Member Info for RickEngland

Downloaded the 'Bake' App as interested in DeFi staking. Can't find any native tokens though. Anyone know if bake has any native tokens?

Is this GST going an Argoblock chain at hit £2.70?

Sure James. Although it doesnt smell very good that the 24 accounts are delayed at least to the Sid offer extension date. Which feels like a call your buff manoeuvre. If i was Sid I'd want to see those adjusted FY24 accounts before I confirm any offer. Especially when wood appear desperate not to confirm those risks. How many months do they need to assess those risks lol. Then to put out a statement that the "expectional" items appear ok.... trying to divert attention from the real issue, is typical of the bs board.

Damn the Bod stinks of bs. The audit found no reason yo adjust the "exceptional" items with the 24 accounts. However review of the 24 accounts is still ongoing and wood won't be ready to clarify those accounts by 30thJune 25. Wood are literally desperate now to withhold those FY24 risks.

Do not assume no more nasties. Interesting note 2 at the and of the RNS states Sid could lower thier offer.

Bob. I work for a professional services firm, and I've been a commercial manager for over 40 years. It's not hard to value Revenue and potential liabilities/risks on a project. Wood are only selling knowledge, it's just people.

When carillon went under, I was able to advise the board in under an hour the potential risks. Which were tiny, as i was on top of revenue recovery.

What might be happening is the commercial team are trying to negotiate their way out of the fixed priced projects or trying to switch them to time charge. Although that is moving foward not looking back. It appears to me the project managers have traded Revenue on fixed price on the hope of seeking contractual change for a massive overspend. The Bod aware of those risks and allowed that revenue to be reported as future income. What they should do is report the contractual fixed price and any overspend as costs likely to be non-recoverable.

The point is they know the fixed price amount and they know the cost against it. So it's easy to publish that liability, yet they're dragging their feet. Therefore the exposure must run into millions, maybe even tens of millions. But this raises further questions, why is the compliance so bad, is the entire board burying exposure and why? The numbers have to massive for an auditor to be hired. As a commercial manager the whole thing stinks of dodgy reporting. Maybe even at the direction of the board, due to pressure on cash flow and debt repayment.

That's my thoughts on it, but the shares are suspended so I'm simply sharing my professional experience.

I tell you what I do know. The BOD are too scared to put a cost on the prior year/s accounts and publish the range of that liability. Sid are obviously concerned about confirming their offer until those accounts are factually reported. However we knew all this before the shares were suspended and we know these year is cash flow negative as the BOD reported that.

The bottom line is, are you an investor or gambler. Once your right to trade is removed, that makes it gambling. Your money is now in the hands of BOD, until they return your right to trade. Roll on the numbers, that so far the bod are hiding. Why are they hiding it? Because it must be shockingly bad.

This is why I would never hold suspended shares. The Sid offer has not been confirmed and shareholders can not trade. Next step the publishing and restating of past years accounts. Get all the dirt on the table, and let's assess how horrendous those numbers are. Then make a decision if it's worth investing again or not. Between now then we should learn if lenders are still backing the firm and what refinancing is required.

This is how I think it will play out.

15th May Sid do not confirm their offer, wanting audited clarity of the liability within 2024 accounts.

The Bod were hoping the offer would be accepted before they needed to release the 2024 accounts. The fact the bod chose suspension rather than issue the 2024 accounts, doesn't bode well.

Post May 15th, wood are now forced to issue the full dirt in the 2024 accounts, then yhe shares are relisted.

Then is the time to make a decision if to invest or not.

It's not worth speculating how bad the 2024 accounts will be, but at least people can assess those results.

If i was Sid I would take that strategy. We will see.

I did own wood shares but offloaded them. I'm still monitoring the situation for any potential upside. But I won't hold during a market suspension. That means I may or may not reaquire shares in future, and will likely comment on what I believe will happen.

OK look at that logically, let's say wood take the rights issue route. The shares need to be released from suspension, which means the accounts need to be reported first, before a rights issue. Then wood need to monitor the market price before putting a price on the rights issue. Now since they choose suspension as a better play than issue the reports, that means Sid will not know the real exposure. That puts the bid at serious risk. I expect Sid to delay until the results are reported, because legally they're covered if Wood under report again. Therefore this forces the board to throw in the kitchen sink regarding liabilities, to keep the bid alive. The consequences of that is likely to be a lowered bid, if any bid at all. It all stinks of gamesmanship with the arrogant board now bluffing and hoping the bid is accepted.

I reckon suspension will last at least 2 months, until debt facilities need to be renegotiated end of June. That's assuming the Sid bid falls over and they don't confirm by 15th May.

It's outrageous wood still can't get their act together and report 2024 accounts. Strategically I guess they felt suspension was a better choice than reporting the accounts. That makes me nervous, how bad can it be?

I will not hold suspended shares, it changes from investing to gambling and I don't do gambling. Good luck if your happy to own shares in a firm that you can't sell, regardless how news trickles in after suspension.

Market suspension is a serious business failure, don't let others try to green light that as acceptable or good.

I "do" expect further sp fall. Sorry auto correct switched my word

The issue is the timeliness for Sid to formally accept the 35p offer is now 15th May. Although the shares will likely be suspended on 30th April (next week) due to the restated accounts not being available.

There's the risk, anything can happen after 30th April, and you're not in a position to sell, if news gets worse. I expect the offer to be reduced compounding the risk situation. Maybe Sid would prefer to buy parts of the business or all from the administrator if it came to that.

With all that in mind, do you expect the sp to fall further, as we approach the 30th April? I don't.

Just left M&S foodhall shop. Contactless doesn't work, you have to enter card and pin. Even then it took me 3 tries. A lady had to leave her shopping as she only had her phone with her cards loaded.

So unless you're an old git like me, that still carries bank cards, then it's a problem.

It's the available cash account that is more important at this time to me. Plus the ability to generate cash and pay all liabilities. Then it's a going concern, if Wood still has the backing of their lenders.

Revenue is another matter, regardless the size of write backs. That's why cash is king in the current state of play. The size of the WIP that hasn't yet converted into cash is the risk. How big of that WIP pot is real, and what needs to be written off. Plus the unknown risk of any over spend on fixed price work, how big is that? As that's more cost with no income.

I'm currently not holding any shares. I dumped what I did own. I'm prepared to sit on the fence, and watch the days expire to 30th April. If the bid is not agreed is we approach the end of April, then I expect the sp to fall. Maybe the offer for wood is agreed before the end of April.... no one knows. However I do not want to be holding "suspended" shares, unless the sp is significantly lower.. 10p? Sure... i could miss out on a deal... don't care. Too much risk.

The other scenario of course, is the deal falls over, or is lowered. If the deal falls over, then it could be months before the shares are released from suspension. Anything can happen during that time. The entire incompetent board could walk away.

In conclusion I will look at the sp on Tues 29th April, it's either priced for suspended risk or isn't. Dont care.

The potential deal is non binding, with Wood now extending the time period to 15th May to agree. The problem is Wood said they would suspended the shares on 30th April is the prioryears adjusted accounts are not ready.

This means it's high risk holding shares you're unable to sell fast after 30th April. On other words your money is in the lap of the God's.

I expect the sp to drop further as we approach 30th April.

Risk: could be months before the 35p deal is finalised, on the back of a suspended share on 30th April (wood reported possible suspension in rns).

Possible reason institutions are dumping to avoid holding a potential suspended share.

Possible sidara could play games, and reduce offer.

Upside: 35p a share if deal is confirmed (currently non-binding)

I'm out. My gut tells me a rights issue is incoming. Made £184 though after costs (22p to 27p), pays for a few coffees and cafe breakfasts. All the best.

To be fair, I thought it might head to the teens as well. But it had support from 22p to 24p, so when it dropped back to 22p again, i dipped in as a marker position.

Just in for a few grand for beer, meals out and takeaways. It is a high risk share, and I don't like the debt. Although it's always nice to have multiple evenings out for free, just for clicking a few buttons.

Same just before my dentist appointment, bought at 22.0482 although I'm still not happy with debt position.