REG - Gulf Marine Services - Result of AGM

Gulf Marine ServicesAnnouncement

30/06/2022 13:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220630:nRSd8633Qa&default-theme=true

RNS Number : 8633Q  Gulf Marine Services PLC  30 June 2022

 FOR IMMEDIATE RELEASE  30 June 2022

 

Gulf Marine Services PLC

('Gulf Marine Services', 'GMS', the 'Company' or the 'Group')

 

Results of Annual General Meeting ("AGM")

 

Results of the AGM

 

The AGM of Gulf Marine Services PLC was held on Thursday, 30 June 2022. In the
context of the continued COVID-19 pandemic, shareholders were strongly
encouraged to submit a form of proxy in advance of this meeting rather than
seeking to vote in person.

 

Accordingly, all the resolutions were put to shareholders on a poll. The
results of the poll are shown in the table below and will shortly be available
on the Company's website, www.gmsplc.com.

 

 Resolution                                                                     Votes in Favour (including discretionary)(1)  %       Votes        %       Total Votes                  Votes Withheld(2)

                    (excluding votes withheld)
                                                                                                                                      Against
 1.     To receive the Annual Report and Accounts for the financial year        647,782,875                                   99.44%  3,616,235    0.56%   651,399,110                  0
 ended 31 December 2021.

 2.     To receive and approve the Directors' Remuneration Report included      646,490,272                                   99.28%  4,689,278    0.72%   651,179,550                  219,560
 in the Annual Report and Accounts for the financial year ended 31 December
 2021.
 3.     To re-appoint Mansour Al Alami as a Director.                           644,142,659                                   99.29%  4,623,416    0.71%   648,766,075                  2,633,035
 4.     To re-appoint Hassan Heikal as a Director.                              646,701,286                                   99.29%  4,635,789    0.71%   651,337,075                  62,035
 5.     To re-appoint Rashed Al Jarwan as a Director.                           646,713,659                                   99.29%  4,623,416    0.71%   651,337,075                  62,035
 6.     To re-appoint Charbel El Khoury as a Director                           646,710,240                                   99.29%  4,622,585    0.71%   651,332,825                  66,285
 7.     To re-appoint Jyrki Koskelo as a Director.                              646,709,409                                   99.29%  4,623,416    0.71%   651,332,825                  66,285
 8.     To re-appoint Lord Anthony St John of Bletso as a Director.             646,713,765                                   99.29%  4,623,310    0.71%   651,337,075                  62,035
 9.     To appoint KPMG as Auditor.                                             645,780,459                                   99.15%  5,516,235    0.85%   651,296,694                  102,416
 10.  To authorise the Audit and Risk Committee, for and on behalf of the       645,814,675                                   99.15%  5,521,135    0.85%   651,335,810                  63,300
 Directors, to agree the Auditor's remuneration.
 11.  To authorise the Directors to allot shares (s551 of the Companies         321,560,671                                   49.37%  329,768,854  50.63%  651,329,525                  69,585

 Act 2006).
 12.  To authorise the Company to enter into a buy-back agreement for the       341,894,306                                   52.49%  309,440,554  47.51%  651,334,860                  64,250

 purchase by the Company of all of the Deferred Shares in issue.3
 13.  To disapply pre-emption rights (s.570 and s.573 of the Companies          320,639,380                                   50.74%  311,245,151  49.26%  631,884,531                  19,514,579

 Act 2006). (4)
 14.  To disapply pre-emption rights (s.570 and s.573 of the Companies          320,589,380                                   50.74%  311,295,151  49.26%  631,884,531                  19,514,579

 Act 2006) up to a further 5% for acquisitions or specified

 capital investments. (4)
 15.  To authorise the Company to make market purchases of its own              341,895,893                                   52.49%  309,438,967  47.51%  651,334,860                  64,250

 shares (s.701 of the Companies Act 2006). (4)
 16.  To authorise the Directors to call general meetings of the Company        646,717,975                                   99.29%  4,621,135    0.71%   651,339,110                  60,000

 (other than an annual general meeting) on not less than 14 clear

 days' notice. (4)

Notes:

1)             Any proxy appointments giving discretion to the
Chairman of the Meeting have been included in the "For" totals above.

2)             A vote "Withheld" is not a vote in law and is not
counted in the calculation of the votes "For" or "Against" a resolution.

3)             The resolution to approve the buy-back of the
Company's deferred shares was duly passed, and accordingly, the Deferred
Shares will now be transferred to the Company and cancelled as set out in the
Notice of AGM.

4)             Indicates special resolutions requiring a 75%
majority of votes cast in favour to be passed.

 

The Company's total ordinary shares in issue (total voting rights) as at 30
June 2021 was 1,016,414,582 ordinary shares of 2 pence each. Ordinary
shareholders are entitled to one vote per ordinary share held. No shares were
held in treasury.

 

The Company announces that resolutions 1 to 10 (inclusive), resolution 12 and
resolution 16 were passed by the requisite majorities of the Company's
shareholders. Resolution 11, which was an ordinary resolution requiring the
approval of shareholders representing at least 50% of the shares voted at the
meeting and resolutions 13 to 15 (inclusive), which were special resolutions
requiring the approval of shareholders representing at least 75% of the shares
voted at the meeting, were not passed by such majority.  The Board continues
to consult with substantial shareholders on their views and, in accordance
with paragraph 4 of the UK Corporate Governance Code, will publish an update
on views received from shareholders, and actions taken, within six months of
the AGM, and a final summary together with any further steps in the next
annual report.

 

The full text of the resolutions may be found in the notice of the AGM, copies
of which are available on both the Company's website at www.gmsplc.com
(http://www.gmsplc.com) and on the National Storage Mechanism at
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
(https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
.

 

In accordance with LR 9.6.2R, copies of all resolutions passed at the AGM
concerning items other than ordinary business have been submitted to the
National Storage Mechanism and will shortly be available for inspection at
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
(https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
.

 

 

 Enquiries: GMS                               +44 (0) 207 603 1515

 Mansour Al Alami, Executive Chairman

 Celicourt Communications                     +44 (0)20 8434 2643

 Mark Antelme

 Philip Dennis

Notes to Editors:

Gulf Marine Services PLC, a company listed on the London Stock Exchange, was
founded in Abu Dhabi in 1977 and has become a world leading provider of
advanced self-propelled self-elevating support vessels (SESVs).  The fleet
serves the oil, gas and renewable energy industries from its offices in the
United Arab Emirates, Saudi Arabia and Qatar.  The Group's assets are capable
of serving clients' requirements across the globe, including those in the
Middle East, South East Asia, West Africa, North America, the Gulf of Mexico
and Europe.

The GMS fleet of 13 SESVs is amongst the youngest in the industry, with an
average age of eight years. The vessels support GMS's clients in a broad range
of offshore oil and gas platform refurbishment and maintenance activities,
well intervention work and offshore wind turbine maintenance work (which are
opex-led activities), as well as offshore oil and gas platform installation
and decommissioning and offshore wind turbine installation (which are
capex-led activities).

The SESVs are categorised by size - K-Class (Small), S-Class (Mid) and E-Class
(Large) - with these capable of operating in water depths of 45m to 80m
depending on leg length.  The vessels are four-legged and are self-propelled,
which means they do not require tugs or similar support vessels for moves
between locations in the field; this makes them significantly more
cost-effective and time-efficient than conventional offshore support vessels
without self-propulsion. They have a large deck space, crane capacity and
accommodation facilities (for up to 300 people) that can be adapted to the
requirements of the Group's clients.

 

Gulf Marine Services PLC's Legal Entity Identifier is 213800IGS2QE89SAJF77

www.gmsplc.com

 

Disclaimer

The content of the Gulf Marine Services PLC website should not be considered
to form a part of or be incorporated into this announcement

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  RAGSDAFESEESESM