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Gulf Marine Services PLC - UAE-based marine services provider - Appoints Hassan Heikal as a director, after resolution proposed by 29.99% shareholder Seafox International Ltd is passed at a general meeting on Wednesday. Heikal was supported by 57.5% of votes, versus 42.5% opposed. Resolutions by Seafox earlier this month had resulted in a complete board shuffle, with four directors removed and three added at the time, prompting BofA Securities and Canaccord Genuity to resign as joint brokers. On Monday, Gulf Marine Services suspended Tim Summers as chief executive officer, pending an internal investigation of a severance agreement between Summers and the company. The agreement is dated November 10, the day the Gulf Marine board was reshaped, and a payment of GBP429,000 was made to Summers on the same day. Chair Mansour Al Alami has taken over as interim executive chair during the investigation. Al Alami was named as chair on November 11, the day after the board vote, while Summers left the board at the same time but had continued as CEO until a new CEO is found.
Current stock price: 7.40 pence
Year-to-date change: up 1.5%
By Tom Waite; thomaslwaite@alliancenews.com
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