Member Info for Bob182071

Couldn’t agree more mate.

Ride or die for me.

The limited number of contracts in the projects division?

They ain’t limited Surin, believe me. They are picking up major contracts in their engineering/projects services team every 2/3 days currently. It’s one of the departments in the business which is currently turning over a profit.

So major shareholders have zero rights? Hmmmmmm, I’m a bit unsure if you’re confused with maybe major and minor shareholder rights.

Absolute nonsense.

Got until October 26 to thrash out restructuring of existing debt etc. Plenty of time to take stock, remove current toxic regime at the helm and get competent people onboard who’ll be supported by the banks to get their house in order.

Sidara are just playing the game. Their offer is derisory and hopefully doesn’t get passed.

That’s the part that really annoys me. Someone has called an external auditor to come in and vet the companies numbers, procedures, controls etc and have not been forthright with the people that are trying to do their job.

You literally couldn’t make it up. Then Ken has the audacity to says it’s disappointing that’s happened????? How about you just tell the truth?

Glad you said it and not me. The bullet points from the audit where it said there basically not been truthful with the auditors in full suggests what you said there might be something criminal going on.

Never been a fan of Ken since he’s been CEO, something a bit slimey about him doesn’t sit right with me, but I’m just a minion and doesn’t really affect me up until lately.

Guess the next couple of months when the financials etc are completed and published will then expose those people in the cold light of day.

They should all be marched out of SIWH in front of everyone for their duplicitous behaviour. I’ll take the rough with the smooth here in terms of my investment but still doesn’t make me feel any better.

I still think there’s going to be more to come, to what level I don’t know. Just need to clear the decks of the board and ELT and get some competent forward thinking people in the building.

Hi There,

I didn’t realise Mr Shanghey did that. Being at a client office I don’t get to witness such skullduggery in real time.

The part that disappoints me the most is the covert behaviour on town halls etc, they all sit their on a teams call knowing full well the gravity of what they’ve done and give you the “I believe in this company and its future” nonsense. Literally can’t have a soul on their body knowing what they’re doing to people that have invested a lot of their time and money into the business.

The lunatics really have taken over the asylum.

Hey Mate,

Absolutely agree with this. Just need some brave people to get the board from doing more harm to the business before the inevitable exit.

I’m going to hold my options (I mean I’ve done it for 13 years already, what’s a while longer going to do? :).

Hope everyone has a nice day, like to pop on and see comments and good discussion. I’d stay positive about the outlook for the business, it truly isn’t as bad as the optics suggest, that’s my view.

Yeah, apologies for that.

I’m just disgusted by it all on the basis that’s 13-14 years worth of money invested and it’s worthless now. Would need about £1.10 a share to break even. But that’s the risk you take I guess, just never thought it would ever come to this.

Personally I think things will settle down yes, but I’m most concerned about the BoDs “push” if you could call it that to accept Sidara’s offer. Might be their fiduciary responsibility etc to do what’s best in the businesses interests, but at the same time they’re not exactly expediting alternatives which is a bit troubling for me.

You might be right there Luca, just remember it and the rebranding of Woods logo with Amecs logo. Got presented offshore to a bunch of guys at the end of their 3 week shift and one of them erupted with laughter at how stupid the logo was. Still stands to the day 🤣🤣

Almost like self sabotage with all these mergers and buyouts. Reputation is in the toilet right now.

I share this sentiment also. Not sure the exact mechanism to get a board challenge in but the sooner it’s done and a resounding vote of no confidence is in, the company will start to heal.

Ken Gilmartin should be exiting stage left as soon as possible and hopefully never to be seen on these shores again.

As far as I’m aware the Deloitte review isn’t going back that far in time mate.

Below is what I think is causing issues for the auditors (in addition to the auditors saying they’ve not been forthright with them during the process)

All relates to revenue from lump sum (fixed fee) turnkey projects, so they'll either have:

1) Failed to deliver on some of original lump sum scope but kept the revenue in

2) Claimed extra revenue due to scope creep, client has rejected it but they've kept revenue in anyway

The AMEC deal was the strangest acquisition out of them all since Woodgroup days mate, only reason it happened was wood were away to lose quite a considerable amount of contracts to AMEC, so they did the only thing possible to keep them and absorbed AMEC. Competition and authorities said they couldn’t have the whole business so Worley got the other bits and pieces, wood still lost some of the contracts to Worley in the end, I could never wrap my head around that at all.

So all in all, a bit of creative accounting (maybe by the Unqualified CFO they employed) or false reporting has occurred and it’s been discovered by the auditors and now there’s panic from the BoD.

Mate, I don’t take it personally. Not here offering advice, just sentiment amongst some people I work and deal with.

I’m just a minion like everyone else.

I know haha.

I’m not offering any share prices or telling people what to do. Just offering an “internal” perspective of feelings and people I’ve spoken with within the business. I just can’t share the message like that guy Dave is pedalling saying the business is finished.

I just don’t share this sentiment at all.

Holborn Street end. Be hard pushed to find any client offices down King Street end I’m afraid mate. It’s all at the top end of Union Street, at client offices in Dyce, Altens or Westhill or up at HQ In altens.

Mate,

Said from the off I’m no expert in the shares field. Like seeing the discussions as long as conducted respectfully. But can give you an insight into current worker feeling based on people I work hand in hand with if that benefits anyone.

Company is and always has been pretty solid with work, I’d honestly say of late it appears to be picking up more contracts/extensions and agreement that seems more than usual. It’s almost every day/2days you get the old external email saying they’ve won more work here there and everywhere.

More than happy for you to pop it in at reception at my clients office if that’s of use?

Fair compromise. Let me know once done.

Like I said I work in a clients office on Union Street so not in Sir Ian Wood House Bigsmoke, sorry about that.

Can easily pop something into reception and I could phone up and tell you what it is though, I deal with a lot of the team up there?

Again, odd lie. I assume if you have the capacity to put fruit in the canteen you’ve got a security pass, in which case you must work there too?