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LONDON (Alliance News) - Gulf Marine Services PLC on Thursday said it is "disappointed" by the unilateral action taken by shareholder Seafox International Ltd.
On Wednesday, Seafox made known its intention to remove Chair Simon Heale, and replace him with former News International and current Times Newspapers Chair Andrew Knight.
Seafox also wants to appoint Abdullah Mazrui, the chair of Emirates Insurance Co, and Hisham Halbouny, an investment banker, to the company's board as non-executive directors.
Gulf Marine commented: "The discussions between the company and representatives of Seafox were active and ongoing immediately prior to the release of their announcement yesterday. The board has sought to have a constructive dialogue with Seafox whilst taking into consideration Seafox are an active competitor of Gulf Marine."
"As a result of this dynamic, the board continues to be focused on ensuring the interests of all shareholders are served by any changes to the composition of the board. It is therefore very disappointing that Seafox has unilaterally decided to announce its decision to requisition a general meeting to appoint three representatives," the company continued.
"The board believes such appointments would be disproportionate given the size of their interest and competitive position. As a consequence, it is deeply concerned the interests of the other shareholders will be potentially disadvantaged by this opportunistic action."
Shares were 3.5% higher on Thursday morning at 18.79 pence each.