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"Market value is far too low vs order book."

Yes...true...but the order book just has a Goodwill value..

The market has been worrying about the size of the non-cash adjustments which will affect the shareholder Equity value..the MCAP is always related to NAV

..that has been the big focus ..but in Feb the low was 24p ish on that worry....

So, for me 17p is an oversold on that low based on Shorting and gambler churn

I doubt anyone would do a RI at 17p either.. just based on shorter sell and churn activity

IMO

Medjed

Anyone can make a subsequent offer ..once Sidara has....as at that point Wood and the shareholders have not accepted that Sidara offer...

If I was going to make a bid I would have it reasonably worked out, pending Results and Sidara position....but be ready then to move based on those..once they come out

There is no need for any other potential bidder to anything official right now...just do the preparation.

IMO

"35p a joke really"

the joke is the lack of reliable Accounts ..the 35p is reflecting that

Falcon

I was referring to the crappy software when I was referring to no manipulation , not the MM in general..

That software is ancient, hasnt changed in years ...

This site sees no reason to pay for anything more sophisticated, and in a way..why should it, and the main exchange where the data comes from does not use any such buy/sell info..

..

Everyone in the market is just seeing "trades"

if you see a "buy" for 100,000 shares anyway ..it means little ... it could be sold a day later ......

i think PI try to want too much from it all

There is no manipulation with regards whether you see "buy" or "sell" on this site..... it is a primitive system that just uses the mid-price at the time of reporting it to you, as a guide to deciding what to label the trade as .....

The London Stock Exchange does not use such a basic system

Take it all with a pinch of salt ...they are just trades with a Buyer and a Seller

" I just don’t think you come to the table, make a respectable offer, it gets laughed out the door and come back and think you can now get it for what is considered derisory at best "

I would look at it another way...

They made a respectable approach last time , but when pushed to make it a firm offer they decided not to....why?..... well after doing Due Dilligence you could put forward that it was actually Wood running a book "fraud" and Sidara saw something they didnt like......and they then tipped off the Auditors after walking away ...who then pushed to bring in Deloitte to bring it all out into the open what Sidara were originally suspicious about

The lack of any Accounts right now means they cant exactly do much more than start low and have Wood prove otherwise..

I put the blame on Wood......

it is for Wood to show proper Accounts according to accounting law and prove what a "correct" Takeover price should be

IMO

"Israel defending itself."

I agree when the bigger picture is Iran using Hamas and Hezbollah as part of Iran's overall plan to eliminate Israel..

Settlement issues and land allocation ..well ..I agree..the origins go back to Ottoman Rule in the area and the origins of the Independent Israel

It is a long,never ending problem

"The company has reiterated that its legacy claims liabilities, estimated at $150m, would be paid and extinguished over the next three years."

We also need confirmation that , that $150m, is still an accurate estimation

"No Material Impact:

Wood Group insists that the issues won’t significantly affect their financial position, meaning the financial impact will be small."

Yes.....but the impact IS going to be BIG on the non-cash adjustment which will affect the net assets value and shareholder Equity in the business.

That is the big reason for the SP collapse which should have now priced it in

"Very risky with 3 years financial need adjusting."

Toxic

That has been known for some time that just adjustements will happen....

bit late in the day to now make a decision on isn't it ?

The SP has surely already adjusted ?

"I feel they have been disrepectful with the proposal, I hope that the Wood Team can stand up & get them to raise the proposal. "

The circumstances Wood themselves have created with the Accounts have made it necessary at this stage to be "disrespectful" .

In many ways, it is now, for Wood to show the balance sheet figures etc and give reason of why a larger price should be requested by them..

How can Sidara be "respectful" on a price without proper Accounts to work from ?

"Sidara basically already know the big final picture of Woods situation"

Yes...that is a reasonable conclusion to have

From their DD and Review knowledge so far....at least enough ....to put their lowest bid down....but with pricing space for the sellers to prove otherwise and have them raise that amount.if they decide to......usual seller position to take

"When will deloitte report appear?"

I doubt it will be published in full outside of the company..

I suspect that you will only read summary points as previously noted in a RNS and the forthcoming Results RNS...and see the end affect of it all when all the closing FY24 Account balances are shown

IMO

"Think it's pfc all again imho thats in single digits Imho"..

Similar root cause of Project loss ...but..Petrofac has MINUS £615m of shareholder value before the D4E hit , the shares have been worthless for quite a while....so they are in a far worse position than Wood is ....

"With a market cap of just £117 million today, the downside is largely priced in"

I would agree....the end result of the 2022,2023,2024 results review is going to be further writedowns and loss adjustments given by what the Deloitte review has suggested...plus another year of 2025 knowing this years negative cash flow....but 17p has that priced in

.

As long as the net assets remain above the MCAP then there is shareholder value in the price .. but NAV is going to get a hit and the comfortable H1 figure announced is not going to turn out to be accurate...that is a known

Even if there was a RI ...I would not take the current SP as a baseline...it could still be 20p 30p...who knows until the Results show the net asset position...and comment of BOD etc

35p and cash injection from Sidara is their base line for me ...

I don't see them going lower, only higher if the proof for that can be tabled..

If the Results showing the adjusted closing balances as "shocking" I am still tending to think Sidara will stick to 35p base , to get the shareholder vote

Unfortunately, as a result of the previous Results being as a result of possible deliberate attempts to avoid correct accounting practices there could be claims or fines on top ... which Sidara may have looked at as well with that 35p base line

IMO

Outside the main business, and the HY results ...the FY24 Results really depend on the outcome of the review and how each adjusted year affects the opening balances of the next year and so on......so the accumulation of the "material adjustments and restatements " could obviously add up by the time it is all worked through to FY24 closing balances

Issues such as holding specific amounts on the Projects centre balance sheet that should have been written off

Material prior year P&L and balance sheet adjustments are expected for FY22, FY23 and HY24

· Material restatements are expected for adjusted EBITDA and adjusted EBIT for FY22 and FY23

https://www.lse.co.uk/rns/WG./business-update-t7csgbrykz5ci5z.html

See HARL

HARL was far,far worse financially than Wood ..in the sense they had absolutely no shareholder equity and were really dependent on the Govt to help them out of a financial strain that barely was keeping the lights on ....when that Govt help fell through it was over....the situation had got just too strained and the BOD werent seeing the gravity of the situation , depending totally that the Govt would come to the rescue ....Labour did not

I wouldnt put Wood in quite the same extreme situation

Vulcan,

A possible offer is on the horizon depending on whether the 5 pre-conditions get met ...

The risk is though that the pre-conditions are not met and the formal offer falls through and "a substantial issue of new equity, significant disposals or a combination of both." becomes the refinancing alternative as a result ..(if no other bidder )

The difference here to other situations i think is the refinancing statement made by the BOD on refinancing options " the Company needs to have a more sustainable capital structure, and this requires substantial new capital" ..

....so there is no way anyone would push up the SP quite yet ..IMO ..in fact short some long holding to hedge, sell some long shares in case of a capital raise etc

the BOD has indicated that life wont be the same if the offer falls through ..it isnt just a straight forward offer speculation

IMO

"I must confess to not understanding the disjoint between the current SP and the offer. "

I would say mainly it is because as yet ....there is no offer....just a possible offer

Wood is no longer in the FTSE350 so unlikely many new fund managers would be interested especially with the current situation.....it is more a situation for existing Institutional holders to make decisions to de-risk if they think a fund raise might happen or just want out.....or use some sort of short postion to hedge against a long position...

I suspect short positions are actively at work ..some pure shorting ..and some short hedging ..

Add to that PI churn with all the amateur speculators thinking they could make a quick profit and then selling at a loss....

The Institutional Investors dont know what Sidara will or wont decide ...if they did they couldnt trade ....and I am not sure with no actual offer they can speculate client money on that happening....they can merely de-risk if they see that as necessary

IMO

Carott13

A previous incarnation of Ice was rude, abnoxious and a border line bully.

At present he appears to be posting in a more adult manner and as long as he debates points and issues in a more cordial manner I will respect his right to have a view and opinion.

For me it isn't about whether anyone is completely right or wrong...it is more about tearing apart all possible aspects of the situation and seeing to what extent anything really holds its ground as a real basis for possibility..regardless of who puts forward a particular theory

There are two particular main avenues of direction in terms of a final outcome so it is important to hear in depth the debate on how each side of direction, might or might not come through in the end.

I am not here to change Ice opinion...but I do want to hear depth from his opinion points..not just "opinion" per se