© DC Thomson Aberdeen-based Wood has agreed extensions to temporary waivers agreed with lenders under its committed debt facilities.
The decision comes as the group is engaged in a protracted takeover bid from Middle East-based Sidara and UK financial regulator the Financial Conduct Authority (FCA) opens an investigation into Wood.
The debt waivers were originally announced on 31 March when Wood obtained temporary retrospective waivers that were valid until 30 April. These were then extended until 30 June 2025.
The waivers were extended to apply to the company’s failure to publish its FY24 accounts by 30 April 2025, which resulted in trading shares in the company to be suspended.
“Wood remains in constructive dialogue with its lenders and noteholders in relation to the Debt Modifications and the Sidara Liquidity Arrangements relating to Sidara’s Possible Offer,” a company statement read.
Wood has been experiencing a difficult financial position recently. Its last set of financial results were branded disappointing by company chief executive Ken Gilmartin said.
In addition, its share price has seen a massive collapse over the last 12 months, down from around 200p last year to around 35p currently.
Wood chairman Roy Franklin said the company was going through a “very painful period” at its AGM in June.
