By Tom Winnifrith | Friday 25 September 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.
A cracking entry from the comments section - this has to be reader post of the day. It seems that Worthington PLC (WRN) is just five days away from its first notice of being struck off for failing to file documents at Companies House. Also up for strike off is Law Financial which is trying to extract money from Rangers (#RFC) but will clearly fail if this is an indication of how organised it is This cracking post reads:
Worthington Group PLC, organisers of the Great British Entrepreneur Awards, continue to set a great example for young entrepreneurs through their novel approach to compliance with Companies House administration requirements.
Not one but TWO new Gazette notices will be published for compulsory strike-off of Worthington Group PLC / Craig Whyte businesses on 29 September 2015.
Accounts are overdue since March / June for Law Financial Limited and Worthington Group PLC respectively. Any ideas why that might be? Why did it take from six months to over a year for Worthington Group PLC to file director appointments, including the termination of king-pin Craig Whyte himself?
Perhaps a new ‘Creative Filing’ category may be added to the Great British Entrepreneur Awards, sponsored by loyal / naive marketeers at RBS and Kingston Smith Accountants even? Adding to credibility all round, a faux-gold smoking gun trophy could be handed over by those leaders of creative accounting, Craig Whyte, Aidan Earley, Doug Ware or Allan “All About Brands (in liquidation) PLC” Biggar, each well known to either the Department for Business Innovation and Skills or Serious Fraud Office, and to whom regular Companies House rules don’t seem to apply..
It would be hard, however, to compete with the Entrepreneur Wales Awards organisers themselves, Fresh Business Thinking Ltd, now part of the emerging Worthington Group PLC conglomerate. Fresh Business Thinking Ltd was incorporated in 2012 with Sian James (wife or sister of Worthington’s Nick James perhaps?) as sole Director.
Sian James resigned around the time of the Worthington Group PLC takeover, but no one has been reported to Companies House as a replacement. Neither have accounts or annual returns been filed (due July 2014 and November 2013) for Fresh Business Thinking Ltd.
29th September 2015 will see the second time that Companies House have published a compulsory strike-off notice for Fresh Business Thinking Limited. However, those plucky Entrepreneur Wales Awards sponsors – The Welsh Government, Finance Wales or NatWest Cymru – might ask for the strike off to be suspended yet again, given their investment of public money which is now at stake in another high-profile Craig Whyte venture?
FRESH BUSINESS THINKING LTD
Company number 08249865
29 Sep 2015 First Gazette notice for compulsory strike-off
Accounts overdue – First accounts made up to 31 October 2013 due by 11 July 2014
Annual return overdue – First annual return made up to 11 October 2013 – due by 8 November 2013
LAW FINANCIAL LIMITED
Company number 08440073
29 Sep 2015 First Gazette notice for compulsory strike-off
24 Sep 2015 Appointment of Mr Richard James Spurway as a director on 20 March 2015
14 Aug 2014 Termination of appointment of Craig Thomas Whyte as a director on 11 August 2014
04 Oct 2013 Appointment of Mr Douglas Ware as a director
THE RANGERS FC GROUP LIMITED
Company number 07380537
23 Sep 2015 Appointment of Mr Richard James Spurway as a director on 12 April 2014
18 Sep 2015 Appointment of Liberty Corporate Ltd as a director on 20 November 2013
09 Sep 2015 Appointment of Law Financial Ltd as a director on 11 April 2014
09 Sep 2015 Termination of appointment of Craig Thomas Whyte as a director on 11 April 2014
RNS Number : 2926Q
Worthington Group PLC
29 August 2014
On 16th April 2013, the Company acquired 26% of the shares in Law Financial Ltd in exchange for £250,000 of Unsecured Convertible Loan stock 2020, with an option to acquire the remaining 74% of the shares by 31st October 2013. This option was exercised on 28th October 2013 and the remaining shares were acquired in exchange for £750,000 of Unsecured Convertible Loan Stock 2020. The Unsecured Loan Stock 2020 includes warrants to subscribe for 20m ordinary shares in the Company at an exercise price of 5p each, subject to a share capital re-organisation being approved by shareholders.
RNS Number : 7396T
Worthington Group PLC
08 October 2014
The Company is pleased to confirm that it is making excellent progress in its key investment areas:
Media – In relation to its existing portfolio of media investments, the Company is able to announce that bookings for the Great British Entrepreneur Awards, due to be held in November 2014, are more than 50% up on the same period last year. The judges this year include Sir Malcom Williamson, Chairman of Friends Life Group Plc, and Peter Ibbetson, Chairman of Business Banking for Nat West and RBS. The “Great British Entrepreneur Awards”, “The Digital Marketing Show” and the “Britain means Business Expo” – all now owned by Worthington – are collectively the largest events taking place in the UK as part of the “Global Entrepreneurship Week” activities in November 2014. Over 10,000 visitors are expected at these events which take place at Excel and Old Billingsgate.
ALL ABOUT BRANDS PLC
Company number 05878002
Accounts overdue – Next accounts made up to 31 December 2011
due by 30 June 2012 – Last accounts made up to 31 December 2010
Annual return overdue – Next annual return made up to 17 July 2012
due by 14 August 2012 – Last annual return made up to 17 July 2011
Blog Comment – 14th January 2015
We have seen the comments on Paul Murphy’s blog relating to the company and have no particular objections to the contents: that’s part of the rough-and-tumble of being a quoted company. There is nothing in the piece that we feel particularly upset about, Paul is entitled to his view, in the same way as anyone else. There are not many factual inaccuracies that we can see either (one notable exception being the idea that warrant holders or loan stock holders can exercise or convert at 5p per share – they cannot). Perhaps the tone of it could be a little fairer but that is merely an issue of personal preference. The essential facts are correct, we do indeed share an office with Fresh Business Thinking, part of our media portfolio – though, for future reference, meetings with us here are by appointment only. In keeping with many progressive companies, most of our team work from home unless required for meetings; we feel this is the optimum use of shareholders’ funds. We also ag ree that Worthington is indeed an unusual company – at least we like to think so – because what has been achieved at Worthington, bearing in mind it’s toxic historic legacy, may well represent one of the most successful turnarounds in smaller UK corporate history. Perhaps our critics would like to point to more successful ones (those with as difficult a legacy) – because we’re struggling to find any.
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