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Worthington - hold the beer and popcorn: High Court appearance & Winding Up Order delayed

By Tom Winnifrith | Tuesday 25 October 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.

Drat. There was I expecting to hear the winding up petition for the Worthington (WRN) CVA had gone through as planned at the High Court yesterday as scheduled. In the aceeeeeeeeeeeeeeeed world of Doug Ware and Aiden Earley this was meant to be good news. But at 9.52 AM today the white rabbit popped up with an announcement:

Further to the Company's announcement of 17th October 2016, the Court Hearing has been adjourned for 28 days to 21st November 2016.

er... why? We thought that a winding up petition was good news for holders of the golden tickets? Do not tell us that something has gone wrong with the cunning plan which I analysed HERE.

The silence is deafening. The end game is still the same. Insolvency.

Looking on the bright side, at least Worthington shyster Allan Biggar now has more time to focus on his personal bankruptcy and losing the marital home.

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