Member Info for JamesOxford

@Icecool Deloitee's report clearly demonstrates that Wood's accounts are overstated...it is a case of how much of a an overstatement. I do not share your optimism that all will be rosey once the acccounts are adjusted, reviewed, audited and published. I see bad accounts on an almost weekly basis, we lenders do not like any surprises without just cause, particularly bad surprises.

For the sake of Wood's shareholders, lets hope the accounts look fab when published. If it is fab, then Sidara can enter a decent offer well above 35p with confidence; or Wood can go it alone. If bad, I suggest Wood shareholders take whatever Sidarra offers; as if Wood tries to go it alone finance (or lack thereof) will be Wood's achilles heel and Wood's shareholders will likley be heavily diluted.

But let's all be cherry, it's the AGM next on 18 June. Time to watch the CEO squirm...unless he is voted out, in which case, he may just up and leave immediately! Popcorn at the ready! Lol

@NMH21 'Get rid of the Sidara bid - sort out the finance and lets get the SP over £1 and I'll be very happy indeed.'

My one and only concern with Wood is not the BOD, not Sidara's bid and not suspension...

It is the revised and audited accounts. At the moment debt extention is in place due until 30 June to the fact that Wood breached financial covenants - if the Deloitte review is correct and the revised and audited accounts reveal serious write downs (which I suspect will be the case); then debt refinance will be very difficuilt without serious cash injected into Wood to strengthen the balance sheet and provide liquidity and more importantly to ensure Wood does not breach finance covenants moving forward. From a Wood shareholder point of view, that means either Wood assets must be sold or an equity raise...neither of which would be a great outcome for shareholders.

@pickedpeck Agreed. My oil and gas stocks show a sea of green at the moment, not a red dot in sight. Sidara needs to buy Wood in order to become a major player - that much is for sure. It lends to waht I have been saying for a while now, that in my opinion, although Wood is in a mess and teh valuation of 85p per share (35p per sare and $450M for Wood) is probably about right (subject to material adverse changes and/or writedowns in revised audited accounts, the affect of which are not yet known) - the Sidara offer does not not reflect the clear and present growth potential for Wood over the next several years in any way, shape or form.

@Pokerchips 'Contracts are good...but those are from the organised,separately managed Subsidiaries out in the field ... it is the Central Office and Finance Dept that still needs to prove itself'

Fair post overall. The Projects Dept is of most concern, the Deloitee review appeared to put most of the blame there with mis-leading and false representations (from memory) to accountants. However, since then, it is clear that the CEO has made several changes at management level, so that ought to have a positive impact. One thing is for sure, Sidara are not the only ones to think Wood is/was a s*** show!

@Jolly Lol. My letter was a joke you know - always good to keep a sense of humour old chap.

@Icecool Pulkl your head in. I replied to PensionInvestor's comment - he predicted 45p not me.

@Jollypaddleboard

Dear Jolly,

Thanks for your enquiry. We are aware that Sidara is interested in buying Wood. We have looked closely at Wood in th past, however, it does not form part of our investment strategy moving forward. It's only a few things: no audited accounts for the last three years, serious mis-representations and failings as identified by the Deloitee review, a series of RNS car crashes, and senior executives who do not inspire us with confidence. We did meet with Sir Ian Wood at a dinner party recently, and we asked him if he would buy Wood, and his reply was: "Do you think I'm nuts?!"

Yours sincerely,

Apollo

@Pensioninvester Agreed. It may take a couple of rounds, but 45p is more likely to get it over the line.

With another RNS contract win - it helps - although no contract revenue/value stated whatsoever. That has to be tempered with Wood's own business updates, which appears to show little progress other than the same we are working with Sidara, lenders etc.

I cannot help but think the RNS contract win is an attempt to draw in another bidder and/or strengthen faith in the Wood BOD prior to the AGM.

The path forward will become clearer soon enough.

@Icecool Meant to say my colleagues, not colleague - there were 5 of us! Lol

@Icecool '@JO Classic deflection tactic.'

Not sure what you mean by that. This is a Wood discussion board.

I have no agenda other than to see Wood and its shareholders do well. I am heavily invested in Wood.

However, unlike you I have had discussions with professionals (my colleague) in corprate finance about Wood as an investment while in suspension, and we have discussed certain scenarios including the two basic questions/scenarios I put to you.

I hope that Sidara does offer 35p per share and $450M before the accounts are made available, although that may be unlikely. The reason is that the Wood accounts could be bad, and therefore, Sidara can justifiably offer far less than 35p per share for shareholders.

If Wood's audited accounts are bad with significant write-downs (which is likely to be the case given what we already know in the Deloitee review with serious misrepresentations etc made to accountants by Wood), your answer of: 'This fantasy scenario of a 25p offer after the accounts land is pure FUD' and 'If Sidara thought the accounts justified 25p, they’d have gone in already' is woeful indeed.

Oh dear me. There is a reason Sidara has stated that it reserves the right to over less than 35p...it will be due to the event that Wood's published audited accounts are indeed bad.

We will see as it all unfolds over the next 15 days or so.

PS. Icecool we are both Wood shareholders, so lkets hope this all works out well in the end. 35p will do me...anything more is a bonus...anything less will be bad luck.

GLA and goodnight.

@Icecool What happens if Sidara waits for the accounts to be published and those accounts are woeful (with serious write downs of assets etc.), then Sidara offers a lower amount of 25p per share and $450M, which is recommended for shareholder approval and shareholders vote 'No'.

What happens next?

@Icecool So lets' play this out...

If Sidara make a formal offer of 35p and $450M, which is recommended by the Wood BOD (based on all their available data and professional advice recieved), and this offer is 'recommended' to Wood shareholders...and in their wisdom, Wood shareholder vote 'No'.

What do you think will happen to Wood (and Wood's shareholders) next?

@Icecool It is obvious from Wood's RNS that the Chairman and one or two others have decided to call it quits, which is hardly 'self preservation'. Lol

@Icecool 'You call it “moving on.” I call it “giving up.'

No I call it 'Wood BOD abandoning ship! One by one..' which is a far cry from your conclusion that the Wood BOD are acting in accordance with 'self preservation'! Lol

@Icecool '@JO Lol, because “self preservation” isn’t illegal, it’s just pathetic'.

Well I would say that if you are right, and the Wood BOD are acting in a way that creates 'self preservation' then that does not at in the company or shareholders' best interests now does it. I suggest you start writing your letter to the relevant authorites with your 'evidence'. Lol

PS. Late time I checked the Chairman and one or two others were jumping ship...not exactly 'self preservation'! Lol

As for the $450M narrative, I have made my points clear. I have offered a summary of our respective potions under Point 'A' and 'B' for readers of this discussion board to come to their own conclusions. Besides, I am far more intrigued by your conspiracy theory about the Wood BOD and their 'self preservation'...all I have seen is Wood's BOD shout...abandon ship, abandon ship as they leave teh BOD one by one!

@Icecool 'So stop hiding behind the Companies Act like it guarantees integrity'

I am not concerned by Wood's BOD actions. The difference betweenus is that since the Deloitee review, I accept that we are where we are. Whereas you think the Wood BOD are (to paraphrase): 'up to no good'. Lol

@Icecool 'I’m saying self preservation is driving their actions'

In that case, why do you not report Wood's BOD to the relevant authorities on the basis of 'self perservation' along with your 'evidence'. Lol

@Icecool '@jo quoting the companies act like it’s some magical force that guarantees directors act in our best interest is laughable. you really think ticking a legal box means they actually do it? spare me the corporate fairytale.'

Correct it is a legal requirement for the BOD to act in the best interest of the company and its shareholders.

Icecool are you saying that the Wood BOD are taking some kind of bribe from Sidara? Is that what you are sugesting? If not, then what possible reason would the Wood BOD have to not act in the company's or shareholders' best interest?

@Icecool You are desperate. Lol

@Icecool Senior managers in debt finance call 'debt extentions/waivers 'a goodwill gesture' internally. It's an inside joke - don't worry about it. Lol

If your stock average was under 35p, you would not be so desperate for Wood to keep going. You would take the advice of the BOD, which based upon the current state of affairs, and the collective advice provided by their internal/external professional advisors who are experts in their respective fields.

Instead, you pin your hopes for an increased share price on a brand new BOD and unpublished accounts.

Good grief.