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Worthington - Companies House Prosecuting Solicitor Replies - what is she not saying

By Tom Winnifrith | Monday 1 February 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.


As you will remember, the failure of Worthington (WRN) to file its accounts for the year to September 30 2014 had brought it to the attention of the Prosecuting Solicitors Department at Companies House. The story continues.

Finally I have a reply from that department which states:

I have taken advice on this case and as you are not the director of this company or a solicitor acting on his behalf I am unable to discuss in detail any action that may or may not be taken.

We know that this company has fallen behind with its filing requirements , we are not currently taking action to have the company removed from the register as we have been made aware that it is trading and required. We are actively attempting to gain compliance.

Hmm. In what sense is Worthington trading? Does it actually have any cash left? What businesses does it actually own and are any of them generatong real sales? It would be interesting to see if there is any evidence of that beauase I am not sure that there is any.

Can it be right that merely because a director says that a business is trading Companies House allow it not to file accounts for an eternity? I ask that question as we know that TMC Southern - a key player in the Quindell (QPP) fraud - is now late with not one but three sets of annual accounts and again the Prosecuting Solicitor seems to be doing sweet FA about it.

Could it just be that in both cases Companies House is not pushing the matter because it knows that more serious agencies, the SFO for instance, are already actively involved?


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Comments

10 comments

  1. Its not trading its suspended, or am I missing something here in normal Joe Bloggs land, as opposed to Companies House la la land.

  2. The shares aren’t being traded, the only thing this POS trades in is bollocks & bullshit, and keeping its idiot followers, in anticipation seemingly of its new share price when out of suspension, if it ever happens.

  3. Tom

    Today the hopeful, feeble and downright moronic, known as Worthington investors have been playing a game…… predicting the share price of the worlds largest conglomerate once it decides to relist.

    They have truly been driving themselves to the edge of orgasm as speculation reached new heights of insanity. Here just two examples, from many dozens, of the truly deluded ….

    Paul-carter Posts: 667
    Off Topic
    Opinion: No Opinion
    Price: 87.00
    PredictionToday 11:50
    My prediction is:

    Opening at £2.60

    Within the first day riding to £4-£5
    Second day £6-£7.50

    Then back to £4

    Then this monster will shoot up to £11.50
    **********
    LewKir
    Posts: 117
    Off Topic

    Opinion: No Opinion
    Price: 87.00
    SpToday 11:46

    Quick shoot up to £5-£10 then massive drop down as few sell and mm’s create panic to £3/£4 before climbing to £20-£30 over first couple of months after opening as deal and deal is announced to keep the SP flying.

    **********

    Anyone interested in observing nutters at a mad hatters tea party must visit the LSE WRN Bulletin Board. Within minutes you’ll either be laughing or shaking your head in pity!

  4. Today’s big news in Worthingtonland is that NunaMinerals has appointed a new board.Ross Iannello as CEO;David Winduss as CFO & Chris Williams as Chairman apparently they have all had fantastic careers to date albeit at unidentified places.
    Allan Biggar has gone…..Company possibly to become NunaGlobal (maybe Greenland & Keighley?)

  5. As I’m a complete ignoramus… What is meant by, ‘…we have been made aware that it is trading and required.’ ?

  6. Normally if something is “required” you need to comply with the rules that entitle you to it.

    The obvious action by CH (on behalf of our civilised society) is that you deliver the accounts or lose the company and the privilege of limited liability. Or is this too simplistic?

    And Tom, did you ask whether WRN has paid the £7,500 late filing penalty?

    “Failure to file annual returns or accounts is a criminal offence which can result in the directors being fined personally in the criminal courts”
    https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/422518/GP5_Late_filing_penalties_v2_9.pdf

  7. I would like to nominate every piece of inbred scum who has contributed to the LSE WRN thread, Special mention should be given to the particularly cretinous “experts” who had berated everyone who deigns to suggest that thid will not relist at at least a fiver. ChrisD1975, fonters, Bloodaxe, Armitage Shanks, dollop and Unclewarzy are the chief failures in the limited gene pool.

    Just look at any entry made by any of these mutants and the likellihood is that a worthy candidate for moron of the week is right before your eyes..

    TW – all this crap about the Registrar is a waste of time and will get you nowhere – back to basics for the real scoop!

  8. The board at WRN is populated by the ever reliable Pricto and this members of the ‘inbreds’ considers it necessary to launch around “100 pieces of wisdom” today upon the various other mutants who swim in that swamp.

    How much will any sensible person laugh at this pathetic excuse for a ramping turd when this whole pile of shite turns out to be a total err……. pile of shite. admittedly it’s an expensive pile of shite for Pricto but who cares if that particular numpty is relieved of his cash by a bunch of spivs- not me…………


  9. NunaMinerals / NunaGlobal / Worthington Group PLC Fraud attempt on Denmark nearing collapse?

    Arctic Journal – February 4, 2016 – 9:58am – By Kevin McGwin

    http://arcticjournal.com/oil-minerals/2124/paybacks-glitch

    NunaMinerals – Payback’s a glitch

    Despite a missing a deadline, a British investor still has Greenland’s confidence that it can bail out a bankrupt mining firm. For now

    Once all the formalities are done, Greenland Mining Management, a British-registered firm, will own nearly 90% of the shares of NunaMinerals, Greenland’s nationally controlled exploration firm that went belly up last year.

    Getting those final details into place is taking longer than most had expected. Under the terms of a deal struck in November, GMM will be given control of the company once it makes a payment of 4.5 million kroner ($640,000), the amount of a loan made by Naalakkersuisut, the elected government, at the end of 2014 in one final effort to keep the firm afloat.

    The deadline for repayment had been January 5, a date set by GMM itself. The deadline has now been pushed back to February 29, according to stock-market announcements filed by NunaMinerals at the end of January.

    This is the sixth extension granted by the courts in Greenland since June 2015, when Naalakkersuisut gave up on NunaMinerals’ ability to repay the money on its own. This extension, however, is the first after the agreement with GMM.

    Lawyers supervising the bankruptcy proceedings approved GMM’s request, but questioned why it was necessary, noting that they had agreed to the deal because it had been informed by the NunaMinerals management that GMM and its backers had the funds necessary to complete the takeover.

    “The supervisors are therefore surprised to learn than the funding has been further delayed, considering in particular the relatively long suspension of payments period,” representatives from the two law firms wrote in their statement to the court.

    Nevertheless, the supervisors said they accepted the extension, given that the new management appeared to believe that funding was likely to be provided, and that other investors involved with the deal had accepted the delay.

    It may have also been an acceptance that there was little other choice but to continue with GMM. The missed deadline has raised eyebrows in the the Self-Rule Authority, given that the company itself had set the date, but for now, officials say sticking with the company is the best, if not its only, option.

    “The Self-Rule Authority could have chosen to say that we’re not going to wait for the money any longer. That’s not in our best interest though. We have everything to win,” Søren Hald Møller, a spokesperson for the Premier’s Office, told KNR, a broadcaster.

    Once the NunaMinerals deal is in place, the next step, according to Patrick Newman, a British entrepreneur who has been involved with over 40 failed businesses, will be to use the firm to purchase Worthington Group, a British firm that describes itself as “an emerging conglomerate which upon completion of its current acquisition programme will have diverse interests in mining, energy, property, litigation, technology, media and entertainment”.

    Mr Newman is a minority owner of Worthington Group. On January 8, in connection with the request for the extension, the firm stated it accepted that there was now a chance no buyout offer would be made.

    Winding NunaMinerals down may involve more than formalities.

  10. DELUDED ARSEHOLE ALERT! DELUDED ARSEHOLE ALERT! DELUDED ARSEHOLE ALERT!

    fmsam – what a fucking clown

    Thank god for all these caring souls who have spent the last 16 months pointing out the error of our ways, and trying their hardest to save us from ourselves. Clearly with almost all of the vultures, sorry saviours showing up simultaneously this must be getting very close to resumption of trading.

    Well for what it’s worth, I now realise that I’m beyond saving and will just have to live with and face the consequences of my actions. The pain I’ll have to suffer will be unimaginable watching the impending rise, and as far as profits go the first million is going to be the hardest to swallow, and then what will it be £20, £25, £30, we’ll just have to wait and see £30 = £3750000, whatever the outcome I’ll definitely be raising a glass to all those who got burnt and help fund the rise in SP whilst trying to close their shorts.

    Trolls and shorts here’s a big THANK YOU in advance.


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