Member Info for Davius62

Listed as a sell but as it was the UT it was a buy/sell, and at 258.2p!

Lots of posts so not sure if it has been mentioned that the extension is only until the 30th June, not the full 28 days as per previous extensions. This was suggested in the Sky News report, saying that a shorter extension was likely as they were close to finalising a deal by the end of June, which is also the deadline for the covenant waivers I believe.

Almost everything in my portfolio began life as a recovery play. From BT, ITV and VANQ, to ENT, QQ and SDY, all have recovered, though sometimes falling further after buying before the SP rises. WIZZ at 11.99 seems like a good deal. Whilst it may fall further, the prospect of a likely 25-50% gain over the coming weeks/months represents an excellent option in terms of risk/reward. I'm in.

This dogger69 character only posts on this thread so has clearly been set up just to annoy people. Fortunately I see LSE (which I rarely post to) has a filter option, so tata you ineffective loony.

That Thai Oil contract looks very promising. Confidence improving regarding the likely outcome here.

Well I did say "almost", the basis being that if they had to do a capital raise then the SP for current shareholders would take a long time to recover to 35p.

And yes, the comment on net debt was not accurate, I should have clarified to state that according to the 2023 accounts all of the current net asset value (and then some) is in intangibles, making the prospect of administration unappealing to debtors since fire sales rarely (if ever) achieve the value shown in the accounts.

I like everyone else will have to play the waiting game and see what transpires, if I thought administration likely I'd have taken the hit on the 30th April and sold.

The Sidara offer includes $450m of loans, which could perhaps be assumed as the required figure to get Wood out of the doodoo. A quick calculation suggests that if Wood were able to pull off a placing or rights issue for the same amount at say 10p a share (raising £337m), the new shares would account for 79% of the business, with existing holders retaining 21%. To get back to a share price 35p would require a market cap of £1.4bn, which is very likely why the board is recommending the offer at 35p. I can't see how a fundraise would be preferable for current shareholders, unless the sum required was a lot smaller than $450m.

Administration doesn't favour Sidara, they'd have to bid for the assets and could come up against stiff competition. And it doesn't favour the debtors either, the company has net debt, so the assets are worth less than the debt.

A successful bid means Sidara gets what they were willing to pay 230p for at an 85% discount, shareholders come out with something, the debtors breath a sigh of relief and the board and employees keep their jobs.

I think the share price has fallen heavily because the shares will be suspended on the 30th April. The possible offer is conditional on several things including "b) the publication of Wood's audited accounts for the financial year ended 31 December 2024;" and since Wood has already said that they will be late there's no way to avoid the shares being suspended.