Member Info for Gord_1

Maybe he has run out of cash and cant pay the accountant to release the reports? He seems to have done a great job of coming up with excuses for paying Shuka . What ever the issue is , he needs to stop with the BS and inform the market appropriately.

Karl,

With respect , you cant operate a company on false commitments and misleading statements. Look at Maru and Shuka. Both ducked too with no firm commitment dates. How do you know it will come good in time based upon the history here and those other companies. It is very concerning that RNS's are being released with misguiding information and the FCA are letting this happen.....under their noses.

The pension surplus is an "asset" shown on page 23 of HY25 . ( $377M as of June 25 but most likely a lot more now due to recent market growth) . It actually grew $43 M during the first 6 months of this year ! They were going to tap into this surplus in Feb 25 ( as per RNS) for $50M but deferred that until the audit was complete. I still stand by what I say. Under the control of Sid , they can tap into this and the UK government has relaxed regulation and tax around this. Why haven't WG tapped into this asset to provide liquidity ? Because I think its reserved for the new house keepers to help fund their "investment" imo.

I agree...look at Shuka also ....he has ducked them over too. I notice a few block sells over there.....wonder who that could be Jason ?

He is a liar and the capital he has tied up could have been put to better use for most on here.

Also note that Sidara did not buy Worley; instead, Sidara sold its 19% stake in Worley in April 2024, ceasing to be a substantial shareholder. The sale of the stake, which was worth approximately $1.4 billion, was part of Sidara's strategy to fund other "growth "opportunities, such as its later acquisition interest in Wood Group. ......Why? ....because they can see a huge prize. Worley revenues are $12BN with $1BN margin and debt of over $2BN. Debt is carried by most companies in this sector thus WG is no exception, Its just how a business operates. Sid want WG on the cheap to go after this massive sector opportunity. Read between the lines. 30p is stealing from shareholders of this huge potential. Also note WG have held their own with a growing order book despite all the FUD thrown at them triggered by Sid and the review. Its cost them nearly $100M in costs for advisors/legal etc. This money if not spent on this diversion would have shown WG in profit during HY25. If Sid want would so be it ....but not steal it from shareholders.

Ice - that's the sort point I'm making.........previously KG has been obliged to make positive comments about Sid. But his statement in the HY25 headline does not mention them at all....its quite the opposite suggesting a turnaround business given the difficult backdrop. I think KG was forced out because he also now feels were being robbed...imo. All I know is that the results are much much better than expected and don't support 30p.

I made a point previously that WG have a massive pension surplus fund - approx $420M. They "deferred" tapping into this in Feb ( announced) due to the ongoing review which has now been done. but still don't need to tap into it for some reason. (previously they were going to tap into it for $50M only but as its grown, they have more to play with.) . They have options to get through this....and imo don't need Sid to come in a steal all the primary assets ( including this massive surplus pension fund) for base bargain prices. Its Robbery !

Looking at these 2 statements from HY25 , me thinks KG was forced out as he possibly seen a recovery without Sid ? ( he does not mention Sid ). However the incoming CEO seems all over Sid with a narrative to execute. ( seems to be the focus of his statement). This tells me that the lenders/Sid want to drive this deal through at a low ball offer despite the market and business saying otherwise. It is daylight robbery if 30p gets accepted. WG is on a reverse and does not need Sid anymore.......£1 min or they can duck off.

Ken Gilmartin, CEO, said:

“While trading in the first half reflected the challenges facing the Group, we continued to secure work across

our markets. Against a difficult backdrop, our people have remained focused on delivering excellence for our

clients. These efforts supported growth in our order book to $6.5 billion, reflecting continued confidence in

our ability to deliver complex consulting, engineering, and operations solutions at scale.”

Iain Torrens, Interim CFO and incoming CEO, said:

“As we near the close of this challenging chapter in Wood’s history and look to enter this next period, we are

focused on strengthening the Company while still delivering high-quality work for our clients. Importantly,

we are progressing the Sidara acquisition of Wood, which will provide greater stability for Wood, open new

opportunities for our employees and support long-term growth.

Whist I appreciate that Sid have claimed they will maintain pension commitments , page23 of HY25 lists the surplus fund ( after commitments have been met) of $388M. Growth during the HY25 period was~ $43M . I would estimate this is now ~ $420M and growing significantly if the markets remain strong.

Despite the negative noise Sid/Bod have voiced over last few months. I see WG in "flush/turnaround" mode now to refocus on new markets and profit making opportunities, given the focus on better financial and operational management.

Why cant WG take some of the surplus for working capital now? I feel if they did, it would weaken the case with Sid significantly, but will Sid then raid the fridge to pay for its cash injection? All speculation but with the potential of $500M of surplus funds up for grabs.....It wouldn't surprise me if that's part of their plan and should not to be trusted.

Interesting they didn't highlight the pension fund surplus value in the HY25 financials ( they did in previous HY results) . With a lot of funds etc at all time highs the surplus I suspect would have grown since the last disclosure which was nearly $300M....and enough to pay for the 30p offer and more. I wonder if Sid had eyes on that too. I personally don't trust them..no offence to those that might.... but skimming the offer from 35p to 30p sets the scene for the type of people they are...Gla and also to the shorters ....they will need it most !

Steve - Yip, incredible situation but i think bribery was the nail in the coffin. As for PR1......just needs a bit of creative marketing. I offered to help them but sadly IR didn't respond.

Thanks Steve! ....WG is a strange one in a sense that I think its in recovery but the BoD want it sold cheap ( so many different opinions however) . As for PR1, If this was marketed much better, it would fly as I feel they have a good set of products. If Rory sorts this out then hopefully you will do well. ! GL !

Steve - keep the faith......now that JS/MB are out , hopefully the new ceo will deliver.....gla !

And the order book is up and losses narrowed despite the BoD washing a lot of their dirty pants during that period. Incredible that they are still trying to force this deal through. Doesn't make sense tbh. Gla

Operations order book UP

Investments order book UP

Projects order book slightly down but Margins are UP

Consulting slightly lower due to disposal but UP on a like for like ( if you factor that in).

They don't need Sid imo ......this ship is turning around on its own....30p is a ducking pea take !

Back in Feb JS said this (without the Halfspace acquisition) : ·" Continued new customer sign ups towards break-even goal of over 100 clients in 2025; as at 31 January 2025, 25 customers signed up to the platform."

Now they are saying : Only 40 customers total including those from Halfspace.... which only 20% are paying !!!. ......and 80% of revenues are from Halfspace. ? I think JS was full of BS and mislead the market tbh.

Steve - I think we should set up a telegram group, and then collect at least 5% of votes to then request an EGM ? Then go from there? The objective of an EGM is to not give Rory a hard time, but to back him in any actions PR1 wish/or have taken and also ensure MB /PRIM don't treat retail pi's like muppets. Vote recommend if you think its a good idea.

Nothing from IR sadly, but I did notice Halfspace have recently moved registered offices to the PR1 office address. Hopefully trying to get more organised before breaking the news we all want to hear.

MopfGold - By keeping the pressure up to ensure its not forgotten or washed under the carpet, any positive sign that PRIM/MB will have to buy back or return their gains will rocket the SP......hopefully back to 10+

Jacksdad - I agree that the company has a duty to update shareholders with material facts and nothing more, however they have failed with regards to that obligation causing further loss of shareholder confidence. Their investor site is full of errors , not facts. It still states MB is part of the audit committee and incorrect shareholding values for example. despite efforts to have this rectified by their IR department. The PRIM case requires notification to the market of actions taken ( BIG technologies as a case example where the market was informed of the course of action that will be taken) . The reason the ex-CEO left despite having a 6 month notice being in place. Why has companies house been updated also. Whist I appreciate facts are important, the simple issue here is that things are not being updated or disclosed when the should be and this has resulted in loss of money from investors. The PRIM case is clear cut , they sold down at a profit at the expense of retail investors as they knew this would happen ( The reason for the clause in the first place) . How long do you think we should give PR1 before we can demand recourse for the actions they should have taken and fail to continue to do so ? I suggest we give them 7 days for a response before we hold PR1 to account for failing to act on the companies wellbeing as these lack of actions affect that.

Good update.......and the company is participating in 7 government frameworks with 20 Bids on the table. A couple of major contract awards and I see this doing very well. Sure they had a loss, however they did open up and invest in a new facility to form a basis for future growth. Gla