Wood Group (John) PLC (WG.)

[Breelander]

Full year results for the year ended 31 December 2018

"Wood delivered good organic growth in 2018. We completed the integration of AFW at pace, increased cost synergy targets by 24% and unlocked new opportunities across our broader range of capabilities and sectors to secure revenue synergies of over $600m. We have delivered strong operational cashflow which has supported both a reduction in net debt of $450m since completion of the acquisition of AFW, and the payment of $231m in dividends in 2018. We have built a unique platform and are in the early stages of what we can achieve. Our performance in 2018 has strengthened our conviction in Wood's potential and we are excited about our prospects. We are confident of achieving further growth in 2019."

https://www.investegate.co.uk/wood-grou ... 00162271T/

[Breelander]

Sterling conversion rate:

... further to the announcement made on 19 March 2019 of a dividend of 23.7 US cents per ordinary share payable on 16 May 2019 to shareholders on the register of members at the close of business on Friday, 26 April 2019 ... the UK Sterling amount of dividend payable on 16 May 2019 will be 18.3224 pence (£0.183224) per share.

https://www.investegate.co.uk/wood-grou ... 5900P2C2B/

[SuperCally]

Half Year Results were announced on 20 August:

https://www.investegate.co.uk/wood-grou ... 00085540J/


and the $:£Sterling conversion announced today:

https://www.investegate.co.uk/wood-grou ... 5900P678D/

[Breelander]

Full year results.

Full year results for the year ended 31 December 2019
Earnings growth, margin improvement and strong cash generation
Portfolio optimisation supports strategic positioning for opportunities in energy transition and sustainable infrastructure
...
The directors are proposing a final dividend in respect of the financial year ended 31 December 2019 of 23.9 cents per share. The final dividend will be paid on 15 May 2020 to shareholders who are on the register of members on 17 April 2020...
...
...Sterling dividends will be translated at the closing mid-point spot rate on 17 April 2020 as published in the Financial Times on 18 April 2020.

https://www.investegate.co.uk/wood-grou ... 00055172F/

[Breelander]

This takeover approach may be entering the endgame.....

After careful consideration and to facilitate the discussions reaching a definitive conclusion, Apollo, on behalf of certain investment funds managed by it, submitted a further possible offer for Wood to the Board of Wood on 4 April 2023. This further possible offer for Wood is at a final price of 240 pence per share in cash (the "Final Proposal")...

https://www.investegate.co.uk/apollo-mg ... 04463644V/

The Board of Wood notes the announcement today by Apollo Management Holdings....

The Board of Wood will continue to engage with its shareholders.

There can be no certainty that an offer will be made. Further announcements will be made as appropriate.

https://www.investegate.co.uk/wood-grou ... 49133713V/

[Breelander]

One step closer.....

...having now weighed all relevant factors, particularly feedback received from Wood shareholders, the Board has decided to engage with Apollo to see if a firm offer can be made on the same financial terms as the Final Proposal. Accordingly, the Board will grant Apollo access to due diligence materials.

https://www.investegate.co.uk/wood-grou ... 00053419W/

[BullDog]

One step closer.....

...having now weighed all relevant factors, particularly feedback received from Wood shareholders, the Board has decided to engage with Apollo to see if a firm offer can be made on the same financial terms as the Final Proposal. Accordingly, the Board will grant Apollo access to due diligence materials.

https://www.investegate.co.uk/wood-grou ... 00053419W/

How sad. Foster Wheeler takeover mortally wounded AMEC and now the AMEC takeover does the same to Wood Group.

Read across to Petrofac who I long thought were a prime takeover candidate is that PFC isn't the business we thought it was and is not attractive where Wood Group clearly is.

Another British business bites the dust.

[Breelander]

Well, after all that it has come to nothing....

Statement of Intention Not to Make an Offer for John Wood Group PLC ("Wood")
Further to the announcements made by Apollo and Wood regarding a possible offer for Wood by Apollo, Apollo confirms, on behalf of certain investment funds managed by it, that it does not intend to make an offer for Wood.

https://www.londonstockexchange.com/new ... r/15955643

Following an extended period of detailed engagement, the Board notes the announcement by Apollo today that it does not intend to make an offer for Wood. As a result, Apollo is bound by the restrictions set out in Rule 2.8 of the City Code on Takeovers and Mergers (the "Code").

The Board remains confident in Wood's strategic direction and long-term prospects and believes that, following a transformative year in 2022, including new executive leadership and a new strategy, Wood is well placed to deliver substantial value for shareholders.

https://www.investegate.co.uk/announcement/7526206

[idpickering]

Response to speculation

The Board of Wood notes recent speculation and confirms that it received an unsolicited, preliminary and conditional proposal from Dar Al-Handasah Consultants Shair and Partners Holdings Ltd ("Sidara"), regarding a possible cash offer to acquire the entire issued and to be issued ordinary share capital of Wood (the "Proposal").

The Proposal was received on 30 April 2024 and proposed an offer price of 205 pence per Wood share. The Board carefully considered the Proposal, together with its financial advisers, and concluded that it fundamentally undervalued Wood and its future prospects. Accordingly, the Board rejected the Proposal unanimously on 8 May 2024.

There can be no certainty that any offer will be made for the Company, nor as to the terms of any such offer, should one be made.

https://www.investegate.co.uk/announcem ... n-/8182684

Ian (No holding).

[Breelander]

Response to speculation....
Ian (No holding).

I have a holding in my HYP as a result of letting pyad's 'market trading' take it's course. My purchase of Foster Wheeler was taken over by AMEC, who later got taken over by Wood Group. It would be nice if 'market trading' finally closed this chapter with some cash

[idpickering]

Response to speculation....
Ian (No holding).

I have a holding in my HYP as a result of letting pyad's 'market trading' take it's course. My purchase of Foster Wheeler was taken over by AMEC, who later got taken over by Wood Group. It would be nice if 'market trading' finally closed this chapter with some cash

Thanks for your input Breelander. Good luck with your holdings.

Ian.

[idpickering]

Q1 trading update

John Wood Group PLC ('Wood' or 'the Group') announces a trading update for the quarter ended
31 March 2024 ('Q1').

Ken Gilmartin, CEO, said:

"We are now in the second year of our growth strategy and are making good progress, with EBITDA growth, margin expansion and an order book 9% higher than a year ago. We continue to win exciting and complex work across energy and materials, with sustainable solutions representing 40% of our pipeline.

"We are progressing with our Simplification programme and have made some significant appointments this year including welcoming Arvind Balan as our new CFO. I am proud of the strong leadership team we have in place and confident that we will deliver on our significant potential. We are today reiterating our EBITDA guidance for 2024 and our outlook for 2025".

https://www.investegate.co.uk/announcem ... te/8184073

Ian.