Member Info for itisagame

Lol, got away with it for 17 years though

"John Wood Group PLC ('Wood' or 'the Company') today announces the appointment of Arvind Balan to the Company's Board as Chief Financial Officer (CFO) and Executive Director, effective from 15 April 2024.

Arvind has been Chief Financial Officer of the Civil Aerospace business of Rolls-Royce, the FTSE 100 aerospace and defence company, for the last two years.

Prior to this, Arvind held a number of executive financial leadership roles at Shell where he worked for 14 years across the UK, Singapore and China. He is a chartered accountant and holds an MBA from the Indian Institute of Management. He will be based in London."

Date and number of shares, barclays prob did the swap with Fidelity.

At around 90% less than the last failed take over price, my guess is someone out there is happy to buy, takeover total inc debt of ~£2.7b priced now £1.3b

I’d say that billion in liability write downs is priced in.

I’ll stick to a few nice swing trades though.

Small dabble + leverage at 21p, = >60% up already, keep it coming. ;)

Part of the reason for the rise is that the proxy form released last night confirms that they are asking for permission to issue shares to clear some of the debt at 2p which was double the lows yesterday.

So half a mil that was invested will be cleared at double today’s opening price, aka for the lucky few is was (is) cheap at half the price.

“b. £482,300 in connection with the conversion of the convertible loan notes issued by the Company under the convertible loan note instrument dated 23 August 2024, each at a price of £0.02 per ordinary share;”

Sale should have left £235m Net assets when proposed

In October.

Deduct the $45m as was sold cheaper, it should have been £200m net assets

Yet Somehow even with them quoting making a profit on each additional sale mentioned since apart from the last one which was a few mill loss to book value we are lead to believe liquidation was the only option.

They rogered us big time, I hope the results are still released because the only logical way that happens is that there has been gross misconduct here with the extra expenditure.

And they can’t blame interest rates because they are the same as when announced.

Unbelievable, over half a bil of sales due to complete, They had $250m net assets and raised $60m just 12 months ago. And sale was announced when interest rates peaked to current so can’t blame them.

All while accredited is actually doing ok with turn over increasing.

Now nothing, while having the highest paid management in the industry, sometimes you dont get what you pay for.

Well and truly shafted, and they killed any start of a bounce since the sale announcement.

It’s simple.

The plan was to leave equity holders with $240m NET assets which with a small fee based business would have been enough to service the remaining $200m debt over time as net assets (insurance policies) mature over time.

Then they said there was probably $65m to $110m left they still had a leg to stand on and generate or raise and restructure the debt in a way it can be paid off over time

Now they have spent everything the company has and do not have the cash flow required to operate the business to completion of the deals.

Although security for main deal is held over Onex shares worth $465m If they liquidate the company Onex can buy it for less and deal is void, and price returned to debt holders doesn’t matter it’s just highest bidder.

In liquidation rqih can also pause payments to many parties which gives them some cash flow while sales finalised.

But current equity sits below bond holders, and other debt holders.

So shareholders have nout.

Could be as simple as there being many a big legal bills that need to be paid to complete the sales and no one will do finalise the work unless paid.

Admin was always the downside risk, just couldn’t believe so many II would let it flop, but it’s a tax write off for them with a line on a balance sheet

From AM bests website, not sure it posted already, was from Friday, credit rating "remains unchanged following a recent update on their pending sale"

"OLDWICK - JUNE 14, 2024 04:12 PM (EDT)

AM Best has commented that the under review with developing implications status for the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Accredited Specialty Insurance Company (ASI) (Gilbert, AZ), Accredited Surety and Casualty Company, Inc. (ASC) (Orlando, FL) and Accredited Insurance (Europe) Limited (AIEL) (Malta), collectively known as Accredited, remains unchanged following a recent update on their pending sale. "

They have ran out of cash flow to secure completion of the deals.

Completion of the smaller deals is required to give them cash flow required to complete the main deal.

Problem.

The 6 month bill for 100 people from sandals resorts put them over the edge

Well one has sold a small handful

The deal is secured over onex shares for $465m that’s the nuts thing, it’s the cash flow and excessive spending as rq seeems to be covering everyone else’s legal costs and entertainment funds that has screwed it.

I only need a 20x to brake even, all is rosey…..oh wait still for the glasses on

All it takes is two or three of the II selling at the same time against each other on market orders to drop it this far.

Most of the company is owned by TR1 listed II.

Feels like liquidation is the end result but as other say

Good luck with the high risk day trades, only bet what you can afford to lose.

The advantage of a basement mcap is high liquidity for large stakes to move around.

Well there atleast 6m more under 0.2 available if you want them.

8 month timeline :

We’re getting $465m

There will be $350m of shareholder equity left

But Really it might be $210m

Ok might be $65-110m

We might brake even

Ok we have arranged to sell everything else but might have to liquidate to finalise sales because we have drank it all away in Bermuda.

Oh but um we expect to make record profits on accredited this year 👍

To late now but do have to wonder why they didn’t just raise cash to secure the credit rating and keep accredited,

hindsight is fantastic but now seems pointless selling it for what they did when the administration costs of the transaction are most of the transaction price.

Awful, but atleast you have made it elsewhere.

The large II stakes got me too, thought they would know better than I.

That and them having originally stated

“Net Asset Value Per Common Share 80 cents

Net Asset Value Per Common Share (Diluted)[viii] 79 cents”

Are what made me think the market just price it wrong.

even after the repricing it should have worked, but hay ho “Net asset value” seems to not mean “ NET “ asset value with this one.

Seeing trades for £1k for what I paid £10k for.

Mr £50k for 3m shares is nursing a £41k paper loss today.

Large II % of float is biting today as some clearly finally selling out.