John Wood Group PLC Secures Extension of PUSU Deadline: What Lies Ahead

An intriguing development has unfolded in the world of energy, as John Wood Group PLC secures an extension of the PUSU (Put Up or Shut Up) deadline. The London-based multinational energy services company made an announcement revealing that Sidara, officially known as Dar Al-Handasah Consultants Shair and Partners Holdings Ltd, now has until 5:00 pm on 15th May 2025 to declare their intention to make a firm offer for Wood. This move comes about a month after Wood initially announced the extension of this deadline till 5:00 pm on 17th April 2025.

Notably, this deadline could be extended even further, given the agreement of Wood’s board and the consent of the Panel, in line with Rule 2.6(c) of the Code. It remains to be seen how this extension will influence the prospective acquisition and the future trajectory of the company. Amidst these shiftings, shareholders have been advised not to take any action in relation to the possible offer as yet, since there is still no guarantee of an offer being made, even if the pre-conditions are satisfied or waived.

Adding to the intrigue, the company also disclosed on 31st March 2025 that its FY24 accounts would likely be delayed beyond the 30th April 2025 deadline, due to the extensive work required to finalize its audit for FY24. Consequently, the company’s shares may be suspended from trading during this period as work progresses towards the completion of its FY24 accounts. Undoubtedly, it’s a period of suspense and anticipation for the shareholders, with the world keen to witness the next chapter of the company’s journey.