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Yes, I agree that there is no upside to the lenders refusing to grant waiver extensions and have said so many times. However it would be more comforting to see these announced by now given that we only have a few days to go. The fact that they have not been leads me to suspect that we will get a multipart RNS and that is why it is taking a while. I am long and have increased several times but am still nervous about the discount to the offer price. If the waivers are extended and the shares do not bounce significantly then absent any additional news, I will be totally flummoxed as distinct from partly flummoxed. I am pinning my hopes on the fact that no institution is going to be buying into the share suspension and so even moderate levels of selling serve to keep the price very low as no market makers is going to want to be holding any inventory into suspension just in case.

Will there be a counterbid for Sidara? The fact that there has not been one so far means nothing. If you were a possible bidder for Wood, what would you do? You would NOT leap in now. You WOULD wait for the publication of the Accounts which will save you a lot of due diligence . You WOULD wait to see the final colour of Sidara's money ie its best offer. Armed with all this information you would then make your own bid. The timing would have to be watched but I think it is possible. There is nothing at all in the share price for this possibility!

The only risk that I see to the lending waivers not being granted is that Sidara is not putting in enough money. However it would be very surprising if the waivers were not granted as the existing lenders position is enhanced by the Sidara injection which will be subordinated to existing loans on completion of the deal. For the lenders to object would be to shoot themselves in the foot.

The risk is that Sidara walks away or tries to negotiate a lower price. Given its commitment to date it would be very surprising if it were to walk away. Any lower bid would have to be recommended by the Board which is probably unlikely.

Very true, although usually in a bid situation you do not put your best/final offer on the table at the outset. It is what the market price is telling us that we should be focused on.

Within the next two days we will hopefully have an announcement that includes the following elements: confirmation of an extension of the lending waivers beyond the end of this months, some indication of when the Accounts will be published, a possible quantitative indication of the size of the adjustments required, an update on Sidara's intentions, If all the above go the right way then I would expect singed shorts!

Waivers are needed from lenders due to breach of loan covenants. They have been granted to end of April and need to be extended. I have tried to find out what happens if lenders refuse to grant waivers - I guess that all lending technically becomes immediately repayable

Let me slightly correct my last post. The company has said that " it is expected that the Accounts will not be published by 30th April. Statistically there is a chance that it could change its expectations at the last minute :)-

I think it is clear that the Accounts are not going to be published in time; so I think that suspension occurs at market close on Wednesday. I think that in theory Wood has one further day to announce whether it has managed to get the lending waivers but it would make sense to announce this by no later than close on Wednesday

As previously announced by the Company on 31 March 2025, in light of extensive work needed to conclude its audit for FY24, it is expected that the Company will not publish its FY24 accounts by 30 April 2025 and, in that case, the Company's shares would be suspended from trading from that time as work progresses towards completion of its FY24 accounts.

Where is the extension of the lending waivers which are necessary by the end of the month. I am long but would have preferred to see the extension by now and wonder whether the fact that we have not seen it suggests problems in obtaining it. My view throughout is that it would be granted as Sidara's funds will strengthen the overall position of existing lenders and most importantly S's funding will be subordinated to that of existing lenders once a deal goes through, but where is the waiver???

Best guess - Monday morning announcement re lending waivers and possible trading update, update on publication of the accounts and Sidara bid. Anyone long such as I am cannot feel comfortable with the share price around half the offer price. Something is going on. I hope it is just selling before liquidity disappears and no buyers. Unfortunately I may be wrong. I have caught this falling life with 4 top ups in recent days!

I agree re lenders; the only question is whether Sidara is putting in sufficient. If it has to put in more then the equity price on offer will doubtless fall. That may be what is being signaled I don't know how they came up with the amount that they were prepared to inject in the first place

Yes some chunky sell orders hanging over from yesterday on the various rule 8 announcements. Hardly surprising that MMs do not want to hold this stuff and are therefore crashing the price. Us individual buyers are being crushed by the selling juggernaut. The question is why are they selling at this level, do they know something we don't? do they not want to risk being locked in at the end of the month and want out at any price? All very odd. You would have thought that if Sidara was really interested you would have thought that it would be buying shares of Wood in the market up to the permissible level

Careful reading of the statements show that there are NO adjustments to the adjusted half one P&L figures, so the hits in H1 2024 are likely to be related to goodwill but possibly also one off payments on historic contracts.

The question - which I have not been able to get an answer to - is what happens when covenants are breached. I suspect that it could trigger immediate repayment which is why the Company does not have until next October to sort this out!

The share price is not just a function of views on management however much you might think/wish it was. I too hope that this is all noise and the share price will recover. Firing the Board now is not going to achieve that, although heads should of course roll in due course. So tell us all @Ice what happens to the share price between now and suspension?

What matters is that they consider the Sidara money as sufficient to steady the ship, otherwise we are all going down.

We need an announcement on the loan waivers; if they are not extended then us longs are all in deep doo doo. If it is extended then depending on terms there is a chance of a decent bounce in the shares. It would not surprise me at all if the announcement on waivers was not accompanied by additional disclosures.

The way I look at it the lenders will provided extended waivers as they are getting more debt into the group and it will short up the position and Sidara's debt will be subordinated to existing lenders. So no logic to refuse although risk is that they want more in which means a lower share price.

Absent the latter point, why would Sidara reduce its bid as it knew of the key information when it made it and there has been no change that I can see since then;indeed H1 2024 adjusted figures are untouched as a result of the review

It makes no sense for Sidara to walk away; it has invested a lot in the bid and has had good visibility.

A lower price can only happen if there is another lower offer -very unlikely, there is a distribution by the Board - very very unlikely and if the Board unanimously agrees - why would they do so when as far as we know there is no knew news to basis this on. So no agreement by the Board to a significantly lower offer means that Sidara puts up or walks away. I don't see it doing the latter.

Share price reflects fact that no institution is going to buy stock at this level into share suspension but many may sell before liquidity is shut off

It only has 6 months to publish Accounts after the end of April after which it is permanently delisted. This should be plenty of time.

I have increased to.

Well @Ice it is probably the only thing I agree on i.e. holding until the bitter end; indeed I have topped up 4x in recent days. What I do not share is your optimism on the state of the company, where I foresee a massive reduction in tangible net assets and in profits for prior years. So I only hope that Sidara is putting enough new debt in. If Sidara exits, unlike you I think it is 50:50 on survival with the risk of emergency equity raising in one form or another which will bring the share price down to single digits, assuming W survives. So my course of action is the same as yours but my views on the implications should Sidara withdraw are much more bearish.