Member Info for Kando

Listen to Youngengineer Ice, absorb what he's saying.

"Haha 😝 potentially zero when they have 275m coming in hence why the contradiction in messaging this morning"

They've written it in black and white today for just you, Ice.

Alternative refinancing would "likely leave limited to de minimis value for the current Wood Shareholders".

What part of this do you not understand?

Why are we all humoring this troll?

From today's RNS:

"The Independent Review has led to an extended period of time to finalise the Audited Accounts. The Independent Review started in November 2024 and its conclusions were finalised in May 2025, with the key findings published on 31 March 2025. While some audit work took place alongside the Independent Review, the complexity and volume of issues identified by the Independent Review, including potential prior year adjustments across multiple periods, meant that many key judgements could only be made by Wood's management, and subsequently audited, once the Independent Review had concluded. Furthermore, the need to take remediation actions to strengthen the control and governance environment in order to safeguard the audit also delayed progress. In addition, the increased level of audit risk around the Wood Group's 2024 accounts, including certain instances of information being inappropriately withheld from, and unreliable information being provided to, the auditors has led to a greater level of audit procedures being required.

Given the delay in Wood finalising the Audited Accounts and the delay in completion of the audit, there are a greater number of post balance sheet events in 2025 that impact the 2024 results, including some newly identified contract losses. Finally, the difficult situation the Company has faced in 2025 has led to increased work being required for the going concern and viability statements and associated audit opinion."

So it looks like they uncovered "newly identified contract losses" and obviously it's taken a lot of work for the going concern statement, as has been guessed at here before. That all tracks. So the audited accounts could still be a while off yet, and the 31st Oct deadline could be indicative of another 6-8 week wait.

You think Institutional investors don't already know the cut of the accounts? And you think Wood would be recommending this deal if they didn't think Institutions would back it?

More desperation. It's all a conspiracy for you. It's never the real world.

"Kando, wrong again. My average is well below 30p, and I’ve said it on here multiple times I make profit at 35p and reduced profits at 30p not hidden that. The only person deluded is you for thinking I’d oppose a bid purely on my entry. I oppose it because 30p is a fire sale that doesn’t reflect disposals, contracts, or fundamentals. Try again 🤡."

Pure fantasy. The board knows it.

"you really don’t think I bought when we were going into suspension to get my average into the low 20’s knowing 35p was likely the floor. Think about it… 🤣. "

This is your biggest delusion of all Ice. We know when you bought and roughly how high your average is, because you told us! You're kidding only yourself if you say your average isn't above 30p. It's why you've been so opposed to this Sidara bid materializing. It was a bid below your average and you couldn't stomach that.

"· There are significant challenges in accessing new sources of capital absent a holistic refinancing of Wood, which would potentially require: (i) further substantial asset disposals (with resulting loss of profit and cash flow, if these businesses are separated from Wood), (ii) raising new capital on terms that would, after dilution, likely leave limited to de minimis value for the current Wood Shareholders, or (iii) a combination of both (i) and (ii).

· The Wood Directors believe that any alternative refinancing option would likely generate materially less, and potentially zero, value for Wood Shareholders relative to the terms of this recommended Acquisition."

Hey Ice, remember when I (and half a dozen others) said all this, that this is what the company had indicated in prior RNS and you argued and argued and argued and went on and on and on that it just wasn't so. But it clearly is so. Your "Plan B" you so desperately wanted to will into existence would lead to "limited to de minimis value for the current Wood Shareholders".

Is it time yet for you to acknowledge reality?

Does anyone here have any optics on how much revenue has been sold between the three asset sales this year? Especially today's sale. I know the rough adj EBITDA contribution that's now been collectively sold, but does anyone know or has anyone reverse engineered the specifics on the revenue those businesses contributed to the group? And better still, what sort of growth rates those specific businesses had? Not in a position today where I can do a deep dive on NA T&D so would appreciate any tidbits of information anyone has. Cheers

Sorry Ice, as others have said, your short is cooked. This bid is being made, and this deal will be recommended by the board and shareholders will vote to accept. Upside from here for holders is if another bidder appears.

But your downside is done and the D4E you wanted would be avoided. A bid creates a floor, not a ceiling. So if you shorted this expecting the bid to fail like you say, you've now found out that you've made a mistake. Sorry, but your spamming the board all day won't change that.

"haha kando you crack me up they have commercial alignment for plan b."

Your literacy has failed you again Ice. The RNS stated some lenders are not willing to engage with the company on refinancing, and both Sidara's refinancing and any alternative refinancing would be via a Scottish scheme of arrangement ("Creditor Scheme") whereby those lenders not willing to engage would be forced into line via 75% majority of other lenders. See below.

You are again wrong.

"Although the Company has been in discussions with substantially all of its committed lenders, not all lenders have engaged with the Company in relation to the Proposed Refinancing. The Company is working to secure support from all lenders but, absent such agreement, it is expected that the Proposed Refinancing would be implemented in part via a Scottish scheme of arrangement of John Wood Group Holdings Limited (the "Creditor Scheme"). The Creditor Scheme must be approved by a majority in number and 75% by value of committed lenders present and voting at the creditor meetings, which is expected to be achieved based on discussions to date with the lenders.

There is also commercial alignment on the headline terms of a stable platform arrangement with a shorter tenor extension which would take effect under the Creditor Scheme if the Possible Offer did not proceed and would provide a basis for Wood to develop and implement an alternative refinancing option, which would also be subject to the Creditor Scheme."

"What’s the rush all of a sudden. 🤣 they have been waiting for 8 extensions what’s an extra 2 weeks. Look at what’s not said."

You ask what the rush is when there are some lenders who are refusing to engage on the terms of refinancing - per a recent RNS, and when WG need waivers for breached debt covenants and there's clearly lenders who don't want any more to do with Wood - that's the rush.

Creditors are in ultimate control here, not shareholders. Now that covenants are breached, at any moment they can decide not to extend the waivers any further and to call in their share of the debt pile, and if enough of them did that, Wood would immediately become insolvent and otherwise collapse into administration. So a D4E swap would be forced to prevent that, like at PFC.

I know that's a reality you've never entertained Ice, but that's the reality Wood Group has been and is living in. Sidara or another bidder is the only rescue raft here and (some of the) lenders have been telling them: it's time to paint or get off the ladder.

Cheers Sheep.

Medjed, they're only "minded to" recommend, because the bid hadn't been made. Once it is made, they will be recommending it. They can't recommend a bid that hasn't yet been made and was merely a proposal to bid in the future.

Oh sorry, but yeah, I can't even speculate a reason smoke.

Sidara like the long tease.

"Kando - if the offer is ready for after hours, why not just submit it?"

Ask them, I don't know.

Still expect it this evening or in a 7am RNS first thing tomorrow.

Not necessarily, the deadline was for 5pm. This extension allows for an after hours offer this evening, which is what we all seem to be anticipating per the rumours.

Well it's in every interested party's interest for their not to be a leak. If Sidara got wind of another bidder their opening bid would presumably be incrementally higher to discourage competition. It's therefore in any other party's interest to not let their interest be known, so any bidding war starts off a lower mark.

"The deadline is a shareholder vote to go with something else ...so..depends on how long they give before they arrive at a date of any vote

You can be gazumped right before a vote day ...and then have the vote suspended ...as the vote becomes an invalid option , with something else now on the table at the last minute .."

Exactly, but if Sidara's arrangement with Wood is for a very limited delay between the publication of accounts and the shareholder vote - which is very obviously in Sidara's best interest for it to be (the shorter the better, they'd clearly prefer no delay whatsoever). Then any other prospective bidder will have to start engaging with Wood sooner rather than later to get their own DD rolling, unless they're planning on a counter bid without DD but at the first sight of the audited accounts and taking those as sufficient DD.

That tracks with the RNS from Tuesday. Short extension, Sidara's due diligence "complete" and the pre-conditions to offer of accounts publication "under review".

Had been expecting to see the offer some time today. The conditionality of the vote timing being on the publication of accounts makes sense. We see the accounts and get the vote. And any other interested party has limited time to put in their own offer. If they were waiting before they saw the accounts to disclose their interest, if anything this will force them out sooner. If there is anyone else interested, I imagine we'll soon find out.

Who are these big institutional investors you think are going to go to war to block this?

At last check, the largest single institutional holding was about £8m. This isn't really set up for a Paul Singer against the Argentine government type situation. I'm not sure many institutions care all that much whether they get 30p or 40p, they're just going to accept what is being offered, against the alternative of their positions being diluted to pennies on the dollar and given to lenders in a d4e.