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Looks like u wanna sell at 6. How many shares u got to offload?
18-Feb-21 15:11:13 6.4999 152,992 Buy* 5.94 6.90 9,944
The only large trades that went through today
all went through @6. look like sells to me!
StockFiz.
Where is the evidence of the big big buys?
Look at the trades today, Some big big buys happening...Don't say you weren't told...
Reddit would help!
And u know this how? Are we on reddit?
Its the time to buy now
Big movement coming everyone buy now
ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ
Plenty of movement happened, just not in this stock :)
This would be a travesty if this company was left to be picked clean by others. With POO at these levels this is worth so much more with there fleet of ships .
@GB - SF owns 30% and their friends own 20%, thus controlling 50% of the votes.
Think this week there will be movement.
Not a trick question, am new to this stock. What % do SF hold please?
I hope that was not an intentional trick question :)
The company is controlled by SF buddy
The company seems to want to fight off Seafox, so surely they're going to try and dilute Seafox's share holding as part of the debt restructure aren't they?
The comforting factor to an extent is that Mazoui and Horizon Energy, who have aligned with SF currently, rejected the 10p bid. But again, not sure what they agreements are struck behind the scenes.
You have a good week too!
Yes of course read it, IMO the hostile was because of the dire terms, the timing et al.
I will reiterate what you have said in full "Listen, I am on your side, and I am hoping that I am proven wrong. I just don't have enough comfort in this board that they will do right by the minority shareholders. I will change my stance based on the outcome of the bank discussions."
If they roll over again I will be questioning my holding and very likely reduce in some manner before the end of the month.
We are relying on the whites of their eyes... that's the risk!
Have a good week mate.
Of course I have read it. They don't really make any solid arguments. though Agree that Tim getting paid when he was fired was a sour deal. Yet the improvements on cost side have been delivered under the watch of the old board. The new contracts they announced recently, I bet that the tenders were submitted before this new board came in. At the time they negotiated the bank deal, things were super uncertain, that it was perhaps the best deal they could get. They weren't given the time to do a capital increase, and got replaced, because clearly SF did not want to participate in a rights issue (for reasons unknown, but will certainly unfold in due course). The old board was also cooperating with Zakher Marine to save on costs (as far as we know), and ZM is being sold to Adnoc currently (as per November news)
Have you read the hostile offer letter?
Listen, I am on your side, and I am hoping that I am proven wrong. I just don't have enough comfort in this board that they will do right by the minority shareholders. I will change my stance based on the outcome of the bank discussions.
It really does strike that they are genuine...
But again... they time may come, if a deal doesn't land that that will go out of the window... still seems a 10p offer could be best option, provided they have the capital to cover it etc...
I agree on your predicted upside... with the debt out of the way the results are very very strong and 30p should be the minimum ball park figure.
Gap closes at 33p.
08-10-2020
RESPONSE TO STATEMENT BY GULF MARINE SERVICES PLC
Seafox, the largest shareholder in GMS, notes the 8th October 2020 announcement by the board of GMS. It is our opinion that the statement is both misleading and consistent with a board that is acting in an alarming manner. The announcement comes from board members that in our opinion lost legitimacy since 30th June 2020 when the majority of shareholders voted down most of the resolutions put for approval at the GMS AGM, including voting against the remuneration of certain board members and the appointment of two of the current GMS board members that were voted down yet re-instated within 1 hour from the conclusion of the AGM. We are making this announcement to further inform the market of the background as to the Seafox GMS Directors resignations and the suggested GMS board changes.
Seafox believe that the suggested capital increase needed full shareholder support through consultation and potential underwriting/commitment as the Company is trying to raise significant capital in relation to its current market capitalisation. This as far as we are aware did not happen. There is no aborted process it is only a board that is currently seeking to limit its own personal liability. Such an important bank deal should have been put forward to a shareholder’s vote given the need for warrants or capital which is a shareholder matter. The capital raise process should have started a long time ago and not subject the Company to such a major risk by limiting the capital increase to a tight window. The capital increase process was stopped by a board meeting not attended by Mr Heikal and Mr Halbouny as they were not invited. In this context it is important to note that neither Mr Heikal nor Mr Halbouny voted against any capital increase process. Seafox is not aware of any real effort to raise capital, including without limitation, wall crossing shareholders or new investors. The company did not provide any detail in that respect.
Seafox believe that the current board members do not understand the basic concept of a shareholding company, let alone a listed UK PLC, namely that the company has shareholders! Shareholders who have invested capital, time and effort. Shareholders that voted down multiple resolutions and as far as we are concerned, we will protect the best interest of the company, its shareholders and all stakeholders.
Seafox suggested independent board members that have no affiliation whatsoever with Seafox, we are trying to bring best in class expertise, independence and proper governance to the board in the context of a company that predominantly operates in the Arab world and listed in the UK.
Seafox is avoiding being dragged into continuously having to respond to bewildering statements.
Have you read the documents / statement put out by Seafox ?
It doesn't look like they are acting in selfish ways at all and I don't think they would make public statements put out on their websites that proved to be lies.
The do strike as very genuine... and really only acted to take control as they saw the deals that Tim put in place as for want of a better word. Cr *p.
My problem is that a bidder who tried to acquire the company on the cheap is in FULL control of the board! Hence, I am expecting negative surprises on the bank discussion, with an outcome that is likely to favour SF (at the expense of minority), confirming my current thesis that the board is 'owned' by SF. If that is not the case, this is worth 5-7x current prices in my view, on a conservative scenario
The companies who agreed to the board changes last year to take it over the threshold aren't all connected to Seafox this and seafox's comments regarding in the interests of all shareholders have to be seen as a positive... clearly these companies see that Seafox are, at least in part acting in good faith... Aberforth Partners LLP were clearly slicing a very small porition of their position as the selling has entirely dried up, so again they and all the big shareholders don't see a stitch up taking place here ...
I guess the problem is if there becomes a time that the banks don't agree to revised terms and Seafox act in a way to protect their own interests at the expense of everyone else. But they cannot buy us out for less than 10p per share without a EGM and no one will agree to an EGM that will stitch them over, so it would only ever be in the interests of Seafox.
Don't think they are on for that either currently... but as said... if it keeps rolling over there will become a point that an agreement looks unlikely and we have to start factoring in the likelihood of a default (still seems unlikely).
It would, still be in the interest of Seafox to buy out all the shares @ 10p and clear the debt (over default) they would essentially be buying the 60p NAV for 10p (as Nav takes debt into account). With a strong order book and alredy opperating the jurisdiction and market.
I would like to se an agreement before the end of February otherwise I will personally be questioning my position here and whether i sell out entirely or de-risk.