Member Info for Selenium

NP :)

GFD - No I am not in the UAE, that was someone else I think.

Absolutely, agree, T/O is not the intention I believe. This is about boosting ROI for MAN and possible exit strategy for them via GMS turnaround, IMHO.

Good news for shareholders at least in the short term and depending at what price you bought in at.

GFD, to answer your last part and based on what I think MAN is trying to achieve, they are obviously certain they can pull the wabbit out of the hat.

Regain the market listing or just provide a vehicle for MAN capital to get a better ROI. Either way, looking at MAN capital and what they say they do with companies, the fact the Mr Halbouny is being proposed to directly represent Seafox on the board, it would suggest that the vested interest is actually that of MAN capital, not Seafox.

So I have been researching the proposed NED's and I think I am starting to make sense of what Seafox are trying to achieve. Well, what one individual working for MAN capital is trying to achieve.

Halbouny has been on the board of Seafox for circa three years. My guess is that MAN capital invested a lot of money into Seafox. It interesting to note that MILLENNIUM OFFSHORE SERVICES SUPERHOLDINGS LLC has not released financial results after F/Y 2014 (which were quite good like everyone in this industry). It is also interesting to note that MAN capital does not disclose the value of its AUM. Given the business of MAN https://www.privateequityinternational.com/man-capitals-hisham-halbouny-direct-investing/ - I would bet that Mr Halbouny is dying to get his money out of Seafox or make a return on his initial investment and given the state of the industry he probably can't so he is looking at another option which is GMS. Take a stake, influence the board to sort the company out and then sell down their stake.

Conspiracy theory? :)

Definitely think that is part of the plan!

I think their intention was to get the ball rolling on changes full stop. Not sure yet what the end game is.

https://www.investegate.co.uk/seafox-intnl-ltd/rns/seafox-response-to-gms-announcement/201902111154566519P/

It was Horizon, who have backed the concert party :)Seafox have responded to the RNS. Conveniently they have not acknowledged the update re the CFO, as they will be responding to "the other" changes in due course. Could the fact they have not responded be more to do with their own intention to propose internal changes soon?

GFD - Salaries were reduced 2016. That info was made public in the FY 2016 results presentation.

Si547 - You are wrong about LTIPs. LTIPs are primarily used to align senior management with shareholder objectives. LTIP awards should be stringently linked to company performance because of this function and therefore have nothing to do with staff retention. The conditions of vesting are put in place to help prevent short term decision making by senior management especially when it is not in the interests of shareholders.

GFD, totally agree. As I said it is fairly obvious Si547 works for them.

Looking at the content of your posts it is not hard to deduce that you work for GMS.