Member Info for Taverham

Nmh - yes - it means they think the price has stopped falling

Long suffering shareholders - lots of people - including myself have tried to point out the implausability of the projects over the years that the company has gained funding for. I wised up about 7 years ago and just see this as a lifestyle bs company for SS to milk. Even now , what realistically are the chances of the hydrogen project getting off the ground when it needs hundreds of millions of capital to construct - not to mention the tens of millions to get to that stage over the next 4 or 5 years.

Those are your risks - I have no position - except I do feel sorry for those who have backed SS thus far. DYOR>

The part of wood group that I worked for , a division within Amec Foster Wheeler has strict governance around contracts and would not 'buy work'. Those project controls seem to be missing just now in major projects and I am wondering if the ceo is the problem or if they predate him - either way he needs to go because he has been there too long to be excused at this stage.

I am waiting for some USA investors to sue the group for misrepresentation of the new CFO and by implication the accounts he signed off.

The company is a sitting duck - great shame considering its heritage . Jacobs must be salivating.

I think the sensitivity to gold price still holds - therefore useful imv.

Apparantly there is an article in the Times today about the sacking of the CFO etc.

Equity raise looks a positive - will the market like it?

So another discounted raise of cash £400k to keep the lights on and the ceo salary dressed up as conceptual design studies. Frankly , imv they have not raised enough cash to do all the things they say to any level of useful detail.

I am amazed at the ingenuity of the CEO to dream up new ideas to keep the gravy train running - so hats off to him for that.

When I worked at Amec each business unit had their won accountants and given that Wood must be three times that size there are likely over 50 across the business , many of whom will have major project experience and whilst they might not be CFO material there will be a number who can explain to the CEO what should happen on major projects . The key issue of course is to keep the 'earned value' in line with the 'spend' such that there are no surprises when the project is completed . My speculation is that the CEO has had some investor challenge and he has confidentially asked others within the company for their opinion and been told - this is now a mess - does the cfo actually understand how major projects work - is he in fact qualified because he has made such a hash of it. As a consequence he has been rumbled and gone. Optimistically the accounts might not be as bad as stated- we shall see.

Btw - not sure what HR are doing these days but they checked every qualification I had when I joined !

She wants everyone to spend and not save - that gets the VAT take up- so closing off tax free savings should help.

She wants people to take more risks - so why did she put IHT on private businesses- who are now handing cash down the generations rather than investing and growing the IHT bill?

BB, yes I was flabbergasted when Rory complained that the contract was cancelled - how did they get it in the first place and how much was she paying herself to pull a few pathetic slides together.

We need a doge in UK.

Btw anyone else see Trump listing the number of people over 200 years old recieving social security payments in the USA ? Quite restrained for him.

The company is certainly more vulnerable to a take over with the cfo sacked. Will they get the previous one back temporarily or was he the problem? Either way investors will sell at a lower price because confidence in a leadership team means lots to ii's and it must be zero here now.

@Bamps, thanks for your posts which are most helpful. It's not that I understand everything you write but I always take comfort from the reassuring tone !

Much appreciated.

That Craig Shanahey was in charge of the Southern north sea JV , at Amec when I was there. As i recall it ran well and Shell as client have placed lots of work with the group since then. Admittedly onlyone part and not a major project but a good project by all acccounts.

On IG TV this morning [ you tube] there was a session after someone asked about the company at 0906 am - if anyone interested.

Good RNS sp up 5p imv today.

Looks like I got the provision spot on -that is my luck for the year used up- just wish i was as good at predicting share pric

Best type of contratc in present circumstances - cost reimbursable with a blue chip like Shell - perfect.

No surprise to me that the CFO was a liar and out of his depth - looking at the way the company's financial statements have changed so dramatically since his appointment and his inability to handle the problems in one division. I have an accountancy qualification but in gaining it , it was made crystal clear that in no way was it an endorsment to practice as an accountant. Clearly someone has asked 'wtf is going on - is that guy actually qualified'? Seems like the answer is 'not to the standard we need'. He should be sued imv.

From Google;

Chartered accountants often have the authority to perform audits and provide more complex financial advice, while certified accountants may focus on basic accounting tasks like bookkeeping