Seafox, Horizon and Mazrui Vote for Board Changes

Source: www.gulfoilandgas.com 11/9/2020, Location: Middle East

GMS announces today that Seafox International Limited ("Seafox"), Horizon Energy LLC ("Horizon") and Mazrui Investments LLC ("Mazrui") have submitted their intention to vote by proxy, collectively, 170,575,984 of the Company's shares (the "Shares"), or 48.67 per cent. of the Shares, at the Requisitioned General Meeting (as defined below) in favour of all the Seafox Resolutions (as defined below). Based on the votes by proxy that the Company has received, if Seafox, Horizon and Mazrui do not change their votes prior to the Requisitioned General Meeting, the Company expects that the Seafox Resolutions will each duly pass.

On 13 October 2020, the Company announced that a shareholder circular and notice of a general meeting to be held on 10 November 2020 had been published to consider resolutions (the "Seafox Resolutions") to: (i) remove Mr. Mike Turner, Mr. David Blewden, Mr. Mo Bississo and Dr. Shona Grant as directors of the Company; and (ii) appoint Mr. Rashad Saif Al Jarwan, Mr. Mansour Al Alami and Mr. Saeed Mer Abdulla Khoory (the "Seafox Nominees") as directors of the Company (the "Requisitioned General Meeting").

If the Seafox Resolutions pass, the following will occur with immediate effect:

· Mr. Mike Turner, Independent Non-Executive Director, Senior Independent Director and Chairman of the Remuneration Committee, will leave the Board;

· Mr. David Blewden, Independent Non-Executive Director, and Chairman of the Audit Committee, will leave the Board;

· Mr. Mo Bississo, Non-Executive Director, will leave the Board;

· Dr. Shona Grant, Independent Non-Executive Director, will leave the Board;

· Mr. Tim Summers, the Company's Executive Chairman, Chairman of the Nomination Committee and Chief Executive Officer, as previously announced, will leave the Board. In addition, he will leave his role as Chief Executive Officer of the Company following a period of notice;

· Mr. Stephen Kersley, Chief Financial Officer, will leave the Company following a period of notice;

· Mr. Rashad Saif Al Jarwan will join the Board as a Non-Executive Director;

· Mr. Mansour Al Alami will join the Board as a Non-Executive Director; and

· Mr. Saeed Mer Abdulla Khoory will join the Board as a Non-Executive Director.


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