By Tom Winnifrith | Tuesday 26 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.
Now that NunaMinerals is in administration no-one other than the poltroons at the UKLA believes it will do a RTO of worthless fraud Worthington. So what next? Roll up Flagship Global Corporation which is listed on US OTC markets and is essentially bust. Perfect!
The filing I link to HERE shows the acquisition of a controlling stake in Flagship Global Corporation.
The acquirer is Gary Brown who appears to be a house cladder from Worcester Park although the joint purchaser is Diane Margaret Antonia-Lipman. Where does Diane live? 130 Ridge Road, Sutton. Hmmmm that rings a bell? By jove that is the same address as Wulstan Earley brother of Aiden who together with Craig Whyte runs Worthington as its shadow directors.
Gary & Diane paid $345,000 for the privilege of owning 93% of an almost insolvent, illiquid business too. I say illiquid in that its shares barely ever trade. Perfect. This deal was done in May so one assumes that in due course it will do an RTO of Worthington.
Flagship is listed on the OTC pink markets which is the third tier of the OTC and has no rules about disclosure at all. Brilliant. Worthington can tell whatever porkies it wants until the SEC is alerted. Two worthless businesses with no cash & burning cash, a blissful union. What could possibly go wrong?
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