- Gulfmark Offshore (GLF +6.5%) is up sharply after Raging Capital disclosed yesterday an active 19.9% stake in the company, and said it supports the current board and management.
- The hedge fund says GLF's global franchise and relatively young fleet of high-spec offshore supply vessels is extremely valuable, and GLF's senior 6.375% bonds that mature in 2022 - which represent the bulk of the company's capital structure - provide a source of stability and long-term optionality for equity holders.
- However, Raging says GLF shares trade at less than 20% of tangible book value, and is in discussions toward placing a representative of the fund on the company's board.