Member Info for WilyCoyote

'3 non-execs resigning is more telling'

Maybe - most likely not.

Non-Execs are there to provide some oversight of the board - they either feel they have failed miserably - or they feel there is no longer a need for the non-exec function, and they are moving on to more productive roles

'The vote yesterday was not the glowing endorsement you think it was'

It's not about 'glowing endorsement ' - it's about growing acceptance - the deal - or another deal WILL happen - and this board will be gone - it wouldn't matter if they got 100% of the vote

"@JO You’re still repeating the same flawed assumption — that Wood needs Sidara’s $450m to survive. Where’s that confirmed? Nowhere. Not in an RNS. Not in lender communication. Not in any official update"

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It is certainly implied in the recent board announcement:

"Wood and Sidara are continuing to engage with Wood's lenders and noteholders in relation to both the debt modifications and the Sidara Liquidity Arrangements,"

The cash amount that Sidara is offering WG - NOT the shareholders - also aligns with JOs number

The reality is there - you are just choosing not to see it

"Wood and Sidara are continuing to engage with Wood's lenders and noteholders in relation to both the debt modifications and the Sidara Liquidity Arrangements," said Wood Group.

That seems strange - if WG is negotiating with lenders - what on earth do they need Sidara for?

Just re-finance the debt - say 'thanks - but no thanks' to Sidara - and let the share price recover over the next few months.

But the reality is starting to crystallise here - PIs looking for some magical share price recovery - have probably been dealt a reality blow here.

The board seem determined to push through this 35p deal - it would seem no new bidders have emerged - and unless the board play hard ball with the offer price - 35p is all shareholders are going to get

Having a thread named after me has always been on my bucket list - so I can tick that one off.

People here are conflating all the recent good news with the illusion that the financial position of the company is in a good place.

The fact is - new projects - new offices - all require MORE financial investment - but the lenders have already made it clear to the board that they are becoming increasingly nervous - The recent success stories only increase that nervousness.

As for those that say a clean sweep of the board will solve all problems - really???

Can you give a reasonable timeline for that process?

Can you point to any FTSE 350 company (those were the days) that has successfully done this?

Who will be making the major decisions during this board replacement process?

What guarantee have the lenders given - that this new board will restore their confidence in WG?

This new board would have to include an exceptional CEO - at the very minimum - has anyone indicated their willingness to take on this - and other roles?

The current debt has to be re-financed in 16 months - but any new loans will have to be in place LONG BEFORE that

The clock is ticking - and replacing the whole board just isn't viable in the timeframe available

'Or are u just making that up?'

Oh dear- the evidence is the fact that the board can't re-finance the debt - the evidence is that the board say that the BEST solution is to sell the company for 35p a share SMH

'And once there’s a clean slate at the top, I expect those refinancing conversations to open up properly.'

And what is your timeframe - for the board to be removed - and re-financing to occur? That's just fantasy

'This isn’t about past mistakes'

It absolutely IS about past mistakes - because they are shaping the current reality - where the lenders have lost confidence in the board's ability to protect their loans

The majority of the current loans aren't due for well over a year - yet the board seem to think that they can't re-finance during that period - that indicates something seriously wrong with the underlying performance

No - the future is bright for Sidara - once they pick up this Wood Group asset for a ridiculously low price

I don't see any sign of shorters in BP. - anyone got better info?

'We have a 600 billion order book!!!'

How many companies with THAT profile - have a share price of 18p?

Haven't MOST shorters bought in well above the 35p offer price?

If they DON'T close their positions - how do they stand once the offer is accepted and the deal done?

'with the board replaced and trust restored'

SMH

How quickly do you think a full board can be replaced?

Where would they find CEO, chairman, FO of the desired quality?

And regardless of how quick a full board can be replaced - restoring trust is a far longer process

'If IIs wanted this deal, they’d create the volume'

This is fantasy - the sells are almost the same as the buys - it's some PI's bailing - and being matched by other PI's averaging down - or just looking for some 'easy money'

The II's seem resigned to letting this play out - that may change - but CREDIBLE rumours and leaks would be surfacing - not from posters on this board

'If IIs were truly backing this, the market wouldn’t be sitting at 20p, it would be swarming with volume'

And just where would this volume come from? - It's pure fiction - most of the shares are already held by ii's

The more likely scenario - is that PI's are driving the price down - by bailing out before any more 'encouraging' RNS releases by the board

'Institutional silence is more likely acceptance'

I have to agree - despite some on here insisting that activist ii's are going to step forward and sort things out - nothing is being heard - no rumours - no leaks

Are the shorters panicking yet?

Have the alleged activist ii's demanded the board of directors be removed?

Have the directors been marched onto a plane - bound for a maximum security jail in El Salvador?

Have the last 3 years of accounts been re-written - to show that nothing has changed - it was all just a misunderstanding - no profit warnings need to be issued - no revised guidance is required - everything is rosy?

'The potential deal is non binding'

It's interesting that Sidara could buy on the open market at this low price - breach the 30% level - and then be OBLIGED to make an offer to the remaining shareholders - at the price they recently bought in

At the very least - they would hold at least 30% of the shares - and not have to pay out 35p on those shares

' Institutions didn’t act early enough'

Or - more likely - Institutions had no intention of acting

'You want examples? Try Thomas Cook'

And tell us what happened to TC - tell us how the ii's there stepped in.....