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Mazrui have joined the SH’s supporting GMS. Currently, those supporting the Board, and rejecting Seafox, hold shares accounting for just over 52% of the companies issued shares...........
Looks like Seafox are still increasing their position; I'd hope the other major shareholders who offered their 'support' will increase their holdings as well to prevent Seafox taking over.
Maybe nothing; could just be taking the opportunity to reduce their average Share Price so that they maximize their profit should they late decide to sell. Time will tell I guess!
Seafox keeps buying at the open market, what are they planning to do next?
it would seem to be a counter productive move to flood the market for them, because the bulk of their shares were purchased at 18p, therefore that would mean a loss for them. also, considering that they have publicly declared they want to buy the company and have been adding to their holdings on the open market as well, it would suggest that they wouldn't flood the market.
As GMS have rejected the attempted take over, and the SP is above 10p ,does that leave the danger that seafox could flood the market with their shares?
Thoughts?
Nice Rns 11th May missed that
Increase in order book - 2020 utilisation increases to 79%
The Board of Gulf Marine Services PLC ("GMS" or the "Company") today announces:
· the award of a new six-month renewable energy contract
· the uptake of contractual options to firm commitment on another existing renewable energy contract
GMS continues to perform well, winning new business, and adding to the existing order book:
· new business has been successfully secured with six new contracts awarded so far this year
· secured utilisation of the entire GMS fleet has now increased to 79% for 2020, and 50% for 2021
· 86% of the 2020 Business Plan revenues are now covered by firm contracts and this rises to 88% if contracted options are exercised
New contract win
GMS announces the award of a six-month renewable energy contract (firm period, plus options to extend). GMS will provide support for offshore activities on behalf of a UK Offshore Renewables Operator. The vessel will be mobilised for the start of operations during the summer of 2020.
In combination with two further renewable energy contracts awarded earlier in 2020, a five-month contract extension (firm period, plus options to extend) and an eight-month contract (firm period, plus options to extend), the Company's remaining vessel in North West Europe, GMS Endeavour, has now secured work for all of 2020 and most of 2021.
Firming contractual options
In addition, GMS announces the firming of 2020 contractual options for another existing renewable energy contract. GMS is providing support for offshore activities on behalf of a European Offshore Renewables Operator. The vessel is in the field.
Seafood make it clear in RNS below para 3 offer is fixed:
5 May 2020
Seafox International Limited
(“Seafox”)
Further statement regarding Possible Offer for Gulf Marine Services plc (“GMS” or the “Company”)
Seafox announces that it has today purchased 9,388,689 GMS shares on market at a price of 10 pence per share and is making a “no increase” statement.
Consequently, any firm offer for GMS shares in accordance with Rule 2.7 of the Code, if made, will be at a price of either 10 pence per share or US$0.09 per share, depending upon which is higher based on the prevailing exchange rate at the time of any such firm offer.
Seafox noted GMS’s rejection of Seafox’s original proposal and hopes that the GMS board will re-consider their rejection in light of this significant increase (amounting to an approximately 38% increase from Seafox’s initial proposal (based on yesterday’s closing middle market exchange rate)).
An offer at 10 pence per GMS share would, if made, represent a premium of approximately:
(a) 257% to the closing price of a GMS share on 24 April 2020 (being the last dealing day prior to Seafox’s approach to GMS);
(b) 166% to the closing price of a GMS share on 29 April 2020 (being the last dealing day before GMS entered an offer period); and
(c) 100% to the closing price of GMS shares on 4 May 2020 (the last dealing day prior to the date of this announcement).
This announcement amounts to a “no increase” statement in accordance with the City Code.
Together with its holding of 48,066,480 GMS shares, Seafox now owns 57,455,169 GMS shares amounting to 16.39 per cent of the issued GMS share capital1.
A further announcement will be made if and when appropriate.
Enquiries:
Perella Weinberg UK Limited (Financial adviser to Seafox)
Correct me if I’m wrong but I don’t think Seafox have actually made a formal offer for the company, the language in the statements is along the lines of “should seafox make an offer” and the “possible offer”, the reason I mention this is that the takeover codes refer to the date of formal offer being made. With regards to “no increase” again the language is vague as it’s says, “amounts” to a no increase statement. So it’s unclear to me as to whether Seafox have drawn a line at 10p regulatory wise. If they have then it’s 3 months from the offer point until they can increase.
What's going to happen now that the share price is above 10p?
Ah clear; thanks.
That’s not a new buy, it’s an OPD ( opening position declaration).
It’s one of the letters of support which GMS published - in their list it’s down as Kasamar Holdings but when you open up the letter it says “ via Castro Investments”.
And the person who signed the letter, and the Form 8.3, is Mo S Bississo - which just happens to be the same name as one of GMS’s non-exc directors
i see thanks for the explanation i get it now.
Seafox can not offer more than 10p; looks like their bid is dead as now trading above that. Saw an RNS on the GMS investor portal showing what looks like a new II (Castro Investments Ltd) with a 9.81% position.
It’s in the takeover rules - because they have to be fair to all shareholders.
So when they bought the lump at 10p the seller sold on the basis that SeaFox said they would not make an increased offer. Otherwise that seller would choose to hold on for a better offer.
Because they made an announcement about it during the offer period it is binding on SeaFox.
(Possibly different if somebody else makes a formal offer above 10p - SeaFox May then be able to respond.
or have they been buying even more in the open market ??
looks like 18p offer coming.
does no increase offer mean its set in stone or was it just a bluff
It is nice to see it above 10p.
But SeaFox can’t offer more than 10p due to the takeover code and their “no increase” statement.
So who do you think a 15/20p bid would come from ?
15/20p offer then
There are going to have a few Holding RNS by the COB today or next Monday, game on!
Nice movement here today, and lots of buys showing in the trades.
I cannot fathom how MM's can hold the price down here and pick up enough stock to enable these large buys at 8.5p.
Am I missing something?
Unfortunately we are now outside of the 12 month window for the take over max price paid to apply and having issued the no increase they are limited as to what that can do other than continue to buy in the open market at 10p or less. Whilst the pricing point stays here Seafox might as well continue to employ this strategy. The solution is for smaller holders to stop selling at these levels!!
Or........their average SP is well over 10p having started their position at 18p, and this is merely a strategy to peg the SP in order to reduce their average.