That holding announcement is just recording the shares received in specie from Seafox. Suggests that they are retaining what they are receiving, which is something I guess |
A little bump up there (late reporting though) from that rns with Imperial Financial Holdings Limited c/o Mr. Fady Bakhos, Al-MIRQab increasing.
More of that kind of buying and 16p will be under threat for the breakout. Some decent exchanges today, but not enough.
This wants to breakout and go higher. We all know it is being held back.
Show us some bangers to smash the sellers to allow that breakout.
Bangers and Smash!
All imo
DYOR |
On 17th December they announced:
"The company now anticipates its 2024 adjusted EBITDA guidance to be at the upper end of previous guidance of USD 98-100 million for 2024."
On 28th October they reported Q3 (end Sept 2024):
"The Group's continuous focus on deleveraging has resulted in net bank debt reduced by US$ 46.1 million to US$ 221.2 million"
Which suggests leverage will drop below 2x EBITDA during January 2025. |
Roland Head (Stockopedia):"I estimate the new package could result in a c.0.6% reduction in the interest rate being paid by GMS today, with a further reduction when leverage drops below 2x EBITDA. That could save c.$1.3m per year in debt costs, based on the last reported net debt of $234m. That's a useful saving for a company expected to report a net profit of c.$48m in 2025" |
Gulf Marine Services (GMS), a leading provider of self-propelled, self-elevating support vessels for the offshore energy sector, is pleased to announce that it successfully completed the refinance of its debt, on December 30th 2024, as detailed in the Company's previous announcement on August 1st, 2024. |
Agree hpcg
Patient here too |
I do not want there to be buy backs (or dividends) until all the warrants have converted or expired. The warrant prospectus, available on the website, explains that warrant holders are kept whole by either of those distribution methods. I do accept that a share bought back at 16p made whole, is better than a share bought back at 18p, but as buybacks would raise the share price that outcome in pence per share diverges. This is but a 6 month wait, and I am patient :). |
I don't find it tedious. I find it wonderful. I wouldn't be able to buy at this level otherwise |
It depresses the price, but not the value.
The company should start to hoover them up and slow down debt repayment imv. The debt is cheap, the forward rev profile and therefore earnings are solid. |
The relentless in specie transfers by Seafox to their shareholders and presumably subsequent sell down my them is tedious. |
Some debt deal this is that takes more than 5 months to 'finalize' after agreeing on the initial terms.... |
Bearing in mind the current stock price and the ebitda earnings, the company is on a strong traectory.
The shares are lowly valued at ~x 4 ebitda: ev. why?
The overhang of shares and warrants detailed in various annoucements.
The company has a stated intention of reducing gearing to x1.5 nett leverage ratio before considering what to do with the funds.
Consider this. New boats will not earn 25% pa and the future of the lift boat segment is unclear, so new/2ndhand vessels should be off the table.
At this rating and with ~3 years of revenue assured it seems only sensible to reduce the share count. The management are scared by the last cycle and want to contiue to delever as a priority.
For shareholders, slowing down repayments on the the ~8.5% loan and using those funds to buyback and cancel stock would add very significant value to the equity.
If you can see the logic, write to Mansour and express you view. Though conservative, both he and Alex are persuadable. |
This is from email with Mansour before Xmas.
Yes we do expect the Refi will be concluded by year end or soon after. We are closing few items to complete the docs. |
Hopefully not too long to wait then !! |
They indicated a few months back that the new banking facilities were commercially agreed and would be finalised before year end.
Not long left now, and in my view its a bit careless to leave it hanging like this. |
Blue zone formation developing |
Nice close |
Be nice to get a divi and see 30p next year ! Leasing new rigs seems a better option than taking on huge debt again ! |
bbg2 - When they released 1H results,management did state they would update 2025 guidance towards the end of the year.So this disclosure is simply that
On equity issuance,buying new vessels at the expense of dividends is debatable.Should they opt to buy vessels,there is enough internal equity/cash generation and debt capacity to invest $75-100m |
https://www.research-tree.com/media/audio-note-gulf-marine-services-guidance-upgrade-23-12-2024/id/23294 |
Thanks for that carcosa |
 For any relatively newly interested investors, the phrase "in specie" indicates that the dividend will be paid in the form of assets (in this case, GMS shares) rather than cash. An in specie dividend allows Seafox ( a competitor to GMS) to pass on its GMS shares directly to its shareholders without selling them for cash first.
This action reduces Seafox's direct ownership in GMS by the distributed amount.
Seafox's shareholders will become direct shareholders in GMS to the extent of the distribution. Many of these new shareholders will prefer to sell their holdings. Hence the depressed share price.
Background: Following a period of shareholder acronymous activism, commencing in 2019, Seafox became the Company's largest shareholder. These changes led to the financial restructuring of the Company.
In September 2024 Seafox started to exit their holdings, not by selling shares but effectively giving the shares to Seafox shareholders (the in-specie dividend).
At it's height Seafox had 29.3% shareholding in GMS. Now that is closer to 5% to be confirmed with a TR1 this week, perhaps. At this rate it will not be too long before Seafox has divested all of its shares however it may take a few months before the individual shareholders have finished selling the bulk of their holdings.
As Premium Beeks says in the prior post, for those taking a medium to long term view the coming weeks may be a good time for retail investors to acumulate shares in GMS |
Unfortunately it's a patience game. If you hold, ride it out and await the expected hockey stick share price once selling abates. If you don't hold, I agree it's probably worth waiting it out.It's not a bad spot to be picking up shares though, for anyone wanting to take a longer term position. I doubt anyone will regret buying under 20p come this time next year. |
Definitely some buying interest at 15p. |
Yeh have to agree! Not for orphans and old biddies |
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