Gulf Marine Services Share Discussion Threads

[jimbomorry] 21/3/2021 11:25

Noted trident5.

ADVFN quoting the NAV per share on GMS financials page.

Am hoping new management has integrity and that the deleveraging, business plan performance, and 75% vessel booking level already are positives for recovery and short, medium and longer term cashflow. My view is the market may think so too looking at the chart. I appreciate the recent oil price fall has affected oil related companies in the last week or so although looking at the forecasts, May/June could see modest increases back to $70/barrel which could give GMS a tailwind.

[trident5] 21/3/2021 10:45

Don't know where you get your NAV from - in the accounts NAV is expressed in dollars.

Have you accounted for the upcoming $80/90m write down?

Or considered what the assets might be worth in a fire sale - which is all that matters?

Historically such assets have sold for buttons.

Everything here is about short and medium term cash flow prospects and the integrity of the new management.

[jimbomorry] 21/3/2021 10:19

. NAV per share 94p
. Currently 6.5p
. Oil looking more positive
. Chart looking good

Have got me fingers crossed on this one.

[jimbomorry] 19/3/2021 21:00

. New BOD deleveraging to reduce costs, develop growth and increase profitability. This should be positive for sp, which should offset dilution from equity raise (chart has shown positives in this regard although increases being suppressed presently by fall in oil?).
. IMHO the market views the equity raise positively (EMH) because it is being used to achieve debt reduction and reduced interest payments in a strong forward looking company, rather than, say, keep a dying company going for the sake of it so a BOD can milk more money out of it. Also, two of GMS' key shareholders, Seafox International and Mazrui Investments, have agreed to take their pro rata share in the raise, I think because they agree it is being done for the right reasons too(otherwise why would they do it?).
. Seems to me GMS is covid-fit, has deleveraged, has reduced costs, has 75% utilisation of vessels booked in already, is on course with its business plan, and its new BOD is set upon growth.

IMHO a good recovery play for these reasons and seems currently cheap as chips.

Just my thoughts. GLA.

[jimbomorry] 19/3/2021 19:30

Mazrui and Seafox supporting the equity raise pro-rata their holdings is my understanding.

[marmar80] 16/3/2021 20:27

Is Aberforth a seller here?

[trident5] 16/3/2021 18:11

Looks like cam was the only one to buy and hold to close today. Good lad.

[eezymunny] 16/3/2021 13:51

The thing is csmwssk12hu, you say "company worth $28m" but part of the debt restructuring requires them to raise $75m in new equity. Why do you omit that from your comments?

"Additional time has been granted to the Company to raise equity and issue warrants. The previous PIK structure and vesting of warrants to the banks will be automatically cancelled once issued, providing the Company raises equity capital of $25m or more no later than 30 June 2021 (the "Equity Raise"), and raises further equity capital by 31 December 2022, taking the combined fund raising to at least $75m"

[csmwssk12hu] 16/3/2021 10:22

Picking up again

[csmwssk12hu] 16/3/2021 10:12

The next few days will be very interesting here after that trading statement, they have just gone from the edge to two years breathing space and much improved business outlook as well imho dyor

[csmwssk12hu] 16/3/2021 10:11

Look at the buys, the buys are big the sells are small, the spread is big as they will need the stock from where the MMs got caught out this morning, once they have the stock it will head higher imho dyor

[marmar80] 16/3/2021 09:44

It will go up, just wait for it

[csmwssk12hu] 16/3/2021 09:41

Wow this board is quiet, so company worth $28m comes out and says it’s renegotiated it’s debt so it now pays $54m less over next two years and business has also markedly improved (no doubt why the interest rate was lowered)should on interest alone lead to instant triple of price but it’s only up 60%? In a normal world it would be a lot more but even if you say on a five times p/e ration it should have led to a $135m increase in the value of the company which would imply a share price in the region of 35p approximately and we are sitting in the 8-9p range, as I always say I’m now in here for a flutter as to me this is now a no brainier, as ever all imho dyor

[pejaten] 16/3/2021 07:25

Excellent news

[gen_romer] 02/3/2021 10:27

Yeah.....super drag

[baddeal] 01/3/2021 22:55

Slowest debt restructuring negotiations in the world!

[imnotspartacus] 05/2/2021 11:56

Breakout gentlemen!!!

[xxx] 29/1/2021 14:20

Last trading day of the month,surprised at the lack of re financing update.

[gen_romer] 11/1/2021 05:22

The last release looks interesting......better fleet utilization this year

[baddeal] 31/12/2020 14:27

I think the lateness of today's announcement when all shareholders new of the deadline highlights that seafox appears not to be too concerned with updating shareholders and providing a transparent way forward. Poor governance imho.

[xxx] 22/12/2020 23:00

@baddeal's view is certainly coincident with the Seafox position, however they blocked the perfectly servicable deal.
The issue now is that if they drive the company over the edge, they must position themselves to pick up the assets to bolster Seafox, without breaching their fiduciary obligations to all shareholders. Bearing in mind the farcical behaviour of their proxies and their background, they may not have been fully aware of this obligation.

[baddeal] 20/12/2020 21:46

Well let's hope they have a plan otherwise it's curtains for all existing shareholders

[gen_romer] 20/12/2020 05:19

Doesn't make sense that seafox went through the trouble of changing the board, with the support of other major shareholders, only to have the bank seize the assets....