TIDMGMS
RNS Number : 1837T
Gulf Marine Services PLC
18 March 2019
Gulf Marine Services PLC
('Gulf Marine Services', 'GMS', the 'Company' or the
'Group')
18 March 2019
Results of Requisitioned General Meeting held on 18 March
2019
Further to the announcements made on 22 February, 4 March, 8
March and 11 March 2019, 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").
As previously announced by the Company on 8 March and 11 March
2019, respectively, Seafox and a consortium of shareholders
represented by Ithmar Capital Partners Limited ("Ithmar") withdrew
their support for Resolutions 1 and 2 (in the case of Seafox) and
Resolution 5 (in the case of Ithmar) included in the notice of the
Requisitioned General Meeting. As a result, none of these three
resolutions was put to a vote.
The results of the poll taken on Resolutions 3 and 4, as
proposed by Seafox, are set out below:
Resolutions For % Against(1) % Withheld(2) Total lodged(3)
3. THAT Abdullah
Mazrui, having consented
to act, be appointed
as a non-executive
director of the Company
with effect from
the end of the Requisitioned
General Meeting. 115,677,205 43.67 149,232,218 56.33 39,425,215 304,334,638
------------ ------ ------------ ------ ------------ ----------------
4. THAT Hisham Halbouny,
having consented
to act, be appointed
as a non-executive
director of the Company
with effect from
the end of the Requisitioned
General Meeting. 102,024,677 33.52 202,305,426 66.48 4,535 304,334,638
------------ ------ ------------ ------ ------------ ----------------
The Board is pleased to announce that Resolutions 3 and 4 were
rejected by the Company's shareholders. The Board thanks the
Company's shareholders for their consideration of these matters and
for their participation in the Requisitioned General Meeting. The
Board will continue to review the Company's operations and will
provide further detail of the plan to reposition the Company and
optimise its future prospects in due course.
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 14 March 2019 was 349,967,878 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
86.96% of the total issued share capital.
The full text of the resolutions may be found in the notice of
the Requisitioned General Meeting published by the Company in a
circular dated 22 February 2019, copies of which are available on
both the Company's website at www.gmsuae.com and on the National
Storage Mechanism at http://www.morningstar.co.uk/uk/NSM.
- Ends -
This announcement contains inside information and is provided in
accordance with the requirements of Article 17 of the EU Market
Abuse Regulation.
John Brown
Company Secretary (responsible for arranging the release of this
announcement)
Gulf Marine Services PLC
18 March 2019
Enquiries
For further information please contact:
Gulf Marine Services
PLC Brunswick
Duncan Anderson Patrick Handley - UK
John Brown Will Medvei - UK
Tel: +971 (2) 5028888 Tel: +44 (0) 20 7404 5959
Anne Toomey Jade Mamarbachi - UAE
Tel: +44 (0) 1296 622736 Tel: +971 (0) 50 600 3829
Notes to Editors:
Gulf Marine Services PLC, a company listed on the London Stock
Exchange, was founded in Abu Dhabi in 1977 and has become the
world's 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, Saudi Arabia and the United Kingdom. The Group's assets
are capable of serving clients' requirements across the globe,
including those in the Middle East, South East Asia, West Africa
and Europe.
The GMS core fleet of 13 SESVs is amongst the youngest in the
industry, with an average age of eight years. The vessels support
GMS' 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 - Small, Mid-Size and Large
Class - 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. In addition, an innovative
well workover cantilever system commissioned on a Large Class SESV
in 2017 allows GMS to increase the well intervention activities it
can offer from the vessel and to supplant higher cost non-propelled
drilling rigs.
Gulf Marine Services PLC's Legal Entity Identifier is
213800IGS2QE89SAJF77.
www.gmsuae.com
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.
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
FURUWUURKBAOAAR
(END) Dow Jones Newswires
March 18, 2019 10:50 ET (14:50 GMT)
Gulf Marine Services (LSE:GMS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gulf Marine Services (LSE:GMS)
Historical Stock Chart
From Apr 2023 to Apr 2024