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Worthington - just where are your Bloody accounts?

By Tom Winnifrith | Saturday 9 January 2016


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.

Ends.

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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Comments

5 comments

  1. The accounts are at the dry cleaners.

  2. Tom,

    There seems to be a lot of ‘broken’ links lately.
    I read this piece but anything below it threw an error – frustrating!

  3. Listen to this utter arsehole Philobeddoe spouting pish again

    WRN mcap suspended at : £21,764,790
    NUNA mcap suspended at : £39,960,000 (source : yahoo finance)
    Total : (WRN + NUNA) currently = £61,724,790 mcap / 25m shares in issue = £2.47 a share

    ..and that share price does not factor in any of the ten plus deals… the $2Billion + NAV, the value of the multi listings, the projected $20m profit year 1 + substantial growth expected thereafter… nor does it factor in the TRUE value and potential of Nuna, which is worth, most likely, many hundreds of millions of dollars more than we will have aquired it for.. potentially in the $Billions. Let’s not forget, Nuna isn’t some insignificant backstreet company – it was formerly the flagship, state owned mining company of all of Greenland with many licences, huge acreages and potentially vast untapped wealth still sat there waiting for us to unlock it. And KORES, the state owned South Korean global mining giant remain invested and in partnership with NUNA to this day.
    The WRN conglomerate SP is worth £2.50 plus with virtually nothing else taken into account!!

    These scumbags at WRN are just so grateful that care in the community lets these people have internet access

  4. broken links – there are none for me. Can you send me a screen shot please?

    t

  5. The inbred that is the PhiloBeddoe is at it again. This catastophe of a human being has a mental age of about four and the saddest thing is that there are arseholes on the lse asylum who recommend this lunatic’s rantings.

    There are about two dozen posters on the WRN who just deserve to lose cash just on the basis of their incessant and ceaseless ramping of this share that only an arsehole could have invested in this

    I don’t think it’s possible to stay suspended and wait for the markets to calm down. As soon as we’re ready to resume trading, we’ll resume trading – regardless of what china and the global markets are doing at the time. The deals should be good – and there should be many (we had 10 a year ago, so i’m guessing that number may have grown by now to possibly 11 to 15, maybe more), our NAV a year ago was $2 Billion (about £1.3B).. so our NAV by now, assuming we have more deals in the bag may well be £100m or so higher (£1.4 Billion to £1.7B or so, potentially?) Plus property prices have risen over the last year, so our property investments may also be worth a fair bit more by now.
    Regardless of what the markets are doing, the SP will still rise strongly due to the deals, nav, multi listings, low shares in issue, tiny mcap, $20m + profit forecast year1, etc, etc. Infact, if other shares are in the red or just ambling about and boring investors to death.. WRN will stand out like a sore thumb as the one share that’s absolutely booming and will draw the herd in like bees to a honeypot. The herd follow the top risers board and WRN is certain to be at top spot on resumption day and probably numerous days thereafter. Nobody knows what 2016 will bring for the global markets. It started bearish but it may improve and may even become bullish. Nobody really knows in wall street, is what i’ve read. So we may well resume into a calm market – either way, the mcap and SP will soon be many multiples of what they are right now. And that’ll happen in a calm market or a choppy market, i don’t think it’ll make much difference, certainly not in the opening days and weeks anyway. The bottom line is.. our mcap and SP will have to move considerably UP to reflect the enormous transistion from our current tiny mcap to a large scale billion dollar global conglomerate, so to some extent we’ll be immune to what is or isn’t going on around the world certainly in the opening days and weeks. All in my opinion.


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