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Yep but does not 35p now begin to make more sense?

“The company did not disclose the focus of the review or the nature of any potential misconduct. No further details were provided.

The FCA separately confirmed on its website on Friday that it has opened an investigation into Wood Group, following the company's earlier disclosure.”

No because it was not news to Sidara or anyone else involved with the possible deal.

I don’t think the news was new to either the company, Sidara or lenders so let’s see if we get that agreed bid come Monday.?

If we do, I am sure it will be accepted without much argument from way more than 75% of shareholders required.

Well if Sidara still make that offer at 35p the Institutional shareholders will bite their hands off now.

Everything depends on Sidara now as before.

Both parties agreed to that shortened extension date of 30th June.

Both parties knew that the accounts would not be published (actually presented to shareholders) by that date.

There will be no extension IMHO.

Wood Group, the troubled London-listed oil services company, is racing to finalise a cut-price takeover by a Gulf-based rival by the end of the month.

Sky News has learnt that Wood and Sidara, its UAE-based suitor, are to request an extension to a 'put up or shut up' deadline on Thursday for the latter to make a firm offer.

The joint request to the Takeover Panel, which is expected to be granted, is likely to involve a shorter extension than the maximum 28 days allowed under City rules, reflecting the companies' confidence that a deal will be agreed.

Wood and Sidara are aiming to get a binding transaction agreed by 30 June, when a waiver of Wood's lending covenants is due to expire, according to industry insiders.

A public statement is likely to be made on Thursday.

Sidara tabled a 35p-a-share offer for Wood in April which valued the Aberdeen-based target at just over £242m.

It came less than a year after it proposed a deal worth about £1.5bn, after which Wood's shares collapsed in the wake of revelations about its past financial results and corporate governance.

The company's shares have been suspended since the beginning of last month.

Wood was also the subject of an earlier takeover approach from Apollo Global Management, the private equity firm.

A spokesman for Wood declined to comment.

Don't forget it not just the Sidara bid deadline at 5pm Monday 30th but it’s also the debt covenant extension deadline.

TWO extensions.

Bob

What's you view about the 30th June deadline?

An extension, a bid or the possibly the deal collapses?

Thanks

If Sidara isn’t going to provide a solution for lenders they will force the company to find another solution.

Let’s hope Sidara delivers before the current deadline

I don’t see another extension.

Only two weeks were granted last time do to pressure from lenders.

I can’t image why they would allow another extension for Sidara?

Everything seems leak free ATM.

Although I expect by Monday we will hopefully get a Sidara deal and then possible further outside interest? - Or Sidara walks away and then the future is too horrible to contemplate.

IMHO.

Israel destroyed the Iranian command and control systems so what did they expect?

Both sides need a ‘cease fire’ so it will happen.

Thanks JO

Sounds like a done deal googled it myself!

Wish it was more than 35p but done none the less!

LOLs

Yes reading extension RNS looked like Sidara under some pressure to firm up their suggested offer.

Pressure primarily from lenders?

Robert

What happened to yesterday’s minimum of 65p

That was much better but as today no explanation as to why minimum is 65 or 50p?

HTTps://plebeianresearch.com/sectors/energy/wood-groupwg-distressed-loans-and-debt/

I think it’s make or break.

The lenders are forcing a deal or no deal.

Sidara step up or it all collapses.

Given the looming deadline first of all we need a firm unconditional offer from Sidara.