Member Info for JamesOxford

BTW I will stay invested in Wood as I am sure that an Sidara offer will be made sooner or later. It does not matter to me what the share price does between now and then, as I will simply add on the dips as I did yesterday. It also does not bother me if Wood is suspended. All that matters is the Sidara bid (before or after the audited financials) - that is when it is payday. All the rest is a storm in a tea cup.

@pickedpeck I agree largely with your post made at 10:40 am today and it is in line with my post, I made earlier a.m. today. I don’t think I am that far off with an estimated offer from Sidara at 85p. Given the recent string of events at Wood anything more will be an absolute bonus. If Wood don’t like it, they can reject the offer and Sahara will walk.

@IceCool I saw you mentioned that ‘Wood are not fly by night operators’. However, the recent chain of events at Wood via RNsS (no need to re-hash them again) would indicate otherwise. Anyway, we will have to agree to disagree.

We are in the same boat anyway, so let’s just all hope for a Sidara offer that is commercially attractive. It may be 50-50 as to whether or not an offer is now put forward before the audited financials.

However, Sidara are not fly by night mavericks. Sidara’s own Business model is based on organic growth combined with acquisitions. Based on the Deloitte draft review of Wood and the fact that Sidara’s team is relying upon unaudited financials which clearly have to be written down over the last few years, I have a hunch that Sidara and Wood will agree an extension on 17th April. Thereafter, once the audited financials are known, Sidara can make a formal bid.

IMO

@Taversham. Agreed. I replied to Dazpink merely to point out that the Deloitte review has been carried out on Wood Plc. Not some cafe down the road.

@ElliteInv I hope you’re right. Let’s see.

@Dazpink The power division is part of Wood. Fact. There endith the lesson.

It is prudent for Sidara to wait for revised audited financials before making a formal bid.

The reality is that no one knows - due to the falsehoods supplied by Wood to their audited accountants - what the write downs will be and the extent of such write downs. Wood are in quite the pickle…to put it mildly!

Sidara do have their own team carrying out due diligence but what they find must be an absolute joke to them….one comedy line after another.

Someone here once said Ken Wood’s CEO described Sidara as Delboy. I think that is the pot calling kettle black! The only Delboy here is Ken and the BOD current interim CFO excluded.

Sidara can sort through the mess and possibly come up with a fair and reasonable based on write downs of their own and reflect this in their formal offer price. However, this may be rejected by the heads of Sidara who may simply prefer to wait for the audited financials. After all it is Wood’s mess to fix, not Sidara’s.

That said, Sidara is a privately owned company and can do what it likes when it likes without accountability to external shareholders. It may be that Sidara chooses to strike low and strike hard with a low offer of circa 85p in order to stabilise Wood and its employees and then sort out the mess later. Obviously, that approach does have high risk which must be reflected in the offer price.

I can guarantee that Wood’s institutional shareholders and lenders will be absolutely furious with the RNS and the Deloitte draft report.

Not only that, but I doubt that all of the skeletons are out of the closet as yet. For example anyone who is found to be guilty of fraud and misrepresentation of finances to auditors Will be in serious trouble and may in fact find themselves doing time at His Majesty’s service.

No other bit will touch Wood with a barge pole at the moment.

The ball is firmly in Sidara’s court. Wood has its begging bowl out.

If Sidara does not make a formal offer this week or by Monday, then I would say it will wait for the audited financials…and let the cards fall where they may.

IMO

OK so the RNS was a car crash - especially around providing auditors with false/misleading infomation over the last few years - unbelieveable but true...I can only put the need for an independent review down to a 'whistle-blower' at Wood or one of Wood accountants.

That aside...

Last week, Sidara and Wood Group pushed back the bid deadline to 17 April. Reuters reported that: 'Sidara had wanted the review to be completed before making a formal bid'.

I cannot help but think that as part of Sidara's access to Wood information and due diligence, that Sidara already knew about the draft review and has verbalised a low-ball offer based on the outcome of the review (probably over the weekend). Based on this, Wood has now released the draft review in order to pave the way for investors to expect a low ball offer.

Given the above, Sidara now has the (more or less fully completed) report in draft format 'before making a formal bid'.

Will Sidara now strike with a final formal bid while Wood and its institutional investors are at their lowest? That is the question. Every negotiation has to time their offer perfectly in order to buy at the right price. Personally, I think Sidara will make a low-ball final 'take it or leave it' bid of circa 85p. I expect this to land this week or Monday next week. This final offer ought to be attractive enough to be accepted by all and sundry and 85p should do it...any higher would be a massive bonus.

Sidara win - game, set and match. Wood shareholders win and the majority of shareholders make a profit, especially recent shareholders. LTH can move on with minimal damage. Wood and its employees win as it can quickly start again under the Sidara banner.

In addition, the longer this negotiation between Sidara and Wood draws out, the more likley talented and experienced Wood employees will look for work elsewhere with a more stable company in the UK or overseas.

If Sidara hestitates (or walks), then Wood will become very focused and may actually start to finally get its act together - starting with the completed (not draft review), then audited financials, followed by debt refinance terms (based on audited financials) via the new interim CFO and his team.

Further, if Sidara does not act quickly, there is a risk that another bidder could swoop in with an offer for all or part of the Wood pie. Or more likely, Wood starts to turn its fortunes around. Either event will push the Wood share price higher.

Lets see what this week brings...hopefully a realistci bid from Sidara of circa 85p (or more).

Wood - what a rollercoaster ride. Up down, side-spin, tumble-turn, back-ward flip...not for the faint heartered, or anyone with motion sickness! Lol

@Dingo1 You do not know your history about Enron And your summary is poor .

Now for the record I am not comparing Wood with Enron however there is commonality with regards to false information provided to auditors. That my friend is a serious no no. Anyone who thinks differently has rocks in their heads.

The Deloitte review was far worse than I had ever expected. We can only now hope that Sidara makes a fair and reasonable offer which will be far lower than anticipated but will no doubt be accepted by Wood’s institutional investors… all of them would be as shocked as I was with the draft review.

GLA

@SJM1994 Thanks. I too was shocked by what was disclosed in the Deloitte review. I too would like to sell up but will wait for the Sidara bid which I am confident will still come through eventually… Hopefully sooner rather than later.!

Longfell I know enough about Wood from a lender perspective trust me. You may not like what I have to say so filter me. I am always very pragmatic about stocks I own and Wood is no exception..

Given nor Kevin

@IceCool With respect I do not believe anything Wood forecasts or predicts… their reputation is shot with me. And no doubt others. I feel sorry for the interim CFO who has to pick up the pieces and present Wood as an attractive proposition to lenders Kevin passed falsehoods clearly made and picked up in the review.

@Longfel No I am still in awaiting Sidara’s offer. I actually added today at . I have a serious investment here and that is common knowledge to most here. I don’t really care about share price movements between now and the Sidara offer as it is largely immaterial.. that said I will add in the dips. I still believe the Wood share price will rocket when the RNS is announced that Sidara has made an offer to buy Wood.

It is probably a moot point if Sidara makes an offer…

The ramifications of the draft Deloitte review from a lenders perspective is serious. The fact is that lenders rely on audited financials as the most important part of their credit criteria. No lender wants to lend to a company that deliberately misleads accountants whether unaudited or audited financials.

Wood has lost serious credibility with lenders and institutional investors.

Anyone ever heard of Enron and its downfall? Maybe too long ago for some younger people here. In summary Enron was ranked one of the top 5 companies in the US and overinflated infrastructure projects to produce bullsh** profits etc.

Let’s all hope Sidara offers to buy Wood….before more shi* hits the fan! In other words terrible audited financials, suspension on LSE, no-low lender appetite to lend to Wood etc.

GLA

@IceCool I like your optimism and conviction. Let’s hope you’re right. It’s quite a golf between our respective positions on what we think the final Sidara offer price will be. We’re all in the same boat and hopefully a decent offer will materialise this week. I cannot think of a better time for an offer to be made.

@IceCool After the RNS today are you saying you still believe that the figures you mentioned that Sidara would offer is still relevant? Would you not downgrade your expectations?

I was somewhat taken back by that RNS and have downgraded my expectations accordingly to an offer of circa 85p.

This is what happens when a CEO is appointed without any experience in the oil and gas industry. He is seriously out of his depth and has been since he started. Period.

Now Wood share price down 29% Sidara ought to strike while the iron is hot. Wood is sold. The only person who doesn’t know it is the CEO who is still got his head buried deeply and firmly in the sand.

Can you imagine the conversations between Wood’s institutional investors and the CEO of Wood?!

The CEO cannot organise a pi** up in a brewery!

IMO

@IceCool mind you, I did use valentine’s Day massacre

part two as an opportunity to top up once more! Every cloud has its silver lining! Lol

@IceCool. It was a very poor RNS - DRAFT Deloitte review no less! The market also thinks so…bad news at almost every turn and probable suspension of Wood on LSE to boot. I suggest you reread it, and you may come to a different conclusion.

Anyway, it is obvious that the RNS is designed to pay way for a lowball Sidara offer. It would not surprise me if the Sidara offer has been made over the weekend and they have given Wood one week to either accept it or rejected and if they reject it Sidara walks. Hence I expect another RNS with details of the offer this week.

GLA