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LONDON (Alliance News) -Seafox International Ltd on Friday said it stood by its resolutions concerning Gulf Marine Services PLC despite the company's announcement on savings.
Seafox holds a 14% stake in Gulf Marine Services, which provides support vehicles for the offshore oil, gas, and renewable energy sectors.
Earlier on Friday, Gulf Marine said it had identified USD6 million of potential annualised savings, and expects it to be realised by 2020.
Furthermore, the company is in talks with its banks and is assessing a "range of long-term refinancing options".
In response, Seafox said that the USD6.0 million savings were well below its target of the USD15 million to USD20 million required, and said it believed that an overhauled board would bring the "necessary oversight required".
"Seafox has been a catalyst for positive change by putting pressure on the management and the Board to deliver. In other words, what we have stated previously in terms of weaknesses are correct," the shareholder said in a statement.
Gulf Marine also confirmed that Seafox has withdrawn support for two of its own resolutions, which intended to remove Chair Simon Heale and replace him with Times Newspapers Chair Andrew Knight.
However, Seafox is still looking to appoint Emirates Insurance Co Chair Abdullah Mazrui and investment banker Hisham Halbouny to Gulf Marine board as non-executive directors.
Not only this, but Gulf Marine has also received letters requesting that the founder of Ithmar Capital Partners Ltd, Faisal Bin Juma Belhoul, be appointed to its board. A letter was received from Ithmar, as well as other shareholders who hold a more than 5% stake in Gulf Marine.
Gulf Marine urged shareholders to vote against all resolutions.
Shares in Gulf Marine Services were up 1.0% at 17.17 pence on Friday.
