Gulf Marine Services Share Discussion Threads

[eezymunny] 09/6/2021 10:02

Yes.

A further $50m to be raised for the revised debt stucture to happen. What's not clear?

[swanvesta] 09/6/2021 09:56

Has anyone here been following the news? They only need to raise $25m by June 30th, the rest by end 2022. From the AR:

"...the Company has been granted an extension to the requirement to raise the previously required equity of US$ 75 million. Now a minimum of US$ 25 million of new equity is required to be raised by 30 June 2021 and a further US$ 50 million by the end of 2022."

[eezymunny] 09/6/2021 09:36

Thrilling to see a daft, useless nasty little ramper getting done over here.
Still another $40 or $50 million to raise then?

[trident5] 09/6/2021 09:34

I don't think it's meant to fix the balance sheet - it's about certain shareholders buying at 3p.

[baddeal] 09/6/2021 09:31

As expected a right shambles. Interesting that the attempted raise is still low. Originally gms was expecting to have to raise c usd75m to regear. Proposed placing and offer no where near this level which suggests this won't solve the balance sheet problems at all.

[trident5] 09/6/2021 09:21

My understanding

- the placing only kicks in to pick up any unsubscribed shares in the open offer;
- the open offer raises c£20m gross;
- long term debt as reported at December 2020 was $380m;
- any unsubscribed shares in the open offer would become available to the large shareholders at 3p.

[jimbomorry] 09/6/2021 09:21

Can anyone please tell me when the raise is due to complete? Thank you.

[swanvesta] 09/6/2021 09:14

No, it's 35% * 7p + 65% * 3p = 4.4p

[csmwssk12hu] 09/6/2021 09:09

See where we are tomorrow

[swanvesta] 09/6/2021 08:57

Wake up, they are 2p shares but the raise is at 3p.

[pugugly] 09/6/2021 08:54

Massive dilution - Current market cap £13m Rasising £20m at 2p - Current share price offered of 4p is crazy - imo should be closer to 2.5p or lower. PI's behaving like Gadarene swine at the moment buying at 4p (imo) - Bargepole territory

[csmwssk12hu] 09/6/2021 08:47

Feels like they are setting up for that 8p bid by biggest shareholders that was rejected last year, let’s face it they would get it now

[terminator101] 09/6/2021 08:46

Looks like you were completely wrong there mate. 20p hilarious. Couldn't even raise less than half what they wanted at a massive 50% discount. So an even bigger raise to come at an even bigger discount.

[csmwssk12hu] 09/6/2021 08:18

The current share price is not reflecting that news, the spread is 3p to 6p because the mms don’t know how to take it, the fact is if all existing shareholders take up the offer which looks very likely they will they have just got out of jail, then once that’s over the do can now move higher the fact is they have launched the capital raise, shareholders are no worse off as the company will use it to pay debt, business right now is going well and oil is back over $70.

[pictureframe] 09/6/2021 07:53

Will be interesting to see Director take up

[marmar80] 09/6/2021 07:50

I'm not a shareholder but been watching gms for a while. If they had balls they would do 50% RI at 10p for existing shareholders and 50% open offer at the same price. The existing shareholders would benefit, company would issue less shares and in light of the guaranteed survival the new shares would be taken by all easily. They showed no balls at all and penalised long term holders.

[cottoner] 09/6/2021 07:36

New shares @ 3p.

[technowiz] 09/6/2021 07:24

RNS placing. csmwssk12hu you were very close with your 20p prediction. just a zero out. but oh what a difference it'll make. zillions of shares at 2p oh boy thats such a low price to have a placing at. its 2020 share price low.

[gen_romer] 31/5/2021 07:37

The threshold was crossed on 30 April by mazrouie, so probably not blackout then

[xxx] 26/5/2021 20:51

Surprised it is not a blackout period as they are/should be arranging both the audit and a significant equity raising ....

[csmwssk12hu] 25/5/2021 08:06

I knew someone was buying big, they were paying over the odds as well, that’s over three weeks after the event I wonder what they have bought since, still believe a bid will happen and this adds to that belief all imho dyor

[trident5] 25/5/2021 07:52

Mazrui adding.