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(Alliance News) - Gulf Marine Services PLC on Wednesday said it has received a letter covering an additional 2.3 million shares indicating support for the company against the acquisition proposal made by Seafox International Ltd.
The oil & gas service company said that the letter from Faisal Juma Khalfan Belhoul Alfalasi of Ithmar Capital Partners says that shareholders of a further 0.7% stake have no intention to accept any offers in relation to Seafox's bid.
The company now has received support letters from 13 shareholders who hold a total of 39% of Gulf Marine's share capital.
On Monday last week, Gulf Marine Services had rejected a USD32 million acquisition proposal from Seafox which it labelled as "wholly opportunistic" amid the uncertainty in equity and commodity markets due to the Covid-19 pandemic.
Seafox subsequently on Tuesday last week responded releasing a statement saying that it had purchased 9.4 million shares in Gulf Marine for 10 pence each, or GBP938,868 in total, bringing its total interest to 16%. It also made a "no increase" statement, meaning that any firm offer made for Gulf Marine will not rise above 10 pence per share
Gulf Marine shares were trading 1.3% lower at 8.50 pence each on Wednesday afternoon in London, giving it a market capitalisation of GBP29.8 million.
By Ife Taiwo; ifetaiwo@alliancenews.com
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