Business
Publication of Shareholder Circular
Publication of Shareholder Circular.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n \n \n RNS Number : 3083S\n Gulf Marine Services PLC\n 07 July 2020\n \n \n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n 7 July 2020\n \n \n \n \n \n \n \n \n \n \n \n \n Gulf Marine Services PLC\n \n \n ('Gulf Marine Services', 'GMS', the 'Company' or the 'Group')\n \n \n \n \n \n \n \n \n Publication of Shareholder Circular and Notice of General Meeting\n \n \n \n \n \n Following the announcement made by the Company on 17 June 2020 of the receipt of a general meeting requisition from Seafox International Limited (\"Seafox\"), the Company announces that it is publishing a shareholder circular (the \"Circular\") today which includes a notice of a general meeting to be held on 4 August 2020 to consider the two resolutions (the \"Seafox Resolutions\") to appoint Hassan Heikal and Hesham Halbouny (the \"Seafox Nominees\") as directors to the Board (the \"Requisitioned General Meeting\").\n \n \n The Board is unanimously recommending that shareholders VOTE AGAINST both resolutions.\n \n \n \n \n \n The Requisitioned General Meeting will be held by electronic means at 12 noon (UK time) on \n 4 August\n 2020. Further details of the Requisitioned General Meeting are as set out in the Circular.\n \n \n \n \n \n \n Reasons for the Board's Recommendation to VOTE AGAINST the Seafox Resolutions:\n \n \n \n \n \n \n \n \n \n · \n \n Seafox is an active competitor of the Company and not an independent or collaborative third party\n \n \n \n · \n \n Seafox has recently attempted to acquire GMS well below its true value, indicating that the Seafox Nominees cannot be relied upon to promote the interests of all Shareholders\n \n \n \n · \n \n Seafox has publicly indicated its intention to act in its own interests and against those of other GMS Shareholders\n \n \n \n · \n \n The Board of GMS has recently been subject to a wholesale refresh and is now working well\n \n \n \n · \n \n The Board believes that the appointment of the Seafox Nominees at the behest of Seafox would fundamentally undermine the governance of the Company\n \n \n \n \n \n \n Further details on these reasons are set out below.\n \n \n \n \n \n (1) Seafox is an active competitor of the Company and not an independent or collaborative third party.\n \n \n Regarding the Seafox Nominees, Mr. He...