Tuesday 16 January 2018 ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares

Worthington - now Nuna 100% Bust what is plan C? Flagship ahoy?

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?

Filed under:

Never miss a story.

This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.

More on WRN


Comments are turned off for this article.

Site by Everywhen