21st Feb 2019 14:10
LONDON (Alliance News) - Gulf Marine Services PLC said Thursday it has received letters requesting that the founder of Ithmar Capital Partners Ltd be appointed to its board.
Share in Gulf Marine - which provides support vessels to offshore oil, gas, and renewable energy companies - were down 9.3% on Thursday at 18.05 pence.
A letter was received from Ithmar and was accompanied by other letters from shareholders demonstrating that they hold more than 5% of Gulf Marine's issued capital.
The letters say that these shareholders wish to appoint Faisal Bin Juma Belhoul, founder of Ithmar, as a new director and are "seeking to requisition a general meeting".
These shareholders also request that the resolution to appoint Belhoul be considered at the general meeting which has already been requested by Seafox International Ltd.
"The company has sought to maintain a constructive dialogue with all of its shareholders and has recently announced a number of changes to the board to ensure that it has the appropriate balance of skills, experience, independence and knowledge to promote the success of the company. The board will continue to engage with all shareholders in order to consider further potential non-executive director appointments whilst always having regard to ensuring that the board remains at all times compliant with the UK Corporate Governance Code," Gulf Marine's board commented.
"The UK Corporate Governance Code requires listed companies to have a formal, rigorous and transparent procedure for the appointment of new directors and the search for board candidates should be conducted, and appointments made, on merit against objective criteria. In addition, it provides that boards of directors of listed companies should have the appropriate balance of skills, experience, independence and knowledge to enable them to discharge their duties and responsibilities as directors effectively," the board added.
Seafox, which 14% stake in Gulf Marine, is seeking to appoint 5.5% shareholder Abdullah Mazrui to the Gulf Marine board. At the end of January, Seafox made a move to remove Gulf Marine Chair Simon Heale.
On Monday last week, it was announced that had Heale stepped down after consulting with shareholders. He will depart once a replacement is found. Seafox welcomed Heale's decision, but will still press ahead with a resolution to appoint Mazrui to the board.
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