Member Info for Toonman

Contacted them - they didn't even know there was a possible takeover or a vote! Unbelievable incompetence.....

The reference to a "clean audit" is beyond a joke. No one who has read the 16 pages of that audit report could call it "clean"! Utterly deluded....If there is another bidder out there who wants to take this on at more than 30p a share (and provide the required financing) I will welcome them warmly - but they will need b*lls of steel.

Fordy88 is correct about the audit opinion. If any of you don't fancy trusting AI then read the audit report yourselves on the Wood website. It starts on page 248 of the 2024 annual report and is 16 pages long. It makes grim reading. Anyone who thinks it is a clean audit report needs their head examining. There are a multitude of uncertainties (including going concern), lack of audit evidence in key areas, lack of time to do a proper audit etc etc

The 2025 half year figures released by Wood are unaudited.

In the 2022 and 2023 Balance sheets the net asset value of Wood Group was stated as being around $3.7 billion. The value of the intangible assets was $4.3 billion. So if you remove the intangible assets from the balance sheet you end up with a net deficit of $0.6 billion. Intangible assets consist of things like goodwill and some subjectivity is used to value them. Plus they are quite literally intangible.

We now know that these balance sheets need to be restated and the value that is attributed to the intangible assets after a thorough review will be critical in determining the net asset value of the business. And that's without thinking about the rest of the assets (and liabilities) which will also be reviewed. Breaking up the business would mean liquidating every asset and paying off all liabilities, in such a situation intangible assets would be worthless as you cannot sell them and there would no ongoing business to which they could add value.

# Wood balance sheet

Icecool re your comment: "Has anyone actually figured out the breakup value of Wood. It’s way higher than you think. 💯👍"

Could you tell us what we think the breakup value is? And also what your higher figure is? And how you worked it out?

As a matter of interest what breakup value would you put on the $4.3 billion of Intangible assets sitting in the Word balance sheet?

Sujood - thanks for your contribution. Can you explain what AIM has

got to do with this?

Advfn chat is horrendous - some complete psychos on there (or paid rampers/derampers 🤔). I think the share price suggests no one knows very much about what is going on.

For those on here who have spouted about dividends being paid out of debt, read the RNS very carefully. In particular look for the short paragraph about half way down that discloses the amount of distributable reserves. If you don't understand what that means do a Google search to find out!

Nanoco will have to disclose it in their annual accounts.

C0ckeye - Not sure you intended to say that last bit?

You cannot reduce capital gains tax by offsetting ISA capital losses against non ISA capital gains .

Might be showing as a sell - that does happen sometimes!

Good trade by Paddy and, fair play, he called it on here. There were people trading this between much lower levels than it is now who never saw 1.30 coming let alone 1.50+. There were people shorting it without a clue as to what was coming. It is a share that is genuinely in play - probably one of the best punts out there!

Thanks RagstoRich - agreed, that was where I got my figure from.

Longastrong - I made it about 8.5 pence? How did you get 11.4?

A weak puppy that has risen by over 100% in the last 6 months?

You probably would not make 100% from where it is now, but if we should ever reach a covid free world it is still undervalued. Taking the one offs out of the EPS it is only on a PE of about 11, and that is based on the covid reduced profits of 2020......

That was an uncrossing trade, so no one bought £5.5 million of ITV shares. Still a good day though....

Back in August last year (when Tom London started giving us the benefit of his investment advice) let us imagine that we had invested £100k in 3 different companies. One of them will clearly be ITV, for the second one we will go with a "big oil" company RDSB, and for the third one we will go for AZN. What would be the returns on our investments as of today?

ITV = £226K - An increase of 107%
RDSB = £137K (dividend income included) - An increase of 37%
AZN = £86k (dividend income included) - A loss of 14%

We have to accept that in Tom's world AZN and RDSB are great companies run by people who went to the best universities whereas ITV is a dog company run by a graduate of Kent University. So, despite the actual monetary return being vastly inferior anyone following Tom's philosophy is clearly a superior investor.....But just imagine what his multi million pound portfolio would look like if he had invested in the dog. You could not make this ****** up!

There isn't much difference between the basic EPS and the fully diluted EPS. The adjusted EPS is much higher because it excludes some non recurring costs. The data for IMB is as follows:

EPS £1.583

Fully diluted EPS £1.581

Adjusted EPS £2.544

MaryBr190 - when you say "I am at sub 19p" what do you mean?