Wood Group (john) Share Discussion Threads

[kulvinder] 10/9/2024 10:21

I assume this is dropping further due too the share tracking the oil price which keeps falling, and not just to the bid being abandoned?

[dealy] 10/9/2024 07:39

this looks like a buying opportunity. slipped down 10% over the last days. almost half the level the takeover was being discussed

[gargoyle2] 09/9/2024 08:05

Re the chairman Roy Franklin's recent buy of 37k shares at 132 (i.e. just under £50k), i noticed that he also bought £50k worth in each of the past few years (37k at 138 in May 2023, 22k at 221 in June 2022, etc). I asked Investor Relations if these purchases are a requirement of his employment contract (or represent payment in lieu of fees) or whether they are entirely voluntary purchases. They have come back to say they were entirely voluntary.

[hazl] 04/9/2024 14:35

And two directors recently isn't bad.

[hazl] 04/9/2024 14:33

WOOD He or wouldn't he?

That is the question.


Personally glad to have a few at this low ebb.

[gargoyle2] 02/9/2024 07:38

The new CFO needs to put his money where his mouth is and buy a decent chunk at this level imo.

[hazl] 02/9/2024 07:37

Shows confidence.

[mirabeau] 02/9/2024 07:35

more director buying

37k

[hazl] 28/8/2024 15:51

I take it you don't like it?
Is there amything more you could add?





My best guess is you were short and you want to keep it in the money.
Who knows?
You could be disappointed.

[chutes01] 28/8/2024 15:33

Abject incompetence has led to the destruction of wealth here
Back to the days of Watson and Stewart
Lack of due diligence on acquisitions
Further write downs coming
60p first stop
Nothing left for shareholders and the gravy train keeps on rolling for a few months

[hazl] 28/8/2024 15:14

Well I like it!

[gargoyle2] 28/8/2024 14:58

Also, watching the interims presentation again and, in particular, the new CFO's comments about past cash forecasts ('we've revised cash guidance downwards 4 times since November lasy year - that's no way to run a company'), it seems pretty clear that the last CFO was pushed, rather than retired, as they said at the time. Some pretty clear criticism of the CEO implicit in those comments too imo.

[gargoyle2] 28/8/2024 14:55

Given that the disposals were flagged at the interims, as was the estimated year end net debt after taking into account of the disposal proceeds, I don't think there was any material new information in today's RNS. Not really surprised at the 'meh' reaction.

[chutes01] 28/8/2024 13:34

Cash required to service $billion debt @ 7%
Nothing left for shareholders here

[katsy] 28/8/2024 13:21

I see the markets reactions to today's news, is .... Meh..

[hazl] 28/8/2024 09:56

John Wood Group has signed separate agreements for the sale of two businesses which together are expected to generate net proceeds of around US$165m this year. The FTSE 250-listed firm, which recently saw a takeover bid from a Saudi Arabian firm withdrawn due to market conditions, said it is selling its stake in Ethos Energy and CEC Controls. Combined the two businesses contributed US$41m to Wood's adjusted EBITDA in 2023. Wood expects net cash proceeds of around US$125m from the disposals, with the balance in loan notes of up to US$42m. Wood Group shares added 2.3% by around 9am.

From Investegate link .

[hazl] 28/8/2024 09:03

'Wood expects net cash proceeds of around $125 million from these disposals when they complete, which is expected to be later in 2024. In addition, Wood will be issued loan notes by EthosEnergy which, on repayment around five years after completion, will generate further proceeds of up to $42 million plus interest.'

From above links.

[hazl] 28/8/2024 08:57

Sorry late to the party today.




Well done Wood Group!

[la forge] 28/8/2024 07:13

Michele Maatouk
Sharecast News

28 Aug, 2024 07:51 28 Aug, 2024 07:51

Wood Group agrees sale of EthosEnergy, CEC Controls for $165m



Wood Group said on Wednesday that it has agreed the sale of two businesses for around $165m as part of its programme to dispose of non-core businesses.

The company said it had signed deals for the sale of its stake in EthosEnergy, a joint venture focused on rotating equipment, and CEC Controls, which is an industrial and process control systems business in the automotive market.

Combined, the two businesses contributed $41m to Wood's adjusted EBITDA in 2023.

Wood expects net cash proceeds of around $125m from these disposals when they complete, which is expected to be later this year.

In addition, Wood will be issued loan notes by EthosEnergy which, on repayment around five years after completion, will generate further proceeds of up to $42m plus interest.

Chief strategy officer Jennifer Richmond said: "The sale of these two non-core businesses is further evidence of progress of our strategy. We continue to review Wood's portfolio in line with our strategic priorities to be selective in our markets and capabilities and steadfast in our commitment to simplify Wood and deliver greater cash flexibility.

"There is a strong strategic fit between both these companies and their buyers, and we are confident both businesses will thrive under new ownership."

[la forge] 28/8/2024 06:35

Wood announces progress on its strategic disposal programme with the sales of EthosEnergy and CEC Controls for around $165M



John Wood Group PLC

LEI: 549300PLYY6I10B6S323



28 August 2024


This announcement contains inside information







John Wood Group PLC ('Wood' or 'the Group') has signed separate sales agreements for the disposals of two businesses, which together are expected to generate net proceeds of around $165 million in 2024, including loan notes of up to $42 million.



As part of Wood's previously announced disposal programme of non-core businesses, the Group has signed deals for the sale of its stake in Ethos Energy Group Limited ('EthosEnergy'), a joint venture focused on rotating equipment, and CEC Controls Company Inc ('CEC Controls'), an industrial and process control systems business, in the automotive market. Combined, these two businesses contributed $41 million to Wood's adjusted EBITDA in 2023.



Wood expects net cash proceeds of around $125 million from these disposals when they complete, which is expected to be later in 2024. In addition, Wood will be issued loan notes by EthosEnergy which, on repayment around five years after completion, will generate further proceeds of up to $42 million plus interest.



Jennifer Richmond, Wood's Chief Strategy Officer, said:



"The sale of these two non-core businesses is further evidence of progress of our strategy. We continue to review Wood's portfolio in line with our strategic priorities to be selective in our markets and capabilities and steadfast in our commitment to simplify Wood and deliver greater cash flexibility.



"There is a strong strategic fit between both these companies and their buyers, and we are confident both businesses will thrive under new ownership.





About EthosEnergy sale

Wood owns 51% of the EthosEnergy joint venture with its partner, Siemens Energy AG. An agreement by both parties has been reached to sell the complete business to private equity firm, One Equity Partners L.P ('One Equity Partners').



The consideration for the deal, which is subject to anti-trust and regulatory approvals, as well as other typical closing conditions, includes loan notes that will be issued to Wood with a face value of up to $42 million, plus interest, around five years after completion.



Wood expects net cash proceeds of around $95 million upon completion, expected by the end of 2024, as well as repayment of its loan notes on maturity.



EthosEnergy currently employs c.3,600 people globally and contributed $34 million of adjusted EBITDA to Wood's results (per Wood definition) in 2023, with no revenue recognised in Wood's results.



EthosEnergy is part of Wood's Investment Services business unit.



About CEC Controls sale



Wood has entered into an agreement to sell its equity in CEC Controls and its affiliated entity in Mexico to SCIO Automation Group, for a cash consideration of $30 million. SCIO Automation Group is a Germany-based global industrial automation company and the deal, which is subject to approvals as well as other typical closing conditions, is expected to close later in 2024.



CEC Controls employs c.220 people globally and is headquartered in Michigan, USA. The business generated $66 million of revenue and $6 million of adjusted EBITDA in 2023.



CEC Controls is part of Wood's Consulting business unit. Wood expects to generate net cash proceeds of around $29 million upon completion, subject to working capital adjustments.

[dexdringle] 24/8/2024 19:15

D'ohhhh 🤦‍a94;️

[elsa7878] 24/8/2024 15:59

$ to £

[dexdringle] 24/8/2024 07:32

《《298; Broker forecasts I’ve seen suggest Wood Group could generate $136m of surplus cash in 2025. Comparing this estimate to the company’s £925m market-cap gives me a forecast free cash flow yield of 11% 》》299;

Is that not 14.7% ?