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Totally agree. For those that can, guess best course is to hold for better value longer term. I’m sure SF and THEIR BoD will be hoping many dump and run, with those aligned with SF hoovering them up at a ridiculously low price. These shares are worth so much more than the current market value….
@4Corners agree but I just don’t think they will meet the threshold required to force a sale on the minority. I do think that having dragged it out and disrupted as they have, some will now be inclined to accept the circa 18p previously offered and rejected, even though GMS is in a much better position than it previously was.
Today’s announcement that from 1st July Abu Dhabi will cease the requirement for visitors to quarantine upon arrival, is great news that will potentially reduce the additional costs GMS has been required to absorb due to COVID.
Seanx agree. The SP will better reflect true value when they announce the successful equity raise of the $25M end of June. As indicated, to the end of 2022 they will use income to reduce the raise of the further required $50M. Were they to make a low ball offer I feel sure that they will in no way be successful unless the offer were to be in the 22-25p range.
Or they delay .... Whilst I had issues with the previous Exec Chairman, I appreciated the fact he gave regular market updates and that hey were timely and accurate. The current lot seem to do as they wish with no regard to other SHs right/expectation that they (and the market) are kept informed in just suckle a way. Hard for the SP to rise when they create so much uncertainty for the market....
Me too......frustrating that no amount of good news has moved the SP. Utilasation is great in comparison with peer operators and backlog is good too. Evolution with cantilever is now working as it was intended at better rates and being the only one of its kind, it is likely to not stop. Expect her rates to increase as clients realise significant savings from the unique design. GMS is now running very lean so with a better bank deal I think we can expect to see a significant increase in EBITDA this year; agree that it will likely be spent on deleveraging. Hope to see a SP bump after the EoY Results and another after the 25M equity raise; circa 20-25p by end of year?!
To judge the merits of a merger take a look at the debt Seafox has, secured against barges that in no way offset that debt due to their age and simplicity that prevents them from working in many locations. A merger would be a disaster for GMS SHs IMHO....
https://www.bloomberg.com/amp/news/articles/2020-11-30/adnoc-is-said-to-be-in-running-to-buy-offshore-oil-services-firm
Interesting......
Very positive RNS; all the more so considering the challenges of oil price and COVID etc. I feel it likely that were Seafox to have stopped it’s disruptive practices in pursuit of its own agenda, remaining SHs would be seeing a very different SP right now......
Markshares, if they drive it into the ground the banks will take ownership. They can then sell the assets
off to the highest bidder or keep the company as a going concern whilst they look for a buyer. Either way, Seafox will 'lose' their investment with no guarantee that they will get the assets or the company as a going concern...interesting times!
Comprehensive reply from GMS; says it all really. Seafox continue to agitate; to my mind they are laying the foundation for another lowball offer in the hope that SH's will accept because they are fed up. Their problem is that THEY are also a SH, so if it goes too far and the banks step in, they stand to lose more than anyone. The annual results will give a good indication of where the company is regarding their turnaround plan and if they are fairly positive Seafox are unlikely to get the company for a song.....
What a complete load of rubbish from Seafox; they continually act as if other SH’s are complete idiots! They made it clear that as majority SH’s they would in no way support an equity raise. Now they are protesting that the equity raise is not going to move forward and place the blame on the current BoD; incredulous!