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Worthington - the shambles continues so what is the point of regulation?

By Tom Winnifrith | Monday 19 September 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.


If you are someone who thinks that playing by the rules and being honest makes sense in the UK reguolatory environment think again. Just look at the much ramped Main Market listed fraud Worthington (WRN). Let's start with the latest news from the UK Listing Authority which came out at no-one is watching O'Clock on Friday.

The UKLA announced:

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 11th November 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 remain in contact 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.

Ends

Thus Worthington shares remain suspended but are still listed giving morons on the LSE Asylum hope they have a golden ticket. The shares were initially suspended becuase Worthington could not publish a re-admission document explaining all its company transforming mickey mouse, non existent and fraudulent deals. Having missed the deadline on that, Worthington maintains the suspension and the pretence by claiming it is in talks on an RTO with a company that has no assets of worth, no cash, plenty of liabilities, has lost its stockmarkiet quote and will be in administration soon.

Whatever...the UKLA buys this horseshit and plays ball.

Meanwhile over at Companies House we see that FY accounts for 30 September 204 are now 18 months overdue and for the year to 30 September 2015 are six months overdue. Companies House is aware of this but appears to be doing sweet FA.

The issues flagged in our extensive coverage of Worthington were so serious that we went to court to overturn Aiden Earley's injunction and to ensure that all investors as well as the FCA and SFO could see them in full. Yet not only is Worthington apparently ignoring all the basics of being a listed company but the regulators are doing sweet FA.

Pathetic.

You can see our full Worthington Coverage with all the damning leaked emails, which was passed to the SFO and FCA at the time of the injunction, HERE


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