Wood Group, UK misses deadline for 2024 results and faces listing suspension
Wood Group, the British oilfield service firm which is Sidara's target for takeover, announced on Wednesday that it will not be publishing its annual results before April 30, as it hasn't completed its audit.
In November of last year, the company began an independent review into its accounting for certain unusual charges in its interim financial results.
Wood Group stated that due to the timing of the completion of the independent audit and the work required to complete the 2024 audit, it does not expect to publish the 2024 accounts before April 30. However, they did not specify a deadline.
From May 1, the company's shares are temporarily suspended from the London Stock Exchange main market and will not be traded.
Wood announced on March 31 that it had identified "material failures and weaknesses" in its financial cultures within its Projects Business Unit, which led to a drop in the share price of up 40.7%.
The price per share of Sidara was 35 pence. On Wednesday however, the shares traded at 20,56 pences, a 9.5% increase.
Sidara must make a firm bid for the company by May 15.
Wood said that it would "be inclined to recommend" this offer to its investors, if one were made. In addition to the price per share, the proposal also includes an additional $250 million if shareholders approve it. (Reporting from ChandiniMonnappa in Bengaluru and DhanushVigneshBabu; editing by Savio D’Souza).
(source: Reuters)
