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like the SP was taken down for some big volume trades mid September? Always kept an eye on this one and astonished to see it in the 5's. Signs of a recovery? Maybe, so decided to buy in again mid 7's. Say hello to mid 5's again now I guess?
LMOA
Flickers of life in this beast yet. The deadwood has been cleared out and a completely new and experienced bod in place.
They can't possibly make as much of a hash of it as their predecessors did.
Agree. I find the lack of activity today a bit strange though, the RNS clearly sets out the plan, improved utilisation figures as well. Clearly I’m missing something!
The presentation makes me a lot more optimistic about the future of the company than I have been of late. It sounds like the new board really have a plan to get things back on track; let's just hope they can deliver.
I see the admin changes as the banking syndicate wanting a BOD and SMT in place that they are happy to lend to, which is why they are agreeing the short term facility. This way the company has more time to fill open posts and make a couple of other needed changes with quality people. I think if this ship was going to sink (groan) then it would have done so by now. Assets are market leading and some movement in the wider industry starting to take place GMS should hopefully be in a position to extract some value from these assets.
I'm very pleased. I was expecting more bad news and yet another sp drop (which may still happen when they release results on monday), but this company has made me into a pessimist! It might be a long time before we see a full recovery but at least the company seems to no longer be in immediate danger. I am intrigued as to what these adminstrative changes are, but I suppose we'll find out very soon.
I think it’s very good news...... it secures most importantly our working capital and a huge commitment to securing revised long term finance that’s achievable and sustainable. sounds as though there are more cost savings in the pipeline. My take on the reference to administrative changes.........
What do people think then. Surely this is a positive that the syndicate are providing some short term liquidity and continue to work towards a longer term solution rather than call it all in and chop the assets up???
Thanks
The Company's half year financial results will be announced on Monday 30 September 2019.
GMS announces that it has signed a formal waiver agreement with its banks relating to the covenants to be tested with reference to the Company's 30 June 2019 half year financial results. The agreement will also provide the Company with the rollover of its existing US$ 25 million working capital facility, as well as access to bonding facilities that will underpin liquidity and support the growth of its business, in each case until the end of 2019. The Company now has until 30 September 2019 to complete the final administrative conditions precedent for that agreement.
The Group is continuing its dialogue with its lenders on a long-term solution to its capital structure, which is focused on agreeing by the end of 2019 an amendment and extension to its existing facilities, comprising the term loan, the working capital facility and the performance bond facility. This will address the Group's future loan repayment profile, as well as continued access to working capital and performance bonds, and its financial covenant tests going forward.
Has there been an RNS this morning? Looks like there was but I can’t open it.....I hoping this is the long awaited positive news on banking!
Part of me thinks this is a screaming buy, Especially with the oil price today.
The other part is waiting for news.
GFD bugs Bunny needs to return my son .....
Goofy k—t is needed here
Yes I think I can see that now!
GFD Your hope for a better loan deal doesn't look like it will come? is it the final nail in the coffin for the board if they cant?
The day rates dont look like they are going to improve?
Seafox has gone quiet? personally looking at around 20% of the original money in at the moment?
looks positive news. thanks for the link
ned.
I wasn't intending to reply.
my whole thoughts are (and I will post again on another oiley as its also effected) that the oil price and thus day rates are going to have an effect. turnover of 130 to 140 is breakeven point.
savings might help a bit. exchange rates too and less transport costs site to site as well as modifications.
the workload is up and the turnover has halved. this is because of low day rates. its industry wide.
gfd seemed to think refinancing was they key. seafox were happy to offer 18pps (my thoughts were they were going to run the assets down slightly) to get the short term savings, but they have gone quiet.
realistically the fleet is worth hundreds of millions (and relatively new) so at this point my thoughts are of better day rates to come (and gms buying its own stock and holding on to it at such a low price top retain control and reduce any form of takeover threat should such loan facilities become available).
at this price it looks a sitting duck. (no pun intended gfd). its a falling all the way. yes your right. as you will see with my other posts. its a tough sector tbh at the moment.
Knock, knock, is anyone there?
Any thoughts on outcomes peeps?
Finance not France lol
Howe er, if andwhen France is sorted this could easily double or treble imho
It’s f ing tough tbh, it’s taken far longer than anticipated and the shortfall in 2018 income is a f ing **** take
I agree. Fortunately this is a low percentage of my portfolio so I'm not losing any sleep. However, if this company is going to recover (provided it doesn't go bust) I think it's going to be a heck of a long wait before we see SP restored, so I'm just going to ignore it for the near-mid future.
one and only set of posts.
no wabbit appears to have materialised
my only thought is that at this share price (using whatever financing is available) is to for the company to buy and hold share in treasury stock. seafox has its foot in the door. oil price is through the floor (although you wouldn't know it at Tesco) and thus day rates are going to remain tough. tougher than even I suspected. it really is battern dow the hatches . but then it is the same with nearly all the oiley based spin offs.
That would be a good outcome, for me anyway; I'd actually leave with a profit as opposed to a reduced loss. I can't see that happening though. I still don't think Seafox were ever interested in a takeover; I think it was just an activist attempt to influence operations to boost share price for their own profit (which obviously did not work very well for them at all).