By Tom Winnifrith | Saturday 9 July 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.
On Friday July 1 NunaMinerals was put into administration. I therefore suggested a day or two later, that the RTO whereby Nuna took over Main Market fraud Worthington (WRN) was off and that on Monday 4 July the UKLA would have to take action. Amazingly the chocolate teapots have done nothing. Truly these folk make the oxymorons at AIM Regulation look like a collection of Nobel prize winners. But it gets worse.
On Friday 8 July the UKLA's daily notice suggested the RTO was still on. So Nuna ( now in administration) would issue untradeable shares to buy Worthington (which has no cash & is a fraud). Whatever. Aceeeeeeed.
The same day Danish authorities said Nuna shares would be delisted - see HERE. So now the UKLA wants us to believe that a de-listed company which is in administration and so has no assets at all just liabilities, is still planning to bid for Worthington. Really chaps? Is that a sugar lump said the white rabbit? The man from the UKLA said swallow. Shroom. Suddenly the rabbit was in Greenland.It was all white. This is very confusing. Where's Alice?
At some point the UKLA will surely have to tell Worthington that this deal is clearly off at which point it will ask Worthington to publish a re-admission document to account for all the bogus non-deals it has done. Worthington knows that there is no way any creative fiction it produces can get past the UKLA and so with no document its shares will be delisted.
At that point Worthington will not be able to source cash which is a problem as it has no money or assets that are capable of generating cash. There is also the problem of Companies House which will at some stage move to strike the company off for failing to produce accounts for the year to 30 September 2014 as well as 2015. Then there is the Serious Fraud Office whose interest in this fraud was aroused by the fact that Aiden Earley and Craig Whyte took control of Worthington with money borrowed from an old pal of the SFO the fraudster Kevin Sykes.
Things are now coming to a head. The UKLA must surely move soon but I'd imagine it is talking to other agencies before pulling the trigger. As for shareholders, enjoy poverty peasants for the fat lady is getting ready to sing, its time for the very last dance. It was fun while it lasted but the party is almost over.
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