By Tom Winnifrith | Saturday 21 February 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
It is hard to know where to start with the Worthington (WRN) fraud this weekend so deluged am I with material and as such I can promise you a stream of articles but let’s start by going back to the “purchase” of its media interests – Equity Media Partners. This is going to shock you.
I noted yesterday that Craig Whyte (of Rangers FC fame) was involved in the formation of Equity Media, that Worthington does not actually own it, whatever it says, but that all its assets are pledged to Renatus WRN, a company with Director Doug Ware) and linked to Craig Whyte, and that there is scant evidence of any historic trade.
But perhaps when Worthington says Equity Media Partners it actually means Freshly Made Content Ltd a company that really does trade – albeit in a heavily loss making capacity – from the same address in Dorset. As with EMP Mr Allan Biggar is a director, and as with EMP all its assets are pledged to cover loans to Renatus WRN. As with EMP, Simon Burton has recently joined the board and as it happens it is 100% owned by EMP.
You can see the annual return showing that Mr Biggar used to own 45% but that he sold all his shares ( as did other investors) to the dormant EMP on 19 April 2014, HERE.
And you can see the train wreck 2013 annual accounts (negative net assets, losses etc.) HERE
And you can see that all its assets are charged to Renatus WRN in late 2014 HERE
Cripes, all a bit confusing. So who is Mr Allan Biggar?
He used to run a business called All About Brands. Sadly it went tits up. And now I present to you the report of the administrator filed with Companies House on 26th September 2014. It makes for grim reading. Unsecured creditors claiming over £2 million will get zippo. But what is really interesting is on page 6, section 4.
Oh dear, it seems that the administrator has flagged up a few matters relating to the behaviour of the directors – and Biggar was the main man – to the Department for Business Innovation & Skills in accordance with the Directors Disqualification Act 1986. That really does not need well does it?
You can see the full ghastly report HERE
And just as an aside, I note that one other player in the Worthington game crops up at All About Brands, your trusted PR manager Harriet Lucking whose name appears on this document HERE.
Enough on media? Do we have enough now to say that this is as clear as mud?
Just to add to the fun on Mr Biggar it seems that not only was Worthington buying his business via a business set up by Craig Whyte but Biggar also works as part of the Worthington acqusitions team. I have it sourced that he was among those negotiating the CPS deal on behalf of Worthington, more on that later.
To read Part 5 of the Worthington fraud series click here
To read Part 6 of the Worthington fraud series click here
To read Part 7 of the Worthington fraud series click here
To read Part 8 of the Worthington fraud series click here
To read Part 9 of the Worthington fraud series click here
To support our continuing campaign against fraud on the AIM casino (but also main market listed frauds) click HERE
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