Wood Group (john) Share Discussion Threads

[chutes01] 17/5/2023 22:19

correct, the pieman should take his salary as shares at 240p conversion.
Omnishambles of a manager after this debale, I expected him to walk this week.

[dexdringle] 17/5/2023 19:21

He's just recycling the huge amount of money he receives in salary from the shareholders.

I'd happily today have sold my 7,500 shares to him for the £2.40 a share that two weeks ago he thought was derisory.

He should now be paid in shares at a conversion rate of £2.40 each until the shares reach £2.40 in the market.....

[willie99] 17/5/2023 18:53

Our CEO has just bought 300,000 shares with his own money. Is that not a sign of his confidence?

[chutes01] 17/5/2023 14:34

Have they stumbled upon another horror story about to unfold here, directors milking this dry now
Q is, when will they tell shareholders ?
Carillion#2

[pogue] 17/5/2023 14:25

Indeed it was a proposal.
On 4 April 2023, Apollo Management Holdings, L.P. ("Apollo"), on behalf of certain investment funds managed by it, announced that it had submitted to the Board of Wood a fifth proposal to acquire the entire issued and to be issued ordinary share capital of Wood at a final price of 240p per share in cash (the "Final Proposal").

[edmondj] 17/5/2023 14:03

There was not even a bid.

[pogue] 17/5/2023 13:56

Apollo did not 'publicly, sic, pursue the company' the bid was forced out into the open by leaks.

[dealy] 17/5/2023 13:12

I find it incredible that Apollo can simply walk away without giving an explanation after so publicly pursuing the company

[reddirish] 17/5/2023 11:15

I'm back in. I'd been concerned about the delays to the bid process and sold out at around 225, so am very happy to be back for the long haul. This will go nowhere (save probably downwards, now I've invested again!) until 2024 earliest, but it is a decent recovery prospect for my SIPP.

[2cmb] 17/5/2023 11:07

TH !! Apollo have walked away !
Some II's are pulling out so form 8.3/8.5 ofcouse will be issued.
Are you new to investing ??

[tuna hunter] 16/5/2023 22:23

could be a good entry point

[iconista] 16/5/2023 18:56

As always, when Chutes screams sell, I buy. Never let me down yet.

[chutes01] 16/5/2023 18:02

The market has spoken, its been spooked.
Either fat boy slim puts his hand in his greasy pocket for another 100k, or expect to see his resignation before the week is out.

[dexdringle] 16/5/2023 16:55

If they were going to have to leave (in disgrace) if the takeover bid fell through then why were they so resistant to it ?

[chutes01] 16/5/2023 16:44

The purchase of AFW was the end of shareholder returns here, death by 1000 cuts now
Watch the leaders leave one by one now as they seek to protect any reputation they ever once had.
An incredulous level of corporate mis-management and greed has led to this utter shambles.

[pugugly] 16/5/2023 14:55

Jag123:- Book value very often a "Sucker Trap" Sometimes what some idiot CEO paid for a takeover and not yet marked down. Recent example SIB where US Gov bonds devalued on a mark to market basis when FED increased base rate multiple times.

[2cmb] 16/5/2023 14:34

I think some FUD is also posted on this thread.
Everyone to their own !
ATB.

[chutes01] 16/5/2023 13:41

What would another upcoming US legacy claim do to the business at this time ?
$100m/$150m ??

Let's see if Big Ken sticks in another £100k of his own dosh (ahead of hearing about an offer coming in, natch)

[jsg123] 16/5/2023 13:37

Stockepedia has book value of 539 so would seem grossly undervalued on book assets.

[dexdringle] 16/5/2023 13:30

Fair value?

Irrelevant. They shares are actually worth £1.38 today.

[chutes01] 16/5/2023 13:18

Yesterday was mug punter day, buying at 145p.
This will now drop below 100p, expect to see resignations this week as reality sets in, others will attempt to protect their pay offs and bonus.
Shareholders will be left with nothing here.

[starpukka] 16/5/2023 12:44

What is fair value price for WG. ?

[tuna hunter] 16/5/2023 12:12

apollo has form on this.




Apollo misses out again

Apollo has thrown many darts at British businesses – but not many have stuck.

Since 2020, the US private equity giant has bid for or been linked with six listed companies, taking advantage of low valuations after Covid struck.

But while Apollo has drummed up many headlines and caused much fanfare, the interest often leads to nothing.

As well as walking away from oil engineer Wood Group yesterday, Apollo ended discussions with online retailer THG last week after deciding against upping its offer.

It was the same story with publisher Pearson last year as well as William Hill in November 2020. Likewise, early interest in Sainsbury’s, Morrisons and Boots all failed to lead to anything concrete.

Sources close to Apollo say it refuses to overpay for assets. Graham Simpson, the head of Canaccord Genuity’s Quest Research, said: ‘Apollo has shown it is not afraid to enforce capital discipline, preferring to walk away rather than pay more than it wants, thereby diluting the return on investment.’

But others have suggested that maybe its UK office lacks a ‘rainmaker’ – someone who can get a deal over the line.

A source said: ‘Maybe the company is failing to do its homework properly or maybe Apollo lacks a dealmaker – somebody who can convince boards and shareholders that private equity is the right option.’

Apollo last got a deal over the line for a UK-listed company in 2019 when it bought plastic packaging giant RPC for £3.3billion.

Read more:

[pogue] 16/5/2023 09:40

Apollo did not pull out of negotiation with THG the RNS states THG did. Here Apollo pulled out.

Clip from THG RNS
It has become clear to the Board, supported by shareholders representing a majority of THG's issued share capital, that there is no longer any merit in continuing to engage with Apollo. Consideration and rejection of the Indicative Proposal has been on a basis consistent with all previous offers for the Company, some a matter of public record, which were also rejected based upon inadequate valuations and the nature of those offer structures. Having discussed with its financial and legal advisors, the Board has unanimously determined that it is not in the best interest of THG shareholders to seek an extension to the deadline set out in the Company's announcement dated 17 April 2023, as permitted by Rule 2.6(c) of the Code, and, consequently, it has terminated all discussions with Apollo.

[dealy] 16/5/2023 09:34

Apollo pulled out of 2 UK deals in 2 days (ThG and Wood). That seems to indicate incompetence on the part of Apollo