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Worley actually have more debt than WG at $1.32b

Worley’s EBITDA is not much higher than WG at $480m

Where Worley is better is Free Cash Flow positive $317m vs WG’s forecast negative FCF for 2025 only.

Is this sufficient to warrant such a disparity in MCAP? Worley at around $4.75b and WG at $175m

Seems ridiculous, no?

I looked at a few because I remember watching last summer when quite a few suspended trading due to accounts. Here's HARL, also suspended day after accounts were due.

"As stipulated by Rule 19 of the AIM Rules for Companies (the "AIM Rules"), the Company was required to publish its 2023 Annual Report by 30 June 2024"

"At the request of the company trading on AIM for the under-mentioned securities has been temporarily suspended from 01/07/2024 7:30am, pending publication of the Company's annual audited accounts."

I think it will trade tomorrow. They have until end of business on the 30th to submit accounts. So should suspend on 1st May if accounts not delivered tomorrow. Sorry if anyone got caught out thinking this is the last day.

Here for example is Pennpetro's suspension RNS.

"Pennpetro announces that given that the Company is currently unable to meet its ongoing obligations to issue its audited annual financial report, in line with its reporting deadline of 31 July 2024, its listing of its ordinary shares has been temporarily suspended with effect from market opening today, Thursday, 1 August 2024."

Shame they are controlling the sp all too well. They already killed that rally. Didn't even let it go into the 20's

Acker what was the break even price for PREM, around $800 per tonne?

Just trying to run the numbers too. So anything above $800 is profit?

So at SC6 price of lets say $900/tonne they would be making $0.5m per month?

I am really hoping for a higher offer too. I asked ChatGPT in the history of UK M&A deals the first offer is rarely accepted it just opens the negotiations.

The BOD may have lost their teeth, but I suspect the Institutions have not and are about to show them.

@SG2025 UK heavily regulated? 🤣🤣🤣

Don’t make me laugh. All of them are a bunch of crooks, thick as thieves. There has been clear manipulation and breaking of FTSE rules in many stocks and no one does anything.

Johny thanks for elaborating on the details how they can go about manipulating. I bet they can also open shorts via an independent broker in a similar way to keep the price suppressed.

I believe that’s part of the reason some shorts won’t close before suspension. If the deal goes through at 35p they won’t lose they will win!

Anyway I have seen clear and obvious manipulation on FTSE main market of a company called COPL. One of the bond holders kept shorting the stock then re-negotiating the bond conversion rate lower, then covering their own shorts with their own converted shares they got at below current share price. This went on until presumably their lawyer told them to stop. They delayed reporting their shorts and trades until after the stock was suspended (permanently). In one big rns it came out, at some points they held more than 100% of stock in the company (not sure how). FCA did nothing, no one did anything. Utterly disgusting.

Shorts add absolutely no value to a market. All that BS about price discovery, creating liquidity, and revealing the true value of a company is pure BS. What happens in practice is that the Institutional shorts use inside info, collusion, etc to manipulate the price of stocks, together with MMs.

100% it should be banned, but then it would be harder for them to fleece the ordinary investors.

On NASDAQ it is much much worse, where naked shorting is permitted by certain MMs/brokers, it is utterly rife, and they are able to roll forward their naked shorts indefinitely, destroying companies as they like.

On one stock I was on, a small $30m company, the CEO even complained, wrote to the SEC, they did nothing of course. The rot goes to the very top. Or should I say comes from the very top.

Call me conspiratorial, I think there are dirty games going on here to keep the share price down, it suits Sidara because:

- makes the 35p offer look more attractive

- makes Rights issue look worse to Institutions because the dilution at a discount from 17p would be much worse

If I am right this would mean Sidara really want Wood, but don’t want to raise their bid they want to get it for the bargain basement price of 35p

“ What does wood (do) which only a handful of other companies can do ?”

Wood is also world renowned and the only other company that can provide the exact same engineering services that Wood can is Worley. So yes just a handful of other companies.

Other bidders could have put in the same kind of conditional offer as Sidara, subject to accounts, etc etc.

But I agree perhaps it is safer to wait until accounts are published.

My only worry is, aren't other bidders taking a risk by waiting because Sidara could submit a firm offer at any time. After that it becomes more difficult for another bidder to enter?

The other nice thing is the debt has been reduced in £ because of dollar dropping recently. If Wood have assets in £ which which they intend to pay some of the debt it has become cheaper.

$1.1b is roughly £30m less now than it was at the beginning of the year.

Ice I hope you're right, that would be the best outcome, better than a measly 35p buyout. No dilution and lenders satisfied. Plus some asset disposals. Share price would rocket back up.

Can't they do both? Don't they need to do both?

The RNS did say that if the company is not bought they will need raise money through issue of equity plus asset disposals.

Random though, I'm sure I'll get flamed for this :)

What if the share price is where it is, almost exactly a 50% discount to Sidara's 35p potential offer, because the big Institutions are discussing a rights issue at a 50% discount to 35p, ie 17.5p per share. As an alternative to Sidara's offer.

Its been leaked to some other Insitutions and institutional shorts etc, only us poor PIs are yet to find out.

?

Problem with administration (for a PE buyer) is that more than likely SNP would snap it out of admin & nationalise it or something to look like they are 'saving jobs'. Or the founder himself could get first dibs to restore his legacy.

In that scenario a PE buyer is likely to be at the back of the line to get anything. That's why it is safer for them to act now in order to get the whole company with no conditions attached.

Now I want to see some serious short covering, and I mean by the professional institutions not the jokers on here lol.

I wish I did, no spare cash left unfortunately :(

Manipulation is clear as night and day now, they are using everything they have to keep it down.