Member Info for OrangeMoon

If Sidara get a futher extension, this is a very positive sign.

Why let another financial lender cash inject when Sidara can do it. Sidaras terms will be better than the refinance, they will have to be. If refinancing is done without Sidara: They have a competitor in the region for the foreseable future, won't be able to make another bid for 6 months, and most likely wont be entertained. Sidara are cash rich, but cash standing still is cash losing value.

Shewillkillme, the time limit on this first extension requested by Woodgroup will have been a strategic one, to apply pressure on Sidara to make their bit 'firm'... A further extension can be requested by Woodgroup to the panel. And so ball is in their court with regards to letting Sidara continue or not.

Good Summary Wiggly.

Glad we're on the same page.

We all create our own narratives on here, some will be right more than others, some will be wrong... but no one will be completely correct.

Weighing up both sides of the argument is important for a balanced view: Some posts/opinions on here will not be favourable to your narrative, some will be, we all have our own picture to create.

The narrative I have currently created is an optimistic one. Sidara are still at the table. They initially put forward a bid with conditions of a value sufficient enough for Wood to open their books. Both parties are serious. Both parties still engaged.

Only two things have changed in this time:

1) Deloitte review has been drafted exposing mirepresntation of historic P/L ratios within the projects department, potentially effecting the lenders terms of agreement... but no one currently knows the damage. This will only be known through the reinstatement of FY22/FY23, and as this will take time, the share will be suspended on the 30th April until all books are adjusted.

2) World Market Turmoil (tarrif war)... however looks like interest rates will drop as a repercussion. Which works in Woodgroups favour to some degree.

The lenders debt terms will not be a concern to Sidara going forward, as they will be paying cash... however what will be important to Sidara, is how much this P/L makes a difference on the EBITA/Debt ratio... because if Wood are saying (for example) they will be making 10% profit this year, when infact it's only 5% (due to misrepresentation of P/L from projects)... This will effect woodgroups underlying value and the price Sidara pay for it.

Nothing is known until the books are cleared up, maybe Sidara will ask for extension until FY24 audit results come back, maybe they have seen enough and will place a bid on or before 17th April, or maybe they will walk. No one knows. The only people with more information on how good or not so good things are, are the ones with access to the books. I can't imagine that the P/L ratios of the last 2 years in projects devision was big enough to remove 90% of Woodgroups value... but we will see.

When the amount of damage is exposed, the trigger can be pulled... but not before. It doesn't benifit lenders or woodgroup to go through this process before the amount of misrepresentation is known.

Pete640, The reason: to counter confirmation biased. I am optimistic on a positive outcome and happy to defend it. Shaml89 brings forth a very ugly scenario, but everything must be considered for a balanced view.

Mumbo... With experience in companies going through similar implications prior.

So far Woodgroup don't know the extent of the damage... and neither do lenders. So terms can not be stated.

Mumbo Jumbo by name... Mumbo Jumbo by nature...

Lots ifs and buts in there.

Waivers will be extended.

Shaml89, why wouldn't refinance wait until books are cleared up? WG nor Lenders would know what rate to take/give before audited results.

If it looks like interest rates are dropping in the future due to tarrif fall out, this might provide an option for extension on current loan agreement as apposed to reducing rate.

Saying equity will be wiped out at this level isn't incorrect but I don't expect us to be refinance at current levels, because no one knows.

If you can explain why we wouldn't just wait, I'll take your point into consideration other than just dismissing it as a negative sentiment push.

Shaml89, why wouldn't refinance wait until books are cleared up? WG nor Lenders would know what rate to take/give before audited results.

If it looks like interest rates are dropping in the future due to tarrif fall out, this might provide an option for extension on current loan as apposed to reducing rate.

Saying equity will be wiped out at this level isn't incorrect but I don't expect us to be refinance at current levels, because no one knows.

If you can explain why we wouldn't just wait, I'll take your point into consideration other than just dismissing it as a negative sentiment push.

I wonder if we get the same amount of negative drivel on a blue day... or if they wait until a red day specifically to pedal FUD.

There is a bigger picture here that short term driven negative sentiment posters will lead you to belive.

News reports suggesting interest rate cuts as an implication of tarrifs... Good news for WoodGroup... some more ammunition against low bid.

Vulcan, I've removed you from green bid due to some stating you had a substance to provide for your bearish outlook. I don't understand why you would hold if you think now is that the share price will capitulate.

Plenty liquidity in the market to sell.

If refinancing is an option, then I would expect the man at the top to be replaced.

I'm holding and holding strong. I have a balanced view taking into consideration both sides of the argument and I'm still very optimistic of a good outcome. Be it if offer comes pre/post suspension or afterwards when FY24 out.

**Obviously with respect to Sidara getting an extension, I would assume they will stay put if Sidara walk.

Don't want to speak too soon... but still no RNS confirming Sidara have left the building. Perhaps they will also be waiting for the 3rd option stated below... (and get extension until short term market volatility is more stable).

If shorts are trapped in during suspension and an offer comes, they will get burnt.

Do they stay in before suspension... or do they pull out?

Shaml89... Any thoughts on whether shorts stay put prior to suspension?...

Third option:

Wait until the books are cleared up during suspension. If P/L adjustments to FY22 & FY23 make no major changes to stated EBITA to debt ratios, financial covenants may only have a minor infliction and therefore we can refinance at more favourable terms with lenders.

Why didn't you mention this third option Shaml89?...

Shaml89, I wouldn't expect this to happen until Sidara walks.

So far, they are still at the table...

Even then, I'd hope to see the audited accounts prior to refinance.

Gord, "Gilmartin will receive a base salary of £750,000 per annum, alongside benefits including an annual transport allowance of £12,360 and a gross allowance of £150,000 to assist with his relocation to the UK.

He will be required to build up and maintain a minimum shareholding equal to 250% base salary."

I think this gives reason to his large share holding. It was a requirement of his position. Not like us PI's with our hard earned cash.

If Sidara were going to leave due to market conditions... I would of expected to have heard by now.

There is every chance that market turmoil will be short lived and tarrifs become alot fairer. I think this is called a 'negotiation'. This will also have to be considered... a longer term view.

Looking to the future, energy engineering is always going to be required, whether that's Oil & Gas, Nuclear, Hydrogen or Wind & Solar.

Again, Shamal89, your post only bears fruit using your 'in this moment in time' rhetoric if Sidara walks...

And who better to put up funding than Sidara who will be paying a premium to buy WG anyway...

You say that Sidara are only interested in parts... but it's not parts of Wood that have been posted for sale.

Actually Vul... My post just allowed me to weed out the noise here... anyone who felt the need to respond had their history checked before dropping into the green bin... (That being you). I've not even put Shaml89 in green bin. No one likes his/her posts, but atleast he/she backs up their narrative with some base substance.

For clarity, none of shaml89 posts count until Sidara walk away. Only then will his/her 'situation currently' rhetoric come into play.

Hope you can use this as a valuable lesson after you create your new account ;)