By Tom Winnifrith | Sunday 17 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.
The farce that is the fraud Worthington (WRN) continues apace. The chocolate teapots at the UKLA are still publishing twice daily updates claiming that Worthington is considering an RTO with NunaMinerals, a company that is not only in administration but is also to be delisted in Denmark. its aceeeeeeeeeeeeeeeeeeeeeeed! all round at UKLA where the chocolate teapots still reckon that the deal is viable.
But a deadline looms. By Friday 22nd Worthington has to either tell the UKLA that it has a bid document for the chocolate teapots to consider or it must ask for an extension. Now given that Nuna has no listing (so an RTO would be pointless) and that it is also in administration, bust, morte, kaput, fucked, deader than the parrot, even the UKLA cannot be persuaded that merger talks are ongoing, surely?
If the RTO talks are off Worthington needs to get the UKLA to sign off on a readmission document, a prospectus, explaining its new complex group structure and not even Jeffrey Archer could come up with that sort of tome and that will mean that Worthington loses its listing. So no listing, no cash, no RTO, no assets worth talking about, cash burning, no accounts since September 2013 (and even they were lie packed), and the SFO taking a keen interest, oh dear. Could it get worse?
Actually it just has.
Last week Worthington dropped its £18 million claim against old Rangers FC. This claim was always utterly spurious to start with but it ties together Craig Whyte, Aiden Earley and the rest of the gang. And of course this news also brings into question the little matter of the £20 million loan notes and the landlord of the Red Lion at Princess Risborough.
It also means that the interim results for the six months to March 31 2014 - the last published numbers - were, as I explained in full here utterly bogus. Worthington bought the Rangers "assets" for £1million from Craig Whyte and Aiden Earley controlled vehicles. It paid with loan notes which the lads converted into shares which were then flogged off at sky high prices to the Bulletin Board Morons. Oh dear morons those golden tickets are not looking good are they?
But in those interims, it was decided to revalue the claim by £9 million to £10 million. Hey presto that £9 million windfall made Worthington profitable and gave it asset backing. Craig, Aiden and Doug Ware were fecking genii, the lot of them. Praise be the Lord.
No doubt devout Christian Aiden Earley is today reflecting on Job 1:21 ( KJV natch)
And said, Naked came I out of my mother's womb, and naked shall I return thither: the Lord gave, and the Lord hath taken away; blessed be the name of the Lord.
In the unliklely event that Worthington ever publishes its results for the year to September 30th 2014 that £9 million gain and indeed the £1 million original purchase price will have to be written off which will leave the company reporting a massive loss and with massive negative net assets - just as I predicted HERE - when commenting on those interims many moons ago.
The fat Lady is warming up in the wings and the rozzers are checking their notes. Ouzo O'Clock 5 PM Friday perhaps?
As Doug & pals ponder what lies ahead here's a musical clue from 1982...
Never miss a story.
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