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Today's NCE Amey snaps up WYG rail division 01 July 2010 | By Mark Hansford Amey has bought consultant WYG’s rail division to help service its growing workload in the sector.
One source said: “All three are over here and there have been lots of meetings and informal approaches that have come about via partnerships on jobs like the Olympics, Crossrail and the nuclear consortiums.” In addition to consulting engineers such as White Young Green and Scott Wilson, large QS and project management firms such as Davis Langdon, Cyril Sweett, EC Harris and Turner & Townsend are understood to be in the sights of the Americans. Read more: http://www.building.co.uk/story.asp?storycode=3154866&origin=bldgweeklynewsletter#ixzz0ZMwf1jaO
Engineering consultant makes massive writedowns, but secures its future with debt-for-equity swap White Young Green has announced a major financial restructuring deal that removes the threat hanging over its future. Announcing the move alongside its full-year results this morning, chief executive Paul Hamer said the deal would see its lenders take control of 60% of the company under the terms of a share issue and debt-for-equity swap, while key employees would get 25% and existing shareholders 15%. As a result of the three-year deal, the company’s debt will be cut in half from £100m to £50m. Hamer said: “This has been about clearing out a historical legacy. This announcement is the first word in the new chapter and will see WYG recreated with a newer stronger identity that will drive value into the business.” The company also announced plans to raise €38m (£34m) on the bond market to fund its overseas growth. As part of the effort to begin a new chapter, Hamer also said the company plans to change its name from White Young Green to WYG. “We want to visibly demonstrate a move into the future,” he said. Read more: http://www.building.co.uk/story.asp?storycode=3152196&origin=bldgbreakingnewsletter#ixzz0VPmhxpXD
Merely pointing out that the de-listing news was readily and openly available well before 17th. Chill. Still money to be made on this bouncing on rumours. High risk.
September 2nd 2009 Consultant White Young Green may de-list from the London Stock Exchange to service its banking covenants.
"i think this share will rise very quickly either after the covenant rns or after the rns announcing them pulling out of scotland and consolidating back around the head office in leeds. i'll certainly be topping up in the coming 8 weeks or so. anything below 50p per share will be a steal IMHO"
Would mean significant material dilution and prob re-list to AIM. But they are making progress and been deferred for a reason. They are a viable business involved in well over a £1bn of projects, thats a lot of fees. Not many assets, or capital so prob not going to be wound up. High risk, but a sound business.
Deferred to 31st Oct. Why the big drop. Could be a quick rise back to 15p+ today...
By my reckoning today's the day. Hold tight. If this isnt diluted, and there is every chance it isnt (for reasons given before) will go back to 22p +. Obviously if it is we are going to have to hold for a very, very long time. Come on banks extend credit, you knwo you want to...
Would be nice if Balfour buy them...remember hostile bid last year! We live in hope. Obviously not based on anything but open conjecture!
Seven offices have already closed and WYG expects to announce a further five closures by the year end as it moves to focus on regional centres. International markets including Eastern Europe, the western Balkans and Africa showed particular strength, it said, and its international order book is at a “record” level of €111m (£98.6m). WYG has also expanded into Abu Dhabi, South Africa and Kazakhstan. It expects full year pre-tax profit to hit £12m following “extensive” restructuring of the group.
Just been looking at jobs they are invoved with (planners, lead consultant, consulting engineer) where there has been movement in last 6 months and going forward on Barbour ABI. Well over £2bn worth of projects (and usually conservative estimates on Barbour) . That's a lot of fees coming in. They are well established and when I met one of the directors earlier this year he felt that order books were good. Maybe probs with covenant at end of month but should be extended again. Some probs with new businesses with weak orders in commercial sector (same for all constuction & engineering consultants). High risk but could go back to 25p quickly and long, long term no probs. Not worth winding up with all those fees and no caps to speak of. High risk but worth a punt. DYOR
Consultant engineer puts test off till September as talks with lenders over estimated £90m debt continue Consultant engineer White Young Green has deferred a covenant test date for a third time as rescue talks with lenders continue over its estimated £90m debt-pile. The date has been moved until the end of September and is expected to be rolled over for a fourth time to the end of October as talks continue. The waiver means the company will not breach lending terms as a result of its high debt, a move that could result in its bankers pulling the plug on the company. In a statement to the City this morning, the company said: “The board expects to announce the group’s final results for the year ended 30 June 2009 during the second half of October Read more: http://www.building.co.uk/story.asp?storycode=3147734&origin=bldgdailynewsletter#ixzz0PrZbZOWJ
Consultant engineer puts test off till September as talks with lenders over estimated £90m debt continue Consultant engineer White Young Green has deferred a covenant test date for a third time as rescue talks with lenders continue over its estimated £90m debt-pile. The date has been moved until the end of September and is expected to be rolled over for a fourth time to the end of October as talks continue. The waiver means the company will not breach lending terms as a result of its high debt, a move that could result in its bankers pulling the plug on the company. In a statement to the City this morning, the company said: “The board expects to announce the group’s final results for the year ended 30 June 2009 during the second half of October Read more: http://www.building.co.uk/story.asp?storycode=3147734&origin=bldgdailynewsletter#ixzz0PrZbZOWJ
Consultant engineer puts test off till September as talks with lenders over estimated £90m debt continue Consultant engineer White Young Green has deferred a covenant test date for a third time as rescue talks with lenders continue over its estimated £90m debt-pile. The date has been moved until the end of September and is expected to be rolled over for a fourth time to the end of October as talks continue. The waiver means the company will not breach lending terms as a result of its high debt, a move that could result in its bankers pulling the plug on the company. In a statement to the City this morning, the company said: “The board expects to announce the group’s final results for the year ended 30 June 2009 during the second half of October Read more: http://www.building.co.uk/story.asp?storycode=3147734&origin=bldgdailynewsletter#ixzz0PrZbZOWJ
Consultant engineer puts test off till September as talks with lenders over estimated £90m debt continue Consultant engineer White Young Green has deferred a covenant test date for a third time as rescue talks with lenders continue over its estimated £90m debt-pile. The date has been moved until the end of September and is expected to be rolled over for a fourth time to the end of October as talks continue. The waiver means the company will not breach lending terms as a result of its high debt, a move that could result in its bankers pulling the plug on the company. In a statement to the City this morning, the company said: “The board expects to announce the group’s final results for the year ended 30 June 2009 during the second half of October Read more: http://www.building.co.uk/story.asp?storycode=3147734&origin=bldgdailynewsletter#ixzz0PrZbZOWJ
Consultant engineer puts test off till September as talks with lenders over estimated £90m debt continue Consultant engineer White Young Green has deferred a covenant test date for a third time as rescue talks with lenders continue over its estimated £90m debt-pile. The date has been moved until the end of September and is expected to be rolled over for a fourth time to the end of October as talks continue. The waiver means the company will not breach lending terms as a result of its high debt, a move that could result in its bankers pulling the plug on the company. In a statement to the City this morning, the company said: “The board expects to announce the group’s final results for the year ended 30 June 2009 during the second half of October Read more: http://www.building.co.uk/story.asp?storycode=3147734&origin=bldgdailynewsletter#ixzz0PrZbZOWJ
Similar confidence in backing to ACU which is now going through roof after fluctuating for last couple of weeks. Still got legs -hold