Member Info for JamesOxford

Just checked with one of my senior legal colleagues in the office about timings with regards to Wood’s amendment on Articles of Association. He advised documents with resolution of the vote along with the amended Articles of Association must be filed with Company House within 15 days:. He also advised that the changes to the Articles of Association are legally effective from the time the vote on the special resolution is passed, unless a different date is mentioned in the resolution.

Given the above advice, I would say that Wood will publish its audited accounts before close of business on Wednesday. This allows the vote to continue within 14 days.

If there happens to be a short delay for some reason (would not surprise anyone!), then a new date needs to be signed off between Wood and Sidara, which would not to be a problem in itself. After all we’ve had more extensions than hot dinners!

In my experience - from a corporate finance perspective - it typically takes a large public/private company 7-14 days to update and then file the company's updated/amended Memo and Articles or Association. Wood will be more complicated than most due to the complexity of its business, however, that will be balanced by the resources available to speed the process up. Hence, the target date to both finalise the above, and publish the audited accounts with business update is likely to be Thursday 30, but probably more likley Friday 31 October. Personally I expect an RNS Thursday, but more likely Friday. Any sooner will be impressive IMO.

Of course the Wood share price will be driven by the Wood audited accounts and update. That aside, JO will be on live as soon as the Wood share price is open once more. Hopefully before auction. If not, will keep on it. Why? Typically there will be major movements up and down in terms of share price as shorts close their positions with buys, and impatient sellers move on to new pastures with sells. You know the old saying 'You to be in it to win it'. Hopefully there will be a millisecond or two available to buy cheap before the share price climbs to circa 27p. Fingers crossed!

@CaptainSwag 'Sid dropped the price because they could'.

Agreed - but the trigger/justification in Sidara's offer from 35p to 30p was the FCA investigation.

@Darth_Tradr Yes indeed Wood shares will start to trade again. Load of investors will add as quickly as possible at a mere 18p, especially given the offer on the table is 30p. It will almost certainly go to 'auction' on the open. Easy money to be made for those quick enough, hopefully JO will be able to buy in quick and benefit from that very quick rise! Lol

After that the Wood share price ought to settle ar circa 27p i.e. just under the offer price of 30p. That said, if Wood's audited accounts are favourable (slim chance of that) and the business update is positive (50-50 chance of that), then the price may climb well above 30p in the expectation that Wood shareholders may reject the 30p offer and await a higher offer from Sidara. JO has learned over the years to never say never. One certainty will exist and that is that when Wood shares trade once more on the open - it will climb dramatically from 18p towards 30p quicker than you can say 'Show me the money!' Lol

@Gourd Welcome to the Wood chat room! Hold on to your seat as it can be a bumpy ride at times Lol

With regards to the FCA - in my experience it usually takes circa 18 months. Wood will be long sold by the time the FCA investigation is concluded. It is for this reason that Sidara dropped its offer from 35p to 30p i.e. due to the FCA investigation and the uncertianties around that outcome in terms of financial penalties etc.

@Icecool How is your other investment 'TRX' doing? Oh that's right...suspended. Well done. Welcome to Icecool's world, the land of the delusionals and brokes!

For anyone on this Wood discussion board who thinks Icecool may be a sucessful investor. Take a look at his track record...Wood dumped, TRX dumped...and come to your own conclusion. If that does not scare you off as an investor nothing will. A fool and his money are easily parted. You have been warned! Lol

@Icecool I made it pretty clear when I stated in full below (not your cropped/shortened version) that:

'Hopefully Iain will pull a rabbit out of the hat with some type of clear recover plan or way forward, so Wood's investors can vote down Sidara's offer, who will then come back with a higher offer that may please Wood's investors enough to sell it.'

You try to twist or put words in other posters mouths in order to suit your own warped delusional/fantasy narratives. You are a desperado period.

I stated it pretty plainly. Wood needs enough ammunition in order to justify a vote of No for Sidara's first offer, in order for Sidara to put in a second higher offer. Wood will be sold I have said that countless times. It is obvious to everyone expect the delusional fantasist Icecool who is clearly short on Wood. Someone lend me an ice-pick!

Petrofac's administration is a game-changer...

This has added direct and indirect value to Wood, and therefore to Wood's investors.

Arguably Sidara has an opportunity to almost 'corner' the market in one swoop. Sidara should start to cherry pick from the Petrofac carcass the minute it enters into adminstration in order to buy assets of the business that are beneficial to it's would-be ownership of Wood.

The above will make Sidara even keener to buy all of Wood.

Of course, for Wood's shareholders, it is still down to Wood's audited accounts and business update. All we can hope for is glimmers of hope in the audited accounts, and a good business update with a positive forecast for the future. With such an outcome, combined with Petrofac's administration, the vote has to be uncertain at this point. Wood's biggest issues remain its $1.5 billion debt to it's lenders, and it's cash-flow issues.

Hopefully Iain will pull a rabbit out of the hat with some type of clear recover plan or way forward, so Wood's investors can vote down Sidara's offer, who will then come back with a higher offer that may please Wood's investors enough to sell it.

Wood can work to sweep up Petrofac’s contracts pretty quickly and easily.

It will be an interesting week ahead!

It ain't over till the fat lady sings!

@TheDetector Iceool backs TRX which is in suspension?! Icecool sure can pick 'em...not! Lol

@TheDetector Out of curiosity, what other stock has IceCool invested in that is suspended?

@TheDetector 'I reckon the the Sid cash bung is required to keep the lights on.'

We will know the state of play when Wood publishes its audited accounts and business update next week...

What we do know is that Sidara's offer to buy all of Wood means that Sidara pays 30p per share for investors AND means Sidara assumes Wood's massive debt pile of $1.5 BILLION. We also know that Wood has a severe cash-flow issue, hence the $60M additional loan and Wood's asset disposals. Hence, Sidara's - the would-be buyer's - in-depth conversations, negotiations and agreements with Wood's lenders that Sidara makes a cash injection of $450M (in spite of Wood's asset disposals).

Given Wood's dire financial situation, which has been well documented over the past several months in Wood's RNS releases, Wood's lenders require a cash injection of $450M to reduce debt and therefore shore up the balance sheet, and provide liquidity. Therefore, given any other would-be buyer of all of Wood will also need to also assume Wood's debt pile of $1.5 billion, it too will also need to dig deep...and beat Sidara's 30p and also provide a minimum of $450M as a cash injection to satisfy Woods lenders. Obviously any would-be buyer needs balls of steel to take on a debt pile of $1.5 billion and throw in $450M cash injection. But never say never.

Wood does require the $450M cash injection as part of the Sidara offer, hence why it is in the offer. Wood announced planned disposals prior to final agreement with Sidara.

Any other bidder will need to match Sidara's offer hook, line and sinker. That means beat 30p per share and match $450M cash injection.

Wood's recent asset disposals of $275M were already in the works prior to Sidara's offer and Wood's lenders would have been fully aware of such disposals and such disposals as per Wood's RNS were to reduce debt and liquidity purposes. This was required in addition to - not instead of - Sidara's propsal of $450M cash injection.

Further, Wood has now had to amend its own Memo and Articles of Association to ensure it does not breach its own (let alone Wood's lenders) loan covenants based on its about to be published audited accounts.

Anyone who has been involved in finance at high levels will know the above as fact and would have seen or be involved in similar actions by other large public/private companies that are in 'financial stress'.

Any other commentary against the above is typical delusion and fantasy by a certain frosty poster.

I didn't know 'accounts' was a bad word! Lol

could be. the earlier the better for wood' investors, lenders, stakeholders and any interested bidders. i amd sure iain the 'money man' is on the case. fingers crossed for wood's audited aco****s to be marked as 'fair' and the business update and forecast to be marked as 'good'!

@D-Geeman. 'An 11th hour would-be buyer might have a big advantage in that they haven't spent a penny yet and could channel that money into their (higher) offer and beat Sidara?'

Agreed.

Wood's RNS this afternoon shows that Wood's investors have voted in favour of Wood's BODs' to amend Wood's Memo and Articles of Associaion to ensure that Wood's own debt covenants are not breached upon publication of audited accounts.

Next stop: We ought to see Wood's published audited accounts very shortly, and this ought to include a business update. The audited accounts means Sidara's 30p per share and cash injection of $450M offer as firmly in play. Nice for some investors, not so nice for others. So let's all hope that another would-be buyer likes Wood's audited accounts (as convervative as they will be, especially around asset values) annd other updates enough to place a firm bid higher than 30p per share (i.e. circa 40-45p) and match the cash injection of $450M in order to satisfy Wood's lenders (i.e. needed to shore up Wood's balance sheet and provide much-needed liquidity).

If indeed the above comes to pass and a would -be buyer comes to the party hosted by Iain the new CEO and 'money-man', then let the negotiations commence...

It ain't over till the fat lady sings!

@Banburyboy Any serious would-be buyer of Wood can complete due diligence within the 2 weeks and declare interest or make an offer a day prior to the vote on Sidara's proposal to buy Wood.

The fact is that Wood has already provided the relevant information to Sidara and all that is left really of significant importance is Wood's audited accounts, which will be up-to-date and by nature conservative, especially around asset values. The same information - together with audited accounts - can be served to any other interested would-be buyer.

The reality is that the would-be buyer must be prepared to draw a line under Wood's previous accounts and shenanigans, and rely soley on the audited accounts and business update about to be published. Combined with discussions and with Iain the new CEO of Wood aka 'the money man'. Make no mistake, it will take 'balls of steel' for the would-be buyer, but then that is definately 'priced in' at Sidara's current offer of 30p per share and cash injection of $450M. That said, Sidara have shown 'balls of steel' throughout and have patiently waited while Wood sorts its own series of self-goals out. Therefore, if Sidara sees considerable value in Wood, then a serious would-be buyer (for example Apollo) ought to see the same/similar value.

If such an event arises and a would-be buyer expresses interest or makes an offer before Wood's investors' vote on the Sidara proposal to buy Wood, then Wood's BOD must declare such along with the terms and conditions around that.

After that, it will be up to Wood's institutional investors to vote for or against Sidara's offer. We as Wood's private investors are mere spectators and that is all. It will be entirely up to Wood's institutional investors who will be in conversations with Iain - their 'money man' - as to which way the vote ought to proceed should a serious would-be buyer enter the ball park.

A serious would-be buyer who enters teh Wood ball park at the 11th hour, could well take victory from the Wood's investors' jaws of defeat!

I would expect that if a would-be buyer makes a serious offer - not merely an expression of interest - then the vote on Sidara's offer will be 'No.

@Pokerchips 'Anyone with serious interest needs really have to have made some moves ..by now.

Incorrect. Draft accounts are one thing. However, would-be buyers are unlikely to make a move based on draft accounts, especially with the recent fiacso of events and red flags around that. Would-be buyers will wait for the all important audited accounts.

Further, new incoming CEO (and current CFO) Iain has made it clear he will deliver audited accounts to date (from memory covering the last 18 months). In addition I expect Iain ought to publish a business update or similar, which ought to include the current Sidara situation along with new/recent business/contract wins, debt and liquidity updates, asset disposal updates, and the general state of play.

It is only when this information is released that would-be bidders will show their hands...if at all. There is absolutely no point any earlier. I know plenty of people in this game - business analysts etc. who work 8am to 11pm Monday to Friday week in and week out. Analysing and modeling businesses. I estimate it will take 7 to 10 business days to decide whether or not to make a play for Wood. If a play is made to buy Wood, it could be announced as late as one day prior to the vote on Sidara's proposal. This is not unusual.

Sidara has shown its hand at 30p per share plus cash injection of $450M. In the big scheme of things, this is not a lot to pay for a multi-national company like Wood Plc. Would-be buyers can realitively easily trump Sidara with a better offer. That will force Sidara to re-think and increase it's offer. Sidara is oif course the natural buyer, however, a decisive and all encompassing offer of 40-45p per share and $450 million to shore up the balance sheet will shake Sidara who will likely have to counter-offer.

Of course, if Wood's audited accounts are proven to be 'fair' and more importantly Wood's business update is 'good', then Wood's institutional investors ought to reject Sidarar's first offer of 30p. After that Iain 'the money-man' will be very busy indeed with negotiations with Sidara and/or any other intereted party for the betterment of Wood's shareholders and lenders. First and foremost, Iain will want to sell Wood in its entirety to the highest bidder for obvious reasons.

In summary, it is indeed all about Wood's audited accounts...AND Wood's business update.

Nice rise from £2.48 to circa £2.68 recently. However, still very cheap so far more to come over next 6-12 months.