Fallen Apples.31 Aug 2025 20:55
Where did it all go wrong.It seems Sidara are tightening the noose on a buyout at SP 30p a pop. 30p does seem a huge steal at this level. There will be winners and losers,there always is. I got out at 40p+ level and happy.
So where did it all go wrong.I wrote some time ago that the bent board would ruin Wood.They did when latching on the bent oil company Amex foster wheeler around 2017.I sold a huge block of Wood as soon as I got whiff of the possible take on of Amec with a history of fraud and bribery.I dodged a bullet.
I got back in at low level and got out winning, more luck than pro judgement.I have since done a bit of investigation on Wood to get a feel of how Wood was destroyed after being a leading winning profitable respected division paying Scottish company.
It seems the apples have fallen very near the Wood tree here.Ian Wood the founder was at the begining a very respectable highly rated business CEO thus awarded the rank of a Commander of the order of the British Empire cbe in 1982.
It seems that skulduggery started well before the bent current Wood board as they are a continuence from Ian himself. Ian Wood transferred it's North Sea staff to a company in a taxi haven to avoid NI contributions.
Ian had bent tendancies which have been passed on to future board members.Ian was pilloried by politicians and the populous too and scorned for his payment of dues dodging.He was stupid as board members after him would follow in his dodgy dealing assuming that skulduggery was the way to go.Ian did not need to be so shallow to avoid taxes that he could easily afford to pay as he had a huge fortune and was a Midas in Scotland.He was also a fool to set such a precedence for others to follow.
The ruination of Wood group was to follow, did Ian set the clock ticking a long time ago with his stupidity,I certainly think so.The apple does not fall far from the tree fits well here.
Best of luck to all holders. The fat one has not sung her swansong yet.But it seems she is dressed for it.