Gulf Marine Services Share Discussion Threads

[trident5] 10/6/2020 13:24

Capex got us here.

[baddeal] 10/6/2020 12:45

£75m min equity raise news has been around for ages, just a question of if/when/ how Presumably seafox having taken 30% want to use their influence so we will see.Under the debt restructuring and taking the ebitda guidance given then effectively all the cash flow for the next 2.5-3 years will go on debt amortisation leaving nothing for capex so imo view something has to change. There needs to be a debt/equity swap or new equity come in.As I see it. Have to raise min 75m or lenders get the warrants. If shareholders don't approve warrants they get wiped out completely. Tricky to call how it will play out

[paraguay] 10/6/2020 07:50

News out today, re-scheduled debt, but also indication of fund raising thru new share issue. Not sure what impact this will have on share price inclined to think these will drift down again

[mcrudden] 06/6/2020 16:26

They can offer a bid within 6 months it was in the rns 28th of may. See below For the purposes of Rule 2.8 of the Code, Seafox, and any person(s) acting in concert with it, reserve the right to make or participate in an offer or possible offer for GMS (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within 6 months of the date of this announcement:

[trident5] 06/6/2020 14:46

I don't think you're understanding it - they're building up their voting power when it comes to a placing/RI

[sibeks] 06/6/2020 13:45

Maybe there's a loophole 6 months is a long time for Seafox to have that much invested
So I think the price will slowly edge to 22p a share

[trident5] 06/6/2020 08:04

They can't launch a bid now for 6 months

[baddeal] 05/6/2020 22:45

Nearly as far as they can go then without launching a full bid can't see them sitting on 29% until an eventual refi so I think there will have to be a move of some sort

[mcrudden] 05/6/2020 17:05

29% now interesting

[mcrudden] 04/6/2020 15:56

Hopefully fingers crossed

[baddeal] 04/6/2020 15:34

McR maybe you're right. I had thought they can't but happy to see what happens.

[sibeks] 04/6/2020 14:21

who bought 9.6 million shares at 22p today at 12:07:12 today?

[mcrudden] 04/6/2020 13:44

This bit you mean, I read that as they reserve the right to make an offer within 6 months and. It they cannot make an offer for 6 months. Further to Seafox's announcement on 30 April 2020 regarding a possible offer for GMS, after careful consideration, Seafox confirms that it does not intend to make an offer for GMS pursuant to Rule 2.7 of the Code.For the purposes of Rule 2.8 of the Code, Seafox, and any person(s) acting in concert with it, reserve the right to make or participate in an offer or possible offer for GMS (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within 6 months of the date of this announcement:

[baddeal] 04/6/2020 13:28

See rns from seafox on May 28

[mcrudden] 04/6/2020 12:12

, I thought that an offer hasn't been formally made so that one can be made still.

[baddeal] 04/6/2020 10:56

That's a five month wait a least!

[c2b] 04/6/2020 09:44

Hold on - don't sell / make Seafox pay more !!!

[baddeal] 04/6/2020 08:58

Further offer barred for 6 months unless another party comes in.Imho seafox used the offer to pick up a big equity holding knowing they probably wouldn't get control. Fact that they picked up huge slug this week above their original offer price shows how opportunistic they were trying to be and why existing shareholders can't trust them.Where it goes from here is difficult. Business is massively over leveraged and needs to regear balance sheet through a debt/equity swap or huge equity injection. That will reduce interest costs and improve fcf.Would normally expect existing equity holders go get wiped out here but clearly seafox think they can hold some sway over this and come out favourable otherwise why pick up 26 %?

[trident5] 04/6/2020 07:39

There are restrictions on them making an improved offer - see their RNS of 28 May.

They are being v opportunistic - there's a RI coming down the tracks which I think they said they wouldn't support.

Seems to me that management wasted a lot of resource with two large vessels doing nothing in the N Sea. They're back in the Gulf now and one hopes that things steadily improve and that existing holders can benefit in due course.

[paraguay] 04/6/2020 07:16

Seafox seem to be sweeping up weak sellers. Increased stake from 20% to 26%. Views on an improved offer--thoughts?

[baddeal] 03/6/2020 17:55

No holding rns today, I assume we'll get one tomorrow re big trades done yesterday?

[trident5] 03/6/2020 14:26

More buyers than sellers.

[sibeks] 03/6/2020 13:41

Why is it going up still ? 7% at lunchtime

[babbler] 03/6/2020 07:59

Trade cancelled.