29th Oct 2021 15:09
GYG PLC - superyacht company based in Mallorca - Harwood Capital LLP announces it is no longer considering making a takeover offer for GYG. "Harwood wishes to take this opportunity to stress that it remains a supportive shareholder of the company and its executive management," the one-time suitor says. GYG says it "welcomes Harwood's confirmation of its continued support". GYG says it will be able to offer "comprehensive update" on 2021 outlook once process in relation to two new build projects and a major refit is completed.
On existing forecast, which includes assumption on contract wins and timing of revenue, GYG believes it "can generate sufficient cash to meet its working capital requirements and repay its borrowings as they fall due". Company adds: "As a result, the board does not believe that it will need to seek additional funding from shareholders in the foreseeable future to maintain operations or to meet its obligations."
Current stock price: 62.20 pence, down 7.2% on Friday
Year-to-date change: down 11%
By Eric Cunha; [email protected]
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