31st Jan 2019 11:18
LONDON (Alliance News) - Seafox International Ltd on Thursday said a fellow shareholder has backed its resolutions to change the board of Gulf Marine Services PLC.
On Wednesday, Seafox made known its intention to remove Chair Simon Heale, and replace him with former News International and current Times Newspapers Chair Andrew Knight.
Seafox also wants to appoint Abdullah Mazrui, the chair of Emirates Insurance Co, and Hisham Halbouny, an investment banker, to the company's board as non-executive directors.
Seafox has now said Mazrui Investments LLC is to back the resolutions. Mazrui, of which Abdullah Mazrui is chair, has a 5.3% stake in the company.
Earlier Thursday, Gulf Marine criticised Seafox for its plans, and believes the move would be detrimental to other shareholders.
Gulf Marine shares were 5.1% higher Thursday at 19.08 pence each.
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