Member Info for JamesOxford

@Garone Not a bad rise so far from a mere £6.00 per share to £9.86 as of Friday. I have a hunch that Prudential will reach £10 per share in the next week or two...

@papaduke - in a similar format as your post...

JO Summary: Zephyr 'potential' is nothing...'production' is everything!

Summary: If Elvis was a Zephyr investor he would sing: "A Little Less Conversation...a little more action please!"

Verdict: CH needs less talk, more action. Get production moving, maximise output.

Result: Once the empty promises stop and the REAL production starts it is a license to print money for all shareholders (...all for the lowly entry price of a mere 3p per share)!

GLA fellow Zephyr investors

@Kando @Banburyboy @Pokerchips I do think Icecool lives in his own world of self-delusion. As an investor, that would be a very dangerous place indeed to live! Lol

@Icecool 'Yet they announced 275m of disposals and massive contract wins. JO wait for the accounts like everyone else.'

Er, Icecool, Wood had to sell assets to cover their negative cash-flow position...this was a directive by Wood's lenders...Wood had no choice in the matter. Wood is clearly on a slippery slope. I do not need to see any accounts to see that. Wood's own RNS has clearly stated that they have $1.6B in debt and is cash-flow negative. The situation is dire. Therefore, I will take the 30p (or more if a rival bidder enters the fray), and walk off into the sunset.

@Bob 'Dear Bob, Sorry to see you have left Wood for pastures new. I wish you all the best in your new role. PS. I too will soon leave Wood Plc so if you hear of any CEO roles in the O&G industry, remember to think of me. Yours sincerely, Ken'

@Kando Icecool is seriously down on his investment...probably in the low thousands. Of course, he does not want to admit it...Icecool lives in fantasy-land.

@Icecool '...all speculation and assumptions, until the accounts are out. We won’t have full transparency.'

Although you directed your above statement to Pokerchips...

Icecool...I think you need to read and re-read and re-read Wood's RNS and rationale for their recommendations for selling Wood to Sidara (or to another bidder who is brave enough to dip their toe into the Wood water!). It's game, set, match to Sidara. Ken - the Emperor of Wood - has just announced that Wood is not wearing any clothes. Most smart investors knew that already, it was obvious. Wood's BOD even highlighted its advisors on the matter. As an investor, I will take that expert professional advice any day of the week and twice on Sundays vs the rantings of Icecool and his magical crystal ball - both of which are blinkered and fanciful to say the very least! Lol

The fat lady has finally sung!

Sidara has formally shown its cards and the offer of 30p for shareholders and $450M for Wood's lenders (to shore up Wood's weak balance sheet and liqudity) is on the table...

Wood's BOD have laid their cards on the table - the result is poor and their own analysis is dire. It is clear that Wood has zero options other than to sell Wood to the highest bidder...but then most recent Wood investors with common sense knew that already.

As for Wood's own RNS earlier today i.e. asset sale for $110M is another asset sold to 'keep the lights on' and keep Wood's lenders on side (i.e. asset sales needed to prop-up Wood's negative cash flow position) until Sidara owns Wood.

Now we will have to wait and see if a rival bidder wants to throw their hat into the ring...it will take balls of steel...and a rival bidder will only enter the ball park if they are certain that Wood's future potential is worth the punt.

The minimum offer is 30p. Time will tell if this is the only offer.

GLA

Well I timed my summer holiday to perfection. First day back and a Wood RNS with virtually a confirmed offer of 30p to Wood shareholders plus a cash injection to satisfy Wood's lenders...

The fact is that Sidara's offer of 30p to Wood's shareholders is substantially above the current shatre price of 18p...

As I mentioned previously before the above, Sidara's much-published informal offer of 35p and $450M cash injection represents 'fair' value. Whereas, the revised offer of 30p takes into account the FCA investigation and the uncertainty around that. However, make no mistake, Wood's lenders are in control here, and over the last several months, Wood has shown their lenders more red flags than I've had hot dinners! Wood's lenders want/need the cash injection to strengthen the balance sheet and provide liquidity - that has not changed. Lenders cannot abide mis-management, and Wood has demonstrated that in spades. It is time for Wood to start a new chapter in private hands.

Of course, Sidara's offer is not priced to reflect Wood's clear and obvious future potential/upside...but that is a different story, and could well be a moot point. After all, Sidara is taking all the risk...risk-reward ratios and all that.

Anyway, the first offer is not the final offer. It will depend on which way the institutional investors vote. This could be round one of negotiations, or not...

If another bidder wants to appear, then it will have to do so by the end of this week and express interest. However, it may just be in the 'too hard' basket to bother with.

It ain't over till the fat lady sings...and she is about to enter the stage!

GLA

GLA

Re: BP announcement on biggest O&G discovery in 25 years. This is why I mentioned earlier that Sidara's informal offer of 35p per share does not account for Wood's significant future potential/upside over the next several years. It is for this reason that when the audited accounts are released, another bidder ought to know better than to offer 35p!

@stew200 'Wood Group has a brilliant name across the globe and with 6 billion orderbook that is worth far more than 35p£ a share and a cash injection!'

Lets hope you're right Stew. More than one interested party would certainly push the offer higher, and higher, and higher...

Kando your summary on Wood's debt position is spot on.

Wood's lenders will be across its disposals and any other disposals in the pipeline, as well as Wood's cash-flow forecast.

Sidara's informal offer of 35p and $450M cash injection represents 'fair' value. However, I do not think it is priced to reflect Wood's clear and obvious future potential/upside....this is where I think another suitor could come in at the 11th hour and express interest with a higher offer. Of course, it does depend on Wood's audited accounts, and it is a big if, as the FCA investigation will take some time to complete.

With the Just Group takeover announcement (up circa 68% today)...will this be a precursor to Wood's takeover when Sidara (or another bidder's) finally makes a formal offer...or series of offers i.e. if/when Wood comes out of suspension that is! All to play for here!

@davwal My point is that Trump is pro-oil, so my definition is pro-Zephyr.

Not like UK Govt who are anti-drilling in the North Sea and tax them at 78% to boot. Meanwhile, will happily ship oil from overseas countries to the UK. Hypocrisy at it's finest.

@Katstarngler I suppose my point was better to leave Wood in suspension for longer, as it benefits Wood i.e. allows time for management changes, operational changes, disposals etc. to occur without adverse afects to the share price. This ought to benefit shareholders as I am sure that when the FCA investigation was announced, Wood's shares would likely to have tumbled down to circa 11p-14p...

While in suspension, Wood can sort its self-imposed mess out as best as possible, and as more positive Wood RNS' are released, when/if the company share price is reactivated on the LSE, the share price may rise to just under 35p to reflect Sidara's would-be offer. Of course, should Sidara make a firm offer of 35p after Wood's audited accounts are piblished and suspension is lifted, even if rejected by Wood, the share price ought to ramp up quickly to just under 35p anyway to reflect that offer is on the table.

I agree the longer Wood is in suspension the better its prospects for the future. I know Ken is not everyone's cup of tea (and not mine either), but he has made changes at senior and middle management level for the betterment of Wood. Of course, the recent disposal was very well timed, and put a rocket under the FT article about Sidara's reservations about the FCA outcome. Still all to play for here.

Good result for Prudential is the dispute. A minor blip now resolved. Prudential on track for another good year. IMO

@Robert-00 @Bigw77 Looks like the same HR representative who did not check the previous CFO's 'overstated' credentials, has now been transferred to Wood's RNS dept! Lol

As expected, Wood's lenders have extended waivers. Of course, Wood's lenders will continue to extend, so long as Sidara is at the table with their offer of $450M cash to shore-up Wood's balance sheet.

Some here say Sidara are calling the shots. Wrong. Wood's lenders are calling the shots and have been doing so for quite some time. Make no mistake, Sidara were 'invited' to express interest in Wood.

On the plus side, Wood's recent disposal of one of its non-core assets for $150M has been the shot in the arm that Wood badly needed. Not only that, but has anyone noticed that the past few RNS' from Wood have been on the positive side of the ledger...compared to the series of dooms-day RNS announcements since February!

GLA

It is clear from the recent RNS' that Zephyr has a series of positive announcements on its way. Trump is pro-oil, and the Zephyr stars are aligning. I expect serious detailed RNS announcements to be made within the next 3 months. Make no mistake, if all comes to fruition, Zephyr' share price will rocket, and become a power-play. Also, I do not rule out an 'expression of interest' for a take-over of Zephyr over the next 12 months. With the current share price at 3p, it is very cheap and the early bird always has the best chance to catch the worm! I added on the positive test results, and will add more in the future upon more RNS with positive/substanial news.