By Tom Winnifrith, The Sheriff of AIM | Sunday 3 April 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.
Heck. Everyone does the April Fool's thing don't they? And so the fraud that is Worthington (WRN) put out an RNS which we are meant to think is serious but is in fact a joke. Or in this case The Takeover Panel and LSE appear to think that it is serious but everyone else knows that it is just a joke, like spaghetti trees in Italy or Chelsea fans pretending they have always "supported the blues" from before they were good.
The statement read:
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 deadline is now 5pm on 29th April 2016.
The Company understands that progress has been 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.
While we wait for Worthington to publish its accounts for the year to September 30th 2014 with Companies House, for some reason, refusing to strike the company off,as a reminder: Worthington has no cash. Nuna has net liabilities and no cash. And Greenland Mining Management does not even have a bank account. Some monies have been advanced by Worthington conspirator Allan Biggar direct to Danish lawyers on behalf of Grenland Mining. Worthington players are meant to be providing extra cash to GMM to allow it to clear Nuna's debts in return for 85% of its shares.
The Worthington directors can then call in their loans to GMM so get control of its equity so getting control of Nuna then allowing Worthington (no cash) to be bought by Nuna (no cash) in an RTO.
Clearly this makes no sense whatsoever. The biggest fools on this day in April? The London Stock Exchange, the takeover Panel, Companies House ad all the other regulators who are doing nothing (yet) to bring this farce to an end.
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