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I think you right abut the muddying of waters.
there are people wanting to buy-in at a low price and hoping to get shares at sub 18p levels and there are also people who have bought at a much higher price (1 year or before) and must be thinking my investment is 1/10th if that what it was.
the panic for those people must be great and the temptation to sell and not hang on very high.
but I reiterate the seafox offer stalled the recovery in essence...from my perspective.
I was just wondering if there is a way to view of at least listen in in the meeting?
NP :)
is there a webcast of the agm?
is there an option to vote by proxy from that?
for people who cant make it to the meeting?
GFD - No I am not in the UAE, that was someone else I think.
Absolutely, agree, T/O is not the intention I believe. This is about boosting ROI for MAN and possible exit strategy for them via GMS turnaround, IMHO.
Good news for shareholders at least in the short term and depending at what price you bought in at.
I think you made the truest point of all.GFD
as a recovery of the SP was taking place and it was well in the 20's AND STARTING TO CLIMB GMS slapped an offer of 18pps dragging the recovery out and seriously hampering the return of value.
with the RNS of the 24th of jan it probably would have been back up nearer 32 than 22.
IF ANYTHING the offer from SEAFOX has caused mayhem in the short term of the SP recovery.
which makes me wonder how interested in GMS shareholders they really are.
GFD, to answer your last part and based on what I think MAN is trying to achieve, they are obviously certain they can pull the wabbit out of the hat.
Regain the market listing or just provide a vehicle for MAN capital to get a better ROI. Either way, looking at MAN capital and what they say they do with companies, the fact the Mr Halbouny is being proposed to directly represent Seafox on the board, it would suggest that the vested interest is actually that of MAN capital, not Seafox.
Below posted by Jadpi some weeks ago. Seafox may have initiated change at GMS but no way to tell if it was already planned; either way good for SHs. Bigger question is the Seafox intention; no way to ascertain and no need to guess due to the impending meeting I suppose. As previously stated, my concern is a lack of transparency from Seafox et al; easy to make comparisons vis-à-vis EBITDA etc against a transparent organization whilst you operate in the relative 'dark': Equally, not comparing 'like for like' IMHO. GMS is largely recognized as a premier provider giving the highest quality service whereas Seafox by their own admission have a much older fleet etc. Is their claimed EBITDA better because they scrimp on maintenance and food services etc? Again, none of us are able to objectively assess as Seafox has provided nothing to assess against:
"Millennium Offshore Services Superholdings / Seafox loans, 225M USD Feb2013 (162M USD paid to shareholders), 240M USD Nov 2014 (used to acquire Seafox), 450M USD loan.
HM MOS International acquired MOS Superholdings for 200M USD in March 2014.
The Principal investors in HM MOS International Limited include, amongst others, a GCC Sovereign
Wealth Fund, MENA Regional Family Offices and also MENA Regional High Net Worth Individuals.
Seafox has not published any financial results since 2014.
Jan 2016 Moody's withdrew it's rating for MOS Superholdings because of inadequate information to monitor the rating, due to the issuer's decision to cease participation in the rating process".
So I have been researching the proposed NED's and I think I am starting to make sense of what Seafox are trying to achieve. Well, what one individual working for MAN capital is trying to achieve.
Halbouny has been on the board of Seafox for circa three years. My guess is that MAN capital invested a lot of money into Seafox. It interesting to note that MILLENNIUM OFFSHORE SERVICES SUPERHOLDINGS LLC has not released financial results after F/Y 2014 (which were quite good like everyone in this industry). It is also interesting to note that MAN capital does not disclose the value of its AUM. Given the business of MAN https://www.privateequityinternational.com/man-capitals-hisham-halbouny-direct-investing/ - I would bet that Mr Halbouny is dying to get his money out of Seafox or make a return on his initial investment and given the state of the industry he probably can't so he is looking at another option which is GMS. Take a stake, influence the board to sort the company out and then sell down their stake.
Conspiracy theory? :)
//Investegate.co.uk
there is of course the other sites such as advfn putting comments on such as debt for equity swaps!
FE Investegate has them all.
Covenant Schedule Amendment
The Company is pleased to announce that it has agreed with its banking syndicate an amendment to its financial covenant schedule for year ended 31 December 2018 and, accordingly, expects to be in full compliance with all of its covenants when they are tested against its audited 2018 financial results.
that's the point I was trying to make about the news feed on the Hargreaves lansdown site.
it only has the bad news.
the Board and management team are continuing to focus on the detailed plan to address the Company's operational performance, its governance and capital structure as it works to rebuild value for all of our shareholders.
THE CAPITAL STRUCTURE.......is the reason fot the SP drop.
but if you notice on sites like Hargreaves Lansdowne....not all info on the rns gets put on site.
dyor of course.
one thing above all they have have going is a really modern fleet of shallow to mid water rigs.
there in a position where they have issued a warning about covenants.
they have over half that debt in orders (iirc)
when in that position some offsets on loans can be utilised.
refinancing can allow the debt to be smaller due to offsets
that's if I have grasped it correctly
Can someone explain how a Sharia compliant loan will bring benefit?
so far a full day of sells.
ultimately the oil price is needed to drive real interest and thus the sp in this.
so its a good time to buy.
while it is cheap.
forget any other factor.....
Until they declare pursuit of this loan I cant factor it into my judgements, its just speculation even if it is highly likely. Re: the rns; its exactly what i hoped it wouldnt be which is GMS saying Seafox is wrong, so its back to square one. Its like a pair of kids throwing the blame at each other.
to be quite frank, the present board has to put something out to state its case after the seafox issue.
it has at least stated it is doing that and that it believes seafox has its numbers wrong (presumably with remarks to streamlining and cost cutting).
either way as GFD stated whether its the gms or seafox here is a good chance of loan from the region (I would hope).
i am asking for opiniopns something you can not accept other peoples opinions
imj.beadle, can you read, If so, read the rns instead of asking others
so what do we make of latest rns ...... good news slight rise in sp
I dont know much.
he was at bibby which was in trouble, went through a change of ownership iirc and carried on using the name of company the one before thzt before went into administratin.
looks like he has been there when reorganisation of marine companies short on cash were on the cards.
maybe experience like that is hard to find?
looking at the sp today though no real interest and low volume....leading to huge spread.