Gulf Marine Services (GMS)

Sector:

Fossil Fuels Production & Distribution

Index:

FTSE Small Cap

19.35p
   
  • Change Today:
    -0.15p
  • 52 Week High: 21.50
  • 52 Week Low: 4.57
  • Currency: UK Pounds
  • Shares Issued: 1,016.41m
  • Volume: 876,339
  • Market Cap: £196.68m

Gulf Marine banks warn over potential default

By Sean Farrell

Date: Monday 09 Nov 2020

LONDON (ShareCast) - (Sharecast News) - Gulf Marine Services' lenders have warned the company they are not willing to negotiate any of the terms of the company's financial agreements after a group of shareholders voted down a key measure at a general meeting.
At a shareholder meeting on 27 October Seafox International and two other investors voted against and defeated a resolution to issue warrants to the six banks by the end of 2020. That action is required by oil and gas platform provider's borrowing agreement after it shelved plans to raise $75m from shareholders.

The banks said if GMS did not raise equity or issue warrants by 31 December it would default on its borrowing agreement.The company's biggest lender, Abu Dhabi Commercial Bank, also said it would assert its rights if the warrants were not issued, probably forcing GMS into administration.

"The banks reiterate that they are not willing to renegotiate any of the terms of the finance documents and expect the company and the parent to perform all of their respective obligations under the common terms agreement." the banks' agent said in a letter to GMS. "This position continues to hold regardless of the composition of the company's board or the appointment of new directors."

GMS is locked in a battle with Seafox, Mazrui Investments and Horizon Energy. It has accused Seafox of trying to disrupt the company and has accused Seafox, which tried to buy GMS in May, of trying to seize control.

The company's shares have more than halved since early June as the conflict has escalated. On Monday the shares fell 8.3% to 6.32p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

GMS Market Data

Currency UK Pounds
Share Price 19.35p
Change Today -0.15p
% Change -0.77 %
52 Week High 21.50
52 Week Low 4.57
Volume 876,339
Shares Issued 1,016.41m
Market Cap £196.68m

GMS Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
73.34% above the market average73.34% above the market average73.34% above the market average73.34% above the market average73.34% above the market average
77.78% above the sector average77.78% above the sector average77.78% above the sector average77.78% above the sector average77.78% above the sector average
Price Trend
99.31% above the market average99.31% above the market average99.31% above the market average99.31% above the market average99.31% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income Not Available
Growth
83.26% below the market average83.26% below the market average83.26% below the market average83.26% below the market average83.26% below the market average
71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average

What The Brokers Say

Strong Buy 0
Buy 2
Neutral 0
Sell 0
Strong Sell 0
Total 2
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

GMS Dividends

  Latest Previous
  Final Interim
Ex-Div 13-Apr-17 08-Sep-16
Paid 19-May-17 03-Oct-16
Amount 1.20p 0.41p

Trades for 28-Mar-2024

Time Volume / Share Price
13:34 47 @ 19.20p
13:34 406 @ 19.35p
13:00 9,400 @ 19.26p
12:51 2,000 @ 19.20p
11:54 10 @ 19.35p

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