Business
Statement of support from shareholders Progress
Statement of support from shareholders Progress.
About this update from Gulf Marine Services Plc
[{"type":"text","content":"\n \n \n RNS Number : 3321M\n Gulf Marine Services PLC\n 07 May 2020\n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n \n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n \n \n \n \n 7 May 2020\n \n \n \n \n \n \n \n Gulf Marine Services PLC\n \n Statement of support from shareholders\n Progress with lending banks\n \n \n \n \n The Board of Gulf Marine Services PLC (\"GMS\" or the \"Company\") today announces important indications of support from shareholders and lenders.\n \n Statement of support from shareholders\n \n GMS has received letters from 13 GMS shareholders who collectively hold 32.09 per cent. of the Company's issued share capital, indicating that they are fully supportive of:\n \n \n · \n GMS and its management; \n \n \n \n \n \n · \n The terms of the proposed amend and extend transaction (the \"A&E Transaction\") which have been publicly disclosed and agreed in principle with GMS's lenders; and\n \n \n \n \n \n · \n The Company's intention to raise equity to strengthen its balance sheet. \n \n \n \n \n \n All such shareholders have indicated that they have no current intention to accept any offer on the terms of the current Seafox proposal, being 10 pence per share (or $0.09 if higher). \n \n \n \n \n \n A summary of the letters of intent and details of the relevant shareholders together with their shareholdings in GMS are set out in the Appendix of this announcement.\n \n \n \n \n \n Progress with lending banks\n \n \n GMS and its syndicate of lending banks are continuing to work constructively on the amend and extend transaction (the \"A&E\"). The agent has today written to GMS, on behalf of the entire syndicate of lending banks, to confirm that\n concluding the documentation for the A&E before 30 June 2020 remains a key priority for the banks. \n \n The agent has also indicated that any change of control of the Company would trigger an obligation to prepay, in full, all amounts outstanding under the Company's finance documents. \n \n \n Conclusion\n \n \n Th...