Global Marine Energy Share Discussion Threads

[joan of arc] 09/11/2007 20:08

CF- Please send me your notes on the 'Vision'.

[david77] 09/11/2007 19:06

No - the other shareholder (another David) present wanted to ask about the need for finance and whether they really needed this cash. Brent read out a paragraph from the notice for this meeting - in particular "Should alternative funding not be available, Shareholders should be aware that this may cast doubt over the Company's ability to continue as a going concern".

Brent also said that he (the other shareholder) would be vastly outvoted by proxy votes received - something like 27 million in favour (including chairman's discretion) and 1.5 million against. I voted in favour. Most of the other David's shares are held in a nominee account - he has just 100 as real shares

With that kind of support, it seems to me that the vast majority of shareholders will accept the 16p offer, and I expect that EMER will get the 90% they need to buy the rest.

[pomp circumstance] 09/11/2007 17:24

Did you ask if they would keep the listing and what level of acceptance they would want for the takeover

[david77] 09/11/2007 16:39

There were only two shareholders at today's meeting - me and another David who posts on iii as wanting_to_know.

We asked for a poll and both resolutions were passed with about 95% in favour including those where shareholders had given the chairman discretion to vote on their behalf. The registrars had received about 100 voting cards.

We let the directors know that we were less than impressed - there was no reply.

Dirs present BF chairman, AG finance director, and GN non-exec dir arrived late.

PF chief exec was still on his way from Gatwick.

I have spoken to Omar Bayoumi (I think) at Fairfax. I asked about timescale - offer doc will be out by end of next week but EMER have to get shareholder approval in Hong Kong and that may take longer than they would like. He was reasonably confident that the deal would complete in current tax year. I have substantial gains so would like to use the losses while they are still worth 40% - losses only worth 18% from 6th April.

[david77] 09/11/2007 16:27

15:13 RNS: RECOMMENDED CASH OFFER
FOR
GLOBAL MARINE ENERGY PLC
BY
EMER INTERNATIONAL GROUP LIMITED


EMER International Group Limited ("EMER") notes the announcement made by Global
Marine Energy PLC ("Global Marine") that both resolutions proposed at an
Extraordinary General Meeting of Global Marine this morning were passed by
Global Marine shareholders.


EMER therefore confirms that both the special conditions set out in its
announcement of 19th October, 2007 have now been satisfied. EMER will be posting
the formal offer document to Global Marine's shareholders in due course.


Enquiries:

Fairfax I.S. PLC Simon Stevens / Omar Bayoumi
(Financial adviser to EMER) 020 7598 5368

[pomp circumstance] 09/11/2007 16:07

Once the document is posted they are obliged to pay you 16p a share, You can however chose to keep your shares if they dont ask and get for 90% acceptance!

[steves2] 09/11/2007 15:54

Is that a done deal then?

[sofarbad] 09/11/2007 15:28

sold for 16p /share

[murtceps7] 09/11/2007 14:45

So what happens now ??

[pomp circumstance] 09/11/2007 12:50

pF books first class round the world ticket. 5* hotels, buys new car and a new head of cattle for the ranch!

[celeden] 09/11/2007 12:42

Global Marine Energy Result of Meeting

Result of Meeting


9 November 2007

Global Marine Energy plc

Result of General Meeting

Global Marine Energy plc, the oilfield services business, announces that all resolutions were duly passed at today's General Meeting, which was held at the offices of Marriott Harrison at Staple Court, 11 Staple Inn Buildings, London, WC1V 7QH at 10am.

Enquiries:

Global Marine Energy plc Tel: [phone] Brent Fitzpatrick, Chairman

[celeden] 09/11/2007 12:38

I would be interested in receiving a copy as well please.

[steves2] 09/11/2007 12:12

Hi Brendan, please send me details on Brian's vision...many thanks.

[pomp circumstance] 09/11/2007 11:57

you havent gone then brendan?

[companyfounder] 09/11/2007 11:50

The meetings agenda covers the approval of the loan and gives THIS board the ability to use it.

It doesn't mean they will.

They could use this offer to negotiate a better deal with the bank.

It's likely they will drawdown on the loan but even then I don't see anywhere where drawdown determines the new owners. That is a seperate negotiation. I have had discussions with Brian Chang. His vision impressed me (I will share it with any interested parties).

GME looks healthier than it did with Nobles first proposal and whoever introduced Emer/Sring needs an award.

Brendan

[pomp circumstance] 09/11/2007 10:11

Meeting underway!

meeting is at the offices of Marriott Harrison at Staple Court, 11 Staple Inn Buildings, London, WC1V 7QH at 10am on Friday 9 November 2007.

[cornelious_billy bee] 08/11/2007 18:14

Another one for the bin.

In it goes:

[steves2] 08/11/2007 17:59

Hi david77 - I'd be interested to hear any feed back you have from the meeting.

[sofarbad] 08/11/2007 12:17

postal votes won`t even get there in time, disgraceful!

[pomp circumstance] 08/11/2007 09:10

i wont be going, waste of money boooking flights to go to meetings that keep being cancelled and moved!
gartmore will make it a formality anyway!

[david77] 08/11/2007 09:01

CF - meeting is at the offices of Marriott Harrison at Staple Court, 11 Staple Inn Buildings, London, WC1V 7QH at 10am on Friday 9 November 2007.

I will be going.

[joan of arc] 08/11/2007 08:24

CF If you are going can you give us a summary afterwards.

[companyfounder] 08/11/2007 05:00

David 77. I recall that the loan had penalties for default so that if GME failed to make payments then they would receive equity/call on assets.

So they will take a view.

Clearly they will encourage GME to release equity to Emer (only part owned by Chang). Also the loan allows for Emer/Spring to have a board position.

Pomp. I think theres a fair chance that PF will stay, albeit be more accountable.

Are you guys going to GM? Remind me of venue and time.