18th Mar 2019 15:33
LONDON (Alliance News) - Gulf Marine Services PLC on Monday said that a majority of its shareholders rejected two resolutions proposed at a meeting requisitioned by Seafox International Ltd held earlier in the day.
Gulf Marine Services provides support vehicles for the offshore oil, gas, and renewable energy sectors.
Gulf Marine shareholders voted down with 56% of votes against a resolution to appoint Abdullah Mazrui as non-executive director and with 66% of votes one to appoint Hisham Halbouny also as non-executive.
"The board is pleased to announce that resolutions three and four were rejected by the company's shareholders. The board thanks the company's shareholders for their consideration of these matters and for their participation in the requisitioned general meeting," the company said.
It added: "The board will continue to review the company's operations and will provide further detail of the plan to reposition the company and optimise its future prospects in due course."
The company said that its shareholder Seafox, which holds a 14% stake, started pushing for a change in leadership at the end of January.
Back then, Seafox asked for a general meeting to vote on the removal of Chair Simon Heale.
In his place, it wanted to install Andrew Knight, the former chair of News International and current chair of Times Newspapers.
However, these resolutions were subsequently withdrawn and the only ones to be voted on were for the appointment of Abdullah Mazrui and Hisham Halbouny to the company's board as non-executive directors.
Gulf Marine shares were trading down 1.8% at 16.25 pence each.
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