Wood Group family and charities raise £127m through share sale

The family and charities of former Wood Group chairman Sir Ian Wood have raised £127 million by selling shares in the energy services firm.

Credit Suisse and JP Morgan Cazenove sold more than 16 million shares in the Aberdeen-based group at 775p each on behalf of The Wood Family Trust, the Sir Ian Clark Wood’s 1997 Discretionary Trust and “certain members” of the Wood family.

Wood, who retired as chairman last month, continues to hold a 2.4 per cent stake in Wood Group and has told Credit Suisse and JP Morgan Cazenove that he has no current plans to sell or transfer any of his shares.