27th January 2016
Minerva Trust & Corporate Services Limited, a leading independent provider of trust, corporate and fund administration services, provided Jersey administration, advisory and legal services in the Initial Public Offering (IPO) of Gulf Marine Services PLC (GMS).
The IPO of GMS on the London Stock Exchange was successfully completed in March 2014. GMS is the leading operator of self-propelled Self Elevated Support Vessels (SESV) in the Middle East and in the Southern North Sea in Europe, with clients in the offshore oil and gas industry and wind turbine installation sector. The offer price of 135 pence per share valued the equity of GMS at £471.8 million. The IPO proceeds (primary and secondary), representing approximately 37.85% of total shares, were £178.6 million.
GMS is one of the largest private companies from the UAE to look outside the Middle East for a stock market listing. Choosing London, GMS will have access to a wider group of investors, as well as less stringent ownership rules than in their home market.
Minerva was appointed to incorporate and administer the intermediate holding vehicles within the structure, led by Graeme Paton and Gavin Wilkins.
Minerva has over 35 year’s of experience administering complex bespoke corporate, fund and private client structures. Minerva is a truly independent business that today administers assets in excess of US$15 billion. In addition to being fully licenced and regulated by the Jersey Financial Services Commission (“JFSC”), Minerva maintains the appropriate regulatory licences in each of its operating jurisdictions.
With a particular focus on internationally active clients located in Europe, Sub-Saharan Africa, India and the Middle East, Minerva has carefully developed a high level of experience servicing the needs of very wealthy Indian and Middle Eastern families, relationships that have developed and flourished over considerable periods. As some of those clients now have assets in excess of US$1 billion, Minerva is familiar with how these structures operate from a cultural and business perspective, as well as the importance of establishing a legacy for future generations.
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