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Wood Group returns £1.40/share cash to shareholders

Published: 03:46 13 Jun 2011 EDT

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(John) Wood Group PLC (LON:WG.) confirmed its intention to complete the return of cash to shareholders, first flagged in May, through a return of £1.40 per share to all shareholders on the register on July 1 2011.

The oil field services provider said shareholders can choose to receive the cash via a dividend, from the redemption or sale of B or C shares, from the later redemption of B shares, or through any combination, the company said.

This £665 million second stage will complete a £1.08 billion return of cash to shareholders, following the £412 million returned through company's recent tender offer.

Wood Group recently acquired Production Services Network forr US1 billion and sold its well support division to General Electric Co (NYSE:GE) for US$2.7 billion.

The return of cash comes after the group's recent $1 billion acquisition of Production Services Network and the $2.7 billion disposal of its well support division to General Electric Co. (GE), both completed in April.

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