Medserv plc - Quote
|Closing Price (€)||1.660||Change (€)||+0.002|
|TWAP (€)||1.650||No. of Trades||10|
|Day's High (€)||1.660||Change (%)||+0.121%|
|Day's Low (€)||1.602||Turnover (shares)||58,580|
|E.P.S (€)||0.092||Shares in issue (000)||53,744|
|P/E Ratio||18.04||Market Cap. (€000)||89,216|
|Gross Div. Yield (%)||3.61||Gross Dividend (€)||0.060|
|NAV per Share (€)||0.425||Indicative Div. Date||NIL|
|Price to NAV (times)||3.910||Dividend Cover (times)||2.080|
|2017 High (€)||1.660||2017 Low (€)||1.599|
Medserv plc - Profile
Medserv plc is a holding company owning 99.9% of the issued share capital of Medserv Operations Ltd. Medserv plc (formerly AD Holdings Ltd.) was first established on 26 October 2001 whilst Medserv Operations Ltd. (previously called Medserv Ltd.) was set up on 11 December 1974 as a joint venture between the Government of Malta and the Albert Abela Group.
In May 1997, Albert Abela (Gulf) Inc. acquired the Government’s 65% shareholding. AD Holdings Ltd. acquired 49% of Medserv Ltd. in December 2001 and the remaining 51% in November 2003.
The principal activities of the Medserv Group, through the operating company Medserv Operations Ltd., consist of providing services and support to the offshore Oil and Gas Industry operating mainly in the Mediterranean basin with the main focus on the industry’s activities in North Africa. The Group’s niche market is mainly offshore activity and support to rigs and production platforms operating offshore in the Mediterranean region.
The Medserv Group has traditionally been and remains in a unique position to provide its services to the Oil and Gas Industry in the Mediterranean basin, principally for the following reasons:
- The Group has an exclusive right of use for a term up to 29 May 2045 of a 200-meter deep water quay at the Malta Freeport.
- The quay is supplemented by having an area of 5,000 square meters which enables operations to take place on the area directly by the quay in addition to the normal process of loading and unloading.
- Well-developed laydown facilities extending to 50,000 sq. meters in a modern port located within the confines of the Malta Freeport and a customs free zone enable the Group to offer a fast and efficient turnaround operation to its customers.
- A 24-hour 7-day week service is offered by the Group, a facility not offered by other similar companies in the region.
- The geographical location of Malta at the center of the Mediterranean basin allows shorter sailing times to a number of destinations in the region, and the proximity of an international airport adds to this advantage.
- The experience of the Group gained over 32 years of trading and servicing the Oil and Gas Industry enables it to better understand the demands of this industry.
The two major companies directing business to the Group from Libya have been ENI Oil (formerly known as AGIP Oil) and ENI Gas. The Group’s relationship with ENI Oil goes back to 1976 and with ENI Gas from its inception in 2002. These two companies have been responsible for almost all the exploration and production activity offshore Libya in recent years. Over the coming years, through the joint venture Mellitah Oil and Gas, ENI has an oil and gas exploration programme involving over 100 wells offshore Libya.
In February 2007, Medserv plc and the Misurata Free Zone (MFZ), a Libyan authority involved in the ownership and operation of the Misurata Free Trade Zone, formed the joint venture Medserv Misurata Free Zone Company (MMFZC) (60% owned by Medserv plc). MMFZC operates a logistic and supply base at the Misurata Free Zone Port for the purpose of serving the oil and gas industry both offshore and onshore Libya. In February 2007, MMFZC signed a 30-year lease for a 200-meter quay, a 7,500 sqm warehouse and an open storage area of 20,000 sqm in the Misurata Free Zone. The facilities include a bulk plant, mud plant, water storage, pipe frames, offshore cargo carrying units and lifting equipment. Medserv Misurata FZC offered its services to various oil drilling companies, some of which include ENI, Petrobas, Nippon, BP, Exxonmobil and Mellitah Oil and Gas. The Misurata site did not suffer major damages during the 2011 unrest in Libya. Medserv disposed of its stake in Misurata during the first half of 2015.
On 20 September 2010, Medserv plc entered into a Memorandum of Understanding with TEA shipping srl, a group company of the Italian Consorzio CEM. Through the agreement, Medserv plc set up the joint venture Medserv Italia srl. The company was established to provide logistics and support facilities for the envisaged increased activity in the oil and gas industry offshore Sicily. The company is seeking to operate from a base in Pozallo, Sicily.
On 27 September 2011, Medserv plc entered into a Memorandum of Understanding with Ecofuel (Cyprus) Ltd to form a joint venture Medserv Cyprus Ltd. The company was established to provide logistic and support facilities for the oil and gas industry in the Eastern Mediterranean basin. Medserv Cyprus Ltd (owned 50% by Medserv plc) was awarded a concession to operate from the port of Limassol in Cyprus.
On 23 October 2006, 10,000,000 ordinary Medserv shares of a nominal value of €0.232937 each were admitted to the Malta Stock Exchange following an IPO in which MOH Ltd and Maltampaya Investments Ltd offered 2,500,000 shares at a price of €3.03 per share.
On 24 October 2007, MOH Limited transferred all its 3,750,000 shares, representing a 37.5% stake in the company, to Mr Anthony Diacono. This event resulted in no substantive change in the chain of controlled undertakings, since Mr Anthony Diacono was the sole shareholder of MOH Limited.
In November 2013, shareholders approved the increase in the nominal value of the shares from €0.232937 to €0.25 per share. The increase in the issued share capital was funded from the capitalization of retained earnings. Concurrently with the increase in the nominal value, also in November 2013, shareholders approved a 2.5-for-1 share split and as a consequence, the total issued share capital increased from 10,000,000 to 25,000,004 shares of a nominal value of €0.10. These changes were effective on 3 December 2013.
On 30 October, 2015 the Board of Directors declared a 4 for 5 bonus share issue to shareholders as at close of trading on 28 October, 2015. The 20,000,002 bonus shares were issued on 9 December 2015 following shareholder approval at an Extraordinary General Meeting held on 1 December 2015. The total issued share capital of Medserv plc increased from 25,000,004 shares to 45,000,006 ordinary shares of a nominal value of €0.10 each.
On 21 December 2015, Medserv plc made a rights issue of 10 million new shares to existing shareholders on the basis of 2 new shares for every 9 shares held at a price of €1.50 per share. A total of 3,147,920 shares were subscribed to by existing shareholders. A further 3,334,225 shares were subscribed to through an intermediaries offer comprising the 6,375,000 shares not taken up by the two major shareholders, namely Anthony S. Diacono and Malampaya Investments Limited. Subsequently, investors subscribed for a further 2,262,254 shares during the lapsed rights offer. In total, 8,744,399 fully paid up ordinary shares of €0.10 each were issued thereby increasing the share capital of Medserv plc to 53,744,405 fully paid up ordinary shares of €0.10 each.
News for Medserv plc
New METS Contract & Trinidad Update
Interim Directors’ Statement
Unsuccessful Bid in Cyprus
Update on Logistic Services in Portugal
Renewal of Contracts
Edison’s views on Medserv
Publication of Independent Investment Research
Medserv plc - Downloads
- Medserv plc - Investor Fact Sheet - December 2016 (124.8 KiB, 110 hits)
- Medserv plc - Edison Independent Investment Research dated 26 August 2016 (313.6 KiB, 291 hits)
- Medserv plc - Edison Independent Investment Research dated 10 June 2016 (453.0 KiB, 804 hits)
- Medserv plc - Financial Analysis Summary dated 18 May 2016 (809.9 KiB, 410 hits)
- Medserv plc - 2015 Annual Report (8.0 MiB, 395 hits)
- Medserv plc - Investor Fact Sheet - February 2016 (270.4 KiB, 513 hits)
- Medserv plc - Dual Issue Prospectus dated 21 December 2015 (4.7 MiB, 514 hits)
- Medserv plc - EGM Shareholders' Circular dated 17 November 2015 (104.8 KiB, 765 hits)
- Medserv plc - Financial Analysis Summary dated 15 May 2015 (1,003.4 KiB, 1,008 hits)
- Medserv plc - Presentation to Stockbrokers - March 2015 (2.6 MiB, 720 hits)
|Sector:||Oil and Gas|
|Shares in Issue:||53,744,405|