Tuesday 17 January 2017 The one stop source for free breaking news, expert analysis, and videos on AIM and LSE listed shares


Worthington – still avin a giraffe, but for how long can it continue?

By Tom Winnifrith, The Sheriff of AIM | Saturday 17 October 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.


Another deadline arrives and it is yet again missed. How long can the long running farce of the takeover of Old Mother Worthington (WRN) continue?

You will remember that Worthington – a company built on smoke and mirrors and which does not generate cash and has sod all cash – is trying to reverse into Danish listed Nuna Minerals which is bankrupt. So a company worth zero (or less) wishes to reverse into a company worth less than zero. Thus for this marriage from hell to go ahead Nuna needs to be refinanced.

Worthington is only heading down this route because it can’t publish a prospectus to allow its LSE listed shares to be unsuspended. One assumes that in the land of Hans Christian Anderson one can get away with a fairy tale prospectus.

The two problems Worthington has is finding anyone daft enough to pony up the funds and getting any sort of prospectus together which will cut the mustard in Denmark. So we have another delay announced on Friday: 

Pursuant to Rule 2.6(c) of the City Code on Takeovers and Mergers (the "Code"), the Company has requested a 28 day extension to the period of time whereby Nuna Minerals A/S ("Nuna") must, under Rule 2.6 (a) of the Code, either announce a firm intention to make an offer for the Company, or announce that it does not intend to make an offer. The Takeover Panel has consented to this extension. Therefore the extended deadline is now 5pm on 13th November 2015.  

The Company understands that progress is continuing to be made in relation to the proposed refinancing of Nuna by Greenland Mining Management Ltd. There can be no certainty that these discussions will lead to an offer being made for the Company, nor as to the terms on which any offer may be made.

Ends.

I should cocoa. I recommend that Danish regulators read all the recent comments about various individuals and companies within the Worthington Group before deciding on any admission if indeed it gets that far. They can do so here.

Meanwhile I have not chatted to anyone at the Serious Fraud Office for a while, I had an interesting chat on this matter from someone close to Worthington on Friday. Smiley face!

If the shares are ever unsuspended the target price remains 0p

 


Filed under:


Never miss a story.




This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.


More on WRN


Comments

2 comments


  1. CONglomerate

    The following need answering though:

    Why would Nuna buy Worthington Group? What exactly does it bring to the table? This is a company when you strip out the bogus £10m claim, has negative equity of £5 million. It hasn’t produced a set of AUDITED accounts since September 2013. Along with the allegations of fraud from websites such as this and towards staff and major current and previous shareholders etc.

    Why wouldn’t Patrick Newman through GMM or his Nanoq Gold/Resources enterprise just fund/purchase Nuna on its own? Bearing in mind, Josh Hughes is an ex-Nuna employee. Thus avoiding the mess of Worthington and it’s baggage”

  2. Making it up as they go along, Aidan Earley and his sister Kirsten Forbes. Who the f**k is Darren Chapman and how can the Greenland Self Government ever trust the joke Worthington clown BOD and fraudsters to meet the filing, reporting and transparency expectations of a company partly owned by the people of Greenland?????????

    RNS Number : 6571F
    Worthington Group PLC
    13 November 2015
    FORM 8 (OPD)

    AMENDMENTCHANGE TO SECTION 3 AND SUPPLEMENTAL TABLE

    PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
    Rules 8.1 and 8.2 of the Takeover Code (the “Code”)

    Olympus Trading Group Ltd, Trident Chambers, Capital City Building, PO Box 1388, Victoria, Mahe, Seychelles, owner of relevant securities, Controlled by Ms Kirsten Forbes, sister in law of Aidan Earley – Short positions:

    Stock-settled derivatives (including options) and agreements to purchase/sell:
    1,907,797
    (7.63%)

    Mr Wulstan Earley, director of Renatus Capital Ltd, owner of relevant securities, the company is owned and controlled by Wulstan Earley, brother to Aidan Earley – Short positions:

    Stock-settled derivatives (including options) and agreements to purchase/sell:
    1,907,797
    (7.63%)

    Full details should be given so that the nature of the interest or position can be fully understood:

    “The Olympus Trading Group Limited has agreed to take over responsibility for fulfilling contracts for difference agreements previously entered into by Liberty Capital Markets Limited (dissolved) and Oriental Capital Investment Limited (dissolved) with Darren Chapman in 2011 to 2013.

    Under the terms of the initial agreements made between Darren Chapman and Liberty Capital Markets Limited and Oriental Capital Investment Limited Darren Chapman had the option to call upon 2,909,926 ordinary WRN shares for a price between 5p and 10p. As at September 2014 Darren Chapman had called upon 1,002,139 of these shares and by February 2015 he had sold on this holding.

    As a result of the revised agreement Darren Chapman has the option to call on 1,907,797 ordinary WRN shares for a price between 5p and 10p. Theses share would be delivered from the WRN holding currently held by Renatus Capital Limited.

    Whilst the arrangement disclosed has not been legally formalised the parties involved consider the arrangement disclosed to be the accurate state of affairs as at the date of this announcement and that this arrangement came into being upon the dissolution of Liberty Capital Markets Limited and Oriental Capital Investment Limited in October 2014.”


Enter your comment below. Fields marked * are required. You must preview your comment first before finally posting.




Site by Everywhen