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Worthington is just misleading the Takeover Panel re Nuna - when will this farce end?

By Tom Winnifrith, The Sheriff of AIM | Sunday 3 April 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.


Heck. Everyone does the April Fool's thing don't they? And so the fraud that is Worthington (WRN) put out an RNS which we are meant to think is serious but is in fact a joke. Or in this case The Takeover Panel and LSE appear to think that it is serious but everyone else knows that it is just a joke, like spaghetti trees in Italy or Chelsea fans pretending they have always "supported the blues" from before they were good.

The statement read:

Pursuant to Rule 2.6 (c) of the City Code on Takeovers and Mergers (the "Code"), the Company has requested a 28 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 29th April 2016.

The Company understands that progress has been made in relation to the proposed refinancing of Nuna by Greenland Mining Management Ltd.

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.

While we wait for Worthington to publish its accounts for the year to September 30th 2014 with Companies House, for some reason, refusing to strike the company off,as a reminder: Worthington has no cash. Nuna has net liabilities and no cash. And Greenland Mining Management does not even have a bank account. Some monies have been advanced by Worthington conspirator Allan Biggar direct to Danish lawyers on behalf of Grenland Mining. Worthington players are meant to be providing extra cash to GMM to allow it to clear Nuna's debts in return for 85% of its shares.

The Worthington directors can then call in their loans to GMM so get control of its equity so getting control of Nuna then allowing Worthington (no cash) to be bought by Nuna (no cash) in an RTO.

Clearly this makes no sense whatsoever. The biggest fools on this day in April? The London Stock Exchange, the takeover Panel, Companies House ad all the other regulators who are doing nothing (yet) to bring this farce to an end.


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Comments

5 comments

  1. At this juncture in the proceedings – Who the fuck cares?

    Whether it is 18 months or 24 months for the pile of utter fucking shite to unravel matters not.

    The LSE inbreds – Armitage Shanks. dollop, Hepran, ChisD1975 fonters, Bloodaxe, UncleWarzy, Gemma4cash, thegingernugget, Philobeddoe and Co will be spewing out “positivity” long after this is delisted, liquidated, subjected to criminal investigation and never mentioned by anyone else.

    These fucking clowns probably believe in the tooth fairy as well. One can only treat these ramping dickheads with contempt and I for one will enjoy immensely the opportunity to debate on the day this eventually implodes with the likes of the pathetic fonters, The brainless turd is probably underqualified to serve in Macdonalds yet seems to think that his “advice” is not ill educated, false guff spouted by an inbred.

  2. The first line says it all …..

  3. So what are they trying to get out of the deal with a RTO if the people taking them over have no money/are actually them… Is it a front for successful business doings to relist on AIM and then bring in investor money while the directors get out?

  4. NUNA-SLUT WRN-TOAST BANKRUPT

    Greenlandic Broadcasting Corporation KNR beautifully quotes, in Danish, the Court of Greenland having said “men nu er det slut”. Slut translates from Danish to end or over.

    Nuna is ended, over, finished, bankrupt. The Worthington farce or fraud surely finally is concluded (rather than lots of sluts no longer on the menu for Craig Whyte, Aiden Earley or Allan ‘Bullshit’ Biggar).

    Nunaminerals creditors are saved from further abuse, at their own further expense, at the hands of British fraudsters. LSE Morons might just get a reality check.

    KNR report that “the suspension of payments was lifted on Sunday, says acting Judge, Lars-Christian Sindbæk to radio news”

    “creditor protection by the shareholders, as the cessation of payments received by the company has ceased”.

    Spin your way out of that Bullshit Biggar and Doug Dickhead Ware.

    http://knr.gl/da/nyheder/nunaminerals-betalingsstandsning-har-varet-et-%C3%A5r

  5. NUNA-SLUT WRN-F*CKED FINISHED NOW

    Greenlandic Broadcasting Corporation KNR beautifully quotes, in Danish, the Court of Greenland having said of Nunaminerals “men nu er det slut”. Slut translates from Danish to end or over.

    Nuna is ended, over, finished, bankrupt. The Worthington farce or fraud surely finally is concluded with a statement that amusingly suggests no more sluts on the menu for Craig Whyte, Aiden Earley or Allan ‘Bullshit’ Biggar. (f you are not good at reading Danish and/or have a filthy mind).

    Nunaminerals creditors are saved from further abuse, at their own further expense, at the hands of British fraudsters. LSE Morons might just get a reality check.

    KNR report that “the suspension of payments was lifted on Sunday, says acting Judge, Lars-Christian Sindbæk to radio news”

    “creditor protection by the shareholders, as the cessation of payments received by the company has ceased”.

    Spin your way out of that Bullshit Biggar and Doug Dickhead Ware. WRN is surely ‘Slut’, F*cked, Finished, Over, Ended!

    http://knr.gl/da/nyheder/nunaminerals-betalingsstandsning-har-varet-et-%C3%A5r


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