Member Info for AlmaCogan

Orderly market rules etc.....

A trade of that size will turn up tomorrow as a delayed report, Probably

2025-04-02T10:56:00.000Z 30.06 0.42 35.33 4,322,864

"Have those responsible been fired or prosecuted yet?"

The CFO resigned, or was told to do so.

"I’m saying in this situation, also Wood is not distressed"

That means you are saying a debt to equity of 500% is not a sign of distress?

"Any offer given will be subject to accounts being clean and good. They will say we offer xyz on condition of xyz being good!"

If that were true, no-one would ever buy a distressed business, but they do because, as you know, past performance is no indication of future performance.

"I can't see Sidara putting a bid in without seeing the audited accounts."

They don't want Wood's balance sheet, they want Wood's 30,000 talented people, and they have a value which never appears in audited accounts, it's human capital, not financial capital.

I don't recall Apollo or Sidara talking about audited accounts the last time round.

If another extension is asked from the Takeover Panel on 17th April, it will be like someone shouting "fire" in a packed cinema.

That is really not going to happen, you cannot have endless extensions during a listing suspension. The Panel will not tolerate it.

It's now or never.

Says the woman who sliced her pork pies at 46p...............

I have conducted a Vulcan mind melding experiment with Ken. He is feeling pretty miserable at the moment, and thinks he is in danger of becoming the most hated man in Scotland, apart from Humza Yusaf.

If the Sidara deal fails, the lending banks will swoop like vultures on a rotting corpse and the stink will be smelled as far away as Hadrian’s wall. No hope of a rights issue at this share price and no hope of another bidder. He is stuck between the mythical rock and a hard place, all on his watch.

He will never work again; his reputation will be in tatters, and he will go down in history as the man who destroyed Sir Ian Wood’s brilliant engineering legacy.

There is only one exit door. Take whatever Sidara offers, tell the world how he has rescued Wood and its people, and Scotland’s reputation, and how a glorious future awaits the company in the tender bosom of Dubai society. He can blame the previous guy for acquiring AFW, “Wis’na me Guv!”

He wants to resign with some shred of honour left, without having to emigrate to New Zealand and obscurity.

Sidara know all this, as do Wood’s directors, and the major shareholders.

It’s a matter of days, not endless PUSU extensions into the darkness of suspension. He will recommend to the board and the shareholders to approve Sidara’s offer. He really has no other choice.

Once and for the last time

THERE ARE NO FFING BONDHOLDERS.

If creditors have a charge over the company's assets they can call them in as a last resort with a liquidator.

But there are no effing bondholders who can swap debt for equity.

Sham,

There are no bondholders

There are lenders, but they are NOT bondholders

End of message

What today’s RNS shows is yet another example of turnkey contract bravado; just keep flattering the work in progress to exceed the running costs and hope to make it balance with contract extras and client requested changes. That plus some graft write offs from AFW. It was juvenile financial management.

It’s all in the past and it’s all non-cash accounting revisions. Losses and write downs which ought to have been reported in 22/23 have turned up in 24. The prior years accounts will have to be restated to reflect the truth of things at the time, and the 24 accounts will be restated and will improve accordingly. This will take many weeks to complete and be audited, possibly by the end of May if they work overtime.

There is now no way Sidara will ask for an extension beyond 17 April, and no reason for Wood to agree on one. They don’t need to wait for an auditor’s signature for inside information they already possess from DD.

It’s still a drama of two blokes with beards in Dubai and Aberdeen who need each other. The bloke in Aberdeen has lost a bit of bargaining power and given the bloke in Dubai the advantage. I am sure there now will be a formal offer before the current SUPU deadline. I thought yesterday that 120p might pull it off, but after today’s RNS and 30% pullback, it looks like 80p is now on the cards. Even the Vatican Bank would accept that as proper contrition for the Boards’ sins.

80p is a good return if you bought, even at the mythical 44p.

It's a good job it arrived in US waters before Trump puts a 20% tariff on imports from Korea.

There are Argentinians who live in Stanley and even work for FIG. There are a lot of folk who, like in Gibraltar, can flip from English to Spanish. 49% interest is not a controlling interest and would mend broken fences. The awkward relationship is not personal, but political. All politics eventually change.

Let’s say I am a bloke with a beard in Dubai. I have prospects of endless valuable work from Arab Princes and Sheikhs way beyond my capacity to deliver without doubling my workforce. I need 30 thousand engineers, technicians, managers and administrators.

My HR guy says it will take 5 years to recruit that number and cost $1 billion to achieve, meanwhile I lose a $5billion worth of contracts from my Arab friends doing it.

Then there’s another bloke with a beard in Aberdeen who is up the creek without a paddle who has 30 thousand personnel, available tomorrow.

Do I care about his share price? No

Do I care about his competence? No

Do I care about Deloitte rewriting fiscal history? No

Do I care about spending $1billion to transform my world? No

That’ll be 120p a share then.

I used to have P10 RKH on a Toyota, but let it go after the PMO disaster , thinking it was worthless. Upon reflection, a poor decision.

"I did think we were using American dollars for costing, but it’s Canadian"

You now know that Canada is going be the 51st state of USA , now that Merco Press have revealed it.

A day here , a day there, a month here, a month there, you are nit picking.

In a few weeks this stock will head towards 0.1 p as the realization dawns that there is no dead cat bounce , and the shares will revert to nominal value of 0.001p upon delisting.

Enjoy the journey.