Member Info for WilyCoyote

At some point, you’ve got to wonder if this whole thing was just engineered by the board to protect themselves. Because it’s starting to look less like a crisis… and more like a cover up

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LOL - Cover up - conspiracy - LOL

Nothing the board are doing will further the goal of a cover-up - the accounts WILL be published - and the FCA investigation may - or may not reach a conclusion

I have yet to see any FCA announcement of the scope of their 'investigation' - and I'm not even sure what relevance they have - they deal with financial services.

It seems more like someone has given them a kick up the backside - and they are trying to seem like they are doing something

"you’re seriously focusing on the number I used "

yeah - why would I focus on what you actually say - that's no way to have an intelligent - constructive conversation SMH

"I could’ve said 80p, 120p, 240p, doesn’t matter"

Well - you say something we can agree on there - because much of what you say doesn't matter

"no one can credibly say what Wood is worth"

this far into the audit - those that need to know the state of the company - will know the state of the company.

' then it turns out the accounts justify a valuation of 150p '

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LOL - again IC shows great naivety - this far into the audit - those that need to know the state of the company - will know the state of the company.

The likelihood is - that the new accounts will expose some serious mis-reporting - and put senior players in the Projects division under serious scrutiny - to put it mildly. That will be one of the reasons it is taking so long - these accounts may well be front and centre of any potential criminal investigation

'You are so dumb!!'

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An articulate - well constructed and intelligent rebuttal - well played IC!

A disappointing - but predictable reply - shame you couldn't address any of the points I raised

I’m talking about a scenario where the Wood board refuses to publish audited accounts, asks institutions to vote blind, and tries to push through a fire sale at 35p while under active FCA investigation for governance failures and audit interference.

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When have the board REFUSED to publish the accounts?

Do you REALLY believe that institutions are 'voting blind' - thats shows an incredible naivety on your part

And the board can't 'Push through a fire sale' - any deal has to be put before the shareholders - and if the ICs think it's the best route - it will happen

'active FCA investigation' - what powers do you think the FCA actually have here? - they are primarily concerned with finincial services

They might make recommendations to other groups - such as the Serious Fraud Office - but I haven't seen the FCA take action against non financial institutions

Have they actually stated the scope of their investigation?

SMH - the clown emojis don't improve your argument - which seems to be 'It's the board - the company itself is in great shape'

Where exactly do you believe Blackrock see the risk here? Do you think they are scared of a FCA inquiry - into a company that may well not exist on the London Exchange in a few weeks?

As I said myself - precedence is key here - if there is non precedence - the appetite at the FCA for any potential extended legal action against the like of Blackrock is minimal - what would it actually achieve?

The idea that WG is at the top of the legal dept's concerns at these major investors is laughable - they would run rings around the plodders at the FCA

Big institutions know the draft numbers and will, in my opinion, support the transfer of ownership in the best interest of shareholders.

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@Banbury

Apparently - accordinf to IC - governance teams are poised - ready to shut things down 'instantly'

At the current valuation of WG - I hardly think the likes of Blackrock are losing any sleep - and the sale of WG would presumambly release the current shareholders from any obligations - but again precedence is key here.

Have there been ANY company sales completed while a FCA investigation was taking place - AND the sale resulted in that company no longer being listed on the London exchange?

' compliance/legal departments at institutions like Barclays, BlackRock, Fidelity… you know, the ones who make sure fund managers don’t walk blindfolded into legal minefields'

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LOL - Blackrock has 11 TRILLION DOLLARS of investments - I hardly think their compliance dept is worried about the risk of holding a few million in WG shares.

Where exactly are the minefields with WG? Your own logic and comments have repeatedly said that the company is in good condition - and that the problem is the board.

A sale - without the final set of reviewed accounts - carries little risk - if as you say - the company is in a good state.

And if - post-sale - WG is no longer a listed company in the UK - it is difficult to see what the FCA can actually do

'The legal risk alone would be insane. Governance teams would shut it down instantly'

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Really?

Which 'governance teams' are you talking about?

How many of these 'governance teams' are there wandering around - ready to shut things down?

The FCA investigation is focused on the actions of the board - any sale that replaces the board - would seem to make that investigation irrelevant - especially if WG is no longer listed in the UK.

Your rhetoric always contains such certainty - when WG are a long way from any certainty - they seem to be inventing new grey areas every passing month.

It would be useful if someone on this board is aware of any UK company that has been taken over while under investigation

'at some point either holy rood or westminster going step in'

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There is a view emerging that the London Stock Exchange is drifting into irrelevance - FTSE 100 companies making decisions to delist - in favour of the US or Australia. The number of London IPO's has also collapsed in the last 12 months.

The govt made it clear only a few days ago - that it wouldn't put up obstacles to Shell buying out BP - just to stop it falling into foreign hands

WG isn't in their league - but the govt might not be happy about a company in a key industry being controlled by a middle east country - then again - it hasn't stopped our energy industry being sold to foreigners - so maybe it won't be an issue

Once they’re out, it resets overnight.

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SMH - that's fantasy - pure fantasy - a completely new board will take months to gain lender confidence - and that's assuming they get some quality people in the top jobs

I presume Wood may have the 200 million of cash from SID?

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LOL - the WG board won't get a sniff of ANY cash from Sidara - until the deal is agreed and signed

The suspended shares are safe - for now - according to the FCA - they MAY delist a share if:

3) the securities' listing has been suspended for more than six months

*FCA

Shares have to be listed on a recognised stock exchange in order to be held in an ISA.

That implies that de-listing is the trigger for removing them from your ISA

But since capital gains - and dividend payments - are the primary goals of holding shares in an ISA - I don't think you will lose out if WG loses their status as an ISA-permitted company

If they feel the board have acted improperly - do they have the power to put the company into receivership - and appoint a temporary board to run things?

Why did FCA open investigation now?

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Good question - It may be that the FCA have seen a new version of the accounts - and now believe there is a need for an investigation

But I'm not sure how closely the FCA have been working with the auditors - if at all

'there are no more skeletons in the cupboard'

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Really?

The FCA will want to know WHAT the board knew - and WHEN they knew it

All this does is strengthen the position of Sidara

'it will have boosted their order book and revenue and there will be more to which be mean positive cash flow sooner than predicted.'

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New orders and new contracts are an initial drain on any company - the increase in revenue will be at least a year away

They need capital and loan facilities to set up new projects - and THAT is exactly where the weakness in WG is exposed

'Whatever happens, this is far from done. The real battle’s just getting started'

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SMH - this is delusional thinking