Tom Winnifrith Bearcast: Announcements from No-One is Watching O'Clock and silly legals issue

Comments

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   MarioS

   31 January 2015, 14:52

   RE: WRN – did you read this great part of the 9th Jan RNS at 17:30:
   Following successful completion of the acquisitions, the Company will have substantial interests in litigation funding, media, clean energy, mining, oil and gas and property. Geographically, the Company will have significant investments in the United Kingdom, Australasia, Africa, North America, and India. Consolidated net assets of the group, following conversion of loan notes used to finance investments and before minority interests, are expected to exceed US $2 billion and generate net profits in excess of US $20 million in the first full year following acquisition, with substantial growth expected thereafter. Net assets per share, after financing costs and on a fully diluted basis, are expected to substantially exceed £5 per Worthington ordinary share.

   £5 !!!! Slam dunk short!

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   drunken sailor

   31 January 2015, 15:23

   Tom,

   Spot on! TXO should prove me wrong with their results. All they have ever done is prove me right, time and time again. The promise was made in the 2013 Annual report – released on 31 Mar 2014 (the final day possible) that TXO would be cash self sufficient in 2014. They actually did not receive a single penny of revenue in 2014 and all they have now said (they never updated the market in 2014 to say actually we are not going to meet expectations) is they might receive some “later in the year”. I find this highly unlikely given the retained losses their principle investment has and therefore the lack of distributable profits from which to pay dividends to TXO. 2017 is the most likely year when TXO could possibly be cash self sufficient but with the debts it has to pay well before then, it seems highly unlikely it will be around in 2017.

   They did actually libel me by claiming I was responsible for the erroneous TDI corporate action notification. I had absolutely nothing to do with that, indeed I tried to let people know it was an error. I have requested written confirmation of that from TDI and an explanation of what really happened to cover myself. Had that libel damaged me materially, then I would sue them, but there has been no material damage. But as I have told them before and now, if they think they have a case against me then roll the dice. I am 100% confident that I could easily make them squirm during the disclosure process and if they were still mad enough to take me to court, I would rip them apart. I have refrained from using your trade marked phrase – see you in court bitchez,, but if you were to authorise use of that phase, I would be quite happy to say exactly that to TXO.

   If things don’t work out for Dan at Sefton maybe he could take over at TXO and give some hope there. My mission has only ever been to get TXO to provide the disclosure that the Financial Services Act 2012 and the latest set of AIM rules say they must provide and to have the company run in the best interests of all the members as the Companies Act 2006 says. I still struggle to see why that is too much to ask.

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   Tom Winnifrith

   31 January 2015, 15:25

   And given it had sod all cash with what did it create these miracle new assets with?

   as WRN has shown before it can announce big profits but burn cash

   This whole thing is pure cobblers, smoke & mirrors

   t

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   DUCK AND DIVE

   31 January 2015, 15:46

   Can I get a club tie? I’ve only had one company threatening me with legal action and it probably doesn’t count since it has ongoing difficulty finding and retaining a listing on any exchange or MTF. Yes, it was from the currently suspended (possibly soon to be delisted, from GXG) US Oil & Gas and it came two or three years ago…and of course has never been followed through — even though its manic shareholders keep asking the CEO when it is going to happen. I would love to have a day in court with Brian McDonnell so I’m just as disappointed as his impoverished cult.

   Small beer compared to The Sheriff, I know but it’s a badge I would wear with pride. I thought we could be called The Unsummonsed; or maybe the Court Jestered.

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   drunken sailor

   31 January 2015, 16:19

   I like D&D’s idea. A Share Prophets tie (rather than / in addition to the proposed T shirt) that we could wear to AGMs that has some rosettes we could add to show our battle honours. Lawyers letters would be first class awards with full rosettes, but some recognition for mentions in despatches eg the TXO interims of Jun 2013 that alluded to me and The Times’ article of yesterday should be lower awards – half rosettes. That would give me 2 full rosettes and 2 half rosettes. If a half rosette could also be awarded for a veiled threat of legal action in an e-mail from the company that would give me 3 half rosettes. I would certainly pay for that and wear it with pride at the TXO AGM (should it ever happen) and I would wear it to other AGMs where I am much more positive and would be proud to explain what it means, so they get the picture on the sort of minor shareholder they have on their register.

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   Babayaro

   31 January 2015, 18:24

   Rob Terry getting a mention in the Private Eye Gnome Awards, amongst others….

   http://www.gersnetonline.co.uk/vb/showthread.php?68052-FT-Blog-on-the-Worthington-Group-(Rangers-related)

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   David Russell

   1 February 2015, 00:01

   Great Bearcast and as a small shareholder I have to go to work on this cold Sunday morning. Its a shame about all the companies you mentioned in this bearcast but for me its Speymill and the cold Rns to shareholder. I thought this company could have been a good shell when Jim cleaned it up after he bought the assets but like the rest I was wrong. I should learn by my mistakes and follow my pocket rather than my heart like the companies we invest.:(

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   alcira16247

   1 February 2015, 02:13

   Tom

   Brilliant bearcast….. again!

   Please, respectfully, spare time to look further into Worthington (WRN) and its talented CEO, Doug Ware described (by himself) as an incisive and energetic businessman, with extensive experience across various sectors running both publicly listed and private companies,

   Despite the red flags and host of warnings, that all might not seem quite kosher about this company and its recent meteoric rise, many of the well known LSE bulletin board loons, heavily invested in QPP, are or intend to be investing in WRN.

   It maybe somewhat harsh to launch an investigation into another of these folks ‘darlings’ and spike their cannons twice over, after all one wouldn’t want to be charged as being vindictive ))))….. but I’m sure a lot of ShareProphets readers, would say….. go for it!

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   turbograndad

   1 February 2015, 02:29

   Tom,
   Checked out WRN some months ago, totally agree complete joke, with the usual ramperoonie from BB morons.
   Crock of shite in the making.
   Doug Ware ceo, checked out his numerous and varied directorships on the director register, this guy has been around.
   Typically going to conquer the world on other peoples money, and listing in Frankfurt also we are told, using the prestige of a rated main market PLC as kudos.
   Dear O dear, caveat emptor.