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I think the important part to note is 58% utilisation up to 72 %. A boat in harbour costs more (to us) than a boat at work. I think the timing of the contracts is key. They might (as they are late in the financial year) just miss this years results.
The GMS share price was only just below 18p when SEAFOX offered 18p in its statement.
Usually they offer double in a statement. It HALTED the SP recovery and SEAFOX was being opportunistic IMHO.
An investment banker on he board may be advantageous if they come with conditions (however the board said it is progressing nicely with the present financiers). It is awkward when the present board doesn't believe and appointment will be in our interests. All I can go on is SEAFOX slammed the brakes on a SP recovery and were not prepared to pay 35p+ a share. As you say perhaps Mr Mazrui has a better chance distancing himself. Then again when your part of a outfit that perhaps thinks to merge or even use things like port facilities and wants to get on the board its hard to know. I think you have to stick by the board at the moment.
A resignation over the situation was the correct and gentlemanly thing to do. So many times do you see fly be night listed companies (and some supposed not so) where people stay on clinging to power.
I really do think you have to go with the GMS board statement.
Why SEAFOX wants a foot in the door will only be apparent later.
THEY HAVE GO TO BRING SOMETHING BETER THAN COST SAVINGS.TO THE TABLE.
utilisation is the key at the moment. imho (oil price too obviously).
I think a statement from Mr Mazrui would be nice. Hes kind of remained a shadowy figure in the background thus far. Has he publically spoke about his intentions and ive just missed it?
The results of any PLC have credibility as they come as a result of being independently audited; without that independent oversight the results of any Company that have not been independently verified are essentially worthless. I fully understand that private companies have no reason to follow that route and also why; it's inherently expensive I should imagine. Anecdotally I wonder what the monetary cost is of being a PLC; a whole plethora of expenses that Seafox has to neither consider or incur. Like most I suspect, I too would like to see the YE results as soon as possible, though I suspect their development is subject to a timeline that was set in place some time ago so is unlikely to change at this relatively late stage....
from late Friday.
1. "Seafox stands by resolutions"
2. "Ithmar WITHDRAWS resolutions to reshuffle GMS Board"
http://tools.morningstar.co.uk/uk/stockreport/default.aspx?tab=3&vw=sum&SecurityToken=0P00012E77%5D3%5D0%5DE0WWE%24%24ALL&Id=0P00012E77&ClientFund=0&CurrencyId=BAS
Although I must admit I did feel a little sad about the 'further downsizing in headcount'. I can only assume that's people losing their jobs...
Yeah... I don't really understand why; I've seen it happen with other stocks - good news comes out and everyone sells up at face value before the price can go up. I'm sure theres a reason in the investonomnicon. I'm a longer term investor, to me this is great news and I hope it attracts others to the fold.
Appy Dayz
Pbody please don’t worry GFD has hit the nail on the head and we will be fine. Great RNS and the shareprice will in my view and honest opinion will be 40p plus by the end of this month. Apply Dayz
Typical, everyone sells on good news...
extract.
The Board continues to consider that the resolutions 1 to 5 proposed by Seafox and the Ithmar Requisitionists are NOT in the best interests of the Company or its Shareholders as a whole. Accordingly, the Board unanimously recommend that Shareholders VOTE AGAINST all of the resolutions to be proposed at the Requisitioned General Meeting.
thanks for that.
The RNS stated the board would become unwieldy and unnecessarily expensive with additional board members.
The last time I had to vote the broker sent me a message and a tick box automatically.
But I wonder if that will happen? Ii have messaged them to be sure.
Nice to have clarity in the form of an RNS to clarify the situation and the progression with the Chair.
Best of luck holders.
I reckon although an earlier RNS stated around the same turnover as 2017 with the increased utilisation it should be around 130 to 140 up from 112..turnover,.just depends if the contracts catch the 2018 yearly. That was my theory on a profit just on a sliding scale from 112 to 190.
There must be some share holders who are long term holders with heavy investments waiting for the 18p brakes to come off and get it back to the 50p area.
If you purchased through someone like Hargreaves Lansdown you can contact them and they will vote for you.
Agree completely. Total clarification and a good point by the BoD about SEAFOX , there lack of understanding and they also correctly suggest they should be voted against on all counts, their additions to the BoD will be non-additive. With increases in fleet utilisation this year (from 58% to 72%) and 6m in savings it should be enough (just) to tip into a profit with reduced port fees alone. Is there a way to vote by proxy as a visit is out of the question?
Good news too about the Banking syndicate.
Great news and great foundation to move on and upwards this will be back to 32 and avow .....
Nice bit of morning reading there. I wonder if it would be good to just get Seafoxs nose out and let the company recover on its own steam.
tbh.
if you look closely the days where the ask is close to 17 the volume increases into the hundred thousands'
there are days where there are less than 10000 traded.
there is sweeping going on at under 18p......
and with less than 2 grand being traded some days........
does anyone have level 2 data on this?
yes I think it will hover around the 18p mark a few pence either side tbh.
typo sorry board read boards (as in bulletin boards)P
There are other board mentioning debt for equity swaps.
This is probably nonsense looking at the makeup of the thing as GFD will probably agree. Islamic loans being more realistic here I would have hoped and thought given the size and stake of some the larger investors who would also think debt for equity a ludicrous proposition. Large buy-ins maybe.
There is the proper AGM usually late May as point in the Financial Calendar to look at.
well looks like we have hit the lowest point now all panic sellers have cleared ,we now have period of small increases before meeting and then off this one sails
Thanks for the offer of a drink! Would be good if I could.
I won't be able to make that meeting.
For the benefit of others where and when it is taking place?
I find it amazing the shock factors that led to the SP drop ( banking covenants possibly going to be breached, late contracts signing) have both been sorted and the SP can't rise. Mainly because of SEAFOX.
Refinancing will help the SP, however the SP will probably jump up when there is a new chairman.
You can't rush a replacement but the lack of one means peoples fears are translated into fear to buy......but one with experience in this field and/or its position who is able to guide GMS back to heady days from it's present slumber (in SP terms) will surely be welcomed.
the ebitda id 59million.
the market cap is 61 3/4 million.
the fleet is worth 920million or better.
the loan is less than half the price of the fleet.
its a new fleet I can only see those figures in a positive light going forward.
lets hope other see these figures and think.
i really dont see bank forclosure here.
you have some remarkable vessels, truly unique.
I doubt very much it will go to the wall. the oil industry in general is hitting hard at the moment.
not on profits but on its willingness to spend as the price is low.
they have contracts coming in in jan and that's a big help. none of this has factored in the price at 18pps.
it stayed flat. it could well have bounced back over 32pps with that news.
buy in on the cheap and getting a foothold in the board or the ability to run 2 companies whilst in a state of market panic.i am not sure they would have had the money to get on the board otherwise without driving the sp sky high.
I mean the 24th jan said the banking covenants were fine for 2018. just the warning in dec.
now you have shareholder fear to overcome.
Seafox investors only interested in their own wealth. Destroy GMS and buy the assets on the cheap following foreclosure by the banks? No transparency, who knows what state their own finances are in.
the more I look and think
the more I believe the SP recovery was effectively halted by the seafox offer of 18pps.
it stalled the SP recovery, was not the usual market offer of double the highest SP in the last year.
I am not sure that SEAFOX just wanted in on THE BOARD at a bargain price whist they were in turmoil?
hope they are prioritising GMS and not seafox....
that's after 8 hours reading.
bed now
see you tomorrow
best of luck all I think were being strangled at 18pps