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just a quick check in.
after yesterday they might be few getting fed up thinking there would be some miracle cure at that meeting and just selling up due to lack of instant gratification.
Thing to remember is the turnover needing to be above 130 to 135. (was down at around 110 to 115).
I reckoned with the new contracts confirmed in early 2019 its up to around 139 or better.
Thats before efficiency measures and any other (better loan deals) kick in.
Other more work they can pick up along they way will help this year. You have to have work to make a profit.
If there is more work than there are contractible boats (not just GMS) the day rates will increase.
in that respect Seafox is no doubt "in the same boat", If you will pardon the pun....
I don’t think the LSE sight is showing the right price it’s down 6% :-(
As you say a loss is probably right thing to expect, how much the previous years round of cost saving measures have an effect will be hard to judge. Not as much as less demand.
I read somewhere on the site (or it gave that impression) that the new banking syndicate agreements (if/when reached) would be released after the new chairman is appointed.
Just tried looking for it, I didn't see it straight away.
sorry I am really tied up at the moment.
It was a page where you had to register an interest.
I will find it for you and post it later today (this evening).
Thanks for pointing that out.
I stand corrected.
I have yet to check any RNS list this morning.
It looks like an RNS with an RNS number and lodged on the London Stock Exchange...
This is where it gets complicated GFD.
Ned rightly pointed out that Seafox released a press statement(probably on their website).
If it were an RNS it would have come from GMS prompted by Seafox.
They cant release an RNS, they aren't listed on the exchange.
Personally I never believe a website. A 13 year old can build one!
Just me.(sometimes there so big they just never get updated)
The regulatory news service (London stock exchange site) is what I trust hand on heart.
No firm listed will release an RNS willy nilly and make a cock up. Or forget about it!
Some do with websites
Just my experience.
I did notice the year end results are available as a webcast on the GMS site though.
Not sure if that's for employees only or shareholders?
it might over load their site if its for all.
Thanks Nedhammer.
My guess is, after all the excitement yesterday, the coming week will be very very quiet..
Great job finding out the search for the Chairperson is not far away.
GMS has the figures coming out soon. How much (if any) the increased utilisation and efficiency measures have effected the numbers is yet to be seen. Perhaps 2018/19 was too close to year end to be effected.
The lack of utilisation (now increasing) seems to have turned a corner since the new year, the day rates paid may be low, but at least more ships are earning. Enough to get us past the break even point looking forward.
The GMS financiers "being in discussion" in one RNS a short while back, can only be seen as a positive for GMS in this time of poorly paying day rates (presumably driven by an oversupply of vessels for a temporarily shrunken market), the ability to follow the work as the market returns or partly shifts into renewables looks to be key. GMS seem more aware than most that efficiency to the customer (in break down rates,lost days etc) cannot always be achieved by cutting back. Understanding how long this situation could continue and getting past a break even point in workload is the real overlooked point from the last few months. 2019/2020 look brighter.
Hopefully more savings and more focussed now there is a significant shareholder that can have some positive influence on improving the balance sheet ........
Seafox International Limited
18 March 2019
ANNOUNCEMENT
Seafox International Limited ("Seafox")
GMS GENERAL MEETING RESULTS 18TH MARCH 2019 18th March 2019
Gulf Marine Services plc ("GMS")
Seafox International Limited ("Seafox"), a 13.7% shareholder in GMS, makes the following statement regarding the outcome of the GMS 18(th) March 2019 General
Meeting.
Although our proposed resolutions for the Director appointments of Mr Mazrui and Mr Halbouny were ultimately unsuccessful, we would like to acknowledge and thank our fellow Shareholders for the significant support, of 43.7% and 33.5% respectively, received in favour of our proposals.
We would also like to recognize the positive impacts that our investment has already brought to GMS, through the Board recognition of the need for restructure, a new Chairmanship and the need for significantly increased oversight on both performance and costs. We believe there is now a clear recognition that GMS cannot simply continue with the existing cost structure.
We will continue to monitor the situation and performance of GMS as a significant Shareholder.
Seafox International Limited
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com (mailto:rns@lseg.com) or visit www.rns.com (http://www.rns.com/)
timmy
its not directed so much at GMS.(although its nice to know its probably is on there site.)
Its the principle
For future trading reference.
Maybe its something that changed a few years back with the money laundering or god knows when.
I didn't want GFD to think I haven't had this conversation before.
We came to the conclusion that at some point it had changed and THEY should report it!
Your a star.
I think that's it.
With enough capital ANY stock can be manipulated.
AIM being more susceptible, but the principle applies.
You would have to be a EURO Millions multiple rollover jackpot winner???? They do exist.
I put it there for all the people on here. Not just this listing but all on the London Exchange.
(You might think AIM and Main market are different), but there closer than you think.
Its DTR5 /AIM17 rules. Depending. That simple. In fact the AIM rules sheet much more tricky to follow when you read it! No wonder they need a NOMAD.
It is the responsibility of the holder(s) to inform the company. Pure and simple. Then the company to release it.
The Main market (DTR5) and AIM (AIM17). Perhaps this is something that changed a few years back?
I would ONLY use the London Stock Exchange documents as the basis for any info search.
I started with that company trading crib sheet in my 2110 post. That really was intended as a plain English check sheet IMHO
Work on the US Navy theory. Keep it simple, stupid. That first sheet is meant to clarify all the ambiguities.
Make it easier for the likes of us to get an answer. Or a company to be in no doubt their responsibilities.
There are slightly different percentages for overseas registered companies as you probably read in DTR5(not sure that's true with the AIM 17 rules iirc).
.
I remember when I looked in the past (just to warn you) there are numerous, not useless, but slightly out of date documents floating around out there just to confuse the smaller issues (possibly not pertinent to the question we have, but throwing you off course should you read it and not realise its a 10 years old release).
Have a read and see that responsibilities of "informing of significant shareholders" is not omitted anywhere on that check list sheet. I think its pretty clear myself. Its one of those things. They want our money and list it. They can't hide whose money (or at least which holding firm) has bought shares in it. (some of this might even be money laundering)!
There is a list. Just google gms major shareholders, im sure its on their site.
DTR5
https://www.handbook.fca.org.uk/handbook/DTR/5/?view=chapter
DTR 5.1.2 R 26/11/2015
RP
Aperson must notify the issuer of the percentage of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding of financial instruments falling within DTR 5.3.1R (1) (or a combination of such holdings) if the percentage of those voting rights:
(1) reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% (or in the case of a non-UK issuer on the basis of thresholds at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%) as a result of an acquisition or disposal of shares or financial instruments falling within DTR 5.3.1 R; or
(2) reaches, exceeds or falls below an applicable threshold in (1) as a result of events changing the breakdown of voting rights and on the basis of information disclosed by the issuer in accordance with DTR 5.6.1 Rand DTR 5.6.1A R;
and in the case of an issuer which is not incorporated in an EEA State a notification under (2) must be made on the basis of equivalent events and disclosed information.
[Note: articles 9(1), 9(2), 13(1) and 13a(1) of the TD]
It starts at 3% same as the AIM 17 rules.
Sorry some of that last post is just about unreadable.
3 hours sleep.
I was trying to highlight (and whatever people and firms actually do!) no-one is exempt from reporting significant holdings and all whole percentage changes to it. On a London Exchange at least..
https://www.londonstockexchange.com/companies-and-advisors/main-market/documents/main-market-continuing-obligations.pdf
This sheet is for The London Stock Exchange.
It shows clearly and easily the companies continuing obligations.
Now even if it is main market it clearly states under their list of continuing obligations is Significant Shareholder list.
Its About 2/3rds the way down.
Either DTR5 or AIM17 ruling on this but it is needed.
It is up to the significant shareholder(s) to inform the company and they release an RNS of the holding.
SOOO SEAFOX cannot just accumulate or reduce its holding over a percentage point without informing them.
Either to 14% or to below 13%
However if the company suspects any holders have changed their significant holding they should release a RNS stating the ruling and shares in issue pointing out the thresholds etc
in case these have been overlooked or failed to be reported to the Listed company.
HOW DID SEAFOX GET TO 13.75%!!!!! was it in one purchase?????? if not it, increases should have been registered. who ELSE HAS BOUGHT IN OR SOLD OUT?
Please dont take this as in anyway as a personal attack.
I dont want to be proved right on this GFD. I just want the transparency. I know I am right. I need others to see it go ahh that makes sense! because it doesn't make sense not being able to see the big players in all this.
It is usually poor reporting to the firm and (perversely) large holders not buying or selling for quite a period that lead to this situation where people think certain listings are exempt!. There not. Its EITHER DTR5 OR AIM17 RULES.
please dont let em off lightly they should report at every whole percentage point change !!!!!
NO MATTER WHAT SHARE THEY ARE! ON WHICH EXCHANGE (LONDON) .
rant over. please feel free to look it over and realise its how takeovers cant just appear from nowhere and delisting(taking it back to a private firm such as SEAFOX) by becoming Private equally cant just happen out of thin air.
Shenanigans.......I think was the word mentioned. have a think on that all.
comments welcome.
You cant shoot a moving target....what a comment!
The next post is from someone called GoodFlyingDuck!
You could write it!
cracking!
Hi Pbody, just finished my ironing and catching up on the board, no big travelling issues for me stayed over my girlfriends in London, so it only took me 40minutes to get to Barbican. Then a short train journey to Euston Square and train to Milton Keynes from Euston. MK is where I reside most of the time lol. Always on the move me...... woz in Yorkshire last week and Peak District this week. Can’t shoot a moving target ;-). I shud av visited that bloke called GFD!
Im hoping their defeat will stop them doing any further shenanigans.
Sorry full of typos. and an error.
lack of sleep.
I reckon on high 30's to mid 40's when stable and (just)in profit as a target.
That will make seafox some money! Perhaps the holding is more important to them....
Some really good point there GFD.
Turnout was surprising.
Seafox are still adding. They could well keep on adding. we won't know. They can in effect shake the tree on this share without informing us? or keep buying in on the sly and on the cheap to increase their stake?are you sure on reporting isn't compulsory when whole parentage points in a holding is crossed isn't correct ? I might have to spend a weekend looking for that!
Renegotiation of lending before the financial year end would be a big bonus. true enough.
I would not site 32pps. nor 18pps. as a target I think low 30's to mid 40's is a stable range. with contracts there to utilise the ships and make a profit (just)
Everything has be stable again tho!
Commiserations to both NeD not elected.
What time are you expecting to get home tonight HEDHAMMER?
Don know if this will copy and paste well but here goes.
The results of the poll taken on Resolutions 3 and 4, as proposed by Seafox, are set out below:
Resolutions
For
%
Against1
%
Withheld2
Total lodged3
3. THAT Abdullah Mazrui, having consented to act, be appointed as a non-executive director of the Company with effect from the end of the Requisitioned General Meeting.
115,677,205
43.67
149,232,218
56.33
39,425,215
304,334,638
4. THAT Hisham Halbouny, having consented to act, be appointed as a non-executive director of the Company with effect from the end of the Requisitioned General Meeting.
102,024,677
33.52
202,305,426
66.48
4,535
304,334,638
The Board is pleased to announce that Resolutions 3 and 4 were rejected by the Company's shareholders. The Board thanks the Company's shareholders for their consideration of these matters and for their participation in the Requisitioned General Meeting. The Board will continue to review the Company's operations and will provide further detail of the plan to reposition the Company and optimise its future prospects in due course.
Both Seafox proposals defeated - now for some jiggery pokery with the SP, no doubt.
Went really off topic in the last few posts.
Nothing to do with GMS, I apologise.
Hope youve had lunch Ned.
Glad you felt the confident enough in the lie of the land to add a top up. (perhaps not the best phrase to use with marine vessels).
In time it will look value I am sure.
Is it a long trip home?
dead right.
that why I said sometime the rns releases are or can be over days to try and counter the sp crash coming.
but yes 4 rns with good news at 7am or 8am and its sometimes too much to take in looks a mess on the london stock exchange site and its name doesn't stick in your mind when thinking back.
Your right. buying in this morning and definitely selling before 330 pm is the only thing to do there.
if it makes more money tomorrow be happy with a profit today.
there is shorting on the way back down.
but over the last week its the volatile share most have gone for.
flybe and red emperor were volatiles of the past month or so.
its a different outlook. different risk. different timescale..
some days seeing that could happen at market open I cant resist not put a message in.
there are some where real value exists. that's the difference.
yes posted on widecells today just before open.
looked positive news.
also clever timing of further rns releasing good news. its not all at once.
all at once can often flood the early market. it doesn't get time to change its mind on a positive turn around.
staged release with an hour or two (or day or two) after the market open can often lead to more sustained momentum and less panic buying.
dont laugh. seeing few positive rns though the day or a few days apart is a much about changing market sentiment and changing the minds and advertising to investors as it is about informing good news.......
is that what you were hoping I would look at and answer? if not I dont know what you want.