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LONDON (Alliance News) - Numis Securities Ltd on Monday said Seafox International Ltd intends to buy at least 13.5% holding in support vessels provider Gulf Marine Services PLC.
Numis is broker to Seafox.
The offshore jack-up company Seafox plans to acquire 47.1 million shares at a price of 18 pence each. Gulf Marine Services shares were trading 7.5% higher on the day Monday at 18.27p each.
Seafox plans to acquire up to 25% of Gulf Marine Services by purchasing shares from a number of existing shareholders. Seafox confirmed it will not proceed with this purchase if it is unable to reach the intended shareholding level.
Seafox said it has been seeking new investment opportunities to deepen its capabilities globally. In light of the recent developments at Gulf Marine Services, Seafox said it has decided to build a strategic shareholding and will seek that the Gulf Marine Services board includes investor representation.
At the end of December, Gulf Marine Services reported a delay in the signing of recently awarded contracts and uncertain trading conditions.