some way toward making good the loss of revenue from exploration. Our day rates should be more competitive now, following recent announcements by the Co. But we're operating in a sector where money alone is not the only or even most important consideration. That would be safety and reliability and we have a 100% safety record plus the newest and best fleet in the world. Yes, I think that we have to assume (yes, I know - ass.you.me) that Seafox stuck at 13.7% although their declaratory RNS was, like many of their publications, difficult to comprehend. It was ambiguous.
the SP recovered after the oils price shocks into the mid 70's then in 50's the drop into the 30's was truly oil price fear; compare premier oil SP as timeline and you can see that clearly.
An SP in the 70's is not too far fetched if things are sorted and the oil price is around 80 for 3 to 6 months.
I dont think the stocks can be affected directly, however those who are nervous or are thinking of "jumping ship" or "getting on board" as news is in the pipeline can be effected. With the share vote (if we knew who owned what) that too can make a difference to the private investors thought process. The raw profitability is utilisation and day rates.That's oil price driven. That will have the big effect on this stock in time imho. One of the seafox proposed NEDs has close links to banking syndicates but there is little mention of their history on the seafox website.
I am assuming seafox has 13 odd% not the 25% in its original statement? As previously stated every RNS has driven the price down since the chair left (including new contracts!). New contracts was not publicised anywhere.
Its a lot of negative reporting earlier giving people the jitters.
By that comment dont think I believe they should rush in an new chairperson either.
we need to start this ship sailing and get this rocketing
That's interesting pb. What I have said repeatedly, here and elsewhere, is that main market stocks like this are not affected by postings on BB's such as this. Yes, some may affect sentiment which might dislodge a few shares held by nervous investors but, for the most part, the SP is predicated by other factors. Currently, the only thing (apart from general market jitters because of Brrrrexit) weighing on this stock is the Co's financial position. All that the market wants to hear is that the talks with the Banking Syndicate have been concluded and that, as a consequence, the outlook for the Co is on a firmer footing than it has been. The cloud hanging over the Co has been exacerbated by Seafox's intervention. Come the close of the meeting next Monday, that much will be settled. We'll either have one or two new NED's or none at all. There remains the appointment of a new Chairman. Will Seafox see their nominee appointed on merit? Hmmm. It's not going to take long for the hoo-ahh to die down and the dust to settle on the Seafox episode. Provided that our finances are sorted, we'll see a recovery in the SP and a resumption of the upward trajectory that was in train when Seafox stuck it's awe in. 30's in a matter of a month. 50's if we get a wholly Shariah loan to cover all of the Co's borrowings. Those are my predictions.
is this the support you were looking for gfd?
The Company's banking facilities are primarily sourced from a syndicate of banks based in Abu Dhabi. The Board believes that it would be in the best interests of the Company to consider the addition of UAE non-executive director representation to the Board to support the Company's engagement with the local banking syndicate. The Company will actively engage with its shareholders, including in particular all its principal shareholders in the UAE/MENA region, to identify appropriate candidates for consideration.
The Board is also pleased to announce that Mohammed Bississo will be appointed a Non-Executive Director of the Company with effect from March 2019.
Mr Bississo currently co-heads Kasamar Holdings, an Abu Dhabi-based family office that owns 9.82% of GMS through Castro Investments Ltd. He previously spent more than six years at one of the leading mid-market alternative investments firms, based in Abu Dhabi, UAE, as a member of the private equity group.
Mr Bississo has a BSc in Computer Science from the University of California Irvine, and an MBA from Duke University.
if you want a bit of focus.
every rns or statement released has sent the sp down since the chairman stepped down.
although the volume was low of the he 5 biggest trades 4 were buys......
what are the oil futures like?
might give some indication in change of day rates? and utilisation?
that would have an effect no matter what the other outcomes.
the hardest part in all this is that the community itself is quiet small.
seafox and gms operatations are well known to each other.
if you ignore the grammer (and anyone reading my post ought too!) seafox are looking at the best side of 30%reduction in daily running costs.
they do mention increasing ebitda
they DONT mention getting more contracts?
it makes me wonder if the contracts and the financing are equally such a small world?
I also wonder how many market makers are holding back to see if there is an upswing or if they would have taken the money and run?
I agree with Mr Duck regarding Brexit. I’m now only involved with stocks that operate outside the U.K./EU. There will probably still be a little bit of a hit due to failing optimism or panic amongst U.K. investors but ultimately the operations of the co. are a separate matter and shouldn’t be adversely affected. Heck, maybe the more global operations will become more attractive to investors as the European economy sorts itself out in the aftermath, though I can’t say that wether that is likely or not.
pb - thanks but I see a distinct advantage in putting to bed a new deal with the Banking Syndicate asap. Hopefully, we'll not be inextricably locked into that - it would be highly unusual were we to do that. Then, if a better deal can be brokered elsewhere, or offered to the Co from some other source, we will can 'jump ship' and run with that instead. I'm not convinced that Brrrrexit etc will be impacting anyone involved in the discussions surrounding the Co's finances. The Co itself, geographically, is well removed from the UK and the Eurozone/Europe. In the UAE money has a different meaning and a different value. This has always been so and it's something that Western cultures have always had difficulties getting their heads around. We're not good at understanding other cultures' values in this country.
I think a strong chairman will be a godsend. Perhaps that could be Mazrui but as ive stated earlier the man has been very tight lipped about his vision for the company (or anything else for that matter). If i recall correctly they have a few promising candidates. Maybe after the resolutions at the gm are out of the way they might offer someone the job.
not that I have much to offer in constructive guidance at the minute.
it really is sweaty palm time for holders.
dont sell yourself short and jump ship.
you really would have thought corbyn could have bought may some vicks chloroseptic to show some sort of non party good will gesture.
i will mention loans and refinancing.
it is quite probable that until the the vote, any efficiency measures and new contracts have an effect on the books that the financing discussions wont be sorted.
if i could delay until that takes effect i would do.
my thoughts on this are.....better to negotiate from a stronger financial position if you can than from a weaker one.
as to a shariah loan? i do not know if informing shareholders in pursuing one would reduce the chance of it happening?
its an odd view but because the best deal for the company and its financing long term may be to wait its one i hope both of you read and realise there is no one behind either corbyn or may with enough sense to try and build a sense of unity it looks as if they are out just to derail a referendum. if they can hang it out a month or two and use those figures and a new chairman as a basis it might be a better footing? thoughts?
that isn't meant to make anyone nervous or twitchy hold on to your shares, just with seafox in the same industry for about half the time of gms it makes you wonder hat they could bring to the table that isn't a loan! cost saving aside.
looking at the boot being on the other foot.
there truly is to my mind a positive negative approach.
seafox could be placing themselves in a position of benefit with regards to assets if things go really south......
however that is 2023 and beyond.
I put this forward now as absolute worst case scenario because the oil price would have to remain at sub $50 work be hard to come by industry wide.
it is bordering in crazy to think this. but no one has put that in. probably because it is ridiculous and far fetched.
best say it now just in case serving 2 masters has a conflict of interest.
one thing I am sure of.
it would have cost seafox 10 times as much to buy in to it and driven the price much much higher in the process a few years ago.
low oil prices and poor utilisation (across the industry) are the root of it.
dont be surprised for the sp to climb in fits and starts......it could double at the drop of a hat (without wabbits).
take a look at serco. a bargain under 90pps the financial industry gave it bad press.
same with petra diamonds at 20p....it sure thing.....