Veldtspar
12 Jan 2015
Re: WRN Stream Log Registered since en of DeC and obsessed with WRN. Funny that. Whatever you say to deramp this share you're not getting in below £5 so live with it. Now *%#+ off back to your hovel.
TX2
12 Jan 2015
Re: RNS - reverse takeover Quite why anyone in USA or Germany should be interested in (or heard of) WRN I cannot imagine.It is not presently widely known about even in the UK.However any subsiduary listing is dependent on LSE listing.However first Worthington has I understand to produce a prospectus that meets the approval of the Listing Authority/FCA as well as informing the market post approval by its publication.My reading of the RNS was that WRN has to reapply for a share listing was not because it was buying businesses bigger than itself (a conventional RTO) but because it was changing direction of its business,or business category,and that there's not sufficent information without a prospectus to allow continued listing of WRN.This is the other requirement in the RTO regs it seems.Obviously if the prospectus meets the satisfaction of FCA by putting facts & substance to the companys valuation claims but a $2billion valuation is I suggest about a $2billion uplift from net tangible asset valuation at the date of the next annual accounts(2014) when published,then no doubt the powers that be will allow a new listing to be granted.So a great deal of ground will need to be covered.I presume until clarity is given re timings that it will take around 3 months to prepare a full prospectus for the market & appropriate authorities.Most I have seen elsewhere seem to run to several hundred pages giving accounts for the group,present & pro forma, and individual companies being acquired.
geoffsh1
09 Jan 2015
Re: RNS - reverse takeover It should be exciting to watch trading start on four different markets.Frankfurt - opens at 8.00am ( which is 7.00am our time ) until 7.00pm OUR TIME. Stuttgart - opens at 8.00 am ( which is 7.00am our time. ) until 9.00pm OUR TIME.London, 8.00am until 4.30 pmNew York. OUR TIME = 2.30pm until 9.00pm.
pj66
09 Jan 2015
RNS - reverse takeover Worthington Group PLC09 January 2015Worthington Group plc ("the Company" or "Worthington"
9(th) January 2015FOR IMMEDIATE RELEASEUpdateFurther to the company's announcement on 12(th) December 2014, the FCA have now issued the company with guidance in relation to the transactions that the company asked the FCA to review pursuant to Listing Rule 5.6.4 (Reverse Takeovers). In the opinion of the FCA, following these acquisitions, the Company is, or will be, a fundamentally different business and therefore the transactions constitute a reverse takeover. Whilst the Company believes the arguments are finely balanced (in the Company's view, Worthington was an investment business prior to the transactions and will remain one following the transactions), the Company respects the FCA's view on this. Therefore, the Company's original request to suspend trading in the Company's shares remains in place pending a re-application for listing of the Company's shares and the issue of a prospectus.The Company has already begun work on the prospectus and will seek to complete it as soon as possible. Once completed, and the application submitted, shares are expected to subsequently resume trading in London and also be traded in Frankfurt, Stuttgart and New York.Following successful completion of the acquisitions, the Company will have substantial interests in litigation funding, media, clean energy, mining, oil and gas and property. Geographically, the Company will have significant investments in the United Kingdom, Australasia, Africa, North America, and India. Consolidated net assets of the group, following conversion of loan notes used to finance investments and before minority interests, are expected to exceed US $2 billion and generate net profits in excess of US $20 million in the first full year following acquisition, with substantial growth expected thereafter. Net assets per share, after financing costs and on a fully diluted basis, are expected to substantially exceed GBP5 per Worthington ordinary share.The Company is in the process of preparing its audited accounts to 30(th) September 2014 and expects to hold its AGM towards the end of March 2015. The AGM notice and accounts will be available on the Company's website in due course.Commenting on the news, Doug Ware CEO commented "Whilst ideally we would have liked to avoid triggering a reverse takeover, we respect the FCA's decision and will press ahead with completion of the Company's prospectus. I'm delighted with the progress that we have been able to make with these acquisitions and our pipeline of investments continues to grow. I would like to express my thanks to our shareholders for their patience and support during this process. In addition to these investments, the acquisition team will continue to progress new transactions which we believe will add further to shareholder value but which, once having produced the prospectus, will not trigger any future RTOs."
TX2
23 Dec 2014
Re: Exciting New Year! Good to see the Convertible Loan Ranger with his new whitish beard the other day,no doubt ready to deliver gifts to all the Worthington family.....Lets spare a thought for those less fortunate this Christmas at the FCA rest home who may be suffering from investigative financial dementia.
geoffsh1
22 Dec 2014
Exciting New Year! Statement from Doug Ware CEO re the restoration of trading in the Company’s sharesMonday December 22nd 2014We are keen for the restoration of trading to take place as soon as possible so that we can complete a number of important transactions.Whilst we would like trading to recommence as soon as possible, we are currently consulting with the FCA in relation to ten transactions and so understand that, whilst the FCA are being as efficient as possible, we may need to be a little more patient. We expect to hear further before the New Year.Assuming that the FCA agree with us that none of the transactions involve an RTO, we will be well placed to complete these and other transactions, using the same structures in future. To that extent, the period of suspension to clarify these points, and finalise key investments, will prove to have been in the best ongoing interests of shareholders as we progress our plans to build a successful global investment company.Doug Ware, CEO
vivat
15 Dec 2014
THIS IS THE WRN BOARD Neat well done for pointing this out again. Keep other share rampers out of this board especially the O & Gas and mining sectors. Irritating to say the least. Go to the casino if you have to
vivat
15 Dec 2014
I just do not get it this O & G sector These people who are punting the Oil & Gas and mining sectors. Pure speculation IMOO and the amount of money lost in that sector over last 2 months jesus. Crazy people more money than sense. These PI's keep going back for more punishment and it is crazy to witness it. There are plenty of casinos around guys stick with the regulated ones Stick with WRN the best stock in town (when trading of course)
TX2
11 Dec 2014
Re: TX2 "Oh no I'm not!"(talking to myself) SantoTraficante.I'm mildly hopeful that the "powers that be" are taking note of my concerns.
SantoTraficante
06 Dec 2014
TX2 You are talking to yourself buddy. Its obvious what your Agenda is given you are non holder.
TX2
06 Dec 2014
Re: So !WHOT! is happening now? The listing authority will not in my opinion allow this company to relist and carry on in the same absurd manner announcing takeover after takeover with little or no detail and not completing before moving on to the next..It will if allowed to relist,I consider it likely to be concluded that it is involved in a RTO, have to present a new prospectus bringing together its proposals and their financing acceptable to the listing authority and seek shareholder approval.Hopefully it will be required to publish audited accounts due for the year to end Sept.Perhaps it will explain how it will finance its activities as none seem to produce an obvious cash flow.The asset value ascribed to Law Financial is difficult to support from available info.
Sumperk
05 Dec 2014
Re: So !WHOT! is happening now? Any day now.[link]
gordonmurr
04 Dec 2014
Re: So !WHOT! is happening now? I repeat !WHOT! is happening now?
vivat
28 Nov 2014
This suspension is way out of order in my view. Shorly means within a couple of days not over a week. If this does not come out of suspension by Monday the BOD have lost considerable credibility. The last RNS was totally misleading and this week has been stressful to a lot of PI's who are holding but cannot sell or buy. This had better be good Doug and you had better deliver the goods. We do not want another QPP disaster but I am quietly confident
TX2
27 Nov 2014
Craig Whyte arrested in Mexico! Craig Whyte arrested in connection with warrant issued by Scottish Courts.Craig Whyte was a director of Law Financial Ltd,WRNs main subsiduary until Aug this year;company records indicate he was still listed as director of two of Law Financials subsiduary companies until banned as a UK company director earlier this month.Law Financial was purchased by WRN in exchange for a £1m convertible loan note convertible into 20m WRN shares @ 5p each.It was revalued @ £10m in the interim accounts.It owns the majority of the rights to the "Craig Whyte" story re his take over of Rangers & and that of legal claims re Rangers Takeover(see info re acquisition).At formation its Directors were Craig and an offshore company(Gold Manson ltd) probably connected to Craig Whyte.When taken over by WRN Doug Ware joined the board,after Aug 2014 Ware remains as sole director.The actual owner of the loan note and potential 20m warrants has never been disclosed by Worthington but reasonable guess might suggest Whyte or a company connected to Whyte.Perhaps clarificaction is needed as these Warrants essentially control WTH.In connection with the CPS Energy Resources deal announced recently Warrant holders,being essentially those connected to Law Financial deal agreed to convert £250,000 of the loan note into 5,000,000 WRN shares @ 5p each sell these shares in the market,lend the money back to Worthington who will issue a convertible loan note in the warrant holders favour.Worthington will the invest the proceeds in CPS resources.Interestingly a major shareholder & director of CPS is James Dominic Rupert Holmes,a long time business associate of Craig Whyte.A company previously connected as a lender to Merchant House Group Plc,a failed AIM listed company in which Whyte was a major shareholder and Holmes a director is also a shareholder in CPS.Perhaps some clarification is needed.A capital reconstruction at WRN will be required to enable these warrants to be issued(as previously advised by WRN) as issue price is below par value of WRN shares.In the light of recent events at Rangers & Scottish Courts re arrests and £24m out of court damages paid by Collyer Bristow Whytes lawyers to Rangers liquidator re takeover some clarification of the £2.9m "missing" from the Worthington Jerome Pension Fund over which Worthington has ultimate legal responsibility to pay in event of its non return might be helpful.The £2.9m was I understand lent to a company connected to Whyte & Holmes to be used in connection with Rangers takeover.This amount is not included in the reported deficit in the Jerome Pension Fund.This reported deficit in the fund is historic and relates to underfunding/increases in pension liabilities that have happened over many years and has no connection with events elsewhere.Does the board still consider the valuation of Law Financial @ £10m still appropriate?
