Gulf Marine Services (GMS)

Sector:

Fossil Fuels Production & Distribution

Index:

FTSE Fledgling

 6.20p
   
  • Change Today:
      0.000p
  • 52 Week High: 7.90
  • 52 Week Low: 3.10
  • Currency: UK Pounds
  • Shares Issued: 1,016.41m
  • Volume: 2,854,670
  • Market Cap: £63.02m

Gulf Marine suspends CEO Summers over severance deal

By Sean Farrell

Date: Monday 23 Nov 2020

LONDON (ShareCast) - (Sharecast News) - Gulf Marine Services has suspended Chief Executive Tim Summers over a severance agreement he agreed before a boardroom coup.
The company said it was investigating the severance deal made on 10 November including £429,000 paid to Summers on that date.

Summers was ousted as GMS's executive chairman on 10 November when shareholders, led by three large investors, voted to replace the board. He was kept on as chief executive to allow a smooth transition to a replacement.

Mansour Al Alami, chairman of the new board, will run the company as executive chairman while the investigation is carried out, GMS said.

Summers's suspension is the latest episode in a fraught period for the supplier of oil and gas work platforms. GMS has spent much of 2020 in a battle with Seafox International and two other large investors after it rejected Seafox's takeover offer in May.

Seafox, Horizon and Mazrui, which own a combined 49% of GMS shares, joined forces to eject the previous board at a general meeting in November. The previous board accused Seafox of taking control of the company without paying a premium and destabilising the company.

GMS said: "The company announces that it has suspended Tim Summers from his current role as chief executive officer, pending an internal investigation into a severance agreement between him and the company ...including in relation to the payment to him of approximately £429,000."

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GMS Market Data

Currency UK Pounds
Share Price 6.20p
Change Today 0.000p
% Change 0.00 %
52 Week High 7.90
52 Week Low 3.10
Volume 2,854,670
Shares Issued 1,016.41m
Market Cap £63.02m

GMS Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value Not Available
Price Trend
54.87% above the market average54.87% above the market average54.87% above the market average54.87% above the market average54.87% above the market average
60.00% above the sector average60.00% above the sector average60.00% above the sector average60.00% above the sector average60.00% above the sector average
Income Not Available
Growth
13.64% below the market average13.64% below the market average13.64% below the market average13.64% below the market average13.64% below the market average
11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_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 30-Jun-2022

Time Volume / Share Price
14:57 110,000 @ 6.15p
14:56 270 @ 6.02p
14:56 4,350 @ 6.30p
14:56 250,000 @ 6.26p
13:45 5,000 @ 6.30p

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