Share Name Share Symbol Market Type Share ISIN Share Description
Global Marine Energy LSE:GME London Ordinary Share GB00B0SP6N19 ORD 2.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 15.60p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 11.28

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08/2/201013:39GME - The Truth346.00
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cyberpost: RNS Number:0896H Fairfax I.S. PLC 06 November 2007 RNS Number: Global Marine Energy plc 6th November 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM AUSTRALIA, CANADA, JAPAN, THE UNITED STATES, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF THE RELEVANT JURISDICTION FOR IMMEDIATE RELEASE INCREASED RECOMMENDED CASH OFFER OF 16 PENCE FOR GLOBAL MARINE ENERGY PLC BY EMER INTERNATIONAL GROUP LIMITED Summary On the 19th October the Board of EMER International Group Limited ("EMER") announced the terms of a recommended cash offer to be made by EMER for Global Marine Energy plc ("GME") (the "Original Offer"). Today the Board of EMER is pleased to announce the terms of an increased recommended cash offer to be made by EMER for GME (the "Increased Offer") of 16.0 pence (the "Increased Offer Price") for each GME Share, valuing the fully diluted ordinary share capital of GME at approximately #11.6 million. The Increased Offer is subject to the conditions and further terms set out in the announcement released on 19 October 2007 setting out details of the Original Offer 1 (the "Original Offer Announcement"). These include a Special Condition which is: the passing by GME Shareholders at the general meeting convened for 9th November, 2007 of resolutions required to enable the Spring Capital Bridge Facility to become available subject to satisfaction or waiver of its Conditions Precedent. This Special Condition can be waived by EMER at any time in whole or in part at EMER's absolute discretion. Further details of the Spring Capital Bridge Facility are set out in the Original Offer Announcement. EMER has received irrevocable undertakings from Gartmore Investment Limited in respect of 15,992,498 Ordinary Shares, representing 22.12 per cent. of the issued ordinary share capital of GME, to vote in favour of the resolutions required to enable the Spring Capital Bridge Facility to become available; and to accept the Increased Offer when made. 1. The Increased Offer The Increased Offer, which will be subject to the conditions and further terms set out in the Original Offer Announcement and to be set out in the Offer Document, will be made on the following basis: 16.0 pence in cash for each GME Share
cyberpost: RECOMMENDED CASH OFFER FOR GLOBAL MARINE ENERGY PLC BY EMER INTERNATIONAL GROUP LIMITED Summary * The Board of EMER International Group Limited ("EMER") is pleased to announce the terms of a recommended cash offer to be made by EMER for Global Marine Energy plc ("GME") (the "Offer"). Further details on EMER are set out in this announcement. * Under the Offer, GME Shareholders would receive 13.0 pence ("Offer Price") for each GME Share, valuing the fully diluted ordinary share capital of GME at approximately #9.4 million. * The Offer is subject to a number of conditions set out in Appendix 1 to this announcement. These include Special Conditions which are: the resolutions to be proposed at the GME Lime Rock Meeting convened for 24 October 2007 (or any adjournment or postponement thereof) not being passed by 2 November 2007; and the passing by GME Shareholders at a subsequent general meeting of resolutions required to enable the Spring Capital Bridge Facility to become available subject to satisfaction or waiver of its Conditions Precedent. The Special Conditions can be waived by EMER at any time in whole or in part at EMER's absolute discretion. * The Offer Price represents a premium of 44.4 per cent. over the Closing Price of a GME Share of 9.0 pence on 27 September 2007 (the last dealing day before GME announced the Proposed Reverse Takeover and the GME Shares were suspended from trading on AIM). The Offer Price also represents a premium of 30 per cent. over the value of 10.0 pence per GME Share assumed in the proposed reverse takeover of GME by IDM Group Limited. * Spring Capital and GME have entered into a conditional secured bridge loan facility (the "Spring Capital Bridge Facility"). The Spring Capital Bridge Facility is conditional on satisfaction or waiver of the Special Conditions and will be available for a term of 12 months from the date on which the facility becomes effective or 13 months from the date of this announcement whichever is earlier. The drawdown of funds under the Spring Capital Bridge Facility is conditional on satisfaction or waiver of its Conditions Precedent. The Spring Capital Bridge Facility will be for up to US$14 million at an annual interest rate of 5 per cent. over LIBOR for the first three months and 8 per cent. thereafter. All or part of the amount outstanding under the Spring Capital Bridge Facility including interest and fees may be convertible in certain circumstances at Spring Capital's option into GME Shares at 13.0 pence per GME Share. Spring Capital will be entitled to appoint a director to GME's board whilst any sums are drawn under the Spring Capital Bridge Facility. Spring Capital is wholly owned by Mr Brian Chang. Mr Chang and his associates own approximately 49 per cent. of Yantai Raffles Shipyard Limited which, acting through its wholly owned subsidiary YRS Investments Limited, owns 11.1 per cent. of EMER. Mr Chang is also beneficially interested in 4.2 per cent of EMER.
pbracken: RNS Number:6117F Fairfax I.S. PLC 12 October 2007 Global Marine Energy Plc 12 October 2007 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES FOR IMMEDIATE RELEASE TALKS WHICH MAY LEAD TO A RECOMMENDED CASH OFFER FOR GLOBAL MARINE ENERGY plc ("GME") BY EMER INTERNATIONAL GROUP LIMITED ("EMER") The Board of EMER International Group Limited ("EMER") is in talks with GME which may lead to a cash offer for GME at 13 pence per share (the "Offer"). The pre-conditions (all of which are waivable) to EMER announcing the Offer are the completion of satisfactory due diligence, agreement on the terms of a loan to be arranged by EMER to cover GME's working capital requirements and the recommendation of the GME Board. The Offer, if made, will be conditional on GME shareholders rejecting the resolutions proposed at the GME Extraordinary General Meeting to be held on 24th October, 2007 or the cancellation of the meeting. EMER is a Hong Kong listed product and service provider to the global oil and gas drilling industry. This announcement does not constitute an offer for GME or an announcement of a firm intention to make an offer under Rule 2.5 of the Takeover Code. Accordingly, there can be no certainty that EMER's proposal will result in any offer or transaction even if the pre-conditions are satisfied or waived and no terms have been agreed between EMER and GME except that the offer (if made) will be at a cash price of 13 pence per GME share.
pomp circumstance: Gibson told me on the phone last week that with some WC they WOULD MAKE 3-4million POUNDS in 2007/8 NET!! That values GME at min 40 million quid. 73million shares share price of 54p Even if they issued shares now at 7p to raise WC of 5mil that would double the amount of shares in issue and give a share price of 27p. Thats prob why IDM first offered 21p they thought they were getting it cheap! 21p of GME = 15mill quid , plus 5 million WC = 20 million quid. For a compny that should be worth 40 million quid. And now the directors buy running the company down have saved IDM 10million quid on the buy of the company. Plenty enuf money to give Findlay and co a drink!!!
david77: "LGB anyone :-))" The only link between the two is Philip Wood. My view, for what it's worth, is that he is incompetent but I am not sure that he is a crook. I bought Crown Corporation CCO shares - that became LGB - but I only held those shares for an hour and twenty minutes. After I bt the shares as a result of a tip on ADVFN, I searched ADVFN threads for CCO. Two threads were bullish but the third claimed that those at the top of CCO were crooks and backed that with plenty of evidence. Philip Wood hadn't been at CCO for long at that time. Clearly he had had the "wool pulled over his eyes" in that he seems to have been taken in by the top guys - but so had many others who should have known better. CCO was registered overseas where directors deals did not have to be disclosed. Those at the top had got shares at near to zero cost and as the share price went up, they were selling those shares as fast as they could without causing the price to fall out of bed. I don't think that that included Philip Wood. As far as I know, no one has claimed that the directors of GME are crooks. They have certainly told us that everything was going ok while we now know that it wasn't so. Was that incompetence or are they crooks? If they are crooks, then how have they profited by their misdeeds? I am sitting on a pretty substantial loss here. I would like to know how most (maybe all) other companies in this business have been making a fortune with flying share prices while Patriot has been unable to make any profit at all. Did Patriot know they were taking on unprofitable business? Or were they talking themselves into taking this work on in the expectation that they would get profitable repeat business - but without any repeat business guaranteed? Did they properly keep a record of time and materials spent on each contract? When did they find out that they were losing money? Why did they take on more work at similar prices? I guess that they estimated costs before signing contracts but failed to see how the finances were going. British Leyland were making Minis for several years without knowing that they were selling them at cost - were Patriot doing the same thing with their projects? I would grab any 13p/share offer and be pleased that I hadn't lost all of the cash spent on GME shares. I feel that Patriot ought to be able to make money in the present market but the present directors don't seem to be able to. Why not?
the_owl: Global Marine Energy Proposed Reverse Takeover RNS Number:7699E Global Marine Energy PLC 28 September 2007 28 September 2007 Global Marine Energy Plc Global Marine Energy plc ("GME" or the "Company") Proposed Reverse Takeover by IDM Group Limited ("IDM") The Board of GME announces the culmination of the strategic review which began on 6 December 2006. This strategic review has explored ways of maximising shareholder value taking into account management resource and limited capital availability together with the very strong order book the Company has developed. The Board of GME has concluded that taking into account the future prospects of the Company and its working capital requirements, shareholder value can best be realised as part of a larger group with extensive human and capital resources. The Board of GME is therefore pleased to announce that it has granted exclusivity to IDM to negotiate a possible reverse takeover of GME by IDM. Under the proposed terms, GME would acquire the entire issued share capital of IDM for #52.5 million, the consideration for which would be satisfied by the issue of 525,000,000 new GME shares to the IDM shareholders ("Proposed Reverse Takeover"). It is anticipated that immediately following the Proposed Reverse Takeover and the associated equity fundraising (details of which are set out below) GME's shareholders will hold approximately 10.4 per cent. of GME as enlarged by the Proposed Reverse Takeover and associated equity fundraising (the "Enlarged Group"). The Board has also considered a number of proposals including most recently a conditional offer approach. This proposal has been rejected in favour of the Proposed Reverse Takeover. The Board understands that the potential offeror is considering its position. It is intended that the Enlarged Group would apply for admission of its shares to trading on AIM ("Admission"). Given its size, the Proposed Reverse Takeover would constitute a reverse takeover under the AIM Rules and consequently GME's shares will be immediately suspended until publication of an admission document containing full details necessary for Admission or expiry of the period of exclusivity should the Proposed Reverse Takeover not proceed. The Proposed Reverse Takeover would be subject to the approval of GME's shareholders prior to Admission and would also require approval of GME's shareholders to a waiver from Rule 9 of the City Code on Takeovers and Mergers ("Takeover Code"). It is expected that documents necessary to approve the Proposed Reverse Takeover and the waiver from Rule 9 will be posted to GME shareholders before the end of this year. IDM is an international company specialising in the design and manufacture of world class drilling systems, particularly onshore drilling rigs, and power and control products for the oil and gas drilling industry. IDM has operating plants in Houston, Texas and in Stryi, Western Ukraine. The strategy for combining GME and IDM is to create a listed rig equipment manufacturer with a broad capability footprint and with access to both the onshore and offshore rig equipment markets. Merging IDM with GME would create a business with substantial scale, broader market access and strong geographical presence. Furthermore the Directors believe that the Enlarged Group provides substantial upside potential for synergies across the sale and manufacturing functions of both businesses. IDM brings a very experienced management team capable of managing large scale enterprises as well as integrating businesses. It is intended that prior to Admission and, as required by GME, IDM would make available its management team to GME. In order to facilitate the continued expansion of GME's business prior to Admission, GME has today entered into a secured bridge loan facility (the "Loan Facility") with Lime Rock Partners III, L.P. ("Lime Rock Partners") for $14 million at an annual interest rate of 10 per cent. over LIBOR. The Loan Facility is available until 29 September 2008 when it becomes repayable. In certain circumstances early repayment of Loan Facility will render the Company liable to make a further payment of the greater of $5 million or two times the amount drawn down up to a maximum of $14 million ("Loss on Return Payment"). If the Loan Facility is repaid on the due date or if the Proposed Reverse Takeover completes the Loss on Return Payment will not apply. A commitment fee of 2.5 per cent. of the amount available for drawdown is also payable. In certain circumstances the Loan Facility will be convertible into shares in GME. The board considers that the cost of this Loan Facility reflects the current financial position of the Company. The terms of the Loan Facility will need certain approvals from shareholders in a general meeting. These approvals will also include consent to borrow above the current limit of five times the Company's adjusted share capital and reserves. A circular giving further details and convening an extraordinary general meeting at which the directors will seek approval of members to draw down the maximum amount under the Loan Facility and, pursuant to Rule 21.1 of the Takeover Code, approve other matters relating to the Loan Facility, will therefore be sent to shareholders as soon as reasonably practicable. GME shareholders should be aware that there can be no certainty that the Proposed Reverse Takeover and the Placing will complete. In these circumstances the Loan Facility would need to be refinanced and the Loss on Return Payment may become due. GME is also negotiating with Lime Rock Partners and 4D Global Energy Advisors S.A.S. ("4D Global Energy Advisors"), on behalf of SGAM/4D Global Energy Development Capital Fund II plc, for GME to undertake an equity fundraising of approximately #10 million ("Placing") in conjunction with the Proposed Reverse Takeover which funds would be used to repay the Loan Facility and provide the Enlarged Group with additional working capital. Lime Rock Partners and 4D Global Energy Advisors have indicated that it is their current intention to underwrite the Placing at an issue price of 10p per new GME share. Lime Rock Partners, which is the majority shareholder of IDM, is a private equity fund focused exclusively on providing growth capital to global energy companies in the exploration and production, energy service, and oil service technology sectors. 4D Global Energy Advisors is a Paris-based investment advisory company to funds that invest exclusively in mid-market companies along the hydrocarbons value chain. The Directors, who in aggregate hold 238,752 ordinary shares in GME, have irrevocably undertaken to IDM to vote in favour of all resolutions to be proposed at a meetings of GME shareholders to be convened to approve and implement the Proposed Reverse Takeover, Placing and Loan Facility. In addition, IDM has received a similar undertaking in respect of a further 14,492,498 ordinary shares in GME from Gartmore Investment Limited which taken together represent 20.38 per cent. of the issued ordinary share capital of GME. Brent Fitzpatrick, Chairman of GME, commented: "The Board is very excited about the prospect of creating an AIM listed rig equipment manufacturer with sufficient scale and financial backing to compete successfully in this buoyant marketplace. Since early December 2006 the strategic review has resulted in significant changes to GME's business and culminated in this Proposed Reverse Takeover." Bill McCall, Chairman, IDM Group Limited, commented: "The commercial logic for combining the businesses of GME and IDM is compelling given the straddling of both land and marine markets, notwithstanding our geographical diversity in Houston, Ukraine and the UK. The Enlarged Group should benefit from a strong and complementary position in a buoyant market for Energy Services. The addition of IDM's experienced management and specialist energy industry shareholders will benefit the business of GME and we look forward to continuing the growth of the Enlarged Group and speaking with suppliers and clients with whom we want to forge even stronger partnerships." Enquiries: Global Marine Energy Plc Brent Fitzpatrick, Chairman Tel: 01274 531 862 Noble & Company Limited, Nominated Adviser to GME John Llewellyn-Lloyd Matthew Hall Tel: 020 7763 2200 BankOra Limited, Financial Adviser to IDM Michael Brennan Tel: 020 7099 1942 Henry Turcan Tel: 020 7099 1943 Notes: Irrevocable Undertakings IDM and Lime Rock Partners have received the following irrevocable undertakings to vote in favour of all GME shareholder resolutions necessary to effect the proposed Reverse Takeover, the Placing and the Loan Facility. Name No. of GME Shares % issued share capital Gartmore Investment Limited 14,492,498 20.05 N.B. Fitzpatrick 3,800 0.01 W.B. Parkinson 200,000 0.28 P. Findley 34,952 0.05 A. Gibson 0 0 G. Nicholas 0 0 The irrevocable undertakings are binding subject to the resolutions being proposed being in accordance with the substance of this announcement or 31 January 2008. End This information is provided by RNS The company news service from the London Stock Exchange END MSCEVLFLDKBBBBB
pbracken: I think we all hold because there are two salient facts that support the current share price and offer substantial potential upside, too. The first is that GME has no debt. The importance this is difficult to overstimate. Small companies invarriably fail because they can't support their liabilities. Short of some massive bad debt set back, GME currently trades free of this spectre. The second fact is the order book. Ignoring any deliveries/new orders that are likely to have shaved or added to its size, it currently stands at around £60m. That in itself has value, and rational markets will inevitably price it in. It means that even if GME can't make money on it, others probably can and would buy GME for its order book alone. I don't believe that GME is loss-making at all - so in my estimation the risks, such as they are, lie to the upside. On the subject of a potential fundraising, it is reasonable to point out that most of GME's orders are subcontracted and all require staged payments. Both these features limit the drag on cash flow. And this is precisely why GME's cash position has improved markedly. However, it is possible that a very large contract would so stretch working capital that a fundraising of sorts would be needed to service it. The nature of such a fundraising is not known, but I do know that GME would favour raising cash in the debt market - and would very likely succeed if they could demonstrate the economics of the proposed contract. In short, notwithstanding the risks, the investment case for GME looks pretty robust. That's why I'd rather be in at these levels than out.
chestnuts: If they are doing a reverse take over and selling NIMS, What is the value of NIMS, and what price will they have to pay for pmhh, either way i bet GME share price goes up.
the_owl: Chaps, what are you lot on?? I know it's been an exciting day but, blimey ;-) Its Pounds Sterling so book is £34m. GME is the Holding company reporting in Pounds. Nim also reports in Pounds. Patriot is listed in the US, and takes Dollar orders so reports its orders in dollars. These are consolidated into GME in pounds. Here's the proof - you need to add the recent orders to the Sept figure in this report. Anyway, my thoughts as an investor from the AGM (which I note only two of you attended - does no one do their research anymore?) ...Lol, and to correct a few myths flying around... 1) Dug, Andrew Gibson was the International Finance Director, (not controller) up till February this year. Small, but important distinction. Yes, he is excellent - very professional and was heavily tested today (as you'd imagine given the funding problems last year). He's well up to the job, and clearly in a different league. Liked your Cape graph a few days ago - this is not far off where we're headed, even if the oil price dips (jury still out on this by the way due to China & India particularly, but also political events) 2) Today's order is accommodated in the 12-18 month plan which is fully financed. They have allowance for several more. They can take £40m of orders (but because we have £34m, it does not mean they need to stop if they get £6m more because lead times can be 1-2 years - just so long as they don't DELIVER more than £40 IN ONE YEAR, they should be ok). This will grow as profits come so they can take more. e.g. if they get £5m profit in 2008, it would fund another £40m, & so on... This is a perfect situation to be in, plus the cake is big enough for all 3 niche players. Paradoxically, of the 3, GME is best placed should any set back occur because it is smaller. The others' big orders would go first. GME can choose it's work now because competitors are full and putting up their prices. Their competitors are helping pull up GME's price!! GME is the only one of the 3 still with some spare capacity, so can take bigger orders if it chooses. 3) Looking at the analyst notes, they've pencilled in £21m for 2007, and £36m for 2008, so even with the new staff, it's unlikely GME willl deliver £40m this year. Draw your own more placings. The question was asked today, and answer is for current orders there won't be more placements this year. Of course, they don't want to rule out growth plans further out (2009/2010) but that's ok if they are profitable by then IMO. 4) NIM errors are definitely sorted. The reason's have been given, but basically it's down to having to write-off orders produced which had no contract to take them. They over produced inventory - which is why NIM was originally profitable in December and would have been in Mch, but not later as they had to take the charge. As you know S. Wild is no more so nipped in the bud. Error spotted by new FD, rather than auditors which I was a bit annoyed about. 5) GME is not as dependent on the oil price as you might think. Yes, it raises their rates as new rigs need new equipment, but other "pipe-lines" are possible. 6) GME will not be appearing at the 5th Dec Wall Street presentation even though you'll have seen the interview last week. They were asked to, but declined due to time. The messages from the interview, and reasons for it are valid though. It is a tremendous recovery you'll see reflected in the price soon. Anyway, best GME meeting I've been to - seriously. It could not have been much better. They are definitely up and away, and the excellent new bods mentioned will/can bring previous colleagues on board, and play in the Premier leagure with premier clients who have high standards. Summary: This has been an excellent day. I'm more than happy as an investor, despite still current losses. Will be watching the share price and adding further to a big position when the opportunities (dips) arise. They have some key advantages over their competitors which is partly why so many big guns are joining. With less than 16,000,000 shares left, we should rise as long as the press don't get too close and muck things up with folks in for a day or two. DYOR
chestnuts: Brown son i agree i am not bothered about a dive but 5/6 x price rise would be nice. Umist i agree the above post is saying the world economy is still strong but looks like Bis as not read it , you also have to say why does he have to try and undermind the confidence of the small investor, i would feel better if he dug into the depths of GME itself to find any thing wrong with the company, or look at things overall instead of doom and gloom, he as been on about how oil effects GME share price but its above $71.5 this morning but he doesn't post that GME should rise by 10% as he posted that was why it has dropped when it did, he talks rubbish.
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