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Windfall for Wood Group's investors

By Daily Mail Reporter
Updated: 05:28 EDT, 17 May 2011

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Oil services group Wood Group is to hand investors a windfall of more than £1bn through a share buyback that will net the family of its founder £127m.

The company (down 0.5p to 644p) said it would buy up to 32.1% of its own shares at between 605p and 625p, a discount of up to 6% on its closing price at the end of last week.

The Wood family, which owns 11.7% of the firm, stands to rake in up to £127.5m from the buyback.

Wood Group will pay for the offer with some of the proceeds from the £1.7bn sale of its well support division to US giant General Electric.

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