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Wood Group FlotationThe flotation of the Wood Group on London's stock market on 29th May has proved to be a remarkable success. Their opening price of 195p per share soared to 220p by the end of trading on the first day. The flotation was particuarly good for the group's chairman, Sir Ian Wood. He banked around £50 million for shares in his company which he sold as part of the flotation. Then another £45million or so was added to his remaining stake in the company as the shares rose 25p on the day. No wonder Sir Ian is reputed to be Scotland's richest man. The Aberdeen based Wood Group has has about 10,000 employess, spread across 30 or more countries. Around 3,000 work out of Aberdeen. The Wood Goup, has in the past, and continues to use contract staff to bolster its permanent staff when the need arises. |