Member Info for JamesOxford

@OrangeMoon 'I agree a detailed RNS is required for the greater market if only to provide some restbite from this drop at this time.'

Agreed.

Wood Group "This review will focus on reported positions on contracts in projects, accounting, governance and controls, including whether any prior year restatement may be required. An update will be provided as appropriate following its conclusion."

The key phrase 'including whether any prior year restatement may be required' was clearly the killer blow.

Obviously if a restatement is required, then this will be to correct a previous statement and such action taken would have to be of a 'material' inaccuracy.

An RNS is needed, so all shareholders can obtain further clarity on the detail of the review and the estimated completion date...one month, 6 months, 9 months...? This really is basic stuff.

Heck, maybe it's all positive...maybe the review will add tens of millions to the bottom line. Or take tens of millions away from the bottom line.. Who knows? Crystal ball anyone?

The CEO dug himself into this hole, now it's time to dig himself out.

When the going gets tough, the tough get going...

However, in Wood Group's case when the going gets tough...where is the CEO and BOD...oh, look over there, they're the ones with their heads buried firmly in the sand!

Because it is clear the CEO and BOD are incompetent. They must be warming up the office as they wander about with their red cheeks and look on their faces like deers in headlights...

BTW How hard is it to write an RNS with an update and some detail behind the review and the estimated completion date behind the review? It would take me an hour. The RNS would restore confidence and stop the speculation, which would benefit all shareholders equally.

Maybe we have to wait until a further update via email to the 'employee' shareholders is 'leaked' to this Wood Group discussion board!

@OrangeMoon I do understand that the employee shareholders ahve been in a while. They have my sympathies with the drop of 60% in one day due to the gaff of the RNS.

However, the CEO is not two-tier Kier Starmer. There ought not to be a two-tier for Wood Group shareholders. There is no difference betwen 'employee' shareholders and 'other' shareholders.

Although the CEO's exclusive email to employee shareholders was a 'Gee shucks letter', some would/could/should view it as a form of 'inside trading', which could be seen as providing an advantage to employee shareholders to the exclusion and detriment of all non-employee shareholders.

If the CEO deemed it neccesary to issue an email to all employee shareholders, then the CEO needs to issue an RNS for the benefit of ALL shareholders equally, period.

If I could be bothered, I'd email Wood Group to demand that all shareholders have access to the same information forthwidth via an RNS and if not then I will report this matter to the relevant authorities. However, I bought in recently, so am not 'under water' like many long-term shareholders would be. Unfortunately for them Sidara's fourth offer of £2.30 in May looks like heaven sent - compared to the current share price of a paltry circa 50p. IMO complete and utter incompetence from the CEO not to take the £2.30 offer...a decision made by the same CEO...to the detriment of shareholders (sound familiar?).

The CEO needs to be sacked immediately. Simple.

I think Savage Keyboard is in love with Keir Starmer (or Angela Rayner's fringe haircut).

Keir Starmer to SavageKeyboard: "Look into my eyes SavageKeyboard...soon you will have eyes like miinneeee..."

Good advice NoFear. Great for a quick in and out, and maybe a gamble - but not a serious long term investment on either at the moment due to the uncertainty. No doubt Close Bros will provide further updates with their RNS results and AGM both held on 21 November. As for Wood Group, their wannabe CEO (with his previous employment record of a project manager) needs to issue an RNS to the same effect he issued an email to his 'employee shareholders'. The Wood Group nut-case of a CEO needs to read the book: 'The Idiot's Guide to Becoming a CEO'. At the moment this so-called CEO makes SavageKeyboard look intelligent!

I didn't know 'snig ger' was a swear word!

roll up, roll up, buy your tickets now (while the share price is still cheap). the smart money is in capita prior to the results on 17 december.

the capita share price will rocket upon the rns results on 17 december. no doubt about it.

at that point all capita shareholders on this discussion board can point at savagekeyboard and s******, giggle, then burst out with laughter! of course savagekeyboard (who is a disgruntled ex-employee of capita) will stand there with the same blank stare as starmer when asked the question 'what is a woman?' lol

@AimMaster. Agreed. SavageKeyboard is a lightweight and a cry-baby.

@NoFear Out of Close Bros at £2.08 a quick and tidy profit. Certain shares are very topsy-turvy at the moment Wood Group, Close Bros. But a bargain is a bargain!

Good grief. Now I don't pretend to know alot about Wood Group. However, I am a very fast learner. Take a look at Ken Gilmartin CEO Wood Group's profile on the Wood Group website.

'Before joining Wood, Ken spent 15 years at Jacobs where he held a variety of operational and project leadership roles including Executive Vice President of the People & Places solutions business where he held operational responsibility for more than half of Jacobs’ overall business portfolio.'

Guess what? That's incorrect, Ken was JOINT Executive Vice President...

Jacob's own website:

DALLAS, July 22, 2020 /PRNewswire/ -- Jacobs (NYSE:J) today announced new leadership roles for Ken Gilmartin and Patrick Hill, effective Aug. 1, 2020, within its People & Places Solutions (P&PS) line of business. Ken Gilmartin and Patrick Hill will both be promoted to executive vice president and jointly lead Jacobs' P&PS line of business.

Prior roles included project management.

I think the CEO of Wood Group is a lightweight, who is neither suitable or qualified for the role of CEO Wood Group. Further proven by his initial RNS and dumb mention of the review therein. Followed quickly by silence and utter contempt towards Wood Group's shareholders.. Unless you're an 'employee shareholder', in which case you recieve a 'Gee shucks, sorry' letter that starts: 'All, ....' Good grief! What planet is the CEO from...?!

I dare not research the background of the rest of the BOD! DYOR

Maybe tomorrow the CEO will get a grip and issue an RNS...he better!

@xtw2 Thanks for the post re Wood Group CEO's letter to employee shareholders.

Key takeway is CEO will be 'Supporting the timely completion of the independent review'

Now that the horse has bolted and the CEO stupidly alerted the world to the independent review (rather than keep it in-house and reveal the outcome of the review was known like a capable CEO would do), the CEO should throw all and sundry resources at the review in order to have it completed ASAP. Obviously the CEO (and/or BOD) thinks 'something' is amiss, so get the review done and issue an RNS based on the facts and put an end to the needless speculation.

Besides the letter to employee shareholders, the CEO needs to issue an RNS ASAP in order to gain confidence with other shareholders. At the moment the CEO is showing favouritsm to employee shareholders to the exclusion of all other shareholders. He is treating all other shareholders with contempt.

The CEO needs to issue an RNS for the benefit of ALL shareholders (along the same lines as that emailed to the 'special and priviliged' employee shrareholders with more detail about when the review is likley to be completed) in order to restore some faith and confidence in Wood Group. Such an RNS would increase and stabilise the share price somewhat until the review is complete. He has one chance only to fix this - issue the RNS ASAP and complete the review ASAP. If not, the BOD needs to sack him and install a temporary CEO while the search is on for a new capable CEO (preferably one who has read the book: 'Idiot's Guide to Becoming a CEO').

In case you missed it, Capita has announced it's trading update 17 December. This will be Capita's pre-close trading update for the 11 months to 30 November 2024. Mark it in your diaries. Should be good. Roll up, roll up and buy your tickets (er, shares) now (while the share price is under 18.5p)! I expect a boost in the Capita share price immediately upon release of Capita's RNS results on 17 December. JO has spoken!

@RickEngland 'We can own this if we play as a team.'

In my experience the sharemarket is a dog eat dog world. That said, Close Bros is oversold, even the shorts are on the way out...so every dog has its day (had to contine the dog theme). I agree that it's definately time to buy and hold Close Bros now and enjoy the run up to the results and then sit back and relax. After all, it's a dog's life (oops at it again!).

@NoFear. Very good. Close Bros at 2.20pm on £1.85 (well £1.859 to be exact) and closed today at £2.10 up circa 14% today. Who would've thought (and bought in at 2.20pm)...besides JO and NoFear course. Lol

Thanks Adon - very informative summary. Much appreciated.

The RNS was as expected, with no nasty surprises - I like that. I always thought the commencement of drilling in December would be too soon. Q1 2025 sounds more realistic. CH has confirmed Zephyr is on track and the signs are positive so far, so I remain happy to hold and will add once drilling commences in Q1 2025.

Of special note is the appointment of brokers: Canaccord Genuity, who are known to have been involved in several mergers and acquisitions. It would not surprise me if Zephyr would be an acquisition target (or less likley, a merger target) once drilling has commenced and results known. O&G companies and investment managers in this space are not stupid, and will be watching Zephyr's progress in the knowledge that it would be an easy bolt-on acquisition for them with O&G revenues to follow. If this were to happen, Zephyr shareholders would obviously be in line for a cash offer, or shares in the new company (the acquirer). Thoughts on this anyone?

@JG68 Yes and if you're extra lucky (i.e. review in line with market expectations etc.) then the Wood Group share price rise may be the equivalent of an unexpected small jug of apple-sauce...just a dab here and there...perfect!

Word has it that China is working to flood the US market with goods over the next three to six months in an effort to land as much as possible before any Trump tariffs MAY be imposed. Makes sense. Expect good economic figures out of China soon. Bodes well for China-Asia based companies like Prudential Plc.