25th Jun 2021 12:13
(Alliance News) - Gulf Marine Services PLC on Friday said it raised GBP20.0 million through the issue of 665.9 million new ordinary shares at 3 pence each, via an open offer and placing.
When the placing and open offer were announced on June 9, the offer price represented a 37% discount to Gulf Marine's closing price of 4.10p on June 8.
On Friday, Gulf Marine shares were trading down 3.5% at 3.09p each in London.
The international lifeboat operator said that Seafox International Ltd, Mazrui Investments LLC and a third institutional investor - who together hold 44.3% of existing ordinary shares - agreed to take up their entitlement of 295.2 million open offer shares.
Gulf Marine said before closing on Thursday, it received valid acceptances from shareholders for basic entitlements on 368.9 million shares. The offer's excess application facility received shareholder applications in respect of a further 19.7 million open offer shares.
In total, the company said it received valid acceptances from qualifying shareholders for 93.3 million open offer shares, accounting for around 25% of the remaining shares, excluding those taken up by the three institutional investors.
The company will provide shareholders with around 75% of their respective initial application.
Gulf Marine applied to the Financial Conduct Authority to admit the new ordinary shares to the premium listing segment of the official list and to the London Stock Exchange's main market by next Tuesday, at the latest.
The placing and open offer remain conditional on acceptance at the company's general meeting and successful market admission.
By Scarlett Butler; [email protected]
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