The GMS Board voted against the appointment of the Seafox Nominees

Seafox, a 29.99% shareholder in GMS, notes the 7^th July 2020 statement by GMS. Seafox requisitioned this general meeting in order to consider two resolutions to appoint Hassan Heikal and Hesham Halbouny (the “Seafox Nominees“) to the GMS board of directors (the “Board“). The Board is recommending to shareholders to vote against the two resolutions.

Seafox is an investment vehicle that invests in offshore service support, mainly focused on accommodation, catering and housekeeping services for hook-up and maintenance activities.

Seafox has recently attempted to acquire GMS well below its true value, indicating that the Seafox Nominees cannot be relied upon to promote the interests of all Shareholders