By Tom Winnifrith | Saturday 23 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.
Today I must ask the very serious question: are the staff at the UKLA down at Canary Wharf all crack whores or are they just the stupidest folks in Britain. I ask this question because of the latest news from fraud Worthington (WRN).
Worthington is avoiding getting its shares slung off the main market for failing to publish a readmission prospectus (no-one would sign off on the lies) as well as its accounts for the years to September 30 2014 and 2015 by saying it is in talks about a RTO by NunaMinerals. The only problem is that Nuna is: a) now in administration and has negative net assets and no cash and b) about to have its shares delisted in Denmark meaning an RTO would be pointless. So could Worthington get a prospectus for a takeover by Nuna into the UKLA by the 5 PM deadline today? Er No.
But unbelievably the UKLA reckons a deal can still be done so has given Worthington yet another 56 day extension. This is insane. It is like a vicar agreeing to a wedding ceremony where the bride is not only dead but was buried six foot under several weeks ago. It is insane. Worthington States:
Pursuant to Rule 2.6 (c) of the City Code on Takeovers and Mergers (the "Code"), the Company has requested a 56 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 16th September 2016.
The Company notes that on 1st July 2016 the Court of Greenland ruled in favour of the bankruptcy petition claim made by the former CEO of Nuna, Mr Ole Christiansen. Pending the resolutions of the bankruptcy claim, the parties continue their ongoing discussions about a possible offer for the Company.
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.
Whatever. Happy weekend UKLA... Here's one just for you from Guns N' Roses. Have a good trip you are a laughing stock.
PS I would like to publicly apologise to Mr Marcus Stuttard and the team at AIM Regulation for suggesting that they are the most incompetent and clueless regulators on the planet. Compared to the UKLA, the bogus Sheriff and the Oxymorons are fecking Nobel prize winning uber-regulators, they are true heroes and superstars.
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