Sir Ian Wood's family and charities are selling most of their £400m stake in Wood Group, the oil services company, as part of a £1bn share buy-back programme.
Wood Group is returning more than £1bn to its shareholders through the scheme, after selling its well support division to GE Energy last month.
Trusts for the benefit of Sir Ian's family and charities have reduced their holding from 11pc to 1pc, making £366m.
Two weeks ago, sources said they would shed just 3.5pc of the company in the tender process.
Sir Ian Wood, who founded the business, remains Wood Group's chairman and is one of Scotland's only billionaires, did not tender any shares.
The 50m shares sold by his family and charities made up the bulk of the 66m shares in total that were tendered - 12pc of the share capital - at a strike price of 625p, . Wood Group shares closed unchanged at 625½p yesterday.
The closing date for offering up the shares was Wednesday and money will be despatched to shareholders next week.
The offer will increase the earnings per share of all other investors and provided an opportunity for shareholders to reduce their holdings.
The remaining balance of left over from the share tender will be returned to shareholders through an issue of B-shares, which entitles them to a special dividend.
Wood has had a busy year, since it also bought oil services group PSN and sold off the well support division to GE for $2.8bn (£1.73bn).
It also took an extra $50m last week from GE after the failure of negotiations over co-operation on its gas turbine business.
Earlier this week, Wood Group struck a deal worth £20m with the Aberdeen mechanical engineering business, Enermech, for tools and equipment.
Source: www.telegraph.co.uk
Wood Group is returning more than £1bn to its shareholders through the scheme, after selling its well support division to GE Energy last month.
Trusts for the benefit of Sir Ian's family and charities have reduced their holding from 11pc to 1pc, making £366m.
Two weeks ago, sources said they would shed just 3.5pc of the company in the tender process.
Sir Ian Wood, who founded the business, remains Wood Group's chairman and is one of Scotland's only billionaires, did not tender any shares.
The 50m shares sold by his family and charities made up the bulk of the 66m shares in total that were tendered - 12pc of the share capital - at a strike price of 625p, . Wood Group shares closed unchanged at 625½p yesterday.
The closing date for offering up the shares was Wednesday and money will be despatched to shareholders next week.
The offer will increase the earnings per share of all other investors and provided an opportunity for shareholders to reduce their holdings.
The remaining balance of left over from the share tender will be returned to shareholders through an issue of B-shares, which entitles them to a special dividend.
Wood has had a busy year, since it also bought oil services group PSN and sold off the well support division to GE for $2.8bn (£1.73bn).
It also took an extra $50m last week from GE after the failure of negotiations over co-operation on its gas turbine business.
Earlier this week, Wood Group struck a deal worth £20m with the Aberdeen mechanical engineering business, Enermech, for tools and equipment.
Source: www.telegraph.co.uk
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