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.
The Year end of Worthington PLC (WRN) end was September 30th. But as yet we have not seen an annual report. For the avoidance of doubt I refer not to the year ended 30 September 30 2015 but September 30 2014.
Of course shareholders have been told that this is no problem. On 30 January 2015 the company announced:
The Company will be releasing its results for the year ended 30th September 2014 in March 2015. This will coincide with the publication of the proposed prospectus and the calling of an AGM.
That was a prospectus to relist on the LSE. Of course that did not happen but there is no reason why a well run company with nothing to hide could not have published its Annual Report.
Worthington, which has sod all cash, is still trying to finalise its reversal into a bankrupt Danish Company Nuna. That will require a fundraise but also a prospectus which will make for interesting and entertaining reading.
But there is no excuse for the delay in publishing the September 2014 Annual Report. In fact the delay has now been so long that Worthington should have been struck off as a company by now. I wrote to Companies House last week to enquire as to why it has not been struck off and disolved and will publish a response when I get it which should be early next week.
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