The sale was made to a small group of institutional investors looking to increase their positions in the company. On settlement, Gulf Capital will hold, in aggregate, 157.0 million shares in GMS, representing approximately 44.9% of the issued share capital of the company. The remaining shares in GMS held by Gulf Capital will be subject to a lock-up until the release of the company's 2016 full year results (subject to certain customary exceptions), which can be waived with the consent of BofA Merrill Lynch and Barclays Bank PLC.
At 9:08am: [LON:GMS] Gulf Marine Services PLC share price was -0.75p at 67.25p
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