Latest news with #OMSE
Barnama
8 hours ago
- Business
- Barnama
OMS Energy Technologies Inc. Issues Post-IPO Operational Update Featuring Customer Growth, Expansion Initiatives and R&D and Safety Achievements
SINGAPORE, June 20 (Bernama) -- OMS Energy Technologies Inc. ('OMS' or the 'Company') (Nasdaq: OMSE), a growth-oriented manufacturer of surface wellhead systems ('SWS') and oil country tubular goods ('OCTG') for the oil and gas industry, today provided a business update outlining its recent accomplishments as the Company prepares for its inaugural earnings call following its successful Nasdaq listing in May 2025. Operational Highlights
Yahoo
13 hours ago
- Business
- Yahoo
First-time buyers removed from government housing scheme
Most first-time buyers have been dropped from a Scottish government scheme that helps people buy a home without having to fund its full cost, BBC Scotland News has found. The Open Market Shared Equity (OMSE) scheme allows buyers to pay for 60% to 90% of a property's price, with the government buying the remaining share. Thousands of buyers have entered the property market this way since 2007 but there was a sharp drop last year, leading to some observers calling the scheme's price thresholds unrealistic. A government spokesperson said the scheme would now only focus on priority groups, such as social renters and people with disabilities, but experts called the move "short-sighted". In the past, the initiative had been mostly used by first-time buyers on lower incomes who lived in private rentals or with family. But the government's latest update has rendered first-time buyers ineligible, unless they fit into one of the priority groups. The mortgage advisers and buyers who have used the scheme in the past told the BBC first-time buyers were vital to the housing market and should also be a priority group. In recent years, campaigners have highlighted the growing number of Scots struggling with housing issues such as affordability, suitability and security of tenancy. In May last year, the Scottish government declared a national housing emergency, which set out aims to increase housing supply and tackle homelessness. Relatively high mortgage rates and the rapidly increasing cost of renting have made it difficult for first-time buyers to enter the property market. According to the charity Shelter Scotland, more than four in 10 adults are currently dealing with housing-related issues. Lucy Moore from Edinburgh contacted Your Voice, Your BBC News last year because she had struggled to save enough funds to buy her first home as a private tenant of eight years. Although the 32-year-old copywriter had about £5,000 in savings, she had to borrow money from her family to cover a mortgage deposit and the extra funds to pay over the property's asking price. She said: "I can happily pay the mortgage payments, but what I can't do is pull £30,000 out of nowhere - There's no way I'd be able to do this alone." Before she bought her flat, Lucy had considered using the OMSE scheme to split the property's cost with the Scottish government. At the time, the scheme was aimed at first-time buyers and priority groups who could prove they couldn't afford to buy a home without help. It was one of four initiatives the Scottish government has run in the past 20 years to make home ownership more accessible. A Scottish government spokesperson said the schemes had supported almost 52,000 households since 2007, with more than 80% of them being first-time buyers. The OMSE scheme doesn't allow the applicants to offer over a property's asking price if their bid exceeds the set thresholds. This is why Lucy gave up on using it. She claims buyers in Edinburgh often have to compete with investors who can afford to make bids on properties which are far in excess of the asking price. "What angers me, and I think it really shows how little support and protection first-time buyers get, is that a lot of the ads on property websites say 'perfect for a first-time buyer or as an investment'," Lucy said. "Those two groups of people - that's not a fair fight. "The government should be protecting first-time buyers and giving them a cat in hell's chance of getting into this really hyper-competitive market." Although the government has advertised the OMSE scheme as a "low cost initiative for first-time buyers" for the past 18 years, the eligibility criteria changed in April 2025. Only first-time buyers that fit into one of the priority groups are currently eligible, leaving out those who live in private rentals or with family and friends. Data obtained by BBC Scotland News shows that the majority of the scheme's past users did not belong to any of the priority groups. Last year, 182 out of 210 successful OMSE purchases were made by first-time buyers. Priority group applicants were responsible for 6% of these sales in 2024, and 10% in 2023. The latest evaluation of the scheme from 2021 also showed that 35% of buyers were private tenants, 32% lived with relatives and 24% came from social housing. Explaining the government's decision to focus solely on priority groups, a spokesperson said: "Supporting social renters to make the transition to affordable home ownership will help free up social rented accommodation, which in turn could help families move out of temporary accommodation." They added that it was important to target limited government funding on buyers who would not be able to purchase at all without assistance. Dawn Ramsay, a Dundee-based mortgage broker, called this move short-sighted, adding that she didn't believe it would attract more social renters to the scheme. "Many people won't look to move from affordable renting to having to worry about the cost of having your own home, to cover ongoing repairs, everything else that goes with that," she said. Mrs Ramsay believes first-time buyers on lower incomes should be a priority group because they usually buy at the most competitive lower end of the market. She said: "It pushes the house price up because there could be five or six people looking at a property, and some of them may well have financial backing where they can pay over the asking price for that property. It's not a level playing field. "These are the people that will keep our housing market moving. It really is a kick in their teeth." In response, the Scottish government said that it still supported first-time buyers by charging no tax on the first £175,000 of their new home, and through the NSSE scheme. It allows buyers split the cost of a new-build property sold by councils or housing associations. However, there are currently only six local authorities in Scotland with eligible properties, according to the scheme's website. Martin and Anna Sutherland said they would not have been able to purchase their first home without the OMSE scheme. They had spent six years privately renting, which left them with just enough money to afford a 5% mortgage deposit, something not many lenders accept, according to the father-of-two. With the government paying for 20% of the property price through the OMSE scheme, they managed to secure a lower mortgage and bought a four-bedroom bungalow in Fife. However, Mr Sutherland emphasised it was "almost impossible" to find a property that would fit into the price thresholds set by the government. "There wasn't one property available to us by using the (OMSE) LIFT scheme, except for this one," he said. They bought their house for £174,000, which was just £1,000 short of the scheme's threshold for South Fife. According to Rightmove, an average price for a four-bedroom property in Fife is just over £343,000. Even though the property requires lots of renovations, Mr Sutherland said the whole family felt very lucky to secure their first home. The thresholds are based on the property size and location, with noticeable differences across Scotland's local authorities. Mrs Ramsay and other mortgage advisers have told BBC Scotland News the scheme's price caps were unrealistic. Although the government claimed the thresholds were being updated every year in line with inflation, they remained the same between August 2022 and the latest update in April 2025. In response, the government stated there were no changes in December 2023 and 2024 because the scheme had closed to new applications at the time. In South Fife, where Martin and Anna bought their house in 2024, a four-bedroom property is now capped at £185,000. When BBC News Scotland questioned the government about the thresholds, it said: "We accept that in certain small geographical areas there will be a limited number of properties for sale which fall within the OMSE thresholds at any one point in time." It added that the way the thresholds are calculated ensures that all areas across Scotland are able to benefit from a viable scheme with a reasonable number of properties to choose from. Last year, the scheme's users also only had four weeks to apply, with the government claiming the budget had been "fully utilized by all applications received at the time." We later found out that only a half of the dedicated £27m was actually spent. Responding to our findings, a Scottish government spokesperson said: "After all applications were assessed, approximately £13.5m of the initial budget remained. "At the end of November the Cabinet Secretary for Social Justice made the decision to redistribute the remaining £13.5m of Financial Transactions allocated to OMSE to Charitable Bonds." The government uses these bonds to provide loans to registered social landlords for the development of new affordable homes. The number of applicants to the scheme and its funding have steadily declined in the past five years. The most money allocated to the scheme was £80m in 2019, which supported 1,145 sales. In 2024, only about 0.6% of all of Scotland's first-time buyers benefited from it and the budget was the lowest in a decade. Dr John Boyle, the director of research and strategy at estate agent Rettie & Co, said the shared equity schemes were more successful 10 years ago. "That's because it did help more substantial numbers of people onto the housing ladder at a time when it was difficult for first-time buyers to access mortgage finance," he said. However, he believes the solution to Scotland's housing problem lies elsewhere. "Unless we do something about the supply problem, we won't really do anything about the affordability problem," he said. "That's where the bulk of the money should be going."
Daily Record
11-06-2025
- Business
- Daily Record
New mortgage discount scheme of up to 90% for first-time buyers in certain priority groups
Social renters, disabled people, those aged 60 and over, members of the armed forces and veterans living in Scotland may be eligible for the Open Market Shared Equity Scheme. A scheme to help people in priority groups buy a home on the open market is open for new applications. The Open Market Shared Equity Scheme (OMSE) is available to people across Scotland who can't afford the full price of a home from groups which include social renters, disabled people, people aged 60 and over, members of the armed forces and veterans. Applicants can apply for between 60 and 90 per cent of the property's value without having to purchase it in full, with the Scottish Government owning the remaining share. Commenting recently at the start of this year's application drive, Social Justice Secretary Shirley-Anne Somerville said: 'The cost of living crisis, high energy prices, inflation and interest rates make it increasingly difficult for some people to buy their own home. We want to give people in the priority groups the same opportunity as other buyers to own their home and I would encourage anyone looking to buy a home to apply to the scheme.' Ms Somerville added: 'Giving more people the chance to buy an affordable home also plays a crucial role in reducing homelessness and eradicating child poverty in Scotland.' Applications to the Open Market Shared Equity Scheme can be made on the Link Housing website here. Priority access groups to the Open Market Shared Equity scheme The scheme is available across Scotland to these priority access groups only: people aged 60 and over social renters - people who rent from the council or a housing association disabled people members of the armed forces veterans who have left the armed forces within the past two years widows, widowers and other partners of service personnel for up to two years after their partner has lost their life while serving How the scheme works Guidance on explains that through the OMSE scheme you will be able to buy a home without having to fund its entire cost and will get help from the Scottish Government. You'll pay for the biggest share which is usually between 60 per cent and 90 per cent of the home cost. The Scottish Government will hold the remaining share under a shared equity agreement which it will enter into with you. For example, if you pay for 75 per cent of the home, the Scottish Government will help with 25 per cent of the purchase price. You'll have 'complete title' to your home and your name will be on the title deeds for it. But there will be a mortgage (or 'standard security') on the home to make sure the Scottish Government's share is protected. It also means that if you ever choose to sell the home, the Scottish Government will get a share of the money. How to apply If you want to apply for the scheme you should read through this information leaflet first. If you're eligible for the scheme contact the administering agent Link Homes - full details on website here. There are currently 13 lenders offering mortgages for the Open Market Shared Equity scheme: Bank of Scotland Barclays Capital Credit Union Glasgow Credit Union Halifax Leeds Lloyds Bank Nationwide Natwest Scottish Building Society Skipton TSB Scotwest Credit Union If your application is approved, you will get a 'passport letter' which says you can now look for a home under the scheme. The 'passport letter' will tell you the maximum price you can pay for a home. It will also tell you what your next steps should be. Once you have found a home you like you will be asked to provide a copy of the valuation. This will usually be provided in the Home Report, which the home's seller will give you. When you're ready to buy, you will need a solicitor to act on your behalf to assist you with buying the home. The Scottish Government has its own solicitor who will handle work involving its equity share. You will then have to pay for your share of the home's price in the usual way, along with any other costs, such as legal costs, registration fees and any stamp duty. More details about the scheme including what happens after your buy a home can be found on here.
Associated Press
13-05-2025
- Business
- Associated Press
OMS Energy Technologies Inc. Announces Pricing of Initial Public Offering
SINGAPORE, May 13, 2025 (GLOBE NEWSWIRE) -- OMS Energy Technologies Inc. ('OMS' or the 'Company') (NASDAQ: OMSE), a growth-oriented manufacturer of surface wellhead systems and oil country tubular goods for the oil and gas industry, today announced the pricing of its initial public offering (the 'Offering') of 3,703,704 ordinary shares, par value US$0.0001 per share (the 'Ordinary Shares'), at a public offering price of US$9.00 per share, for a total base offering size of US$33.3 million, assuming the underwriters do not exercise their option to purchase additional ordinary shares, before deducting underwriting discounts and other related expenses. The Ordinary Shares are expected to begin trading on the Nasdaq Capital Market (the 'NASDAQ') on May 13 2025, under the ticker symbol 'OMSE.' The offering is expected to close on May 14, 2025, subject to customary closing conditions. In addition, OMS has granted the underwriter a 45-day option from the date of the final prospectus to purchase up to 555,555 additional ordinary shares at the public offering price, less underwriting discounts and commissions. Roth Capital Partners acted as the sole manager for the Offering. Joseph Gunnar & Co., LLC acted as financial advisor to the Company in connection with the Offering. A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission ('SEC') (File Number: 333-282986), as amended, and was declared effective by the SEC on April 28, 2025. Copies of the registration statement can be accessed through the SEC's website The offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the prospectus related to the offering, when available, may be obtained from: Roth Capital Partners, LLC, Attention: Prospectus Department, 888 San Clemente Drive, Suite 400,Newport Beach, California 92660, United States, or by calling +1 (800) 678-9147, or by email at[email protected]. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About OMS Energy Technologies Inc. OMS Energy Technologies Inc. (NASDAQ: OMSE) is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) for the oil and gas industry. Serving both onshore and offshore exploration and production operators, OMS is a trusted supplier across six vital jurisdictions in the Asia Pacific, Middle Eastern and North African (MENA) regions. The Company's 11 strategically located manufacturing facilities in key markets ensure rapid response times, customized technical solutions and seamless adaptation to evolving production and logistics needs. Beyond its core SWS and OCTG offerings, OMS also provides premium threading services to maximize operational efficiency for its customers. For more information, please visit Forward-Looking Statements This press release contains statements that may constitute 'forward-looking' statements which are made pursuant to the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements relating to the anticipated size of the initial public offering and the expected trading commencement and closing dates. These forward-looking statements can be identified by terminology such as 'will,' 'would,' 'may,' 'expects,' 'anticipates,' 'aims,' 'future,' 'continues,' 'could,' 'should,' 'target,' 'intends,' 'plans,' 'believes,' 'estimates,' 'likely to,' and similar expressions. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: uncertainties related to market conditions, the satisfaction of customary closing conditions related to the initial public offering, the completion of the initial public offering on the anticipated terms, or at all, and other factors discussed in the 'Risk Factors' section of the preliminary prospectus that forms a part of the effective registration statement filed with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: OMS Energy Technologies Inc. Investor Relations Email: [email protected] Piacente Financial Communications Brandi Piacente Tel: +1-212-481-2050 Email: [email protected] Hui Fan Tel: +86-10-6508-0677 Email: [email protected]
Daily Record
06-05-2025
- Business
- Daily Record
First-time homebuyers in priority groups can apply for 90% mortgage discount scheme
Social renters, disabled people, those aged 60 and over, members of the armed forces and veterans living in Scotland may be eligible for the Open Market Shared Equity Scheme. A scheme to help people in priority groups buy a home on the open market has reopened for applications. The Open Market Shared Equity Scheme (OMSE) is available to people across Scotland who can't afford the full price of a home from groups which include social renters, disabled people, people aged 60 and over, members of the armed forces and veterans. Applicants can apply for between 60 and 90 per cent of the property's value without having to purchase it in full, with the Scottish Government owning the remaining share. Commenting at the launch of the 2025/26 scheme last month, Social Justice Secretary Shirley-Anne Somerville said: 'The cost of living crisis, high energy prices, inflation and interest rates make it increasingly difficult for some people to buy their own home. We want to give people in the priority groups the same opportunity as other buyers to own their home and I would encourage anyone looking to buy a home to apply to the scheme.' Ms Somerville added: 'Giving more people the chance to buy an affordable home also plays a crucial role in reducing homelessness and eradicating child poverty in Scotland.' Applications to the Open Market Shared Equity Scheme can be made on the Link Housing website here. Priority access groups to the Open Market Shared Equity scheme The scheme is available across Scotland to these priority access groups only: people aged 60 and over social renters - people who rent from the council or a housing association disabled people members of the armed forces veterans who have left the armed forces within the past two years widows, widowers and other partners of service personnel for up to two years after their partner has lost their life while serving How the scheme works Guidance on explains that through the OMSE scheme you will be able to buy a home without having to fund its entire cost and will get help from the Scottish Government. You'll pay for the biggest share which is usually between 60 per cent and 90 per cent of the home cost. The Scottish Government will hold the remaining share under a shared equity agreement which it will enter into with you. For example, if you pay for 75 per cent of the home, the Scottish Government will help with 25 per cent of the purchase price. You'll have 'complete title' to your home and your name will be on the title deeds for it. But there will be a mortgage (or 'standard security') on the home to make sure the Scottish Government's share is protected. It also means that if you ever choose to sell the home, the Scottish Government will get a share of the money. How to apply If you want to apply for the scheme you should read through this information leaflet first. If you're eligible for the scheme contact the administering agent Link Homes - full details on website here. There are currently 13 lenders offering mortgages for the Open Market Shared Equity scheme: Bank of Scotland Barclays Capital Credit Union Glasgow Credit Union Halifax Leeds Lloyds Bank Nationwide Natwest Scottish Building Society Skipton TSB Scotwest Credit Union If your application is approved, you will get a 'passport letter' which says you can now look for a home under the scheme. The 'passport letter' will tell you the maximum price you can pay for a home. It will also tell you what your next steps should be. Once you have found a home you like you will be asked to provide a copy of the valuation. This will usually be provided in the Home Report, which the home's seller will give you. When you're ready to buy, you will need a solicitor to act on your behalf to assist you with buying the home. The Scottish Government has its own solicitor who will handle work involving its equity share. You will then have to pay for your share of the home's price in the usual way, along with any other costs, such as legal costs, registration fees and any stamp duty. More details about the scheme including what happens after your buy a home can be found on here.
