Do we think once WG. is or close to being finalized with Apollo that money, and eyes, will start moving and looking over here?
chin up & GLA
Picked up a small amount at 1.31, looks like it'll go lower?
GLA
$1.7 billion raised by the Built Environment sale
Scott,
I'm open to others opinions if backed up with real knowledge of the inner workings of Wood. If you are so informed then a relatively easy question to answer would cover the Wood sales of the the Nuclear side of the business to Jacobs, and the recent built environment sale to WSP. Leading up to the sales both had internal project code names, now that both sales are complete and public knowledge can you name either or both of the internal project code names? Answers on a postcard.
Scott,
I've never heard so much rubbish and tripe, your agenda is apparent. Yes, the company hasn't been doing so well, but to be fair you have to acknowledge with the poor management decisions over the past 5-6 years and with all the micro & macro events that have and are taking place, as a going concern at this moment it's in pretty good health moving forward, but with most things in life, things take time. Give KG a chance to turn the ship around. First impressions of KG is that he is a facilitator and doer. The market is currently making him work hard, and so they should, and that's another thing KG is, a worker, so lets see where his work takes WG. over the next year, don't be so negative as others might believe or take your posts as fact, when actually in the real world the company is NOW in good health and just needs a few more long-term major contract wins to move forward and underpin and build upon the current value and then be accordingly reflected in the SP, but I acknowledge this isn't likely to be quick, lets see where we are at come Easter 2023 and then Summer 2023 shall we.
The volume on Friday showed the market expected the announcement late on Friday or on Tuesday. When no announcement came on Tuesday they took it down again in readiness for today or later this week. It's no surprise the announcement happened, it was always stated in all communications it would be by this quarter end, so no surprises, at this time, to what was stated and ultimately delivered.
With JP and Morgan Stanley involved as advisers, and with those juicy fees is anybody surprised some knew when the announcement was due to drop, then wasn't, then was. The wider market is rigged beyond belief, and those with the tools to manipulate the price when required are always in the know or given the nod.
Anyway, a lot of cash received gaining some nice interest until the end of this calendar year, then we'll see what happens. Would be happy for a little share buy back exercise, and it could happen with now an overall smaller agile company, so why the funds are available would make sense to a small degree, all depends on the capital held and what avenue you might wish to achieve the best return on that capital? I was mulling over the same thing in respect of buying more WG shares or paying some of my credit card off, lol, a slightly smaller comparison but the decision is still the same, from now on it's all about the ROI, but KG should always be reminded that the purpose of a plc is ultimately to look after their shareholders, and this sale might just result in those shareholders being better thought of, rather than it seemed, from the outside looking in, it was all about the top management and maintaining that gravy train, choo choo GLA, including KG
Don't judge a book by its cover
I'm sure KG doesn't feel sorry for himself
Parachuted in to carry the can, probably more like recycling the can
Yes, a big job requires rewarding, and only time and the 'real' shareholders will tell you if it's money well spent
Reminder of the winds of change:
https://www.energyvoice.com/oilandgas/346862/wood-appoints-new-coo-as-dave-stewart-bows-out-after-25-years/
CMD seems a long time but it'll be here before we know it.
Shorters thriving in low volume market, remember they are the only ones making monies at these levels, and once the asset sale approaches, end of September is my guess, then depending on the reaction to the SP, we'll be able to gage a lot more at that time. Don't be wishing your life away, but the end of each of the following 3 months cannot come soon enough for suffering shareholders. Another thing to remember is, in the short-term, if you're not paying a dividend why bother about the shareholders when trying to formulate a business strategy!
I agree, pressure being put on the board to deliver a clear vision for the future. The $700 million headline figure is laughable, to a certain extent it's a known, and has been for a while, and any agreement would be significantly less, closer to the $100 million figure quoted and more than likely less than that. Shorters have been having a field day, the volume leading up to the half-year results was greatly weighted towards the declared buys, as you possibly would expect before any announcement is due. However, due to the treading water announcement their opportunistic nature has gotten the best of them and driven the price down another 10% since then. Do they feel they can press any harder before the asset sale and CMD, who knows?
With the appointment of KG, who originally came to Wood from Jacobs remember, there is obviously a clear vision within Wood for the future and plans are afoot, it's just that future is on hold a bit longer than most long suffering shareholders wish. I hope KG can sweep out the legacy of RW & DK, the culture of nepotism, and let's say politically correct appointments. Shareholders want to invest in a successful forward thinking business, and the first thing to start with is getting the correct people in to the management positions that matter, whilst clearing out the top heavy deadwood management structure which is, as far as I've been informed, is to centrically focused on self rewarding those with little or no expertise, and pass the baton to those that actually add value to the business and understand the problems faced when making & mitigating decisions regarding multi-million pound engineering commercial contracts.
Can anyone remember, way back when, who Wood employed to look at the market for potential buyers?
This is from the strategic review & trading update - 12/11/2021:
"The scope of the review will consider a range of options to best unlock value from this part of the business for shareholders that Wood believes is not currently being recognised in its market capitalisation. It will also assess how best to take advantage of the positive trends and investment opportunities in energy transition and industrial decarbonisation where the company is already a global leader."As of today, they are certainly testing their shareholders patience!
Hold on until November then ride the new year upturn, unless a attention grabbing contract win is announced?
If we think no special dividend will be paid, and I didn't say when, then what are thoughts around the proceeds of the sale and what would be sensible ratios for Wood regarding debt reduction and allocation of capital for acquisitions, and even when those are defined and known do we think Wood is still a sitting duck for a cheap takeover themselves?
Is anyone thinking that a special dividend might be paid once the sale is completed?