Worthington Share Discussion Threads

[sweet karolina] 03/11/2018 11:32

David,

Fully agree with your views on RAP corporate governance and abiding by disclosure rules. A convenient change of auditor has no doubt helped with passing off the valuation of assets.

However if you are seeking a dual listing, is it not a good idea to comply with the basic disclosure rules for any market?

It is entirely possible that at some later date WHET and RAP will concoct something around the warrants which have officially expired.

[davidkip] 03/11/2018 08:17

SK - "WHET may not be subject to market disclosure rules, but RAP is."

I'm not sure how strict the SIX rules are. A whopping £4.7m investment in S(c/t)reamcast has appeared in the accounts, apparently as a result of £1.5m of prepaid advertising. That's nearly doubled the net assets. Did that (very material) event get announced at the time?

I'd read very little into the silence on the option expiry therefore, esp given how sloppy RAP are corporately (the vanishing CEO shares, inability to spell their major investment, etc etc).

[sweet karolina] 02/11/2018 18:48

ALS,

POCA has been applied to specific AB assets. It may be applied to the GSC shares in AB's name (I have my doubts whether he put up the money and is truly the beneficial owner). I see absolutely no reason why POCA would apply to WHET just because of AB.

Andy,

Without a liquid listing, which enables them to raise quite a bit of cash very soon, RAP will go bust; so of course RAP is "committed" to a dual listing. The issue is can they find an exchange that will have them and if so can they afford the prospectus, DD and listing costs? With no more of WHET's cash coming RAP's way, who else is going to be daft enough to provide the reddies needed for a company with an obviously flawed business model and assets which would seem to be massively overvalued, if indeed they exist at all?

[andy] 02/11/2018 18:21

PAP are still saying they are committed to a dual listing.


I guess they are looking for an exchange where there will be some punters, and news may create some liquidity.

[arthur_lame_stocks] 02/11/2018 18:20

I still think WHET simply can't due to AB's assets being frozen.

[arthur_lame_stocks] 02/11/2018 17:48

They're not the only ones keeping a low profile.