A resolution to approve the Scheme of Arrangement passed with 89.07% in favour, bringing discussions over the future of the company, formerly led by Sir Ian Wood to a conclusion.

Completion is anticipated in the first half of 2026, subject to the satisfaction of remaining conditions, including regulatory approvals and court sanction. 

Wood will receive $250 million in interim funding and a further $200 million thereafter, Daily Business Group reports.

On completion of the Sidara deal chief executive Ken Gilmartin will leave Wood and will be replaced by Iain Torrens, currently interim group chief financial officer. Wood chairman Roy Franklin will also step down.