Worthington Share Discussion Threads

[petersmith6] 01/11/2018 18:30

Me .. theory.. I let the people at the top get stressed not me..

[davidkip] 01/11/2018 18:23

"SIGNIFICANT SHAREHOLDERS

Name: Guildford Street Capital Limited (a company owned and controlled by Mr Allan Biggar)
Number of Ordinary Shares on Admission: 38,465,535
Percentage (%) of Issued Share Capital: 66.49%"

Whereas their own confirmation statement says that GSC sold/gifted about 4m shares and actually only is down on the CS as owning 34m.

Perhaps Allan (CEO WHET) could speak to Allan (CEO and major shareholder of GSC) and correct this? Assuming the Wordpress password isn't on a machine still at the FCA offices, thus preventing any updates of the Whetstone blog site. [Memo to self, write passwords down in a little notebook as well as relying on the computer].

[roydyor] 01/11/2018 17:16

Nine trades in two days for WHET and today nothing. Was it done to impress someone that was considering investing in GSC or a failed attempt at getting lift off. Other theories from Peter and Phil welcomed. lol

[davidkip] 01/11/2018 17:03

Peter - lol, just lol.

[philobeddoe] 01/11/2018 16:55

Peter - if the clingons truly believed half the negative tripe they write they wouldn't waste another second of their lives doing their best to destroy shareholder morale and paint those associated with this share in a bad light! Shares that are truly dead have no trolls trolling them because theres no need for them to do so anymore as they know it's game over for such companies. Here, as with the TI situation, the clingons just don't know for sure what will happen, there's a degree of uncertainty in them - regardless of how well they try to hide it that degree of uncertainty is most definitely there - them being here day after day 24/7 is proof enough of that! And it's that degree of uncertainty that is keeping them here - ie they feel compelled to have to keep trolling & pushing their negative agenda! Of course they could walk away and live normal lives if they wanted - get a job, find a normal hobby, spend time with the family etc - but then again anyone who spends 4 years trolling a share they don't hold 24/7 is anything but normal! - any psychologist would tell you that! Look at Nigel and Roy for example! 😁

[petersmith6] 01/11/2018 16:15

I can think of 4 companies who in the early days days with moneyBlock and Quayle Microsoft ASOS Apple.So don't be to quick to judge

[andy] 01/11/2018 16:00

David,


" cash is king. And at RAP it is 'king absent."


Very good!

[davidkip] 01/11/2018 15:53

Quick glance at the RAP accounts.

Hmmm.

Auditors raise their revenue recognition policy as an issue. So let's skip the revenue (booked quite early on) and instead look at actual cashflow.

p16 cashflow is a good starting position. As WHET would say, cash is king. And at RAP it is 'king absent.

Cash receipts from customers has collapsed from £1.08m to £175k. Payments remain at £1.2m. The cashflow bottom line is rescued by a combination of £1,130,875 from issuing shares and £200k or so additional loan from the CEO (overall the company owes him a large chunk of cash).

Cash at end of June 2018 (post financing) was down to £124k. Ouch.

Assets are interesting - £1.8m of total liabilities and the net assets only positive due to assigned value to Montevideo and a new £4.7m investment in Screamcast. What this is and how it was generated is opaque - there's a reference to:

"The prepaid amount related to advertising in support of the USA and UK rollout. The prepaid advertising was sold to Screamcast Marketing LLC as of 30 May 2018 for contributed equity in the Company."

...although how £1.7m of prepaid advertising morphs into £4.7m worth of shares in Screamcast is anyone's guess. Whatever.

As an aside, in usual sloppy style they can't get the name of the company correct. In different places it is referred to as "Streamcast", "Screamcast Marketing LLC" and "Screamcast Media LLC". As CliffPeat notes, all three spellings throw up little of note on the inter web (following a similar pattern with the mysterious £3m+ valuation of Montevideo, whose only namesake on the inter web seems to have been dissolved). Whatever.

But the key thing appears to be the (lack of) cashflow and the absence of cash in the coffers. Unless customers have suddenly started to actually pay for the products from Aug onwards, RAP must be pretty much running on fumes by now.

I can see why even the combined corporate genius of team-WHET might be feeling just a tad hesitant to throw good money after bad (or as SB would phrase it, is taking a prudent approach by looking for evidence of a turnaround before committing further).

Barring a miracle (ie a sudden flood of cashflow from sales) this has all the body language of something about to go bust - bullish statements from the CEO and Chair notwithstanding. As WHET says, cash is king.

[skinnybasoo] 01/11/2018 15:32

Darren did say it was unrelated to shares Andy. Although, if you listen to anything he says you're going to go mad...

[andy] 01/11/2018 15:31

Roy,


They've named two people now, and in both cases the people supposedly named are still posting here, suggesting either they've got the wrong people, or the people concerned are not worried.


If there was a TI case to answer, surely they would be going down that route rather than trying it ID people on a BB?

[roydyor] 01/11/2018 14:19

No celebratory posts from Darren, I take it that he lost his battle with Ginger.

[roydyor] 01/11/2018 13:46

Or Stephen Moscicki is trying to offload FGCN shares. :)

[andy] 01/11/2018 13:44

Roy,


I wonder if a stockbroker being appointed to GEM means they are going for a listing here soon?


It looks like they work with tiny companies, such as Bluebird, so looks like a fit.

[roydyor] 01/11/2018 12:57

David,
Harriet certainly ties GSC in with those that were running WRN, if there was any doubt.

[roydyor] 01/11/2018 12:10

Skinny,
That is possible, but after seeing the cash flow situation of RAP a delay would be likely to send RAP looking for another source.

[arthur_lame_stocks] 01/11/2018 11:55

Maybe they can't exercise the warrants because GSC's cash is frozen by the authorities under POCA?

[skinnybasoo] 01/11/2018 11:53

Maybe regarding RAP they've negotiated an extension to the options decision? Perhaps they need more evidence of it performing? Seems like a very cautious and good way to run things imho

[vaneric1] 01/11/2018 11:53

Is he Paula's tipster?

[roydyor] 01/11/2018 11:52

David,
Arthur and I were wondering whether Allan can still trade shares in GSC and WHET if he is the subject of a POCA. Could he use Finsbury somehow?

[arthur_lame_stocks] 01/11/2018 11:21

According to Roy he specializes in Dentures and Implants. Could be useful when asdfgh2 catches up with them in a car park at the Trafford Centre.