TIDMGMS

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          %         Votes        %           Total            Votes 
                                   Favour (including              Against                    Votes         Withheld(2) 
                                   discretionary)(1)                                      (excluding 
                                                                                        votes withheld) 
     1. To receive the Annual 
      Report and Accounts for 
      the financial year ended 
      31 December 2021.           647,782,875          99.44%   3,616,235     0.56%    651,399,110        0 
                                 -------------------  -------  ------------  -------  -----------------  ------------- 
 2. To receive and approve 
  the Directors' Remuneration 
  Report included in the 
  Annual Report and Accounts 
  for the financial year 
  ended 31 December 2021.         646,490,272          99.28%   4,689,278     0.72%    651,179,550        219,560 
                                 -------------------  -------  ------------  -------  -----------------  ------------- 
 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 Directors, to agree 
  the Auditor's remuneration.     645,814,675          99.15%   5,521,135     0.85%    651,335,810        63,300 
                                 -------------------  -------  ------------  -------  -----------------  ------------- 
      11. To authorise the 
       Directors to allot 
       shares 
       (s551 of the Companies 
       Act 2006).                 321,560,671          49.37%   329,768,854   50.63%   651,329,525        69,585 
                                 -------------------  -------  ------------  -------  -----------------  ------------- 
      12. To authorise the 
       Company to enter into 
       a buy-back agreement 
       for the 
       purchase by the Company 
       of all of the Deferred 
       Shares in issue. 3         341,894,306          52.49%   309,440,554   47.51%   651,334,860        64,250 
                                 -------------------  -------  ------------  -------  -----------------  ------------- 
      13. To disapply 
       pre-emption 
       rights (s.570 and s.573 
       of the Companies 
       Act 2006). (4)             320,639,380          50.74%   311,245,151   49.26%   631,884,531        19,514,579 
                                 -------------------  -------  ------------  -------  -----------------  ------------- 
      14. To disapply 
       pre-emption 
       rights (s.570 and s.573 
       of the Companies 
       Act 2006) up to a 
       further 
       5% for acquisitions or 
       specified 
       capital investments. 
       (4)                        320,589,380          50.74%   311,295,151   49.26%   631,884,531        19,514,579 
                                 -------------------  -------  ------------  -------  -----------------  ------------- 
      15. To authorise the 
       Company to make market 
       purchases of its own 
       shares (s.701 of the 
       Companies Act 2006). 
       (4)                        341,895,893          52.49%   309,438,967   47.51%   651,334,860        64,250 
                                 -------------------  -------  ------------  -------  -----------------  ------------- 
      16. To authorise the 
       Directors to call 
       general 
       meetings of the Company 
       (other than an annual 
       general meeting) on not 
       less than 14 clear 
       days' notice. (4)          646,717,975          99.29%   4,621,135     0.71%    651,339,110        60,000 
                                 -------------------  -------  ------------  -------  -----------------  ------------- 
 

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 and on the National Storage Mechanism at 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 .

 
 Enquiries: GMS 
  Mansour Al Alami, Executive 
  Chairman                                                     +44 (0) 207 603 1515 
 
 Celicourt Communications 
  Mark Antelme 
  Philip Dennis                                                 +44 (0)20 8434 2643 
 
 
 

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

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