RE: Attractive proposition for Wood's customers and employees14 Apr 2025 18:29
Both before and in parallel to the discussions with Sidara, the Board of Wood has continued to assess holistically all potential refinancing options. In considering the different potential refinancing options available, the Board is seeking to ensure that the Company has an appropriate long-term capital structure for the benefit of the Company, its shareholders and its wider stakeholders. The Board of Wood believes that the Company needs to have a more sustainable capital structure, and this requires substantial new capital in order to diversify Wood's financing sources and reduce its indebtedness over time. Sources of new capital could include a substantial issue of new equity, significant disposals or a combination of both.
Work continues on a range of alternative refinancing options. However, having carefully considered the viability of these options together with its financial advisers, the Board of Wood currently believes that the Possible Offer represents the better option for Wood's shareholders, creditors and other stakeholders. Accordingly, the Board of Wood has indicated to Sidara that, should an Offer be made on the terms set out above, it would be minded to recommend the Offer to Wood's shareholders, subject to agreement of the full terms and conditions of the Offer.