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Worthington - Bad News from Greenland

By Tom Winnifrith | Friday 18 November 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.

Is the long running farce Old Mother Worthington (WRN) finally coming to the end of the road? I am surprised that the company has not put out an RNS to keep its loyal investors informed but there is bad news in Greenland.

It appears that on Wednesday NunaMinerals was again put into administration and this time there seems unlikely to be any way back. And that means that there can be no three way merger for this bankrupt entity with Greenland Minerals (a British company with no bank account) and Worthington (a company with no money). Jeepers, who would ever have thought that such a scheme could go awry?

Perhaps at that point Worthington will fess up to the Takeover Panel which may well then say that a failure to publish a readmission document plus any accounts since 2013 means that Worthington (set to undergo its own voluntary administration at the High Court on Monday) should have its shares booted off the London market?

Or maybe it is on to plan C - a merger of Worthington (a company with no cash and no assets of value) with worthless US shell Flagship Global (which also has no cash and no assets of value). It seems like a marriage made in heaven.

We shall see. But those morons who were hoping that their golden ticket was set to come good in time for Christmas, might want to consider that it is looking bleaker than ever and that it is time to break the bad news to the family that Santa is not going to be able to afford much in the way of stocking fillers in 2016.

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