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Worthington - I speak to the liquidator & its bad news for the board but why is the LSE in denial?

By Tom Winnifrith | Friday 6 January 2017


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.


This gets more surreal by the day. Yesterday I spoke to the official liquidator who is dealing with the Worthington (WRN) case. He is rapidly getting up to speed and will be speaking to "other agencies" about what went on. A full report explaining why the company went bust will be produced and it will be naming the director and shadow directors if they are found wanting. Indeed it may be used as supporting evidence if and when other agencies pursue this matter. The bad news...

It may well take up two years or more for the full report to see the light of day and until then no action can be taken against whoever is responsible for this company's demise. But one thing we do know is that it is a demise. The company is in liquidation. It is a dead parrot. It is all over.

Yet the shares are still listed on the London Stock Exchange. Indeed the takeover panel reckons Worthington is still in merger talks with the Danish company Nuna which is also officially bust and in administration.

The FCA confirmed to me last week that shares would be de-listed if it was made aware that a company was bust. I made it aware. I have now given it the contact details of the chap who is dealing with the insolvency. 

What more information does it need to finally close this sad tale of fraud? The last hopes of the holders of an Aidan Earley golden ticket need to be dashed with a reality check at some stage do they not?


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