Member Info for burgeseb

For Sidara restatement of Accounts do not matter much. This is because the issue is on Revenue recognition which will impact revenues of previous and current financial year and unbilled revenue of the Company. The restatement will not impact Loan outstanding balances. What Sidara are gerring by paying £210 million:

1. Trained manpower of 35,000

2. Order book in billions

3. Customers and repeat business and

4. Lossess which they can offset against future profits or profits from their business in UK

Overall they are buying Company for pittance. Lets not agree to the Sale. The management and Sidara are crooks which each having their own selfish gains in the transaction

We always doubted the intension of John Wood management. The sequence of events in last 6 months brings doubt to ordinary shareholders. Let's wait for institutional investors response. These institution normally agree because they want to CASH out their investment even at loss. I would not be surprised if there is no counter offer as Thursday (just 3 days) makes it difficult for any purchaser to look at Accounts and give a counter offer. The sad part is that they have not done the due diligence as well. As an investor we should fight back not to accept the offer and give time to any potential bidder till Sep 25 for counter offer. I would be happy if the new bidder buys the Company at even 31 p but it should not go to Sidara as these people have been manipulating us from last 6 months and are in hand in glove with the John Wood management who might be promised with good retention bonus to compensate for their loss in the shares of John Wood

Share to bounce back to 375 pence level before EOM and will continue its upward trejectory till mid-Oct 25 where the price is expected to pass 500 p. Strong Buy IMHO

Please read RNS extension carefully - If a takeover offer does not proceed, John Wood says it has "a stable platform arrangement" for alternative refinancing. I firmly believe is the best interest of shareholders would be served by not granting another extension to Sidara if they don’t give a firm offer to purchase at the committted price

Fund Managers are of the view that US markets is over valued. It is likely that some Funds will direct their investment in UK and European markets especially in technology Companies. Yougov could be one of them. Imho market price will touch 700 p by Dec end

New Capital to be issued for cost escalation by diluting existing shareholders rights

Now wet season so have to wait for dry season and by the time dry season arrives the money goes dry so another set of Capital raising. This game is being played from years now. The new investors from whom capital is raised are same Harry and his cronies. They get again paid back in form of salaries to sustain for another accounting period and this circular cycle continues. Meanwhile our foolish shareholders sit with hope against hope and see the value of shares eroding.

There will be both rise in Revenue and reduction of cost contributing to good Operating Margins and company generating good CASH Flows from operations. Net Debt will also reduce in line with repayment schedule with payment made from operating CASH Flows. Imho expect by Dec 26 the share price to cross 550 p and by Mar 26 expect the price to exceed 700 p

Gold production is not about digging a hole in ground and removing chunks of gold and selling it in open market. I doubt a Company like KEFI with super inefficient CEO whose integrity is doubtful and CASH strapped Financial Position will not be able to mine gold in commercially viable quantity. The only thing which can be done is to sell the rights of mining (if at at all any) to a good mining Company having competent management and sound Financials. If there are continuing delays the Ethopians will just replace the lease with KEFI with some another better Company with sound Financials. The narrative that they are just months away from getting Finance is being used since almost a year and each time when going concern reporting is at risk they raise fresh finance. I also doubt that new investor is foolish to invest. The funds come from Harry and his team which again get paid to them as salaries. I have sold my shares in frustration - don't want my good money to chase bad monies . All the Best to whose who are invested.

Correction - retrenchment bonus (to be replaced by) retention bonuses

@Kando - Lease Liability is created because of Accounting Standard requirement under IFRS 16. So it is not monies owned to Bankers but in most respect reflect present value of future payments and recovered as monthly rental payments. Assuming the negative CASH Flow till Dec 25 is managed by Sale of Ethos Energy and other assets the Company is expected to show Net Debt of £700 million - £750 million (after disposal) as on Dec 25. If the Company is managed efficiently then in 2026 one can see CASH Flow from Operation of around £200 million (assuming legacy negative CASH Flow Contract fade away). If the Company can convince the Bankers and does not default in payment of interest they should be willing to rollover the debt maturity.

Sidara bid is very low. They are getting the Company at throw away price. Imagine getting following - 35,000 trained personal world wide in niche area, Order book of £5 billion and losses which they can write-off against their group Company profits.

Regarding publishing Accounts - they have been working since Jan 25 - restatement of previous period profits would be only for certain section of Revenue and if Company Accounts (without restatement) were ready by Mar 25 then restatement and audit can be completed in next 60 days (i.e. by May-end).

35 p price is a steal. If I was managing a Company in this area of business I would certainly go for the higher bid. Sidara and BOD of Wood Group has created a narrative that things are impossible to sort out to prevent other bidders and steal the Company at cheaper price. The loss incurred on sale of shares held by executives will be compensated by Sidara in form of higher salaries and retrenchment bonuses

As per Jun 24 Interim Financial report - the Net debt owed to Banks was £876 million. There were no new funds raised after June 24 - no RNS was released. So this narrative that the debt is more than 1.5 billion is absolutely untrue. The issue in Accounting is on Revenue recognition which will not impact Net Debt.

Looking at the Order book and new wins and also disposing of unproductive assets - I don't see any reason on why the lenders will not roll over the debt maturity and Wood Group continue its operations as Business as usual. Why is the restatement of Accounts getting delayed? COmmon sense and experience says that it could be released within a month. All these questions point out that there is some tactical understanding between Sidara and BOD and management to sell the assets of shareholders cheaply to Sidara.

No more extension to Sidara. Take it or leave it. Fous on releasing results and negotiating with Bankers. Let us All support this view

In my view WG should refuse any further extension to Sidara and focus on negotiating with Bankers for debt extension. They can get out of the mess on its own and in another year or so SP will exceed 50 p

Why is the Company not able to publish the results till now. How difficult is it? Why did FCA open investigation now? All this questions gives indication that not all is well. Some sort of manipulation happening from management side. Very frustrating with never ending extension

Harry as always has been fooling us from decades. Please do not trust him. Financing was supposed to be completed before Dec end last year - then shifted to Jan 25 - then to March - then to May - then to June and now Aug. Harry is listing through his teeth. No sound Bank will give such high loan to Company like KEFI which has zero assets. Harry has duped investors and all the positive comments are either written by people who have zero sense on Financial management or are paid posters

We should see counter offer exceeding 50 p very soon either before or after Sidara makes offer. There are couple of investors waiting for Sidara to make offer after due diligence for making a counter offer and likely that the Company will be sold in bids

Harry has conned shareholders of KEFI. He is managing the Company since past 10 years at least but has not been able to mine a single ounce of gold. He is a patholigical liar. The best thing is to show him the way out of the Company and FCA should ban him to raise capital from UK.

I kept on warning that dilution is coming. We are all conned by Harry. The modus operandi is same: create a hype by giving incorrect RNS which raises the market price and then privately place the shares by conning large investors. I have my doubts on who is purchasing privately placed shares. Private investors are too smart to be conned every time. They study the Company in depth before making placement call. I firmly believe that these privately placed shares are bought by Harry's associates. When price exceeds 0.65 p by bringing out optimistic incorrect RNS, Harry's associates start offloading the shares and later on buy these in private placement. In this way the Company remains going concern and unsuspecting investors get conned by purchasing at 0.62 p. Harry has been doing this trick from years now. It is time that he needs to be thrown out of the Company. We have people like Stebo (who has posted 231 views in last 30 days) and others who I suspect is associate of Harry and try to con gullible chat board investors with their optimistic views. Harry is a conman and lets get rid of him to know actual status. I am of the view that the Company has long ago seized to be a going concern

Let’s expect RNS tomorrow that another bidder has offered price of 50 p