Member Info for jenashon

Two interesting connections from the past intrigue me -

Roy Franklin Wood groups Chairman - ex Amec Foster Wheeler

Neil Bruce Sidara director -Ex Amec

Mike - its a bot HFT, algorithmic selling & buying the same stock - the RNS that are flowing in show it, they have nearly identical sells to buys. - Sidara are a very dark knight.

It sounds like those accounting methods were used at AmecFoster Wheeler as that is the only division they have highlighted. My concern is that the current chairman came with Amec Foster wheeler.

Tina - maybe Sidara's PR department provided or pushed that news to the media ! Sidara spent 9 years trying to takeover Worley, that failed, Worley fought them off, Sidara are determined to win & will use every method they can.

Bob - I think Surin was referring to governance issues & previous issues in LSTK projects (Past issues), the review highlighted some sort of accounting errors, sound to me like how the accounts were shown, a system that maybe Deloitte found an issues with, can you make sense of it. its good that projects are picking up contracts, very good news.

Surin - the damage in the limited number of contracts cannot be as bad as getting a fine of $177m for another companies bribery issues which Wood had nothing to do with but has been paying. What's interesting is wood groups current chairman Roy A Franklin OBE was at Amec Foster Wheeler until its acquisition by the Company in October 2017 !!!

Re Those comparing wood group to carrillion & NMC

Similarities: Wood Group, Carillion, and NMC have all experienced severe negative market sentiment partly fueled by governance concerns and negative media narratives. However, in Wood Group's case, these issues seem more about the way the story is spun rather than deep operational distress.

Differences: Operational Health: Unlike Carillion and NMC—which were in significant financial or operational distress—Wood Group is still winning contracts, paying its bills, and is not in immediate danger (financing is due only in October 2026).

Negative Narrative: The current low share price appears to result from short-term uncertainty (including the pending Deloitte review) and possibly a PR campaign by Sidara, rather than a collapse in the company's fundamentals.

Strategic Context: Sidara’s prolonged attempt to acquire a major engineering services company like Worley, and now targeting Wood Group with a 35p offer, suggests a calculated move rather than a desperate bid seen in truly distressed situations.

Overall Take: Wood Group’s solid fundamentals indicate that its inherent value is far higher than its current trading level. A board overhaul could help restore investor confidence and potentially force a better offer than Sidara’s 35p. While the current sentiment makes small shareholders nervous, the underlying business strength and operational stability suggest there is a real opportunity for a turnaround once short-term uncertainties are resolved.

Surin, Thanks, I also believe that having the amount of ii's is an important point, I researched Sidara & Bruce, but did not expect them to be as disrespectful as they have been, lets hope they fail & as Ice says the board is replaced or some other PE comes in.

I sent a few emails today to PE firms - If anyone else wants to have a go - here is a template.

[Your Name] [Your Title/Organization] [Email Address] [Phone Number][Date]

[Recipient Name] [Recipient Title] [Private Equity Firm Name]

Dear [Recipient Name],

Re: Acquisition Opportunity – Wood Group

I hope this letter finds you well. I am writing to bring your attention to a unique acquisition opportunity that may be of significant interest to your firm.

Overview Wood Group is a well-established company in the oil, gas, and broader energy sectors with a long history of operational excellence, a robust order book, and a strong track record of winning contracts. Despite these fundamentals, the company is currently trading at an extremely low price (approximately 20p per share) due to near-term pressures such as pending audit results, governance concerns, and refinancing uncertainties.

The Opportunity Recent market events have created a disconnect where Wood Group’s fundamental valuation—based on methods including discounted cash flow analysis, relative multiples, and asset-based metrics—suggests an intrinsic value in the range of 300–400p per share or higher. In contrast, the current trading price and Sidara’s proposal of 35p per share offer an opportunistic entry point well below the company’s true potential.

Key points include:

• Resilient Fundamentals: Wood Group has continued to win significant contracts and maintain a strong operational performance, even while facing short-term challenges.

• Undervalued Asset Base: The company’s strong asset base and earnings quality imply it is trading at a severe discount when compared to its intrinsic value.

• Risk of “Stealing” the Company: With Sidara’s proposal on the table, there is a risk that Wood Group could be acquired at this deeply discounted price before market perceptions adjust—effectively "stealing" the company from investors aware of its true potential.

• Turnaround Potential: Historical examples have shown that when companies with solid fundamentals overcome temporary market fears—often through board refreshment or refinancing improvements—their share prices can re-rate significantly upward, unlocking substantial value.

Why This Matters for Private Equity For a private equity firm with experience in the energy sector and a focus on turnaround investments, Wood Group represents an opportunity to acquire a fundamentally strong asset at a steep discount. With the likelihood that governance issues and refinancing uncertainties will be addressed in the coming months, a strategic buy-in now could lead to significant long-term gains as the market corrects its undervaluation.

I would welcome the chance to discuss this opportunity with you in more detail and explore the potential benefits it could bring to your portfolio. Thank you for considering this prospect.

Sincerely....................

Thanks Bob - so compared to the $170million prosecution for foster wheelers bribery issues, ( which did not seem to impact the share price) these issues which you mention - are they minor & can you ellaborate on them & moving forward, once the Deloitte review is over, do you think things will settle down ?

Hi Bob - thanks for the info, Regarding The projects division, with its legacy practices inherited from the Foster Wheeler era, which has been singled out for its outdated methods and internal control shortcomings, where as other divisions within Wood Group continue to operate strongly we are told. Unfortunately Wood Group inherited those legacy issues which Wood Group had to pay fines for, Now the Deloitte review seems to be returning to those issues, which has resulted in the current uncertainty, As someone on the inside is the Deloitte review digging up historic issues which were mostly resolved & can you say anything about those projects & are they now exited, so in reality is the company now emerging from a historic situation ?

Thanks Ice - well done , good letter, I will send one to all that I can, the RNS's only give telephone details, but there is a name so will try & get some email address's.

Thanks Surin, I have copied your list & will have a go at contacting some of those ii's, maybe all of them, I would encourage anyone else who has doubts about the Wood Group board of directors to have your say, & contact the ii's, there is a list below that Surin kindly put together. There is a contact name & telephone number on the RNS, Those form 8.. that keep flooding in above. Good luck all

Surin, i saw you posted the details of the amounts held by ii's, in regard to contacting the ii's , there are contact details on the RNS, that contact would be a good start to give feedback on the current board of directors & discuss possible action. If you are going through the RNS to get those totals it would be great to post the contacts of the companies for anyone who is interested in giving feedback to those II'S (thank you for the totals)

Surin, When I mention that "they replaced the board members," it refers to the process initiated by those who have sufficient influence or control over the company—typically the major institutional investors, activist shareholders, or even a coalition of large investors. In many cases, shareholders (especially institutional ones) can use their voting power at annual general meetings or through proxy battles to effect board changes when they believe current leadership isn't acting in the company's best long‑term interests.

For example, in situations like Tesco’s turnaround or in certain post‑crisis bank restructurings, significant pressure from key shareholders or activist groups led to board shakeups. These investors push for changes because a new board can help restore confidence, improve strategic direction, and facilitate critical moves like refinancing.

Regarding board members, Companies like Tesco, Sports Direct, and several banks post-2008 experienced severe governance issues that led to sharp declines in share value. In response, they replaced key board members or overhauled their governance structures.

Market Reaction: These board changes helped restore investor confidence. As a result, the share prices eventually re-rated upward, and refinancing became easier as the market saw a commitment to better management and strategic direction.

Relevance to Wood Group: Many believe that replacing or significantly reshaping Wood Group’s board could address current governance concerns. This, in turn, might pave the way for a share price reset closer to its fundamental value and improve refinancing prospects.

Surin - Wood group competitor analysis ( Main Peers)

Consulting – Worley, KBR, Technip Energies

Projects – Worley, Technip Energies, Technicas Reunidas, Fluor, Jacobs, Maire Tecnimont, Aker Solutions, KBR.

Operations – Worley, Aker Solutions, Petrofac

Top Reasons Wood win contracts

50% - Long term relationships ( trusted client relationships) top ten clients =40% of Wood group revenue

25% - awards due to Woods specialist expertise

15% -due to excellence on past projects

Lets hope Apollo present an updated proposal, I did send them a reminder that they have a fantastic opportunity.

Worley is only peer that competes across Woods Business

Good idea Surin - or send an email to Apollo explaining how Apollo have a fantastic opportunity to revisit the Proposal that Apollo presented to Wood Group in 2023 but which Wood Group said Undervalued Wood Group, Now Apollo have an opportunity for a successful proposal which would give them victory & snatch Wood Group out of the paws of Sidara.

Contact Apollos board & investor relations here - https://ir.apollo.com/contacts

Good point Surin -In 2021, Wood Group secured a $1.2 billion RCF (revolving credit facility) from 16 relationship banks, even with the legacy risks and a $177 million settlement from past bribery issues hanging over it. This demonstrated strong underlying fundamentals.

The current low share price is driven by negative sentiment related to governance concerns, not by a collapse in the underlying business.

I would have thought Wood groups relationship bankers will look at the companies fundamentals as it did when the RCF was taken out in 2021, for refinancing in Oct 2026 or earlier, when Wood group requires refinancing. These 16 relationship bankers should be 1st port of call for any required financing, well ahead of the loan sharks at Sidara.

Exactly, N08s, quite a Naive lot, & as for the PR dept, sidara used the walkaway tactic 1st, that saw the sp tank, presumably Sidara were also behind recommending board to get the Deloitte review, another tactic which when Wood released that news saw sp tank again, then for Wood to repeat that news each time has tanked the sp. Its unbelievable how this board have no understanding of negotiating tactics & as for Woods PR dept !!