RE: Seafox offer17 May 2020 13:09
Seafood make it clear in RNS below para 3 offer is fixed:
5 May 2020
Seafox International Limited
(“Seafox”)
Further statement regarding Possible Offer for Gulf Marine Services plc (“GMS” or the “Company”)
Seafox announces that it has today purchased 9,388,689 GMS shares on market at a price of 10 pence per share and is making a “no increase” statement.
Consequently, any firm offer for GMS shares in accordance with Rule 2.7 of the Code, if made, will be at a price of either 10 pence per share or US$0.09 per share, depending upon which is higher based on the prevailing exchange rate at the time of any such firm offer.
Seafox noted GMS’s rejection of Seafox’s original proposal and hopes that the GMS board will re-consider their rejection in light of this significant increase (amounting to an approximately 38% increase from Seafox’s initial proposal (based on yesterday’s closing middle market exchange rate)).
An offer at 10 pence per GMS share would, if made, represent a premium of approximately:
(a) 257% to the closing price of a GMS share on 24 April 2020 (being the last dealing day prior to Seafox’s approach to GMS);
(b) 166% to the closing price of a GMS share on 29 April 2020 (being the last dealing day before GMS entered an offer period); and
(c) 100% to the closing price of GMS shares on 4 May 2020 (the last dealing day prior to the date of this announcement).
This announcement amounts to a “no increase” statement in accordance with the City Code.
Together with its holding of 48,066,480 GMS shares, Seafox now owns 57,455,169 GMS shares amounting to 16.39 per cent of the issued GMS share capital1.
A further announcement will be made if and when appropriate.
Enquiries:
Perella Weinberg UK Limited (Financial adviser to Seafox)
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