Find Your Broker
Share Name Share Symbol Market Type Share ISIN Share Description
Gulf Marine Services LSE:GMS London Ordinary Share GB00BJVWTM27 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.30p +7.60% 18.40p 17.50p 18.55p 18.70p 17.50p 17.90p 3,193,450 16:46:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Aerospace & Defence 112.9 -18.3 -5.3 - 64.31

Numis Securities Limited Proposed Purchase of Shares

14/01/2019 9:40am

UK Regulatory (RNS & others)


Gulf Marine (LSE:GMS)
Historical Stock Chart

1 Month : From Dec 2018 to Jan 2019

Click Here for more Gulf Marine Charts.

TIDMGMS

RNS Number : 0061N

Numis Securities Limited

14 January 2019

Proposed Purchase of Shares

14 January 2019

Seafox International Limited ("Seafox"), a leading global offshore jack-up company providing services to support the oil & gas and renewable industries, today announces that it intends to acquire at least 47,054,097 shares representing 13.45% of the total share capital of Gulf Marine Services Plc ("GMS") at a price of 18 pence per share. Seafox hoped to acquire up to 25% of the total share capital of GMS and intended to reach the current intended shareholding level by purchasing shares from a number of existing shareholders. Seafox confirms it will not proceed with this purchase if it is unable to reach the intended shareholding level.

Following completion of this purchase, Seafox confirms it will not purchase any shares (other than from GMS itself) above 18 pence per share for a period of 60 days.

GMS is a leading provider of advanced self-propelled self-elevating support vessels (SESVs) that serves clients in the oil & gas and renewable energy industries across the globe, including those in the Middle East, South East Asia, West Africa and Europe.

In its Trading Update released on 19 December 2018, GMS noted the delay in signing of recently awarded contracts, uncertain trading conditions and anticipated breach of certain banking covenants at the end of 2018. GMS said it has commenced discussions with its banking syndicate to address the expected covenant breach with the aim of establishing an appropriate long-term capital structure for the business.

Seafox has been seeking new investment opportunities to deepen its capabilities globally. In light of the recent developments at GMS, Seafox has decided to build a strategic shareholding in GMS and will seek that the GMS board includes investor representation.

Seafox has not had any discussions with the GMS Board in relation to its acquisition of the shares in the GMS.

In connection with Rule 2.8 of the Takeover Code (the "Code"), Seafox also announces that it does not intend to make an offer for GMS.

Contacts

Seafox International Ltd

   Erlend Johnston                 +971 4 394 8668 

Numis Securities Ltd (broker to Seafox)

   Ben Stoop                           +44 (0)20 7260 1000 

Tom Ballard

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCFMGMMLDZGLZG

(END) Dow Jones Newswires

January 14, 2019 04:40 ET (09:40 GMT)

1 Year Gulf Marine Chart

1 Year Gulf Marine Chart

1 Month Gulf Marine Chart

1 Month Gulf Marine Chart
Your Recent History
LSE
GMS
Gulf Marin..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20190124 03:21:58