By Tom Winnifrith, The Sheriff of AIM | Sunday 6 March 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 farce at the fraud that is Worthington (WRN) continues and it looks as if it will be in the snows of Greenland that the final rites are read. Things are moving fast.
Worthington's first involvment in Greenland came with a company run by a Mr Patrick Newman, GREP, which farmed into an asset owned by Nuna Minerals, a Danish listed company which is effectively now bust. Worthington claimed to own 51% of GREP but as I revealed HERE more than a year ago that was just another RNS lie from Doug Ware et al because the old Mother did not actually hand over cash to GREP as it was meant to under contract.
The bankruptcy of Nuna has caused further problems. To overcome this Mr Newman set up a new company Greenland Mining Management (GMM) on January 27 2015 which has been negotiating to clear Nuna's debts and buy the company. The idea was that if Nuna cleared the debts it would end up with an 85% stake in Nuna which would the relist in Denmark. At that point Worthington would then be reversed in. Hey presto.
As you can see the Annual Return is overdue and company filings are a tad limited
But I gather that what is not revealed here is that a) GMM does not have a bank account b) payments made by "it" to to date have in fact been made directly by Mr Allan Biggar of Worthington infamy from his own account and that c) Mr Biggar has joined the board. The understanding I have is that when ( or rather if) GMM finds itself owning 85% of the issued shares in Nuna, those shares will be transferred to Mr Biggar in lieu of his debts being repaid and thus he will be in control of Nuna. Hmmmm.
If you look at this picture of the last Nuna company meeting you can see Mr Newman (front row on right no hair) but on the left in the front row there is another familiar face (middle man in suit) Mr Aiden Earley. Can Worthingtonologists spot any other familiar faces in the audience?
And while we are on this subject where did Mr Biggar get all this money (so far he has transferred in several hundred thousand quid) given what happened to his last company (see HERE)?
One suspects that this is not going to end well and when it collapses all those involved at the time will have alot of questions to answer.
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