Member Info for MrGonzo

Wood Group’s board has significantly lost credibility and trust with its lenders — and other stakeholders too — due to serious governance failings, financial misreporting, and repeated covenant breaches.

Independent Deloitte review (covering Jan 2023–Nov 2024) uncovered major issues:

"Material weaknesses and failures in the group's financial culture" within Projects

"Inappropriate management pressure" to align figures with optimistic forecasts

Instances of withholding or misrepresenting information to auditors KPMG

Wood has had to rest‑state prior year results, delay FY 2024 accounts beyond the 30 April deadline, and secure temporary covenant waivers from lenders due to these compliance failures

A significant proportion of its debt remains under review, prompting ongoing discussions and short‑term waivers (the last extended to 30 April)

How have lenders reacted?

Waivers but not confidence

Lenders have granted waivers on covenant breaches — but only to buy time as Wood addresses its issues. These waivers are temporary, indicating a lack of long-term confidence

Rothschild and refinancing

Wood has brought in Rothschild & Co. as a financial adviser to explore debt restructuring options — a sign lenders want external assurance before extending support

Potential takeover talks tied to debt support

Discussions with Sidara (Dubai‑based) include Sidara providing $450m in new debt support as part of any takeover, indicating lenders see external capital as necessary for trust rebuilding

So, has trust been lost?

Definitively, yes:

This isn’t just a one-off misstep—Wood’s board has been repeatedly opaque, failed to enforce robust internal controls, and bent to management pressure.

Shareholder value has fallen dramatically (from £5.3 bn in 2018 to under £300 m recently), and several major takeover bids have collapsed when diligence uncovered new issues

Lenders are only continuing engagement through short-term, conditional support, rather than taking a confident long‑term approach.

👋👋I'm a big fan of Ice's emjoi's 🤩🤩 they bring character and colour to his posts and the chat board 😜😝 you don't always have to agree💯💯 you may completely disagree 🩲🩲 you may whole heartedly dislike him 😠😠 emoji's do no harm unlike the criminal actions of criminals 👮‍♂️👮‍♀️ and a long list of others who are not classified 🕵️‍♂️🎅🤶🕵️‍♂️ Have a nice day all 🙋‍♂️👋

Will the Institutions want accountability? I hope so. And not one to judge a book by it's cover but in Franklins case especially as some have made comments here about him.

I anticipate another RNS today or in the morning regarding waivers, a topsy turvy news flow will not come as a surprise now unless you already view it like that already.

Maybe the email confirming the debt waivers has been deleted by mistake 😜 whereas the FCA might be investigating whether some were deliberately deleted in the past 😆 Some people talk nonsense on here, myself included. How's the crazy golf game coming along Isle 😆

Pieman, In the USA orange boiler suits

I'm not the best educated but I try my best to make sense or is it the fact my education is what it is and that's why I don't understand your point.

It is no surprise so many (and more are waking up) that there is very little trust if any for some people in public and private institutions, do your own research as they say, lies and deceit rain. Institutions like the dirty BBC (and so many more) will not report to the masses what some don't want you to know, the truth, only turkeys will think otherwise. Talking of the dirty BBC, they will never get another penny from me for a licence fee to protect criminals and not report the truth but no surprise the day might come were I don't have a choice because the same dirty traitors have the idea to put that fee on my council tax. No surprise. Those who haven't need to wake up or is it a matter of 'I'm alright Jack'

😂😂 I shall blow smoke up my own a r s e on the Wood chat board today 😂😂

Unlike some here who have no morals whatsoever and the list goes on. The vile that is a abundant in humanity.

Did Deloitte have a legal obligation to report some of what it discovered to the FCA, probably. Or maybe it was morality on their side.

Froggles said yesterday he had a very active feeling around him an RNS was coming today, I wonder whether that was true or was it just his medication 😆

January 2023 to November 2024, Deloitte have done half of the leg work for the FCA.

kando, you obviously didn't see my reply, not interested of course, fine. you're ranting at others because you're now very angry and it's got nothing to do with a single investor on here the mess wood finds itself in and this new investigation. go shove a bunch of banana's in your mouth. ******.

Kando, I'm not intelligent enough as a turkey to consider writing to FCA regarding Wood, my comment is based on posts I've seen on here previously from obvious very angry shareholders. This is standard now after what the review has revealed. Have a good evening.

Don't forget folks, there were Pi's on here writing to the FCA asking them to investigate Wood. Rightly so as Woody said, If I'm going down they're coming with me.

Morning Bigsmoke, rumour is you are up in the governors office today and your TV has been removed 🤔

Yes and hopefully we'll get the information on the next stage in going forward very soon

There could have been a number of reason why I used the username MrGonzo, I have very serious concerns here now 😔

How did James Oxford know I looked like Gonzo? 🤔🤔

If the Sky News article is to be believed, shouldn't we be getting an RNS anytime now before the 30th

And what gets me and correct me if I'm wrong but isn't the future of Wood in reality going to be decided by the lenders and the largest holders because that's how I see it, the board failed in their duties that is clear.