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Harwood No Longer Considers Making GYG Takeover Offer

Updated: 29 Oct 2021

Shares of superyacht painting, maintenance, and supply company GYG (LON: GYG) have declined Friday following a statement from Harwood Capital that it is “no longer considering making an offer for GYG.”

The companies said in separate statements that the talks have now ended, with Harwood commenting that it “remains a supportive shareholder of the company and its executive management.”

“GYG is in agreement with Harwood's decision that now is not the appropriate time to progress a potential offer,” stated GYG.

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GYG also commented on its potential full-year results, saying that the Nobiskrug shipyard administration is a “key determinant of the outturn for the current year.”

It added that it is close to reaching a contractual resolution on the major refit project and is in advanced talks on the two new build projects.

“In line with previous guidance, based on the Group´s most recent financial forecasts, which include assumptions around contract wins, the timing of revenues, the margins achievable on projects, and a successful resolution to the Nobiskrug situation, the Board believes that the Group can generate sufficient cash to meet its working capital requirements and repay its borrowings as they fall due,” said GYG.

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