Member Info for jenashon

I think Ken Gilmartin was previously a COO at Wood, previously he was at Jacobs. Looks like his 1st post as CEO was at Wood.

Easyinvester If major institutions push back, Sidara may be forced to increase its bid.

Surin - Sidara approached Wood last year after Apollo failed & sidara made 4 or 5 proposals which the board declined. Since then they went away marshalled a strategy & returned on 24th Feb with there tough guys who have outmatched the Wood Board & it Looks like Sidara have achieved their Goal .

Sidara spent 8 years trying to take over Worley .

Sidara have only spent 1 year attempting to take over Wood Group & have nearly succeeded

Last years AGM was on Thursday, 9 May 2024 at 11.00 am.

Does it look like the +5% holders may call an EGM ?

Can the shareholders call an EGM to air their views ?

Surin, yes maybe, I had faith in wood groups expertise & engineering abilities, its a great company which, yes looks like its dealing with legacy issues from the Foster Wheeler lot, Until now though, I had not understood the weakness of the board, Ken is an engineer, a project manager, great for the site, but the board need a business man who can negotiate deals.

Why Sidara’s Strategy Feels Intentional

• Failed Worley Attempt (8 years) – Sidara has experience playing the long game, failing to secure Worley, so they’ve likely refined their approach.

• Wood Group’s Initial Bid (200p+) Then Walkaway – Walking away from an earlier, higher bid could have been a tactic to weaken sentiment, watching Wood struggle financially before returning with a low-ball offer (35p).

• Sidara’s Capital Injection Offer – Offering £342m in financing before takeover completion is highly unusual and could be a way to create dependency, making rejection harder.

• Market Manipulation via Sentiment – Some investors suspect Sidara may have influenced discussions on bulletin boards, shaping the narrative around Wood’s valuation.

If Sidara did walk away, then they will have to look for another engineering services company, that will be 2 of the worlds biggest energy engineering companies (Worley & Wood) they will have have p.....d off & missed out on, plus they will have spent 9 years & acquired zero Energy engineering specialists. They will be back in the wilderness on their camels wondering how to proceed. They need to think when in Rome.........................

WilyCoyote - yes I contacted my MP & they were passing my thoughts on to the department of business & trade.

also sent this https://www.abc.net.au/news/2019-12-18/dar-worley-takeover-mired-in-political-intrigue/11802584

The board should be saying "To be very clear, the board is seeking to protect the value of the company … and to ensure that control is not transferred without our shareholders accessing the investment premium they deserve," As the Worley board did.

Early in 2019, then Australian-defence minister Christopher Pyne received a phone call from Khalid Al-Falih, who was the Saudi energy minister. What he was told in that conversation was staggering.

Mr Al-Falih said his government believed the biggest shareholder in giant Australian engineering firm Worley Parsons was "engaged in bribery and corruption".

Burgeseb - yes difinitely fishy, Sidara have lost the respect of all here I believe, they tried it on at Worley, I really hope they fail at this, as they have lost all credibility, not surprised the Ausies had Mossad, CIA etc chasing them out as there were rumours of links to Hezbollah.

Re accounts - we were told many times that "there would not be any material impact " -

Agree ice - Wood should Secure Refinancing Independently – If Wood Group finalizes talks with Rothschild, it could show it doesn’t need Sidara’s financial injection.

The capital injection is presented as financial relief, but it’s tied to Wood selling itself cheaply—effectively creating a dependency.

Sidara are acting like a loanshark hounding Wood, surely Wood can finance current needs elsewhere. Do Wood need Sidara s cash injection now, as that is what it seems the board are agreeing to.

I am sorry I did not try this sooner, but I have just asked copilot (Ai) to look at Ken & Neil, then see how they would perform during a deal situation.

Ken Gilmartin has extensive experience in project management and operational leadership, having held senior roles at Jacobs before becoming CEO of Wood Group. His focus has been on corporate transformation, financial recovery, and defending against takeover attempts—not leading acquisitions himself. (is this kens firstever deal ?)

Neil Bruce OBE, in contrast, is highly experienced in acquisitions and takeovers, having overseen around 12 major deals, including the £2.1 billion purchase of Atkins and £1.2 billion acquisition of Kentz while leading SNC-Lavalin. His leadership style was expansion-driven, aggressively securing new assets for growth.

If these two were negotiating a deal, Bruce—a seasoned dealmaker—would likely dictate the pace, aiming for favourable terms and a swift close. Gilmartin, being more strategic and risk-averse, would focus on protecting operational integrity and ensuring alignment with long-term goals rather than driving acquisitions.

Essentially, Bruce has deep expertise in acquisitions, whereas Gilmartin is experienced in project execution and corporate transformation—but not in leading takeovers

Sorry should have done this weeks ago, I knew Sidara got Neil Bruce in & this seemed positive, not realising how he may outdeal Ken.

It looks like Sidara's offer has created fear in some people. Obviously Sidara have got an agenda, they seem to understand how to get their way. At the moment Sidara still want Wood Group, they have wanted Wood Group since last year & although this offer is low - it is still an offer which the board are suggesting should be accepted ?

Why has fear taken over ?

Sidara have now spent a year working on there strategy, at the moment they are winning, since Sidara returned to the table there was talk of a higher bid, (Here) that was unknown, it was also unknown if Sidara would make an offer.

Sidara have now made a proposal of an offer, although its a lower offer than was wanted, surely Sidara are serious, Wood Group is nearly in their hands, their goal of acquiring an engineering services company (which took an 8 year failed fight to try acquire Worley), will be finally over.

Surely this offer of 35p is better than 25p - it may take a few more weeks. (lets hope it can be raised|)

Sidara desperately want Wood group, they are tough negotiators & it looks like Neil Bruce has done his work & has been able to downgrade Wood in the boards eyes & put fear into the board - That's what tough negotiators do, they make it look a lot lot worse, (& of course they need credibility to do it, & Neil Bruce with his OBE seems to have had the board bowing before him) So many times I have seen negotiators use this tactic & the seller caves in, the buyer walks away & is laughing. Don't forget Sidara are Middle Eastern, its culture thrives on deals, if they are selling the price starts massive, if they are buying the price starts unbelievably low, negotiating with certain different cultures requires skill.