Member Info for Davius62

"Sidara pay 250m tomorrow and you still think it falls through 😂"

Not likely. Read the RNS:

All outstanding conditions precedent under the A&E Implementation Deed, the Sidara Interim Funding Agreement and the Escrow Agreement are customary documentary conditions precedent within Wood's control and Wood expects to satisfy them in the next few days. Wood will receive the $250 million Sidara Interim Funding and will have access to the $200 million New Money Facility shortly thereafter.

Fliker, go back in time to 13th November to cast your vote...

@Teddy100 from the RNS in October:

"The shareholder vote will take place in the week of 17 November 2025 and, subject to the shareholder vote and satisfaction or waiver of the other outstanding conditions, the acquisition is expected to complete in the first half of 2026."

Votes via brokers (i.e. most private investors) had to be made this week.

@Darth_Tradr, because the vote takes place next week...

"It will be a 'yes' vote but we are sat at 22p because the expectation is for Sid to drop it's bid to 25p."

Incorrect. This has been commented on multiple times, under the takeover code the 30p bid is binding on Sidara, they can walk away if all of the conditions are not met but cannot choose to reduce the figure. Exceptions do apply, such as if the board accept a lowered offer, or another bidders comes in at a lower figure. The takeover code is pretty explicit: A bidder cannot use a general "material adverse change" (MAC) condition to walk away or reduce the price merely because the target company's share price has dropped or general market conditions have worsened. Statements made by a bidder regarding price are generally binding and set a floor for any subsequent offer unless specific reservations were made at the time of the announcement.

If there's a no vote, 12p will be a fantasy price we wish we could take. The board have made it clear that it's Sidara or bust, at least for shareholders. Significantly less or possibly zero value (for shareholders). Some on here would have you believe they can go it alone, the board have stated on multiple occasions that this is not an option.

30p or bust.

The fat lady may not be singing, but it looks like she's warming up...

@roman999 they can't just lower the offer, there are only two options, the bid goes ahead or the failure to meet any one of the conditions (which have mostly been met baring the vote) results in the bid lapsing. There are no other alternatives with regard to the Sidara bid.

Not that it matters considering my insignificant shareholding, but I voted yes to everything today, in both my ISA and trading account.

HH, I did say "ignoring less other likely outcomes", which includes going it along, another bidder, or finding a billion notes down the back of the sofa. And no, I don't mean a yes bid is less likely. It's like horse racing, the odds given by the bookies has no effect on the outcome, it's a mathematical calculation to give them the best chance of making money. I think the market is doing the same here.

Off topic, new talk this evening from Bloomberg of a Comcast bid for a part of ITV, might liven things up over there.

US ADR was showing a 7.2% gain a few minutes ago, though down to just 2% now.

When I look at the share price at 20p, I see a 66.66% chance of the bid succeeding and 33.33% chance of the shares offering a zero return. The 1/3rd uncertainty is down to the conditions, the main one left being the vote on the 17th. Assuming that is a yes vote (75% or higher) the certainty of the bid succeeding greatly increases, I would expect this to rise to at least 90%, since after that there are only regulatory hurdles left to scupper the deal. This would indicate a share price of 27p, ignoring other less likely outcomes.

I'd have taken 27p today, but it was not to be.

The markets are suggesting this could go either way, and the only two realistic options are 30p from Sidara or bust. Hopefully for the army of small buyers saying how they've topped up today it will be the former. Anyone expecting anything better is looking slightly delusional.

I felt pessimistic suggesting 20-25p today. That now seems optimistic.

I said on two occasions that I expect somewhere in the 20-25p range, and with a wide spread. The spread was 7p at open, coming down now though.

I still feel 20-25p is the most likely open tomorrow. But thank feck it's being relisted, and we can all decide what to do...

This from Investing.com:

Wood Group Shareholdings

Mutual Funds & ETFs 35.09%

Other Institutional Investors 60.17%

Public Companies & Retail Investors 4.74%

Kando mentioned that they haven't released the 2024 results. If I'm looking at it correctly they appear to have released an RNS entitled "Wood Group (John) PLC Annual Report Publication and FY24 & HY25 Results" which just says the results are published and points you to their web site. They don't appear to have released the 2024 results in an actual RNS.

Anyway the 2024 results can be found at https://www.woodplc.com/__data/assets/pdf_file/0024/313638/John_Wood_Group_PLC_Annual_Report_and_Financial_Statements_2024.pdf

and sorry to say they are f-ing awful, and show an operating loss of $2.631bn of which $2.214bn is an impairment of goodwill and intangible assets. Hopefully they've kitchen sinked everything they can.

The results are better than my expectations too. However, I can't see this up significantly when trading resumes, as there remains a risk of pre-conditions not being met and the deal collapsing. I'd hazard a guess we'll see somewhere between 20-25p but in all honesty I wouldn't be surprised if it opened flat or even down.

There really do seem to be only two realistic options in the absence of another party, 30p (eventually) from Sidara or a refinancing that leaves current investors with nothing. Though perhaps a tiny, tiny chance of a Scottish Government backed rescue...

"For sidara, to know there is no on-going negotiation. The ball is therefore in their court. Question is will they pull out and buy profitable bits if any of the company. Imho"

Sidara can't pull out. Try doing some research on the takeover code, lest you come across like a total moron, Aimwhatever.

I see that the MESH project was given the go ahead recently and shares in the lead company leapt on news yet other participants didn't RNS it, including Costain (COST) in which I have a stake. Despite them not updating the market the shares have started to rise. Wood is involved too...

Wood (formerly Wood Group) is involved in the Marram Energy Storage Hub (MESH) project as the lead engineering partner. EnergyPathways plc selected Wood Group UK Limited, a subsidiary of Wood plc, to handle concept engineering, pre-Front End Engineering and Design (pre-FEED), and has the potential to progress the MESH project through subsequent engineering, construction, and commissioning phases.

I think those expecting Wood to go it alone if the bid fails, might want to take a closer look at the 2.7 document, in particular the mention of the separation plan and the likely value for shareholders:

Wood has now secured a Lock Up Agreement, signed by all lenders under the Existing Wood Facilities, to commit the lenders to enter into the A&E Implementation Documents in order to effect the Amendment and Extension. The Lock Up Agreement requires Wood to prepare a detailed plan to separate and grant security over parts of the business identified as potential disposal targets (the “Separation Plan”) in order to protect the interests of creditors in the event that the Acquisition does not proceed as planned.

As described in paragraph 2 (The Acquisition) above, Wood has also agreed the terms of the Interim Facility (which is available for drawdown from the date of this Announcement, subject to satisfaction of certain customary conditions), the New Money Facility (which will become effective at the same time as the Amendment and Extension and will be used in part to refinance the Interim Facility) and the Existing Guarantee Facility (which will become effective at the same time as the Amendment and Extension).

If the Acquisition does not proceed, absent an alternative path to refinancing the existing facilities, the lenders may require Wood to implement the Separation Plan and dispose of businesses and assets on an accelerated basis to reduce its debt. Accordingly, while the Wood Directors believe that the stable platform that would apply if the Acquisition does not proceed would allow Wood to continue serving its clients, there would potentially be very limited to zero value for Wood Shareholders.