Wood Group said that holders of its B shares who had their holdings bought back by the company at 140p a share should be receiving funds from the transaction in the next week or two.
The buy-back was part of the oilfield services group scheme to return £665m of cash to shareholders, announced in June of last year.
It is expected that holders of B Shares on the register of members of the company at 6:00pm (London time) on April 10th 2012 will be sent cheques in respect of their holdings on April 17th, or by April 24th at the latest. Shareholders who held their shares through the CREST electronic registration system will receive their proceeds according to the same timetable.
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All of the B shares have now been cancelled, and share certificates in respect of B Shares should be destroyed following receipt of proceeds of the redemption, Wood Group advised.
JH
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