13th Sep 2005 07:04
Wood Group (John) PLC13 September 2005 John Wood Group PLC 13 September 2005 THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION,RELEASE OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR THEUNITED STATES John Wood Group PLC ("Wood Group" or the "Company") Share Placing Wood Group today announces a placing of up to 24,176,550 new ordinary shares(the "Placing Shares"), representing approximately 5 per cent. of the Company'sissued share capital. The Company has also announced today its interim results for the half year ended30 June 2005, with revenues of $1,327.0 million, up 27%, EBITA pre exceptionalcharges of $69.2 million, up 29% and adjusted diluted earnings per share of 7.8cents, up 32%. Background to and reasons for the cash placing Wood Group has grown substantially over the last three and a half years,increasing revenues by over 70%, and investing $200m in acquisitions and $140min capital expenditure in excess of depreciation. The Board believes that the current strong conditions in the oil & gas marketwill continue and wishes to maintain the growth strategy of targeted geographicexpansion and broadening of the service provision to take advantage of theopportunities. This will involve further investment and resources to developour client base, including the majors, independents and the national oilcorporations, in key oil and gas regions in Europe, Africa, the Middle East andAsia Pacific. We also intend to broaden our service provision: • In Engineering & Production Facilities through extending our projectmanagement and EPCM (Engineering, Procurement and Construction Management)services, and increasing our involvement in midstream engineering and downstreamrefinery upgrades and debottlenecking, further developing our pre-operations,commissioning and start-up support services as well as pursuing long termperformance based modifications, maintenance & operations contracts • In Well Support, expanding our services in key markets such as Russia,the Middle East and North and West Africa, and building up our manufacturingcapability in low-cost areas such as China • In Gas Turbine Services, continuing to enhance our differentiationthrough the re-engineering of parts and broadening the range of turbines that wesupport. These developments are likely to include acquisitions of local businesses,capital expenditure on new facilities and investment in projects with ourcustomers. In addition, we will continue to assess larger acquisitions andinvestments in our oil & gas and power activities round the world. The Board is therefore proposing a cash placing of approximately 24 millionshares, representing 5% of the Group's issued share capital, expected to raiseapproximately $90m (the "placing"). The placing will strengthen the Group'sbalance sheet and increase the flexibility to pursue our growth strategy. Inthe short term, the proceeds of the placing will be used to reduce netborrowing, reducing gearing from 70% to approximately 46% on a pro forma basisas at 30 June 2005. (See Note 1) Note 1: Pro forma gearing is based on the gearing as at June 2005 adjusted totake into account the impact of the proceeds from the cash placing ofapproximately $90 million. 13 September 2005 ENQUIRIES: Wood Group Tel: +44 (0) 1224 851000Alan Semple, Group Finance DirectorNick Gilman, Investor Relations Credit Suisse First Boston Tel: +44 (0) 20 7888 8888James Leigh-PembertonRichard Crawley JP Morgan Cazenove Tel: +44 (0) 20 7588 2828John PaynterRobert Constant Brunswick Tel: +44 (0) 20 7404 5959Patrick HandleyNina Coad Credit Suisse First Boston (Europe) Limited ("Credit Suisse First Boston") andJPMorgan Cazenove Limited ("JPMorgan Cazenove") are acting as Joint Bookrunnersand Joint Lead Managers (the "Managers") for the equity fundraising. Theproposed issue of Placing Shares will take place at a price established throughan accelerated bookbuilding process. It is expected that the books will close nolater than 4:30pm on 13 September 2005. The Placing will take place inaccordance with the terms and conditions set out in the Appendix to thisannouncement. The Placing Shares will be credited as fully paid and will rank equally in allrespects with the existing ordinary shares of 31/3 pence each in the sharecapital of Wood Group, including the right to receive all dividends and otherdistributions declared, made or paid after the date of issue of the PlacingShares. Application will be made to the Financial Services Authority (the "FSA")for the Placing Shares to be admitted to the Official List maintained by the FSAand to trading by the London Stock Exchange plc (the "Exchange") on its marketfor listed securities. This announcement does not constitute an invitation to underwrite, subscribe foror otherwise acquire or dispose of any ordinary shares in the capital of theCompany (the "Wood Group Shares"). Past performance is no guide to futureperformance and any investment decision to buy Placing Shares must be madesolely on the basis of Publicly Available Information (as defined below).Persons needing advice should consult an independent financial adviser. This announcement is not for publication or distribution, directly orindirectly, in or into the United States. This announcement is for informationonly and does not constitute an offer or invitation to acquire or dispose ofWood Group Shares in the United States. The Wood Group Shares have not been andwill not be registered under the U.S. Securities Act of 1933, as amended, (the "Securities Act") and may not be offered or sold in the United States exceptpursuant to an exemption from, or in a transaction not subject to, therequirements of the Securities Act. There will be no public offer of Wood GroupShares in the United States, the United Kingdom or elsewhere. The distribution of this announcement and the offering or sale of the PlacingShares in certain jurisdictions may be restricted by law. No action has beentaken by the Company, Credit Suisse First Boston or JPMorgan Cazenove that wouldpermit an offering of such ordinary shares or possession or distribution of thisannouncement or any other offering or publicity material relating to suchordinary shares in any jurisdiction where action for that purpose is required.Persons into whose possession this announcement comes are required by theCompany, Credit Suisse First Boston and JPMorgan Cazenove to inform themselvesabout and to observe any such restrictions. No representation or warranty, express or implied, is or will be made as to, orin relation to, and no responsibility or liability is or will be accepted byCredit Suisse First Boston or JPMorgan Cazenove or by any of their affiliates oragents as to or in relation to, the accuracy or completeness of thisannouncement, or any other written or oral information made available to orpublicly available to any interested party or its advisers and any liabilitytherefore is hereby expressly disclaimed. Credit Suisse First Boston, which is authorised and regulated by the FSA, isacting for Wood Group in connection with the Placing and no one else and willnot be responsible to anyone other than Wood Group for providing the protectionsafforded to clients of Credit Suisse First Boston nor for providing advice inrelation to the Placing. JPMorgan Cazenove, which is authorised and regulated by the FSA, is acting forWood Group in connection with the Placing and no one else and will not beresponsible to anyone other than Wood Group for providing the protectionsafforded to clients of JPMorgan Cazenove nor for providing advice in relation tothe Placing. APPENDIX IMPORTANT INFORMATION ON THE PLACING FOR PLACEES ONLY. MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING. THISAPPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREIN ARE DIRECTED ONLY ATPERSONS WHOSE ORDINARY ACTIVITIES INVOLVE THEM ACQUIRING, HOLDING, MANAGING ORDISPOSING OF INVESTMENTS (AS PRINCIPAL OR AGENT) FOR THE PURPOSES OF THEIRBUSINESSES AND WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TOINVESTMENTS FALLING WITHIN ARTICLE 19(1) OF THE FINANCIAL SERVICES AND MARKETSACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMENDED ("THE ORDER") OR AREPERSONS FALLING WITHIN ARTICLE 49(2)(a) TO (d) ("HIGH NET WORTH COMPANIES,UNINCORPORATED ASSOCIATIONS, ETC") OF THE ORDER OR TO WHOM IT MAY OTHERWISELAWFULLY BE COMMUNICATED (ALL SUCH PERSONS TOGETHER BEING REFERRED TO ASRELEVANT PERSONS). THIS APPENDIX AND THE TERMS AND CONDITIONS SET OUT HEREINMUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. ANYINVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS APPENDIX AND THE TERMS ANDCONDITIONS SET OUT HEREIN RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILLBE ENGAGED IN ONLY WITH RELEVANT PERSONS. THIS APPENDIX DOES NOT ITSELFCONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. This announcement does not constitute an offer to sell or issue or thesolicitation of an offer to buy or subscribe for ordinary shares in the capitalof the Company in Australia, Canada, Japan, South Africa, the United States orin any jurisdiction in which such offer or solicitation is unlawful and theinformation contained herein is not for publication or distribution, directly orindirectly, in or into Australia, Canada, Japan, South Africa, the United Statesor any jurisdiction in which such publication or distribution is unlawful. The Placing Shares referred to in this announcement have not been and will notbe registered under the Securities Act and may not be offered or sold in theUnited States except pursuant to an exemption from, or in a transaction notsubject to, the requirements of the Securities Act. There will be no publicoffer of Wood Group Shares in the United States, the United Kingdom orelsewhere. The Placing Shares are being offered and sold outside the UnitedStates in reliance on Regulation S under the Securities Act. The Placing Shareshave not been approved or disapproved by the US Securities and ExchangeCommission, any state securities commission or other regulatory authority, norhave the foregoing authorities passed upon or endorsed the merits of thisoffering. Any representation to the contrary is unlawful. In addition, until 40days after the commencement of the offering, any offer or sale of Placing Sharesin the United States by any dealer (whether or not participating in theoffering) may violate the registration requirements of the Securities Act. The distribution of this announcement and the offering or sale of the PlacingShares in certain jurisdictions may be restricted by law. No action has beentaken by the Company, Credit Suisse First Boston or JPMorgan Cazenove that wouldpermit an offering of such ordinary shares or possession or distribution of thisannouncement or any other offering or publicity material relating to suchordinary shares in any jurisdiction where action for that purpose is required.Persons into whose possession this announcement comes are required by theCompany, Credit Suisse First Boston and JPMorgan Cazenove to inform themselvesabout and to observe any such restrictions. Details of the Placing Agreement and the Placing Shares Credit Suisse First Boston and JPMorgan Cazenove (together the "Managers") haveentered into a placing agreement (the "Placing Agreement") with the Companywhereby each of the Managers has, subject to the conditions set out therein,undertaken to use its reasonable endeavours as agent of the Company to procurePlacees to subscribe for the Placing Shares. The Placing Shares will be credited as fully paid and will rank equally in allrespects with the existing issued ordinary shares of 31/3 pence each in thecapital of the Company including the right to receive all dividends and otherdistributions declared, made or paid in respect of such ordinary shares afterthe date of issue of the Placing Shares. In this Appendix, unless the context otherwise requires, Placee means a RelevantPerson (including individuals, funds or others) by whom or on whose behalf acommitment to subscribe for Placing Shares has been given. Application for listing and admission to trading Application will be made to the FSA for admission of the Placing Shares to theOfficial List maintained by the FSA (the "Official List") and to the Exchangefor admission to trading of the Placing Shares on its market for listedsecurities. It is expected that dealings in the Placing Shares will commence nolater than Friday 16 September 2005. Bookbuild Commencing today each of the Managers will be conducting an acceleratedbookbuilding process (the "Bookbuilding Process") for participation in thePlacing. This Appendix gives details of the terms and conditions of, and themechanics of participation in, the Bookbuilding Process. No commissions will bepaid to Placees or by Placees in respect of any Placing Shares. Principal terms of the Bookbuilding Process Each of Credit Suisse First Boston and JPMorgan Cazenove is arranging thePlacing as an agent of the Company. Participation will only be available to persons invited to participate by eitherof the Managers. Each of the Managers is entitled to enter bids as principal inthe Bookbuilding Process. The Bookbuilding Process will establish a single price(the "Placing Price") payable by all Placees. The Placing Price will be agreedbetween the Managers and the Company following completion of the BookbuildingProcess and any discount to the market price of the ordinary shares of theCompany will be determined in accordance with the Listing Rules and IPCguidelines. Subject to the Bookbuilding Process being completed the PlacingPrice will be announced (the "Pricing Announcement") on the Regulatory NewsService no later than 6.00 p.m. on 13 September 2005. To enter a bid into the Bookbuilding Process, you should communicate your bid bytelephone to your usual sales contact at Credit Suisse First Boston or JPMorganCazenove. Your bid should state the number of Placing Shares for which you wishto subscribe at either the Placing Price which is ultimately established by theCompany and the Managers or at prices up to a price limit specified in your bid. Each of the Managers reserves the right not to accept bids or to accept bids inpart rather than in whole. The acceptance of bids shall be at each of theManager's absolute discretion. The Bookbuilding Process is expected to close no later than 4.30 p.m. on 13September 2005, but may be closed earlier at the sole discretion of theManagers. Each of the Managers may, at its sole discretion, accept bids that arereceived after the Bookbuilding Process has closed. If successful, your allocation will be confirmed to you orally following theclose of the Bookbuilding Process, and a conditional contract note will bedispatched as soon as possible thereafter. The relevant Manager's oralconfirmation to you, following completion of the Bookbuilding Process, willconstitute a legally binding commitment upon you to subscribe for the number ofPlacing Shares allocated to you on the terms and conditions set out in thisAppendix and in accordance with the Company's Memorandum and Articles ofAssociation. The Managers will make a further announcement following the closeof the Bookbuilding Process detailing the number of Placing Shares to be issuedand the price at which the Placing Shares have been placed. A bid in the Bookbuilding Process will be made on the terms and conditions inthis Appendix and will be legally binding on the Placee by which, or on behalfof which, it is made and will not be capable of variation or revocation afterthe close of the Bookbuilding Process. Conditions of the Placing The Placing is conditional, inter alia, on admission of the Placing Shares tothe Official List becoming effective and the admission of the Placing Shares totrading on the Exchange's market for listed securities becoming effective andthe commencement of trading of the Placing shares on such market followingadmission by no later than 8am on Friday 16 September 2005 (or such later timeand/or date as the Company, Credit Suisse First Boston and JPMorgan Cazenove mayagree). If, (a) the condition above is not satisfied or waived by both Managerswithin the stated time period or (b) the Placing Agreement is terminated in thecircumstances specified below, the Placing will lapse and your rights andobligations hereunder shall cease and determine at such time and no claim can bemade by you in respect thereof. By participating in the Bookbuilding Process you agree that your rights andobligations hereunder terminate only in the circumstances described above andwill not be capable of rescission or termination by you. The Managers reservethe right (with the agreement of the Company) to waive or to extend the time and/or date for fulfilment of any of the conditions in the Placing Agreement. Anysuch extension or waiver will not affect Placees' commitments. Neither of theManagers shall have any liability to any Placee (or to any other person whetheracting on behalf of a Placee or otherwise) in respect of any decision it maymake as to whether or not to waive or to extend the time and/or date for thesatisfaction of any condition in the Placing Agreement. Right to terminate under the Placing Agreement Credit Suisse First Boston and JPMorgan Cazenove may by notice in writing to theCompany prior to commencement of trading in the Placing Shares terminate theirobligations under the Placing Agreement if: 1. there shall have come to the notice of Credit Suisse First Boston and/orJPMorgan Cazenove any breach of any of the warranties and representationscontained in the Placing Agreement or any failure to perform any of theundertakings or agreements in the Placing Agreement which in each case ismaterial in the context of the Placing; or 2. any of the conditions to which the Placing is subject have not been satisfiedby the Company or (to the extent waivable) waived by the Managers; or 3. if there shall have occurred, in the reasonable opinion of the Managers, anymaterial adverse change in the financial markets in the United Kingdom, theUnited States or in the international financial markets, any outbreak ofhostilities or escalation thereof, any act of terrorism or other calamity orcrisis or any change or development involving a prospective change in nationalor international financial, political or economic conditions or currencyexchange rates or exchange controls in each case as would, in the reasonableopinion of the Managers following consultation with the Company, make itimpractical to market the New Shares or to enforce contracts for the sale of theNew Shares. By participating in the Bookbuilding Process you agree with the Managers thatthe exercise by Credit Suisse First Boston and JPMorgan Cazenove of any right ortermination or other discretion under the Placing Agreement shall be within theabsolute discretion of Credit Suisse First Boston and JPMorgan Cazenove that theManagers need make no reference to you and shall have no liability to youwhatsoever in connection with any such exercise. No Prospectus No prospectus has been or will be submitted to be approved by the FSA inrelation to the Placing Shares and the Placees' commitments will be made solelyon the basis of the information contained in this announcement, the PricingAnnouncement, and any information publicly announced to a Regulatory InformationService by or on behalf of the Company prior to the date of this announcement(together, the "Publicly Available Information"). Each Placee, by accepting aparticipation in the Placing, agrees that it has neither received nor relied onany other information, representation, warranty or statement made by or onbehalf of either of the Managers or the Company and neither of the Managers willbe liable for any Placee's decision to accept this invitation to participate inthe Placing based on any other information, representation, warranty orstatement. Each Placee acknowledges and agrees that it has relied on its owninvestigation of the business, financial or other position of the Company inaccepting a participation in the Placing. Nothing in this paragraph shallexclude the liability of any person for fraudulent misrepresentation. Registration and Settlement Settlement of transactions in the Placing Shares following Admission will takeplace within the CREST system, subject to certain exceptions. Each of theManagers reserves the right to require settlement for and delivery of thePlacing Shares to Placees in such other means that it deems necessary ifdelivery or settlement is not possible within the CREST system within thetimetable set out in this announcement or would not be consistent with theregulatory requirements in the Placee's jurisdiction. If you are allocated any Placing Shares in the Bookbuilding Process you will besent a conditional contract note. Settlement will be on a T+3 basis. Interest ischargeable daily on payments to the extent that value is received after the duedate at the rate of 5 percentage points above prevailing LIBOR. If you do not comply with these obligations, the relevant Manager may sell yourPlacing Shares on your behalf and retain from the proceeds, for its own accountand benefit, an amount equal to the Placing Price plus any interest due. Youwill, however, remain liable for any shortfall below the Placing Price and youmay be required to bear any stamp duty or stamp duty reserve tax (together withany interest or penalties) which may arise upon any transaction in the PlacingShares on your behalf. If Placing Shares are to be delivered to a custodian or settlement agent, pleaseensure that the conditional contract note is copied and delivered immediately tothe relevant person within that organisation. Insofar as Placing Shares are registered in your name or that of your nominee orin the name of any person for whom you are contracting as agent or that of anominee for such person, such Placing Shares will, subject as provided below, beso registered free from any liability to UK stamp duty or stamp duty reservetax. You will not be entitled to receive any fee or commission in connectionwith the Placing. Representations and Warranties By participating in the Bookbuilding Process you (and any person acting on yourbehalf): 1. represent and warrant that you have read this announcement; 2. represent and warrant that the only information upon which you have relied incommitting yourself to subscribe for the Placing Shares is that contained inthis announcement for which the Managers accept no responsibility and confirmthat you have neither received nor relied on any other information,representation, warranty or statement made by or on behalf of the Company oreither of the Managers; 3. you represent and warrant that you are not, or at the time the Placing Sharesare subscribed and purchased will not be, subscribing on behalf of a resident ofAustralia, Canada, Japan, South Africa or the United States; 4. acknowledge that the Placing Shares have not been and will not be registeredunder the securities legislation of Australia, Canada, Japan, South Africa orthe United States and, subject to certain exceptions, may not be offered, sold,taken up, renounced or delivered or transferred, directly or indirectly, withinAustralia, Canada, Japan, South Africa or the United States; 5. represent and warrant that you are entitled to subscribe for and/or purchasePlacing Shares under the laws of all relevant jurisdictions which apply to youand that you have fully observed such laws and obtained all such governmentaland other guarantees and other consents which may be required thereunder andcomplied with all necessary formalities; 6. acknowledge that the Placing Shares have not been and will not be registeredunder the Securities Act, or under the securities laws of any state of theUnited States and may not be offered or sold in the United States exceptpursuant to an exemption from, or in a transaction not subject to, theregistration requirement of the Securities Act. The Placing Shares are beingoffered and sold on behalf of the Company only outside the United States inaccordance with Rule 903 or Rule 904 of Regulation S; 7. acknowledge that the Placing Shares have not been approved or disapproved bythe United States Securities and Exchange Commission, any state securitiescommission in the United States or any other United States regulatory authority; 8. represent and warrant that you (a) are subscribing for the Placing Shares inan "Offshore Transaction" in accordance with Regulation S, (b) are notpurchasing the Placing Shares with a view to distributing such shares in theUnited States and (c) will not resell, pledge or otherwise transfer any PlacingShares except in accordance with Rule 903 or 904 of Regulation S; 9. represent and warrant that the issue to you, or the person specified by youfor registration as holder, of Placing Shares will not give rise to a liabilityunder any of sections 67, 70, 93 or 96 of the Finance Act 1986 (depositaryreceipts and clearance services); 10. if you are in the UK, you represent and warrant that you have complied withyour obligations in connection with money laundering under the Criminal JusticeAct 1993, the Money Laundering Regulations (2003) (the "Regulations") and, ifyou are making payment on behalf of a third party, that satisfactory evidencehas been obtained and recorded by you to verify the identity of the third partyas required by the Regulations; 11. represent and warrant that you fall within section 86(7) of the FinancialServices and Markets Act 2000 ("FSMA"), being a qualified investor, and withinArticle 19 and/or 49 of the Financial Services and Markets Act 2000 (FinancialPromotion) Order 2005 and undertake that you will acquire, hold, manage ordispose of any Placing Shares that are allocated to you for the purposes of yourbusiness; 12. represent and warrant that you have not offered or sold and, prior to theexpiry of a period of six months from the commencement of trading of the PlacingShares, will not offer or sell any Placing Shares to persons in the UnitedKingdom except to persons whose ordinary activities involve them in acquiring,holding, managing or disposing of investments (as principal or agent) for thepurposes of their business or otherwise in circumstances which have not resultedand which will not result in an offer to the public in the United Kingdom withinthe meaning of Section 85(1) of FSMA, as amended; 13. represent and warrant that you have only communicated or caused to becommunicated and will only communicate or cause to be communicated anyinvitation or inducement to engage in investment activity (within the meaning ofsection 21 of FSMA) relating to the Placing Shares in circumstances in whichsection 21(1) of FSMA does not require approval of the communication by anauthorised person; 14. represent and warrant that you have complied and will comply with allapplicable provisions of FSMA with respect to anything done by you in relationto the Placing Shares in, from or otherwise involving the United Kingdom; 15. represent and warrant that you have all necessary capacity and have obtainedall necessary consents and authorities to enable you to commit to thisparticipation and to perform your obligations in relation thereto (including,without limitation, in the case of any person on whose behalf you are acting,all necessary consents and authorities to agree to the terms set out or referredto in this announcement); 16. undertake that you will pay for the Placing Shares acquired by you inaccordance with this announcement on the due time and date set out herein,failing which the relevant Placing Shares may be placed with other subscribersat such price as each of the Managers determines; 17. acknowledge that participation in the Placing is on the basis that, for thepurposes of the Placing, you are not and will not be clients of either of theManagers and that neither of the Managers has duties or responsibilities to youfor providing the protections afforded to their clients or for providing advicein relation to the Placing nor in respect of any representations, warranties,undertakings or indemnities contained in the Placing Agreement; 18. undertake that the person who you specify for registration as holder of thePlacing Shares will be (i) the Placee or (ii) a nominee of the Placee, as thecase may be. Neither of the Managers nor the Company will be responsible for anyliability to stamp duty or stamp duty reserve tax resulting from a failure toobserve this requirement. Each Placee and any person acting on behalf of thePlacee agrees to subscribe on the basis that the Placing Shares will be allottedto the CREST stock account of either of the Managers who will hold them asnominee on behalf of the Placee until settlement in accordance with its standingsettlement instructions; and 19. acknowledge that any agreements entered into by the Placee pursuant to theseterms and conditions shall be governed by and construed in accordance with thelaws of England and you submit (on behalf of yourself and on behalf of anyPlacee on whose behalf you are acting) to the exclusive jurisdiction of theEnglish courts as regards any claim, dispute or matter arising out of any suchcontract. The Company, the Managers and others will rely upon the truth andaccuracy of the foregoing representations, warranties and acknowledgements. The agreement to settle your subscription (and/or the subscription of a personfor whom you are contracting as agent) free of stamp duty and stamp duty reservetax depends on the settlement relating only to a subscription by you and/or suchperson direct from the Company for the Placing Shares in question. Suchagreement assumes that the Placing Shares are not being acquired in connectionwith arrangements to issue depositary receipts or to transfer the Placing Sharesinto a clearance service. If there were any such arrangements, or the settlementrelated to other dealing in the Placing Shares, stamp duty or stamp duty reservetax may be payable, for which neither the Company nor either of the Managerswill be responsible. If this were the case, you should take your own advice andnotify the relevant Manager accordingly. END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Wood Group (J)