Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Todays Times says that Sidara sold their $1.4B stake in Worley in April, to fund their takeover of Wood. They say that Sidara have been looking at Wood for some time. This suggests they are serious players.
Sidara must have expected Wood to rebuff an offer of 205p, and since there were no surprises in this mornings update, I think they will return with a second offer. I thinks it’s unlikely that they will go to 240p, or over, unless a second bidder emerges.
I also think the institutions will be tiring of the time it is taken Wood to get the business firing on all cylinders, and may be more willing to accept a lower offer than Apollo proposed last year. I would love to be proved wrong, but I don’t think the current management team can cut the mustard on turning the business round.
Just top sliced half of my holding for a very decent return after holding for just a year.
I completely agree. Another poor, jam tomorrow update IMO. The timing of that potential bid has been extremely fortuitous.
I am jealous :) lol.
Not tempted to rejoin anywhere near this SP level, but having missed the boat in the most recent event, it probably means you have another leg up any second now :) GLA.
I dialled into the post-results presentation. Ken Gilmartin used the now overworked phrase 'laser focused' on cash generation which continues to elude them. Most of the questions from the analysts and mine were about their inability to get cash into the balance sheet (I don't think they really understand the way their working capital develops over their different contracts. Net debt at year end 2024 will be the same after disposals. Gilmartin promised a reduction in debt by the end of 2025 but duct the question of whether that that would be reduced relative to the ebitda following those disposals. I think the situation is improving and if will be visible when the Q4 results are published but they are not worth the current share price without the prospect of bid. They should accept a bid of 225 - 240p and put the once great company out of its misery.
But not buy typo
Buy for the bid interest of yesterday, which leaked out in the past few days this would have headed back below 140p. We are where we are and could revisit the lows unless the offer is upped.
There is not much I can see in the TU to suggest that the company is currently under-valued. Unfortunately the BOD aren't delivering on the value they seem to think is within the company, and it would be hard to defend against a reasonable offer. Perhaps that is what they are trying to do, smoke out other bidders. Question is what are Wood group worth?!
Morning, I guess all we can say is there was no bad news in the RNS, and this has always been a 'conservative' company.
Certainly a mixed bag. The share price is still historically low even given the rise yesterday. There aren't many players in this market and other bidders may be tempted - I'll certainly be tempted to buy more if the price drops on this news.
More jam than Hartleys. About time the tune was changed. Not impressed but who knows with this one. Will trade the move.
Last year we had a bid from Apollo, and we all know what happened there.
Now we have an 'unsolicited, preliminary and conditional proposal' from Sidara @ 205 p which was quickly rejected. Very much a low-ball offer which they must have known would be rejected.
So, is Wood now in play? Do we get an increased offer from Sidara? Does todays RNS force the hand of ''another'' to make a bid? Now that would be interesting, and it's not impossible. A similar situation happened with RPS a few years back - laughed all the way to the bank on that one.
Could be a very interesting few weeks ahead.
IMO next bid from Sidara is coming! Apollo tried 5 times before giving up so expect Sidara to come back. Probably 220p.
Of course you did.
@ Rhinocol & Scott double act.
FWIW
reread the Re WG. thread and the goading of those who were buying on the falls and now the posts you make today.
My positions built up to 60k holding at one point so of course I trimmed on the way up.
Now holding 38k still with a minus average cost (5 figures), so 38k holding and cash in excess of 5 figures for trading WG. over several years.
For the record I trimmed some more today at 197.
Super opportunity to buy back tomorrow if the results go pear shaped or sell more if not.
Have a great evening.
Mx
@ saddo scott
At 127p you said this
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RE: WG2 Apr 2024 17:05
there will be no value for shareholders
gilmartin and his mates just sitting back taking the coin, why accept 240p and be out of a job
filling his lard **** pocket whilst there is cash in the till
huge debt and 1 more legacy claim and it’s goodnight vienna here
his sky interview was a disgrace, side stepped each of ian kings questions with a barrage of meaningless figures
------
Really glad I didn't trim/sell as per Mary yesterday morning, would have cost me a fortune !!
Hairy Mary and her 3 week trading lecture just gone up in schmmmoke
Another chancer gobbling off about how good they are
Happy agreeing with you, bad trim yesterday but any drop back is a Buy with underpinning these levels.
About time the BoD showed the promised growth.
Just looked at Sidara’s Board off Directors. To my surprise, it appears that Neil Bruce is a NED with Sidara. Neil was a director of AMEC in Aberdeen. AMEC was bought by WOOD in 2017. Note that Neil had left AMEC by that time. However, Neil will know WOOD well, and will be able to guide the Sirdar board on their potential takeover of WOOD. Interesting times…
Thanks Happy,
We should get an update on trading tomorrow and they may hold this price on trading merits alone.
Should I buy them back now they are 188p offered? If I was Mary I would but she has bigger 'round objects' than me !
Whether yet another bid comes and goes, being a public company must now be a nightmare for the group. How they tie in their best staff, let alone give clients the air of stability, is a mystery to me. Maybe this time the board decide to throw in the towel at a lower bid than previously. That would be a real shame.
Well done you! Good job.
I took the advice of many here and sold out last time before bid collapsed then bought back a chunk cheaply.
This time I'm gonna hold for financial results. I think we should be over 200 without a bid. Comfortable waiting for full recovery and realisation of value.
All IMHO DYOR
Happy
WG
Sold all but 1000 shares at 201p. That gives me a 37% profit and I have learned not to be greedy. I sold out when the last bid was made before it collapsed so this is the second bite at this cherry. We may see a firm bid at above 225p but "a bird in the hand......" The last 1000 shares give me skin in the game just to watch the fun.
Everyone wants a bit of Wood Group... pay £3 simple.
Well they said no. And quite rightly. 240 was cheap IMHO.
Hopefully they go away and sharpen their pencils before coming back.