5th May 2020 18:23
(Alliance News) - Seafox International Ltd said Tuesday it has purchased 9.4 million shares in Gulf Marine Services for 10 pence each, or GBP938,868 in total, bringing the shareholder's total interest to 16%.
Seafox has also made a "no increase" statement, meaning that any firm offer made for Gulf Marine Services will not rise above 10 pence per share. Such a offer represents a 100% premium to the company's closing price of 5.00p.
On Tuesday, Gulf Marine Services rejected a USD32 million acquisition proposal from Seafox International Ltd, which it labelled as "wholly opportunistic" amid the uncertainty in equity and commodity markets due to the Covid-19 pandemic.
"The Seafox proposal comes at a time of significant macro uncertainty caused by Covid-19. This has resulted in depressed share prices globally, particularly in the energy sector, and it has, the board believes, resulted in the company's shares trading at all-time lows recently. Seafox voluntarily chose to announce the Seafox proposal the day before GMS updated the market on its 2019 results and on the significant recent progress within the business," Gulf Marine said.
Seafox said Wednesday said it hopes that Gulf Marine Services will re-consider their rejection due to this increase in offer.
Shares in Gulf Marine Services closed 60% higher at 8.00 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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