John Wood Group, the FTSE 250 engineering services company, should either move its listing to the US or consider going private, said activist investor Sparta Capital Management.
The call comes a year after the collapse of a £1.7bn takeover approach from US private equity firm Apollo. Wood’s shares are trading at just over 140 pence, more than 40 per cent below the 240 pence-a-share cash bid from Apollo.
In a letter to the board, Sparta said that it was “frustrated by the continued underperformance of the shares”.
“If the UK public markets are unwilling or unable to engage in Wood’s story, we believe you should undertake a strategic review and actively seek alternative solutions,” it added.