Business
Proposed placing of GMS shares by a shareholder
Proposed placing of GMS shares by a shareholder.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n\n27 June 2024\nImmediate Release\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, NEW ZEALAND, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.\nTHIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION, INCLUDING THE UNITED STATES, AUSTRALIA, NEW ZEALAND, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THIS ANNOUNCEMENT.\nTHIS ANNOUNCEMENT (THE \"ANNOUNCEMENT\") CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \nZeus Capital Limited\n(\"Zeus\")\nProposed placing of ordinary shares in Gulf Marine Services plc (\"GMS\" or the \"Company\") by a selling shareholder\n \nZeus announces that is has been given an order by Seafox International Limited (\"Seafox\" or \"Selling Shareholder\"), a 28.5 per cent. shareholder in GMS to sell approximately $10,000,000 of ordinary shares of 2 pence each in GMS (\"Ordinary Shares\") (the \"Placing Shares\") at a minimum price of 17 pence per Ordinary Share (the \"Placing\").\nSeafox is a marine services business of which Hassan Heikal is the Chair and major shareholder. Hassan is Seafox's representative on the Board of GMS where he serves as Deputy Chair.\nZeus is acting as sole bookrunner (the \"Bookrunner\") in connection with the Placing. The Placing Shares will be sold via an accelerated bookbuild placing.\nGMS will not receive or retain any proceeds from the Placing.\nThe Placing Shares represent approximately 4 per cent. of the issued share capital of GMS.\nSeafox has undertaken to Zeus that it will not, for a period of 75 days from 30 June 2024, dispose of any further Ordinary Shares, save in the scenarios where (i) GMS undertakes a share buyback and (ii) an independent third party announces a possible offer for GMS. In addition, Seafox has undertaken that for the period after 75 days and before 30 September 2024 it will only sell in response to institutional demand co...