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I am long and have added several times in the past few days but not so far today. I think the RNS is very good news and so I do not know why the shares are not higher. If Sidara had advised Wood either that it intended to change its offer or that it was walking away then I think both things would have needed to be mentioned in this morning's RNS which of course they weren't. Also the fact that the bankers have extended the waivers gives further support to the view that Sidara are still very much in the game. The agreement by bankers may suggest that they think the Sidara financing is coming and as we know the financing is subordinated to existing lending once a deal goes through.

So why is the share price no higher? Reason 1 is that liquidity in the stock is about to disappear and if you buy now you are locked in until the relisting. Reason2 is that Sidara may be reserving judgement until it sees the final audited accounts. I am not sure that Reason2 is a particularly strong argument for the current discount to the conditional offer price as Sidara must know a lot about the Skeleton's in Wood's closet by now. The there is the fact that Wood mentions that it intends to relist. Although in itself not a huge surprise, it suggests two things, first that they will get the Accounts out before too long and second that there is nothing so horrendous in the account such as to prevent a relisting.

All of the above suggests to me that the shares are very cheap with the main risk being one of a reduced offer price. If Sidara had information at the moment that suggested that it was going to reduce its offer by up to 50% then I think it would have said so.

In summary I think the shares are very cheap at current levels

@Ice - Wood has a POTENTIAL issue with going concern status if no cash is injected and I think this will become apparent once the revised accounts are published.

I am clinging on to the vain hope that the share price is the result of technical factors ie institutional selling and absence of institutional buying. It is all very strange as absent this the share price is saying either no bid or a reduced bid or some as yet unidentified problem. In an ordinary bid situation and absent a share suspension I would say that the shares should be no lower than about 28/29p to reflect the uncertainty. The fact that this is not the situation and as a pretty long holder, this worries me. We will no by tomorrow morning or post trading this evening but not before. Anyone with a high conviction of a bid price of 25p or more should be hovering up all the stock they can get today. The fact that the shorts do not appear to be closing suggests that they think there will be a lower bid price. However they may well have gone short at 60p or more and therefore are prepared to risk the price bouncing towards the conditional offer price and taking a punt that it will collapse lower than today.

Yes it was; but that still does not excuse the lack of a statement. Obviously they need to make one by tomorrow on the waivers but you would have thought that they could get an RNS out today with this and other relevant information. Otherwise they are providing highly sensitive market information without the availability of any liquidity.

Agree that more politeness would be good. I have consistently disagreed with @ICE throughout but fully respect that he is entitled to his opinion just as everyone else is

Absence of statement is totally unacceptable. Seems like they will now wait until tomorrow or after close today as statements like the one expected are not normally released during trading hours

I think that there is another day, so announcement 7am tomorrow or post close this evening.

Agree. If you are Apollo, you wait to see if Sidara is serious at 35p, you wait for Audited Accounts and then you put in your bid...not right now as would not make sense.

Still a chance that Apollo will make an appearance in the next couple of weeks if not sooner. Can't be that many global businesses that they can acquire for loose change

Will close above 19p, possibly 20p in my opinion - shorts must be getting very nervous

Make no mistake about it - restructuring will be very very painful for equity holders even at the current share price

Just added yet again!

Understood Pokerchips but the size of the discount is very large vs the risks unless we are looking at a big equity issuance. If Sidara goes through then this is unlikely. I think the Accounts will be published during May and certainly well within the permitted time before forced delisting; the waivers will be extended if Sidara proceeds as its funding will be subordinated to that of existing lenders, so personally I am pinning my hopes on the absence of any significant institutional buying and market makers wanting to get rid of any stock at any price before they are stuck with it and no market for it.

Sensible comment Pokerchips. I agree that we are going to get several announcement in one RNS which is likely to cover waivers, some possible information on timing of completion of Accounts, perhaps a financial update and Sidara bid.

My view remains that Sidara really wants Wood and has invested a lot of time, effort and resources in pursuing it both now and in the past. Unless things are much worse than we know (and they will be worse than some on this BB think) then the Sidara bid will go ahead at some price, with the remote possibility of another bidder once the Accounts have been published.

I have said several times that the discount to the offer price is a worry as the market does not usually get things that wrong. My hope that the discount is caused by the absence of institutional buyers and institutional sellers wanting out before liquidity is removed.

Agree that if Sidara had informed Wood categorically that it was going to withdraw, then it would indeed need to be announced immediately; a threat to do so though is something different. The threat could result in negotiations and until these are concluded then there is no need to announce anything.

The only way that Sidara can lower its offer is if there is a distribution by Wood, another bidder which offers less AND the Board unanimously agrees to a lower bid. Given that we have not been given any update on the financial position since the Board agreed to the 35p bid, then I am not sure how they could justify a bid at 20p UNLESS things are materially worse and Sidara is threatening to walk away and pull the financing that Wood needs

@Ice Cool forget the rant about management. You have kept saying that there is 17 months to sort this out. First lenders need to extend existing waivers by tomorrow evening or I think (not 100% sure) that technically all debt becomes immediately repayable.

Just as or perhaps more importantly, without an immediate refinancing then the Accounts when published will have a going concern statement ie there is not currently sufficient funds to ensure that the company can finance at least 12 months of business. While I agree that this is not totally fatal, it is hardly conducive for customers and employees and will clearly damage the business.

It is worrying that the waivers have not been announced with 24 hours to go. The concern is that Sidara has decided to withdraw and so the funding is no longer available and management is scrabbling around for an alternative. A lot of rubbish has been talked earlier on this BB about rights issues. Any rights issue would have to be at about a 30% discount to the current share price and even then it is unclear whether institutions would be prepared to underwrite it. This would be awful news. If Sidara is still in then I am sure that lenders will agree to the waivers as their position would be enhanced.

This has now become totally binary - if Sidara is still in then there is a lot of money to be made. If it is out then there is the prospect of a very large loss as Wood will need recapitalising and if this was through a debt for equity swap we are all getting wiped out. Just to reconfirm, I am long and have added several times, so I hope that the negative scenario is wrong.

Looking at the Rule 8s from this morning, the MMs probably started long nearly 8m shares and therefore are pushing them out into any buying which is why the price is well off the top. Looking at the volume traded today, they probably still have 2-3m shares to go so the price might end up back where it opened

Hmm 1 I wonder how close to £6bn the book will be after all adjustments... that said I a well invested and holding on. Indeed I added again this morning

Thanks interesting.

The risk right now is that we have been further misled by management about the seriousness of the adjustments and that is what the share price is telling us. I am staying the course until the end.