Gulf Marine Services PLC - UAE-based marine services provider - Says shareholders Seafox International Ltd, Horizon Energy LLC and Mazrui Investments LLC intend to vote for changes to Gulf Marine's board. The trio hold a total of 49% of shares in Gulf. Also receives letter from lenders stating they will not alter any terms of financing agreements. Says second-largest lender in syndicate warns Gulf Marine may end up in breach of financing terms if unable to issue warrants. In October general meeting, votes to allow Gulf Marine directors to allot securities and to disapply pre-emption rights both were rejected by just shy of 58% of votes. The company was seeking shareholder approval to issue warrants to its lending banks by the end of 2020.
Current stock price: 5.76 pence, down 16% on Monday
Year-to-date change: down 22%
By Eric Cunha; ericcunha@alliancenews.com
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Gulf Marine Services (GMS)