Member Info for SG2025

Told everyone the dynamics that were at play into Monday and they did play out - particularly FTSE exit towards close, but guess a considerable lot were too blinded by greed and still is. Let’s see what happens on Monday.

All fair points. I don't have any substance to argue against, also considering the excerpt that @BB pointed from the WG annual report. 2% still feels very very high to me personally. And if they indeed spent as much and gave up last year, they must have a v good reason for it then!!

That number would have been a lot higher if the bid was successful, given the bulk of the bank fees (M&A and financings) are success based. Even for consultants a lot of fees get accumulated once the deal is agreed and much more detailed work starts to get financings etc.

I am saying for a failed bid at that stage these figures are v v high. 2% is a lot and I am saying based on my own experience. not AI. I can not give you any specific figures and humbly bow down instead of arguing on this point.

@Talies, 2% of GBP 1.6bn (£32m) for a failed takeover bid at a preliminary negotiations stage. Seriously, anyone in banking would laugh at that or wish that were the case. Maximum it would have been low to mid single digit £m.

@BlueBoy25, don't be cynical. I worked in IB and know well about derivatives/options. While in banking, I was not allowed to make any single stock investments or even dabble in any options. All I am asking is the platform (like Robinhood in US) that allows options on individual stocks. I know a few platforms that allow CFD positions but not single stock options. And unlike certain markets like India, there are no exchange traded derivates & options market easily accessible.

My read, I think its all about the fact that the the RNS which must come before another 1-2 trading day, can move the stock materially in either directions, so you have a lot of risk-averse traders probably exiting or trimming their positions. Most of LT bulls or those with conviction of an RNS with bid offer should have already positioned into the stock given the perceived upside. Also, FTSE 250 exit becomes effective end of day tomorrow, which tends to bring some forced orders tomorrow - my guess is as good as any other as to the quantum of it and if it will have an impact it will have on the SP.

Thanks @Talies and wish you the best for you too. you are right, I am indeed not in for a long haul. As soon as the Sidara story has played out (either ways), I am really out of here. Only playing the event and personally prefer to play safe based on my risk appetite. I will be disappointed if I get it wrong and miss out on a large gain as majority think, but wouldn't cry about it as happy already with what I have made so far within a month :)

Shoot me as much as you want. I have always been balanced on my posts and mentioned both upside and potential downside risks and more importantly distill facts vs misinterpretation. Just like you can count 10 positives, there 10 downside risks that I can list, but I am not, as clearly thats not my motive and doesnt serve me any purpose. I am not a short seller - dont even know how to short sell - AJ Bells doesnt allow and I dont have the risk appetite to do it. If anyone knows how to do call / put options on individual stocks, that would be v useful infact.

If any consolation, you are not alone. I am also sitting on the sidelines having booked profit earlier in the week. There are several factors in my humble opinion that stack up strongly for atleast a delay RNS instead of an imminent offer. But that's just my view, and not trying to deflect anyone's else views.

Np. No need to bow down. Just trying to clarify with facts (not opinions). Trust me when I say, AI is very very useful to distil some of these announcements and implications, which are very very often misinterpreted by PIs - saying these as an ex-professional in this field and not a novice.

Yup, it does. But fact is that these are accumulated client trades that GS had executed on behalf of one or likely many clients. I personally, do not see much reason to cheer, as some institutional clients sell and some buy. Net buy or sell reflect on teh share price. But unless you have a known institutional investor like (Fidelity, Blckrock, or any activist fund) buying a large stake,.. these are usually meaningless.

@BeardedDragon. 8.3 and 8.5 are slightly different disclosures and serve different purpose. Use ChatGPT and it will make it clear. But I still don't understand why do you expect Sidara to have been mentioned?

BeardedDragon, because I specifically asked for May RNS. You can use the last year RNS date to ask more specific questions if you have any other questions.

Not really!! There is a level of discretion to the companies, i.e. they are not required by regulations to disclose a preliminary offer price, but they chose to at times, to 1) gauge shareholder reaction to potential offers through advisors/appointed brokers; and 2) to potentially filter in further potential counter bids, as it allows for more time for competitors to work in potential offers.

@johnychainlocker, np. I suggest use AI, its actually quite good and actually works to distill some of the legal jargons and particularly any misinformation. See a quick AI response for better understanding on the topic below.

Why did Wood Group also not disclose an offer price on its RNS on 8 May 2025? Is the firm required by law to disclose an offer price?

Response: In the UK, the disclosure of an offer price during takeover discussions is governed by the Takeover Code, which aims to ensure fair treatment of shareholders and an orderly process. The Code requires that any announcement of a firm intention to make an offer (a "Rule 2.7 announcement") must include the offer price. However, during preliminary discussions, if no formal offer has been made or agreed upon, the offeree company is not obligated to disclose an offer price in its announcements.

In the case of Wood Group's Regulatory News Service (RNS) announcement on 8 May 2025, the absence of an offer price suggests that discussions were still in preliminary stages, and no firm offer had been made or agreed upon. Therefore, Wood Group was not required by law to disclose an offer price at that time.

This approach aligns with the principles of the Takeover Code, allowing companies to manage negotiations without premature disclosure of terms that have not been finalized. It also prevents creating false markets or misleading shareholders with incomplete information.

For detailed guidance on the requirements for announcements during takeover situations, you can refer to the UK Takeover Code. THETAKEOVERPANEL.ORG.UK

I hope thats positive, but don't see much take-aways for JD Sports, given totally different geographical sales split (UK only vs global), size of businesses (small vs very large), and more importantly different brand associations (Addias & others vs Nike).

So many posts referring to GS disclosures referring to them as Sidara buying shares !! Simply unbelievable!!

To clear the air, read the Form 8.5 closely, it states - "(c) Name of the party to the offer with which exempt principal trader is connected: Sidara...". It does not mean Sidara is trading in WG shares while actively in takeover discussions. That would be a open violation of insider dealing!!. What this means is that GS trading team is trading on behalf of their other clients, while GS investment banking is acting as advisor on behalf of Sidara in takeover discussions. If still unclear, pls read the following:

In the context of Sidara's takeover discussions with Wood Group, Goldman Sachs International (GS) has been engaging in trading activities involving Wood Group's securities and reporting these transactions through daily Form 8.5 (EPT/RI) disclosures.

Under the UK Takeover Code, Rule 8.5 permits exempt principal traders with recognized intermediary (RI) status to continue their trading activities during an offer period, provided they operate in a client-serving capacity and adhere to specific disclosure requirements.

As an exempt principal trader with RI status, GS is allowed to trade in Wood Group's securities during the takeover discussions, as long as these trades are conducted to serve clients and not to benefit Sidara directly. To ensure transparency, GS is obligated to publicly disclose its dealings by submitting Form 8.5 (EPT/RI) to a Regulatory Information Service and the Takeover Panel.

Therefore, GS's daily submissions of Form 8.5 (EPT/RI) reflect its compliance with the Takeover Code, allowing it to trade in Wood Group's securities during the takeover discussions while fulfilling its disclosure obligations

For f*sake, they also reduced their long CFD position of more than 5m shares!! Plenty of selective bias on this forum to exaggerate. They did buy. FYI, GS trades are independent of Sidara, which is weird I must say. Otherwise, Sidara is dealing with inside trading and GS will be party to it.

@johnychainlocker, if you really want to raise something more specific, this is what you should be asking FCA and the WG IR. Re disclosures, company can (as per FCA rules) withhold preliminary offer price during negotiations from market/RNS, until they receive a firm/binding offer (accepted or rejected by them) at which point they must release this in an RNS to state they accept or rejected the offer. Exception to this, is unless there are credible leaks. In several instances (use chatgpt for examples), companies receive preliminary bids which they reject are never publicly disclosed and come out only in leaks long after...

What a great summary. WG feels like another Tesla, and surely worth trillions.. Sidara will be a fool to offer any less and WG board even more so, to give away a golden goose for any less. I really wonder sometimes why have all the bank analysts who are clearly overpaid to spend all time and do deep research day in and out on select few companies get so wrong about WG. And the smart hedge funds are not smart enough afterall to miss such a golden opportunity to buy a clear multiplayer with no downside !!! Collective win for everyone on this group.. Good luck to all.

LOL