Member Info for JamesOxford

Although we are where we are...it is important to remember that most on here are Wood shareholders and we all want the same thing, the best possible return on our investment, whatever that looks like.

@AimMaster 'Im sure all PIs have their eyes on WG from all different sfocks to see how that plays out. I'll either come congratulate u on positive outcome or to ask what went wrong. Gl on that one Imho'

I won't hold my breath...I doubt you will congratulate me on Wood if it is bought out for a minimum 35p. Just as you didn't congratulate me on Prudential when it hot £7, £8 and now £9 per share. Lol Lucky I do not share information on all my investments...what would I doo without a pat on my back from the AimMaster! Lol

@AimMaster Incorrect. Read my posts. I said I will tell you when I sell out. I do not plan to contribute much on this Capita chat room, as due to time restraints I can only contribute to 1-2 chat rooms. However, that does not change the fact that I have investments in quite a number of different stocks, Capita included.

PS. I am also still invested in Prudential, which is now at £9.00 per share - a nice little earner. When I bought in at £6.00 I said it was the bottom, and have remained invested ever since. You and SavageKeyboard said it would go below £6.00. You and Savage were wrong then too imho

@AimMaster You know I am still invested. I said I would let you know when I sell imho

@Icecool 'I just can’t see why Wood wouldn’t get another short extension on the debt.'

A short extention on debt ought to be approved, but it is important to note that extentions on debts are not the norm, and cannot continue forever.

We will not know the fine detail of the extensiion of debt - the main question is for how long and on what basis? Will it be pending a material formal offer from Sidara and subsequent approval of offer from Wood shareholders? Or will it be pending Wood proving a clear and definate turn-around plan is under way (with more asset sales to shore up the balance sheet with cash), cash-flow positive and clear evidence of such, and accounts being worked on and prepared for eventual sign-off by auditors etc.?

Time will tell...and we will know soon enough.

@Norman

Dear Norman, You're welcome re: the car park at ARI. Thanks for your interest re: my possible takeover of Wood. Unfortunately, due to time restrains and the resources required I will have to decline. Besides that, do you think I am nuts?! Regards, Ian

Capita is one of those stocks in my portfolio that I have not looked at for many months now. As mentioned many times in the past, I have had every confidence the turnaround was well and truely under way. The steps taken to right the ship were correct and on the money. Looks like JO was right again. Well done to all the believers who remained invested and listened to JO! Of course, I will remain invested, as I am confident there is more to come from Capita over the next several months.

@AimMaster You shouldn't have sold out for peanuts. You always sell out too early and for peanuts imho

@Garone Are you still invested here? Remember when I said the bottom is £6.00 (i.e. this was when I bought in substantially)? Well, we have now hit £9.01 I hope you are still invested here and enjoying your profits. More to come. Slow and steady always wins the race! Lol

@Redmoor 'I'll pass on reading all of your posts, I've no interest in reading the same recycled point over and over again'.

Am I bovered? Lol

PS. Says the one who is obsessed with grass. BTW How is your grass growing? I heard there is another full moon tonight - Great for grass watching! Wait, full moon....? HooooWWWLLLL!!!

@Jollypaddleboard 'JO "especially if Wood announces in a RNS business update that Wood has been unable to obtain debt extensions from its lenders beyond 30 June." Why would that be an issue given the health of the order book after our recent massive contract wins ??'

If Wood is unable to obtain debt extentions from its lenders by 30 June, Wood is obligated to report this to shareholders, as it obviously represents a material change that can have a severe impact on Wood. Likewise, if Wood does secure debt extentions by 30 June, Wood must report this also.

BTW: Debt extentions trump any contract wins everytime, and twice on Sunday!

@Redmoor 'JO, corporate not "INCORPORATE finance"'

If you look at my posts I have always been open with the fact I work in corporate finance, since I was first asked about it back when I posted on the Capita discussion room way back. As mentioned earlier, I do mis-spell on occasions and I make no apologies for it. It is clear that I typed that I work in corporate finance. However, I only spend a few minutes here and there on this discussion forum, and when I type I am more times than not distracted by emails, texts, mobile calls and other interuptions. I obviously typed the word 'in' twice (i.e. I work in incorporate finance). I do not have the time or inclination to re-read my posts prior to posting to look for spelling errors in order to appease random posters with odd names like 'Redmoor', 'Icecool', FalconFlyer', 'Dooger69', 'Carrot' etc.

Redmoor (it sounds like you have been sun-burned this summer already) - this is a discussion forum. If you are so bothered about highlighting spelling errors from posters here (rather than discussing news, events, ideas, opinions etc), then I suggest in order to reduce your frustration and anxiety levels, that you log out of this discussion forum and read the financial times instead.

@saxman 'James Oxford welcome to the LTH club of the frustrating zephyr - I see your replies are getting spiky and you haven’t clocked up 2 years yet.'

I am not frustrated with Zephyr or CH in any way whatsoever. CH has lined in ducks in a row. Tests are positive, investments are secure, and one RNS smoothly follows the next in line with expectations.

My frustration is when posters make dumb statements about daily movements on the share price - and comments like what is CH going to do about the share price, or can CH release an RNS about his views on the share price etc. These are ridiculous statements. The fact is that CH can only control the controllables. The share price is determined by the market - and no amount of hot air or views from CH will shift the share price.

I view this Zephyr stock as an Aim-listed speculative growth stock, and as such it is only for the patient investor who is happy to wait for the tests to be positive, the investment/finance to be made, the infrastructure etc. to be complete, then finally the oil and gas to flow, aafter which the revenues and profits to follow. One step, naturally follows the next and it takes time.

This Zephyr stock is not an investment for impatient investors, weak investors, or for daily/weekly/fortnightly stock price watchers. For those types of investors, better to sell up and move on to other fields - where it appears that the grass is always greener.

In my opinion, the Zephry share price will only move when production starts and will surge again when revenues are known. The rest is noise. I expect production to start within the next 3-6 months. Once that happens, the share price will rise accordingly and probably very quickly.

Of course, at any time, Zephyr could also be sold in part/s or more as a whole to the right buyer, in which case shareholders will do very well also.

The upside is huge. It is for the above reasons, that I do not plan to reduce my stake in Zephyr. Quite the contrary, when the share price reduces, I top up slightly here and there at £1,000 a pop. Over the years, I some of my best investments have been in the oil and gas sector. For me, Zephyr represents such an opportunity.

@Bond-Investments 'I'm assuming the suspension will be lifted immediately upon the release of the accounts?'

This is one of the reasons why it is likley Sidara will make a formal offer before Wood's accounts are released i.e. while Wood remains in suspension. It is in Sidara's best interest to do this. If Sidara's offer is accepted, then Wood's accounts will likely never see the light of day, as Wood will be under Sidara's private ownership.

I do wonder how Sidara's formal offer will be worded and whether or not Sidara will offer '35p per share for shareholders and $450M cash for the company' on a take it of leave it basis. i.e. if not accepted Sidara reserves the right to walk away. That way, Sidara cuts to the chase and this may put added pressure on shareholders to accept the offer...especially if Wood announces in a RNS business update that Wood has been unable to obtain debt extentions from its lenders beyond 30 June.

Interesting times indeed.

Synergies not 'sysnergoes'

Wood's institutional investors would be 'minded to accept' and simply move on. None of Wood's investor's are that heavily invested...I doubt any of them hold more than 10% of Wood's total share issue.

As I have mentioned previously, in my view Sidara's offer of 35p does not reflect the sysnergoes, cost savings, and most importantly growth potential of Wood (as evidenced by Wood's recent sales contract wins, and more in the pipeline, and the fact that O&G investment is up hugely). On this basis, I believe that Sidara ought to increase its offer. That said, Wood has debt refinance issues, which Sidara has addressed with it's $450M cash injection. This makes Sidara's total offer 85p (i.e. 35p for shareholders, and $450M for Wood as a company to satisfy Wood's lenders)...so Sidara may think that 85p is generous given Wood's current situation. Everyone will have an opinion of Sidara's offer, but we are where we are.

@Kandos 'Given Sky are reporting how confident the board is of securing a deal by the end of the month, you'd assume they know they have the numbers to secure institutional backing.'

That was my first impression on the back of the Sky report. It seems that Sidara has set its ducks in a row. It seems that the BOD are 'minded to accept' and that Wood's institutional investors are 'minded to accept' Sidara's offer. It does look like game, set, match Sidara.

The reality is that none of Wood's institutional investors have that much skin in the game, 4%-6% seems to be the norm. This is a low amount of investment for such investors who will probably be minded to accept, and simply move on to the next investment.

Wood's lenders do not appear willing to refinance debt. The fact is that most of Wood's lenders have provided funds pretty much based on zero assets as security, and therefore more or less provided finance based on cash-flow. Of course, for this to work Wood must always provide positive cash-flow forecasts and accounts. When Wood announced out of the blue that cash-flow would be negative, this sent sent shock waves through Wood's lenders' offices. This serious cash-flow issue, then Wood's sorry state of affairs revealed under the draft Deloitee review, followed by Wood's lack of trustworthy and reliable accounts (now needs back-dated three long years) shows Wood to be a 'house of cards'.

Lenders like assurity, prudence and reliability. Not unexpected surprises...let alone a series of them in quick succession.

Hence, Wood's debt refinance is unlikely to be on the cards prior to the expiry of the debt waiver - despite the best efforts of Wood's interim CFO who is highly experienced in this area. The old saying 'You can't make a silk purse out of a sow's ear' comes to mind. That said, Wood's lenders may extend for a short time, in order to allow Sidara's formal bid to materialise.

If Wood shareholders vote 'no' to Sidara's offer. Then Wood's BOD is left with two choices: a firesale on asset disposal for $250-$450M as a cash injection to satisfy lenders due to Wood's debt issues (i.e. this cash is needed to prop up the asset side of Wood's balance sheet); or a rights issue to attempt to raise $250-$450M as a cash injection for the same reason (which would not be a great outcome for Wood's shareholders, very, very, very heavy dilution with no guarantee of future success). Of course Wood's BOD will have a third option...but that does not bear thinking about!

If it is true that another bidder is interested, they ought to show their cards soon, very soon.

It ain't over til the fat lady sings...but the fat lady is about to enter the stage to perform the final song to conclude the show!

@Pete 'JO - Very quick question? Can Sidara tomorrow or Thursday, put a bid if 50p / share with monies at £400 million for short term debt and have this put to II’s before new accounts and while being suspended?'

Sidara as Wood's suitor/buyer can make a formal offer (whatever that may look like) whenever they like, and while Wood's shares are in suspension. The Wood BOD will look at the offer (Wood and Sidara are working closely on this) and no dount recommend it to all Wood shareholders for approval, or not. All Wood shareholders will ahve the opportunity to vote.

At the moment Sidara is at the table until 5pm 12 June. Wood will issue an RNS to state that Sidara will remain at the table and the extention has been approved to X date (another 3-4 weeks probably to mid-late July).

It is in Sidara's best interest to make the offer while Wood's shares are in suspension.

If Wood published its auditor accounts, then Wood shares can come out of suspension. Once out of suspension: Based on Wood's recent contract wins, the share price ought to increase. Added to this, confirmation that Wood will definately achieve positive cash-flow imminently. However, any such increase could be tempered if Wood is unable to extend it's debt waivers beyond 30 June.

Of course, the above is Sidara want to make an offer while Wood is in suspension...otherwise Sidara take the real risk that Wood shares could rise to 45-50p in quick time immediately after suspension.

@saxman I can answer that, after you answer me this: How long is a piece of string?

@Kando Don't worry - I read your posts and agree with them.

Remember the old saying: 'You can't please all the people all the time, but if you please JO then you'll make far more than a dime!' Lol

Agreed - that the Sidara bid of 35pwill be the worse outcome for shareholders.

The reality is that if Sidara sticks to the 35p offer, Wood shareholder still have to vote in favour of it. If the answer is 'yes' then Wood shareholders recieve 35p for every share owned. If the answer is 'no', then shareholders will have to face the music as the BOD of Wood recommends a rights issue and hope it is satisfied i.e. in order to satisfy the lenders requirement of circa $250-400M cash injection.

Sidara has played the long game, while Wood has scored a series of own-goals.

It looks like Sidara will make their offer prior to 30 June in order to box Wood shareholders into a corner prior to 30 June when Wood's lenders' debt waivers expire.

Interesting times indeed.

Great RNS from Wood on the new contract landed.

This is well timed: to help current CEO and BOD to be re-elcted at the Wood AGM; to attract a formal bidder interested in Wood, put Sidara in its place (especially as 35p cash per share may not be enough for shareholders to vote in favour of a buyout); to show Wood's shareholders and lenders (and new/potential bidder) via RNS that there is still plenty of life left in the old dog yet!

On the other issue of the day...

Sky News reported today: 'Wood and Sidara are aiming to get a binding transaction agreed by 30 June, when a waiver of Wood's lending covenants is due to expire, according to industry insiders.'

Wood's interim CFO has excellent experience and relations with banks/lenders, and was tasked with the job of debt refinance.

It could well be that Wood's lenders (who would be highly concerned about negative cash-flow, lack of tangible assets, and poor accounting practices) have advised Wood that by 30 June: either sell to Sidara (who will inject an immediate $250M cash followed by $200M at completion of sale); or sell some assets to the tune of $250M by 30 June. Wood will need a further debt extention. If Wood's lenders do not agree, and if Wood cannot raise $250M by 30 June via asset sales, then the lenders will call the shots here regardless of new contracts won. Hence, in the absence of another new bidder entering the fray, the Sidara bid may be the best bid and only way forward. Other than a rights issue of course - however, a rights issues cannot be assured...especially if institutional investors do not have the apetite to buy into a rights issue.

That is a very short time-line for Wood and SIdara to act i.e. 30 June. So it looks like all will be revealed very soon.

It ain't over till the fat lady sings...and she is warming up to the big finale!