Gyg PLC (LON:GYG), a market leading superyacht painting, supply and maintenance company, announced the commencement at 8.00 a.m today of dealings of its Ordinary Shares on AIM, a market operated by the London Stock Exchange plc, under the ticker “GYG” and the ISIN number GB00BZ4FM652.
The Admission Document, along with the information required by AIM Rule 26, is available on the Company’s website, www.globalyachtinggroup.com/investor-relations.
IPO highlights:
|
Placing Price |
100p |
|
Gross proceeds of the Placing |
£6.9 million |
|
Percentage of Enlarged Ordinary Share Capital represented by the Placing Shares |
14.9% |
|
Market Capitalisation at the Placing Price |
£46.6 million |
|
Number of Ordinary Shares in issue at Admission |
46,640,000 |
Zeus Capital is acting as the Company’s Nominated Adviser and Broker.
Gyg PLC is a market leading superyacht painting, supply and maintenance company, offering services globally through operations in the Mediterranean, Northern Europe and the United States. The Company’s brands include Pinmar, Rolling Stock, Pinmar Supply, Pinmar USA, Techno Craft and ACA Marine. The company’s operations can be divided into three key sales channels:
· Refit: repainting and finishing of superyachts, normally as part of a refit programme. Revenues also include scaffolding and containment work;
· New Build: fairing and painting of new vessels as part of the build process; and
· Supply: selling and delivery of maintenance materials, consumables, spare parts and equipment primarily to trade customers.
Superyachts require a major survey service every five years to comply with certain class, maritime laws and insurance requirements. Owners typically undertake an annual haul out and general maintenance to remain ahead of the service intervals and to keep the vessels in optimum condition. Owners often use the major servicing period as an opportunity for repainting the vessel, providing GYG with a source of repeat business.
