Troubled Aberdeen firm Wood has confirmed it will fail to file its accounts on time, meaning its shares will be suspended.
The oil services group had until the close of business today to file its accounts for the 2024 financial year.
It means the firm’s shares will be suspended from the London Stock Exchange, meaning they are unable to be traded.
A month ago, Wood warned its 2024 results would be delayed due to the independent financial review it had commissioned.
A number of adjustments are expected to be required on its income statements and balance sheets for the past three years.
The review, by Deloitte, also highlighted “inappropriate management pressure” as well as issues with project contracts.
Shares suspended
Wood issued a statement confirming that its accounts would not published in time.
It said: “There will be a delay in publishing its FY24 accounts beyond the required deadline of 30 April 2025.
“As a result… Wood’s shares will be temporarily suspended from listing and from trading on the main market of the London Stock Exchange with effect from 7:30am on May 1 until its FY24 results are published.”
Wood said temporary retrospective waivers for its debt facilities have been extended until June 30 2025.
It has not given any indication as to when it expects to publish the results.
The statement said: “The company intends to request a restoration of the listing and trading of its shares upon the publication of the FY24 accounts.”
Takeover bid underway
This latest setback comes as a fresh takeover bid from Dubai-based group Dar Al-Handasah, known as Sidara, was made in February.
The deal would be worth 35p per share – around £242 million in total.
It would also see a further £340m injected into Wood after Sidara confirmed it made “significant progress” with due diligence.
Wood said the Sidara offer “represents the better option” for its shareholders.
The new proposal from Sidara came just seven months after a deal worth £1.6 billion collapsed.
Wood’s share price sat at 19.8p on Wednesday afternoon.
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