Member Info for Wiggly

Profit is profit, but I'm confident this has at least another 60% to run.

Many things can leak.

Refinancing.

Deloitte review.

Approach from a new buyer.

Terms from Sidara.

Definitely something positive is driving the share price.

II volume is moving this.

Big move....

Still buying by the feel of it

As it is Ramadan and Friday is a prayer day, expect any final high-profile meetings to be scheduled today or tomorrow.

@evans

Yes, Wood Group and Sidara could form a Joint Venture as an alternative to a full acquisition. This could allow Sidara to gain strategic influence while helping WG stabilize financially. If WG wants to remain independent while solving its cash flow issues, a JV is a smart option. But Sidara’s willingness depends on whether it prefers full control or just a strategic foothold.

Potential JV Structure

1. Ownership Split

Sidara and WG could co-own the JV (e.g., 50/50 or 60/40).

Sidara injects capital (£420M or more) to fund the JV’s operations and future projects.

2. Scope of the JV

Energy Transition & Sustainability: Focus on carbon capture, hydrogen, or renewables, leveraging Sidara’s capital and WG’s engineering expertise.

Middle East Expansion: Use WG’s services and Sidara’s regional presence to win contracts.

Infrastructure & Asset Management: Develop and operate energy assets together.

3. Governance & Control

Sidara gets a board seat at the JV level but doesn’t control WG fully.

Profits from the JV could be shared as dividends, helping WG’s cash flow.

Pros & Cons of a JV Approach

✔ Less risky than full acquisition → Sidara gets exposure without full ownership risk.

✔ Supports WG’s financial recovery → Fresh capital without excessive dilution.

✔ Growth synergies → Access to Sidara’s contracts, capital, and market presence.

✔ Favorable to shareholders → WG retains independence while securing a strategic partnership.

Would This Be a Good Move?

Think this runs to 50p plus. Sidara serious bidders

Much anticipation builds each morning; however, previous updates specifying the bid price were intraday updates. It is possible, and probable, that Sidara will communicate their formal intentions during business hours, making a 7 a.m. update unlikely.

Consider that additional time does not play well for Sidara. Wood could refinance and be much stronger.

If Wood plans to refinance, then they should not offer Sidara extra time. They should force Sidara's hand.

They also returned as soon as legally possible. Walk away now, and Wood may sell to PE, and they will never get another chance. I'm sure the deal will conclude this time.

Facts below

At a VERY conservative EBITS 3.5x multiple, a 106p bid is justified

Enterprise Value (EV) Calculation

2025 projected EBITDA: £394 million

Applying a 4.5x EBITDA multiple (from Sidara’s last bid):

EV = £394 million × 4.5 = £1.77 billion

Net Debt Adjustment

Net Debt (excluding leases): £690 million

Equity Value = EV – Net Debt:

£1.77 billion – £690 million = £1.08 billion

Per Share Valuation:

£1.08 billion / 650 million shares = ~166p per share

Valuation at Lower Multiples

3.5x EBITDA → EV = £1.38 billion → Equity Value = £690 million → 106p/share

4.0x EBITDA → EV = £1.58 billion → Equity Value = £890 million → 137p/share

With £690 million net debt, Wood's equity value is significantly higher than prior estimates.

Even at a conservative 3.5x multiple, a 106p bid is justified, while 4.5x supports 166p or more.

120p remains a conservative yet reasonable offer, with room for a higher premium if Sidara values strategic synergies.

Jack,

Is the only positive news is Sidara, what else are you talking about ?

Sidara-Wood would be a threat to Worley

Joe, you seem to be in the know. What does it relate to? Seems more than you know, hence the increasing sp

No need for rumours.

Direction says it all

Sidara has five more trading days to make a formal, binding offer. If they fail to do so, they will be locked out for six months.

It is unlikely WG will grant them an extension if they prefer not to be sold.

I believe a solid offer will come this week.

1230pm in UAE.

All previous updates have been intra day.

Wouldn't want to be out right now!

Hold tight

No news is good news. It means that talks are continuing, which means a deal acceptable to both parties is in sight.

RNS could land at anytime.