Member Info for CaptNemo

And then ??????? Anyone care to make a prediction?

New bid at 22p?? That would make for an early Christmas...

Is it just me, or does anyone else think that the current trading patter is a little odd?

There were lots of very small sells all day, one was for 2 shares at 14p total..... which has the effect of driving the price down in the lack of any strong buying and then late in the afternoon someone buys a million shares - or two different people had the same idea 23 seconds apart.

Could it be that a '3rd party' is picking up as many shares as they can, as cheaply as possible, so that come Nov 29th SF can make a formal offer at 22p for the small number of shares that they don't already own?

Thanks for the link 4Corners - interesting reading.

I have been thinking about the timing..... Could it be possible that the $75m required could be coming from a single 3rd party, rather than a general rights issue to existing share holders?? That would dilute SF 29.9% stake and give the current team at GMS another ally - something SF would be dead set against.

Just for the record, I have no problem selling to SF IF they come up with a decent offer, what I do have a problem with is piracy.....

This latest tactic from SF is very hostile to those share holders, my self included, who feel that GMS is worth considerably more than it's current SP.

It's a very brazen attempt to stuff the Board with people who would rubber stamp SF next paltry 'offer' for GMS which would be far below it's true valve and definitely NOT in best interests of the majority of shareholders.

Any one have any input on what SF's next move might be?

We know they are currently holding 29.99% of shares and could trigger a mandatory offer at 22p share - double the current share price - at any time. But will they?

On paper GMS is worth about 93p a share, does anyone see a rival bidder to SF???

I hope someone can help me out here as I am a little (very) confused.

The loooooong awaited deal with the banks has finally been made public and GSM needs to raise $75 via a rights issue or strategic investor - before the end of the year - not a big surprise and not the end of the world, yet the share price went south.

Sea Fox initially bought in to GSM at 17p, then made a real low ball offer at 10p, then did a couple of off book deals at 22p which has taken then to 29.15% of issued shares. It's clear that Sea Fox is very interested to gain control of GSM and with the current share price I am surprised that they are the only ones.

The asset valve of GSM is somewhere north of $300m , or around 90p a share, but the shares change hands for a fraction of that price. I assume that Sea Fox has been quietly picking up a few shares in the last couple of days as they inch ever closer to the 30% stake which would potentially trigger the requirement of a formal offer at 22p - but they made a 10p no increase offer. Or are they going to sit there at 29.99% and wait? Wait until a rights issue dilutes there holding that they paid above market rates for????

And then the thing that really, really confuses me is that today people where will to sell their holdings in GSM for less than 12p - 13p - am I missing something?

I have owned GSM for a couple of years, averaged down on a few occasions and hope that soon I will be able to recoup my initial investment and leave some on the table to run. I believe that the true valve of GSM should be much higher than the current SP or the potential offer of 22p. They have activities in O&G and wind - both of which are going to be active areas in the future.

Nemo

Another 11bn NEW shares - we are being DILUTED to DEATH here. It's no wonder that SS does not want shareholders at the AGM - C19 is just a convenient excuse to keep us away.

And, where the f*** is the CPR regarding the P1, P2 and P3 OIP for HH - no news is clearly bad news, or very bad news or maybe just dust.....

And, why the f*** did they screw up the perforating job, having water enter a well can and does happen and that was dealt with, but to need to re-perforate after only a few months - incompetence, utter incompetence.

I am so sick and tired of SS and his incompetent and indifferent attitude to share holders.

Hi Folks, looks like we now know who purchased the 22m shares in the off book deal on Tuesday.

The TR-1 notice this morning states that Sea Fox has increased its percentage holding to 26.41 from 20.37 with 350 million shares in issue, 22 million shares is just over 6% - roughly the increase in Sea Fox's holding.

Assuming the 22p per share was correct, then how does that square with their 10p no increase previous offer which has some 2 months left to run??

Nemo