Member Info for Davius62

I notice that there are 27 documents listed on the Sidara web site all dated 29th August, related to the conditional takeover.

https://www.energy-pillar.com/documents

This really does look like a done deal to me. 30p it is, to be voted for in January. Unless a rival bidder emerges once we have the accounts published.

Yet Ashtead have had a great run and continued up today, whilst Speedy are down 25% in the last month, including over 5% today.

If I were asked to guess, post suspension I think we'd be looking at a wide spread and something like 23-25p, initially. There's still no guarantee that the deal will go ahead so talk of 30p+ would only likely occur if the accounts were way better than expected. Holders could be looking at late spring 2026 to get their 30p if the offer goes unconditional, that will put a lot of people off holding or buying, short term at least.

Regarding the suspension, shares are generally delisted after six months, which in the case of Wood Group occurs at the end of October, no co-incidence. They'd have to come up with a pretty convincing reason to prevent this from happening, the FCA is unlikely to accept the excuse that "we need more time to get the accounts finished".

Let's be having a 15p per share rights issue, two shares offered for every one held, raise something like $260m which added to the $285m from selling businesses should put them back on a viable footing. And two fingers up to Sidara.

I commented a while ago about the net debt and the risks posed since much of Woods value is in intangibles, which in the case of a fire sale tend to be poorly valued. This latest sale goes some way to alleviating that risk, as it provides an indicator of how much potential value their may be within many of the businesses they own.

"The estimated total assets of North America T&D were $12.3 million as at 31 December 2023." So $110m is an impressive return.

They've altered their articles today...

https://i.postimg.cc/bwqRFK5S/Screenshot-2025-08-28-175631.png

It's spelt with a W not a B...

5.7% @ 31.6p...

Potential Specific Companies and Groups

While it is necessary to emphasise that this analysis does not rely on insider information or non-public plans, the following groups have, in the past, been either speculated on by market analysts or have engaged in similar acquisitions:

1. Worley

An Australian engineering firm, Worley has completed a number of major acquisitions in recent years, including Jacobs’ energy, chemicals and resources division. Worley’s strategic focus on energy transition solutions could align with Wood Group’s expertise.

2. SNC-Lavalin (now AtkinsRéalis)

Based in Canada, AtkinsRéalis is a global engineering and consultancy company with ambitions to grow its presence in the UK and globally. AtkinsRéalis has a track record of acquiring companies to strengthen its service lines and expand internationally.

3. Jacobs Solutions

A US-based engineering and consulting giant, Jacobs has regularly undertaken international acquisitions, especially in technical consulting and project delivery. Its growing focus on environmental solutions and digital transformation makes Wood Group a potential strategic fit.

4. Fluor Corporation

Fluor, another US-based engineering conglomerate, has a significant international footprint and is familiar with large-scale integrations. Its focus on energy, chemicals, and infrastructure could create valuable synergies with Wood’s operations.

5. Private Equity Firms

Firms such as Apollo Global Management, Blackstone, and KKR have historically shown interest in the energy services sector and have the resources to complete large transactions. Their involvement would depend on their own portfolio strategies and risk appetite regarding the energy sector’s evolution.

6. Oilfield Services Majors

Schlumberger (now SLB), Halliburton, and Baker Hughes are leading oilfield services firms with the scale and experience to incorporate additional engineering and consulting capacity. While their primary focus has traditionally been oil and gas, their diversification into renewables and digital solutions makes expansion through acquisition plausible.

7. European Industrial Groups

Large European conglomerates such as Siemens or ABB, with established energy and infrastructure divisions, may see value in integrating Wood’s consulting and technical services to enhance their project delivery and innovation capabilities.

Would love to know what these terms are...

"We have also reached commercial alignment on the headline terms of an alternative arrangement which would take effect if Sidara’s possible offer for Wood did not proceed. This would provide a stable platform for Wood to develop and implement an alternative refinancing option, should it be required."

A search suggests that the Wood Group covenants are set at a ratio of 3.5 for net debt/EBITDA. Wood stated EBITDA of $450+ million for 2024. The $200m cash shortfall already stated will have increased net debt, hence causing the breach.

The sale of three businesses should fill this gap. The latest asset disposal might be enough to convince the lenders to issue a waiver until the sale completes.

> Icecool

> The minded to recommend was a pre requisite condition of the bid in the first place. They were forced to say that. 👍

Forced to say that? Really?

They might have said to Sidara "and we're minded to let you sleep with our wives and take our daughter's as gifts".

In any case it doesn't make my point any less valid that they may well have been playing for time.

It occurred to me that the board stating that they are "minded" to accept the Sidara offer might have just been a ploy to buy time. A possible takeover at any price might have been enough to placate the debt holders (as it clearly was since we've had a couple of debt extensions) and give the board time to push through asset sales, which ultimately will provide them with sufficient cash that they are no longer in breach of debt covenants.

Then it's middle finger to Sidara and back to business.

Unlikely, but plausible.

I optimistically suggested 1160p. Right price, wrong day.

I'm an optimist so I'll go for 1160p.

Four shares I hold have updates tomorrow, the other three were all lower today, Wizz bucked the trend, along with every other share in my portfolio.

"If the accounts aren't published - the shares stay suspended - and I think there might be rules about the length of suspension - and automatic de-listing of the shares"

Six months typically, after that they'll need to convince the FCA why they shouldn't be delisted...

You guys really need to filter that idiot. Or at the very least don't repeat his dross, he's filtered so his nonsense stays hidden.

The figure was from someone else. Anyone can see it if they have level 2 and watch the order book in the closing auction. I don't currently subscribe to that though.

CHICAGO, June 13 (Reuters) - Global agribusiness Bunge Global SA said Friday it has received regulatory approval from China for its merger with Glencore-backed grain handler Viterra, the final hurdle for its $34 billion mega-deal announced two years ago.

The Missouri-based company expects to close the largest-ever global agriculture merger by dollar value "on or around July 2," Bunge said in an emailed statement.

Bunge shares were up 5.7% by mid afternoon on Friday, extending earlier gains stemming from surging crude oil prices and favorable U.S. biofuel blending proposals from the Environmental Protection Agency on Friday. Approval from China was the last regulatory approval Bunge needed to finalize the deal after gaining conditional approvals from regulators in Canada, the European Union and other markets in recent months.

"Achieving this regulatory milestone is a significant step forward and clears the way for closing of the transaction. This approval underscores the strategic rationale behind bringing Bunge and Viterra together to create a premier global agribusiness company," CEO Greg Heckman said in an emailed statement.

The deal will create a global crop trading and processing giant closer in scale to chief rivals Archer-Daniels-Midland and Cargill, although it had sparked competition concerns and heightened regulatory scrutiny that delayed closing of the transaction for nearly a year.

"We will see further consolidation in the grain merchandising and processing industry. Given greater price transparency for both farmers and the agribusiness's customers, I don't see a huge change in competitive dynamics over the long term," said Seth Goldstein, equity strategist with Morningstar Research Services LLC.

The merger will enhance Bunge's grain exporting and oilseed processing businesses in the U.S., where it has a smaller presence than ADM and Cargill.

The deal also expands Bunge's export capacity and physical grain storage and handling footprint in major global wheat suppliers Canada and Australia.

Bunge and its agribusiness rivals have seen earnings erode in recent quarters on slumping demand and a global glut of crops that they trade, store and process into food, livestock feed and biofuel feedstocks.

Tariff and biofuel policy uncertainty further weighed on profits for Bunge, the world's largest oilseed crusher.

There was a 9.4m buy order on the book for the closing auction (apparently) and only 5.2m of it fulfilled at 258.2p, well above all of the other trades during the day.

Short closing, someone accumulating, auntie May buying for her SIPP... whatever, Monday should be an interesting open.

Gold up over 1% today too, $3429 currently.