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|w1ndjammer: May 14, 2012 9:55 pm
Worthington director given accounts ban
By Duncan Robinson
A former finance director of Worthington Nicholls has been excluded from the Institute of Chartered Accountants in England and Wales for six years after producing "materially false and misleading" financial statements.
The ban is the second-longest achieved by the Accountancy and Actuarial Discipline Board.
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Timothy Hunt was found to have presented misleading interim accounts in June 2007 by including £770,000 of turnover at the air conditioning installation and maintenance group for which he had no evidence, according to the AADB.
An independent tribunal also concluded that Mr Hunt failed to prevent the release of misleading information to investors before a share placement by Worthington Nicholls worth £20m.
"The sanction reflects the gravity of the misconduct and Mr Hunt's refusal to accept responsibility for his actions for the last three years," said Tom Martin, executive counsel at AADB.
Richard Jones QC, who chaired the tribunal, said that Mr Hunt "fell short of the standards expected of a professional accountant."
In May 2007, Mr Hunt allowed a share placement letter containing misleading information to be released to the market, the tribunal found.
The letter claimed "current trading is strong" and that there was "strong trading momentum in the group's current business". But the group had a net cash outflow of £285,000 a week and was reliant on external funding, according to the AADB. The subsequent share placement raised £20m.
AADB argued that as Mr Hunt was the sole qualified accountant on the board, he was in a unique position to recognise the company's financial position.
Mr Martin said: "Mr Hunt has been party to misleading regulatory news service announcements and, more seriously, issuing a set of misleading interim accounts for Worthington Nicholls Group."
The company was admitted to the small-cap Aim index in June 2006. The shares were priced at 50p in an initial public offering through Corporate Synergy, the now-defunct broker. They peaked at 193p in April 2007, giving the group a market capitalisation of £146m.
By August the share price had plunged almost 90 per cent to 20p after a series of profit warnings. It ended the year with a market capitalisation of £12.5m.
The group was renamed Managed Support Services after it was taken over in late 2007 by a turnround group led by Simon Beart.
It sold its health and safety and water divisions to Capita and its facilities management division to Rentokil Initial last year.
It now operates, in effect, as a cash shell, according to Mr Beart, its chief executive.
Mr Hunt's counsel declined to comment.|
The game isn't over, until its over so lets wait and see shall we. I think June is going to be a big month for SB.
Im sure he's feeling a mixture of relief, for getting out of the mess that was MSS, regret for making such a complete horlicks of the whole turnaround which has resulted in the end of his city career, and (if hes got any sense and half decent advisors) dread at the thought of what is going to come out of the wreckage, because SB will be taken to task over this and will at the very least loose his wealth and perhaps even his liberty
SB played the SFO card, his friends in the press (MoS) backed him up by printing story's to get the band wagon rolling and he involved the legal system. All done to help him get rich so he could look his brother in the eye as an equal, and to massage his massive personal ego. He stated his aims four months before taking over at WNG with claims of fraud and the Worthingtons. The reality is that it has all been shown to be lies following completion of the 5 year investigation.
He used this fraudulent smoke screen to blow £29m pounds, rebranding, clearing out, closing good companies so he could buy badly in an attempt to prove he was a specialist and crashing the share price and the shareholder value.
Im sure he's in the Isle of White this weekend or at home in Battersea hoping this will pass and he can move on. Thats the arrogance of the man. Untouchable? I think not. If you play with the law for your own gain, don't be surprised if it takes a dim view of your actions and comes back to haunt you. Also be very sure that the people you try to bully, are not the kind of people who enjoy a fight and stand up for what's right.
"It's a little like wrestling a gorilla. You don't quit when you're tired -- you quit when the gorilla is tired."|
|2float: Hahahahahaha Windy you muppet
Yes Windy, Richmond and I "helped to send the share price to new depths", on our own, and none of it was simple simon's fault. The pathetic excuse for a board and the CEO, simple Simon Beart, clearly had nothing to do with the astonishingly poor performance of this company since he gained control nearly 5 years ago.
Despite the fact he's had total control and simple Simon's continued assurances that "it's all going in the right direction", this company has been one of the worst performing stocks in recent years. Why? because of two posters on this board (according to windy!).
The truth is, simple Simon's out of his depth and shouldn't be running PLC'c.
As for you, Windy, I think you need to seek medical help!!! ;)
P.s. I shan't be following your latest tip, after all, you've been tipping this stock and it's muppet of a CEO for the last 5 years!!!|
|sheila16: the educated time to exit? by telling us everything is ok in every RNS???
cloud cuckoo land.
one question for you (rhetorical) - what's the current share price?|
At times you post the most bizarre comments.
I don't think I'm missing the point at all. You were referring to libel and slander, just because I've pointed out you referred to people as "bandits" and that nobody pursues slander cases anymore because payouts are very low, you've changed your argument to now discussing inside information.
So, to answer that one. Posting something on a BB is NOT manipulating a share price (whether your post is true or not). The only info you should trade on is info supplied by the company.
Besides, there's no law against revealing any info about a company as long as you're not contractually prevented from doing so. What you're not allowed to do is act on any info you have (by trading shares) if the info isn't made public. As far as I can see, as long as Rich9 hasn't traded on info he's been given, he's not got a problem and can say whatever he likes.
However, the company and its board have a duty to clarify the situation if there's a lot of speculation or if an event occurs which is material. Let's see if they do.
Also, why are you defending a board and it's CEO for their extremely poor performance. They have run this company into the ground, in no way could you seriously claim SB has "kept things going"!! He's failed. He's in charge and is therefore responsible. He's lost all the contracts and the money he inherited and raised has nearly all gone. How is that a success!!
Why don't you tell us what your real agenda is here because your attempts to defend the indefensible are BIZARRE!!!!|
|2float: JoJo, you can't really read anything into the lack of further downward movement, how on earth is the share price going to "dive" from it's current level? It's already on its ars*, there's nowhere for it to go. If you look around at other Aim co's, most shells don't get much lower than this. I costs between £0.5m and £1m to list on Aim so even the worst shells have at least that potential value even if they have no other assets.
One thing we know from the last four years is that we've been consistantly told it's getting better when the reverse is true. Unfortunately you cannot trust anything that the current board says. They've been full of it from the moment they got in.|
|jojo_jo: The absence of a share price movement (dive) implies that the matter of the Rentokil 'earn out' remains unresolved. So where does it say Rentokil aren't honouring the remainder of the contract?
I know there's a lot of bitterness here, but there's no need for misleading or unqualified statements.|
|philw2009: Good work WJ
Share price might still head north!|
|sheila16: - Apparently trading profitably since March 2010
yet to be proved
- EPIC increased holding to 9% from 6%
this has a chance of increasing the share price thus mitigating their losses
- "Major" Contract Renewal
minor contract renewal
- Small Director buying
wow i bet they had to save for ages for that one|
|richmond9: things must be really bad when the best you can do is announce a 500k contract on RNS as a way or shoring up the share price.
its not even material. This smacks of desperation and is worse than the last lot
SB = FRAUD|
Managed Support Services share price data is direct from the London Stock Exchange