Gulf Marine Services Share Discussion Threads

[jane deer] 02/7/2021 17:48

Whatever HL's problem was it was fixed by this afternoon as I was able to buy (and as far as I could tell sell as well) in my account today.

[jane deer] 01/7/2021 17:47

On my HL account, it does not let me put in a buy order for GMS saying that no Key Investor Information Document/ Key Information Document has been made available to HL.

[trident5] 01/7/2021 12:45

csm - any examples of banks taking on these types of assets? They must have had lots of opportunities these last few years, including here at Gulf.

[wigwammer] 01/7/2021 12:32

Mazrui investment is a positive signal. They aren't here to get mugged. Oil on a nice path again :)

[csmwssk12hu] 01/7/2021 12:17

It’s blatant what’s happening they have give them time to raise 25m first then 50m second as they are owed 493m, they clearly think the assets are worth around 400m so they are getting the mug punters to cough up before they take control of the assets, if you don’t realise that you have clearly not watched what banks do to every company that’s ever been in trouble, the difference here is they would have took a big hit as they couldn’t sell assets to cover debt, next fundraiser at 1p my money is on it

[trident5] 30/6/2021 15:43

It's just about the price of oil now. This was a business with banging margins when oil was last this price.
The debt will be manageable if the recovery in the oil price is sustained, if not, all bets are off.

[swanvesta] 30/6/2021 14:58

They have 18 months to negotiate better terms, which they have already done once (despite banks saying they wouldn't consider it.) You're jumping the gun.

[csmwssk12hu] 30/6/2021 14:52

No as part of the current refinancing they have to raise it and considering how much debt they have and the poor take up of this offer it’s going to be a shockingly low price to try and rise, once they have finished shafting the private investors then will probably take pre pack option

[swanvesta] 30/6/2021 14:52

Surely, what the banks want to see is more equity in the company, to buttress the debt? Whether that comes from fundraises or profits should be of little concern. In fact, they would no doubt prefer the latter i.e. a healthy business.

[mcfly79] 30/6/2021 13:54

They need to raise 50m by the end of 2022 under the current debt arrangements.As I said, they are hopeful of refinancing, and removing the requirements to raise.

[horndean eagle] 30/6/2021 09:39

They will need to raise $50m next year or they will refinance. Ebitda is increasing markedly and the order book should look very good next year. They should be able to refi without the need for further dilution or if they do need to raise then it will be a modest amount and at much higher share price levels. Its massively mispriced. It may take a set of results for people to realise the extent of it

[mcfly79] 30/6/2021 09:36

They are hopeful of refinancing the debt before 31 Dec 2022, removing the need to issue any more shares.The additional visibility on earnings from today's contracts will help with that.

[trident5] 30/6/2021 08:40

csm - make up your mind. You were just suggesting that today's release was worded so that management could sell their shares.

The price of oil is getting back to where it was before Gulf started losing business. At some point we will see a return of normal and pent up demand and rates can only remain down if some operators were able to pick up assets cheaply in the downturn.

The risk here isn't management selling, but buying us out on the cheap.

[csmwssk12hu] 30/6/2021 08:28

There is a lack of inter Because they have to raise another 50m from shareholders and based on the last fundraiser the next time it will be 1p so that’s we’re the current share price is heading

[trident5] 30/6/2021 08:19

Yes - I just bought some - couldn't believe the price was unchanged. But not available to trade own HL (who are still sorting out the CA).

[horndean eagle] 30/6/2021 08:15

Very strong update. All vessels on charter and rates improving. Double whammy. EBITDA should be blown out of the water and they will no doubt have more options next year when it comes to refi. Amazed lack of interest.

[trident5] 30/6/2021 08:08

Today's RNS marks the low point here I should think. It's been a long wait.

[exbroker] 25/6/2021 20:01

Panmure sub underwrote it all from what I know, I was scaled down on the underwriting and I did expect to get at least half of that amount. As a new holder it should be a good entry point, let’s see if we get any holdings in company in the next week.

[tr200g] 25/6/2021 17:47

Thanks exb for the info
So am I right or not that the broker isn't left with any stock?
I would think that's important for us to know

I'm a new holder and I agree that the set up of a steep disc on a price already depressed by aberforth selling and a well flagged placing plus obvious governance concerns plus improving Gulf outlook seems attractive

[baddeal] 25/6/2021 17:47

Agreed but suspect it will be a very long haul.

[exbroker] 25/6/2021 16:40

tr200g

I took part in the underwriting and I got 75% of the amount that I underwrote. The confusion is that as Seafox and Mazrui gave irrevocable undertakings to take up their pro rata entitlement so there part of the deal was not underwritten. Therefore, the remaining shareholders only took up 25% of the offer.
Aberforth heading for the exit in such a hurry has not helped, some of that stock will have been bought on margin and may now be getting cut.
The way the price goes up is that the company delivers on its business and cash generation plan, and as has been said on here it is geared to the upswing in the oil price and the Gulf market. Lets hope so as I have a bucket full of these…

[tr200g] 25/6/2021 16:26

hi exbroker and all- I think you've misunderstood the mechanics of this somewhat complex deal. The institutional conditional placees underwrote the open offer and thus receive the 75% figure quoted in the RNS. That 75% could be after an original scale back to get to their conditional allocation. The broker Panmure is not left with any stock