Business
Notice of Requisition of General Meeting
Notice of Requisition of General Meeting.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n \nRNS Number : 6485O Gulf Marine Services PLC 31 January 2019 \n\nGulf Marine Services PLC\n('Gulf Marine Services', 'GMS', the 'Company' or the 'Group')\n \nNotice of Requisition of General Meeting\n \nGulf 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.\nThe Company announces that on 30 January 2019, it received a letter from Seafox International Limited (\"Seafox\"), a competitor of GMS which holds c.13.7 per cent. of the Company's issued share capital, seeking to requisition a general meeting of the Company's shareholders pursuant to section 303 of the Companies Act 2006 (the \"Act\").\n \nThe letter proposes resolutions that seek the removal of Simon Heale as director and Chairman of the Board of GMS, the appointment of Andrew Knight as director and Chairman of the Board of GMS and the appointments of Abdullah Mazrui and Hisham Halbouny as new non-executive directors (the \"Resolutions\"). \n \nThe Board of Directors commented:\n \n\"The Board is, as previously indicated in its announcement dated 23 January 2019, committed to maintaining a dialogue with all of its shareholders so that their views on the future direction of the Company are fully understood and assimilated into the decision making process of the Board. \n \n\"The discussions between the Company and representatives of Seafox were active and ongoing immediately prior to the release of their announcement yesterday. The Board has sought to have a constructive dialogue with Seafox whilst taking into consideration that Seafox are an active competitor of GMS. As a result of this dynamic, the Board continues to be focused on ensuring the interests of all shareholders are served by any changes to the composition of the Board. It is therefore very disappointing that Seafox has unilaterally decided to announce its decision to requisition a General Meeting to appoint three representatives. The Board believes such appointments would be disproportionate given the size of their interest and competitive position. As a consequence, it is deeply concerned that the interests of the other shareholders will be potentially disadvantaged by this opportunistic action.\"\n \...