Wood Group's shareholders to recieve £665m

Energy services firm Wood Group will return 140p per share to its shareholders, in the second stage of its £1.08bn return of cash programme.Following the £412m returned through a tender offer two weeks ago, the company will return the residual £665m by way of a B/C share scheme on 1 July, in which unlisted B and C shares are issued either paying a single dividend or purchased from shareholders.While the scheme is still subject to shareholder approval, the group said that shareholders, other than those in certain restricted territories, "can elect to receive "cash proceeds (i) by way of a dividend, (ii) from the redemption or sale of B or C Shares, (iii) from the later redemption of B Shares, or (iv) any combination of the above."Wood Group has also proposed a share consolidation to "maintain, subject to market movements, comparabilityof share price, earnings per share and dividend per share before and after the completion of the B/C Share Scheme," the statement said.Shareholders will receive seven ordinary shares for every nine existing shares.---BC