Great Offshore Ltd has informed BSE that the Third Annual General Meeting of the Company was held on July 10, 2008. The business as mentioned in the notice convening the said meeting was transacted in detail.
All the resolutions, including declaration of pro-rata dividend @ 5.66% on Optionally Convertible Redeemable Preference Shares and final dividend @ of Rs 8/- per equity share for the financial year 2007-08 were passed unanimously.
Great Offshore Ltd has informed the following:
Great Offshore Ltd (”Target Company”) has issued this Corrigendum to Public Announcement to the Shareholders / Beneficial Owners of the Target Company, which is in continuation of and should be read in conjunction with the Original Public Announcement (”PA”) issued on April 16, 2008.
1. Modification of Clause 6.4:
The Company shall not issue any shares or other specified securities including by way of bonus or conversions including of any existing warrants till the date of closure of the Buy-back.
2. Modification of Clause 13:
Date of Opening of the Buy-back - May 07, 2008
Verification of acceptance of Equity Shares - Within fifteen days of the relevant pay-out dates of the Stock Exchanges
Extinguishment of the Equity Shares - Within 7 days of acceptance as above.
Last Date for the Buyback - March 30, 2009 (i.e. 12 months from the date the resolution of the Board) or when the Company has completed the Buyback to the extent of Rs 55.24 crore under the buy-back or such other date as may be decided by the Company at anytime even if the maximum limit of Buy-back has not been reached, subject to approval by the appropriate authority / SEBI.
The Capitalized terms and abbreviations used in this Corrigendum have the same meaning as ascribed to them in the PA unless otherwise specified.
Great Offshore Ltd has announced the following Audited results for the quarter & year ended March 31, 2008:
The results for the Quarter ended March 31, 2008
The Company has posted a net profit of Rs 423.90 million for the quarter ended March 31, 2008 as compared to Rs 299.80 million for the quarter ended March 31, 2007. Total Income has increased from Rs 1519.40 million for the quarter ended March 31, 2007 to Rs 2049.90 million for the quarter ended March 31, 2008.
The results for the Year ended March 31, 2008
The Company has posted a net profit of Rs 2032.10 million for the year ended March 31, 2008 as compared to Rs 1414.20 million for the year ended March 31, 2007. Total Income has increased from Rs 5446.50 million for the year ended March 31, 2007 to Rs 7503.10 million for the year ended March 31, 2008.
The Consolidated results are as follows:
The consolidated results for the Year ended March 31, 2008
The Group has posted a net profit of Rs 2016.30 million for the year ended March 31, 2008 as compared to Rs 1451.80 million for the year ended March 31, 2007. Total Income has increased from Rs 5900.70 million for the year ended March 31, 2007 to Rs 8193.70 million for the year ended March 31, 2008.
Motilal Oswal Investment Advisors Pvt Ltd (”Manager to the Buyback”) on behalf of Great Offshore Ltd (”Target Company”) has issued this Public Announcement (”PA”) to the Shareholders / Beneficial Owners of the equity shares of the Target Company, in compliance with the Securities & Exchange Board of India (Buy Back of Securities Regulations) 1998, as amended.
The Target Company hereby announces the buy-back of its fully paid-up equity shares of the face value of Rs 10/- each (”equity shares”) from the existing owners of equity Shares (the “Buy-back”) from the Open Market through Stock Exchanges using the electronic trading facilities of the Bombay Stock Exchange Ltd (the “BSE”) and / or the National Stock Exchange of India Ltd (the “NSE”) in accordance with the provisions of Sections 77A, 77AA, 77B of the Companies Act, 1956 (the “Act”) and the Securities & Exchange Board of India (Buy-back of Securities) Regulations, 1998 (the “Buy-back Regulations”) at a price not exceeding Rs 750 per equity share (”Maximum offer Price”) payable in cash, for an aggregate amount not exceeding Rs 55.24 crore (”Offer Size”). The Company had issued a public notice on April 02, 2008 (”Public Notice”) on the Buy-back. The Offer Size represents 10% of the aggregate of the Company’s total paid-up equity share capital and free reserves as on March 31, 2007 as per the latest available audited accounts.
The number of equity shares to be bought back would depend upon the average price paid for the equity shares bought back and the aggregate consideration paid for such equity shares bought back, subject to the maximum limit of Rs 10% of the total paid-up share capital and free reserves of the company, in accordance with the resolution passed by the Board of Directors of the Company on March 31, 2008. The minimum number of equity shares that will be bought back by the Company is 7,36,546 shares representing approximately 1.97% of the Paid up equity capital of the Company, assuming that all the equity shares are bought back at a maximum price of Rs 750 per equity share and the aggregate consideration is Rs 55.24 crore. Should the average purchase price be lower than Rs 750 per equity share, the number of equity shares bought back will be greater assuming the payment of an aggregate consideration amount of Rs 55.24 crore.
The buy-back of shares will be made at a maximum price of Rs 750 which represents a premium of approximately 17.2% to the closing price on the date of the Board Meeting.
Schedule of activities:
Date of Opening of the Buyback - April 28, 2008
Acceptance of Equity Shares - Within 15 days of the relevant payout dates of the Stock Exchange
Extinguishment of the Equity Shares - Within 7 days of acceptance as above.
Last Date for the Buyback - March 30, 2009 (i.e. 12 months from the date the resolution of the Board) or when the Company has completed the Buyback to the extent of Rs 55.24 crore under the buyback or such other date as may be decided by the Company at anytime even if the maximum limit of Buy-back has not been reached (by giving appropriate notice for earlier date if any) whichever is earlier, subject to regulations.
With reference to the earlier announcement dated April 21, 2008 regarding a meeting of Board of Directors of the Company will be held on April 30, 2008 for considering and taking on record the Audited Financial Results of the Company for the quarter and year ended March 31, 2008, Great Offshore Ltd has now informed BSE that the Board may also consider recommending dividend, if any, for the financial year 2007-08.
Great Offshore Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 31, 2008, have approved the buy back of the Company’s equity shares at a price not exceeding Rs 750/- per equity share, and up to an aggregate amount of Rs 55.24 Crores, which doesn’t exceed 10% of the total paid-up capital and free reserves, as per the audited Balance Sheet, as at March 31, 2007.
The Company proposes to buy back shares on the Bombay Stock Exchange Ltd (”BSE”) and / or the National Stock Exchange of India Ltd (”NSE”), where these shares are listed, through open market purchases, from time to time. The number of equity shares to be bought back would depend upon the average price paid for the equity shares bought back and the aggregate consideration paid for such equity shares, subject to the maximum limit of Rs 55.24 Crores, in accordance with the resolution passed by the Board of Directors of the Company. The share buy back will be made from the cash and bank balance of the Company.
The maximum price is at a premium of 17% over the closing price of the Company’s share, as on March 31, 2008. The buy back is proposed to improve the earnings per equity share, improvement of return on net worth, financial ratios and other performance criteria of the Company. The public notice / public announcement shall be made by the Company as per the applicable provisions.
Great Offshore Ltd has informed BSE that the sale of vessel, “Malaviya Nine”, a 1983 built Anchor Handling Tug - Supply Vessel (AHTSV).
With this sale, the current fleet of Offshore Vessels of the Company stands at 40.