Gulf Marine Services PLC Results of Requisitioned General Meeting (1065V)

TIDMGMS

RNS Number : 1065V

Gulf Marine Services PLC

04 August 2020

 
 FOR IMMEDIATE RELEASE   4 August 2020 
 

Gulf Marine Services PLC

('Gulf Marine Services', 'GMS', the 'Company' or the 'Group')

Results of Requisitioned General Meeting held on 4 August 2020

Further to the announcements made by the Company on 17 June 2020 and 7 July 2020, Gulf Marine Services (LSE: GMS), the leading provider of advanced self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, provides the following update.

The general meeting of the Company requisitioned by Seafox International Limited ("Seafox") was held earlier today (the "Requisitioned General Meeting"). A poll was taken on the two resolutions proposed by Seafox and the results of the poll are reported below.

 
 Resolutions             For           %       Against       %       Withheld   Total 
                                                (1)                   (2)        votes 
                                                                                 (excluding 
                                                                                 votes withheld) 
                                                                                 (3) 
 THAT Hassan Heikal 
  be appointed as 
  a director of the 
  Company                170,859,842   57.73   125,078,370   42.27   2,079      295,938,212 
                        ------------  ------  ------------  ------  ---------  ----------------- 
 THAT Hesham Halbouny 
  be appointed as 
  a director of the 
  Company                170,861,881   57.74   125,076,331   42.26   2,079      295,938,212 
                        ------------  ------  ------------  ------  ---------  ----------------- 
 

Notes :

1. Any proxy appointments giving the discretion to the Chairman of the Requisitioned General Meeting have been included in the "Against" totals above.

2. A vote "Withheld" is not a vote in law and is not counted in the calculation of the votes "For" or "Against" a resolution.

3. The Company's total ordinary shares in issue (and total voting rights) as at 4 August 2020 is 350,487,787 ordinary shares of 10 pence each. Ordinary shareholders are entitled to one vote per ordinary share held. No shares were held in treasury at that date. The votes cast, together with votes withheld, amount to 84.44% of the total issued share capital.

The Company announces that both resolutions were passed by the Company's shareholders and confirms the appointments of Hassan Heikal and Hesham Halbouny to the Board with effect from today. Further information about the new Directors (including details, if any referred to in LR9.6.13R) will be announced in due course.

In accordance with paragraph 4 of the UK Corporate Governance Code, the Board will publish an update on views received from shareholders, and actions taken, within six months of the Requisitioned GM, and a final summary together with any further steps in the next annual report.

In accordance with LR 9.6.2R, copies of all resolutions passed at the Requisitioned General Meeting concerning items other than ordinary business are being submitted to the National Storage Mechanism and will shortly be available for inspection at https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism.

 
 
   GMS 
   Tim Summers, Executive Chairman 
   Stephen Kersley, Chief Financial 
   Officer                                [phone] 
   Tony Hunter, Company Secretary         1515 
 Brunswick (PR Adviser to GMS)           [phone] 
  Patrick Handley - UK                    5959 
  Will Medvei - UK                        [phone] 
  Jade Mamarbachi - UAE                   3829 
                                       ------------------ 
 

MAR

The information contained within this announcement is considered by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information will be considered to be in the public domain.

The person responsible for arranging for the release of this announcement on behalf of GMS is Tony Hunter, Company Secretary.

DISCLAIMER

The content of the Gulf Marine Services PLC website should not be considered to form a part of or be incorporated into this announcement.

CAUTIONARY STATEMENT

This announcement includes statements that are forward-looking in nature. All statements other than statements of historical fact are capable of interpretation as forward-looking statements. These statements may generally, but not always, be identified by the use of words such as 'will', 'should', 'could', 'estimate', 'goals', 'outlook', 'probably', 'project', 'risks', 'schedule', 'seek', 'target', 'expects', 'is expected to', 'aims', 'may', 'objective', 'is likely to', 'intends', 'believes', 'anticipates', 'plans', 'we see' or similar expressions. By their nature these forward-looking statements involve numerous assumptions, risks and uncertainties, both general and specific, as they relate to events and depend on circumstances that might occur in the future.

Accordingly, the actual results, operations, performance or achievements of the Company and its subsidiaries may be materially different from any future results, operations, performance or achievements expressed or implied by such forward-looking statements, due to known and unknown risks, uncertainties and other factors. Neither Gulf Marine Services PLC nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest the Company or any other entity, and must not be relied upon in any way in connection with any investment decision. All written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above.

ABOUT GMS

GMS, a company listed on the London Stock Exchange, was founded in Abu Dhabi in 1977 and has become a world-leading provider of advanced self-propelled self-elevating support vessels (SESVs). The fleet serves the oil, gas and renewable energy industries from its offices in the United Arab Emirates and Saudi Arabia. The Group's assets are capable of serving clients' requirements across the globe, including those in the Middle East, South East Asia, West Africa, North America, the Gulf of Mexico and Europe.

The GMS fleet of 13 SESVs is amongst the youngest in the industry, with an average age of eight years. The vessels support GMS's clients in a broad range of offshore oil and gas platform refurbishment and maintenance activities, well intervention work and offshore wind turbine maintenance work (which are opex-led activities), as well as offshore oil and gas platform installation and decommissioning and offshore wind turbine installation (which are capex-led activities).

The SESVs are categorised by size - K-Class (Small), S-Class (Mid) and E-Class (Large) - with these capable of operating in water depths of 45m to 80m depending on leg length. The vessels are four-legged and are self-propelled, which means they do not require tugs or similar support vessels for moves between locations in the field; this makes them significantly more cost-effective and time-efficient than conventional offshore support vessels without self-propulsion. They have a large deck space, crane capacity and accommodation facilities (for up to 300 people) that can be adapted to the requirements of the Group's clients.

The Company's Legal Entity Identifier is 213800IGS2QE89SAJF77.

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 [e-mail] or visit www.rns.com.

END

ROMPIMTTMTJMBRM

(END) Dow Jones Newswires

August 04, 2020 09:00 ET (13:00 GMT)