Sir Ian Wood, Family Sell Wood Group Shares
John Wood Group PLC (Wood Group) reported that Sir Ian Wood, his family Trusts and certain members of his family have sold 50 million existing Ordinary shares of the Company, representing approximately 9.6% of the Issued Share Capital of the Company. Following the placing, the Wood family hold approximately 24% of the Company's Issued Share Capital.
The move follows advice from financial advisers to the family Trusts that they should diversify their investments. The selling shareholders have no current intention to make further share sales.
Commenting on the placing, Sir Ian Wood said, "I, my family Trusts and some family members have chosen to sell a number of shares in order to diversify our financial assets. For my immediately family, this is our first sale since the IPO in June 2002. The timing is based solely on independent advice on diversification.
"I personally remain totally committed to Wood Group both as fulltime Chairman and as a major investor. A large part of my family's wealth continues to be invested in Wood Group and I have every confidence in the Company's prospects in the future.
"Part of the placing proceeds will be used to set up the Sir Ian Wood Family Charitable Foundation which will be the vehicle for myself and my immediate family to provide support to a range of charitable projects and causes both in the UK and overseas."
Allister Langlands, Wood Group Chief Executive said, "The placing has been carried out at a time of strong interest in the sector and will help increase the free float in Wood Group shares. We are pleased the placing has gone successfully."
Wood Group is an international energy services company with more than $3.5bn sales, employing more than 20,000 people worldwide and operating in 44 countries. The Group has three businesses-Engineering & Production Facilities, Well Support, and Gas Turbine Services-providing a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil & gas, and power generation industries worldwide.
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