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Worthington - surely this means that it is game over. its death in Greenland

By Tom Winnifrith | Thursday 19 May 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.

Shares in Worthington (WRN) have remaoined suspended for an eternity as we await details of an RTO by bankrupt Danish listed Nuna Minerals post its own refinancing by Green;land Mining, a company without a bank account. While we wait, Worthington has still not published its accounts for the year to September 30 2014 (not a typo). But now surely it is all over, the UKLA must simp;ly boot Worthington off the market ahead of its administration.

I refer you first to the last statement from Worthington, dated 29 April.

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 27th May 2016.

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

Now I refer you to the most excellent website of the Greeland Broadcasting Corporation (KNR) and a story which appears HERE and which translates as:

Sunday was the deadline for mineral exploration company NunaMinerals could avoid bankruptcy. The company has been in receivership since May 15 last year.

On Sunday it was so exactly one year since the company was granted suspension of payments, but now it's over, says the Court of Greenland to KNR.

According to the Bankruptcy Act Section 16, paragraph 2, one can at most provide payments in one year - and the time is now gone. Therefore, the suspension of payments was lifted on Sunday, says acting Judge, Lars-Christian Sindbæk to radio news.

It also means that the creditor protection by the shareholders, as the cessation of payments received by the company has ceased.

Okay so Nuna is now oficially toast and 100% fucked. Surely Worthington can now publish its 2014 and 2015 accounts and pubnlish a readmission document to get its shares unsuspended again?

Er..no why not Mr Douglas Ware and Mr Aiden Earley? Is there a bit of a problemo? Do tell...

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