Wood Group completes acquisition of Amec Foster Wheeler
10 October 2017Wood Group is pleased to announce that it has completed the acquisition of Amec Foster Wheeler. Wood Groupís new ordinary shares will be admitted to the premium segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange with effect from 8.00 a.m. (London time) today, 9 October 2017.
Robin Watson, Chief Executive of Wood Group commented: "This transformational acquisition creates a global leader in the delivery of project, engineering and technical services to energy and industrial markets.
"We become a business of significant scale and enhanced capability delivering services across a broader range of geographies and sectors, differentiated by the quality of our people, enabling technology and know-how. Wood is better placed to serve customers than ever before, with a more comprehensive range of capabilities and the potential to deliver efficient integrated solutions with fewer customer interfaces.
"We expect to deliver significant cost synergies and incremental revenue synergies in a less cyclical business which retains a predominantly reimbursable, asset light model with a balanced risk appetite.
"Our integration planning is well progressed and we have ensured that appropriate risk management and control processes are in place from Day 1. We have a clear organisational structure, my Executive Leadership team and their direct reports have been announced and we are now focussing on implementing a best of both approach for the wider organisation. Ē
Holders of ordinary shares of 50 pence each in the capital of Amec Foster Wheeler ("Amec Foster Wheeler Shares") on the register at the Scheme record time, being 6.00 p.m. on 6 October 2017, will receive 0.75 of an ordinary share of 4 2/7 pence each in the capital of Wood Group ("New JWG Shares") in exchange for each Amec Foster Wheeler Share. As a result, 294,510,216 New JWG Shares will be listed on the Premium Listing segment of the Official List of the UK Listing Authority and will be admitted to trading on the London Stock Exchange's main market from 8.00 a.m. today.
Following the admission to trading of the New JWG Shares, the Wood Groupís issued share capital will consist of 677,685,600 ordinary shares with each share carrying the right to one vote. Wood Group holds no ordinary shares in treasury. The total number of voting rights in Wood Group will therefore be 677,685,600. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in Wood Group under the FCA's Disclosure Guidance and Transparency Rules.
The admission of Amec Foster Wheeler Shares to the premium segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange will be cancelled with effect from 8.00 a.m. (London time) today.
As of 6 October, Ian McHoul, Linda Adamany and Roy A Franklin have been appointed to the Wood Group Board as Non-executive Directors. Biographical details for each director and details of their appointments are contained in the Prospectus published in connection with the Combination on 23 May 2017. Since the publication of the Prospectus, Ian McHoul has been appointed Senior Independent Director of Britvic plc with effect from 1 September 2017 and a non-executive director of Bellway plc with effect from 1 February 2018. Roy Franklin has been appointed Non-Executive Chairman of Premier Oil PLC with effect from 1 September 2017 and resigned as a non-executive director of Santos Ltd with effect from 30 September 2017. No other information is required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules of the Financial Conduct Authority, other than as already stated in the Prospectus and this announcement.