Worthington Share Discussion Threads

[davidkip] 18/2/2020 07:41

And overall, £161k of realisations to date (largely RFC and selling the boiler room) have been matched by £134k of legal and other fees, leaving a modest £27k in net asset realisation.

And before shareholders get excited by the prospect of a dividend (distribution), they should note there are substantial sums owed to secured and non-secured creditors, all of whom need to be paid first before any distribution to shareholders.

[antondec] 18/2/2020 07:39

Who is funding this imminent legal action?
Who is it on behalf of ?
Liquidators report shows the reality !

[knigel] 18/2/2020 07:39

Meanwhile Picto is still happy, chilled and relaxed. Nice to know.
Doubt it's the same opinion for most small shareholders . They just want answers and a conclusion.

[davidkip] 18/2/2020 07:34

A good example of The Lord Giveth, The Lord Taketh Away.

£80k received by WRN from the Rangers settlement in the last year ... immediately swallowed up by £87k of liquidators fees.

WRN still (indeed, one can argue it always was) an empty shell with hungry mouths ready to catch any crumbs of nourishment tossed into it.

[johnbri4] 18/2/2020 05:13

WRN/WHET. R.I.P.

[spikeyj] 16/2/2020 18:11

? david, perhaps GSC still has the whetstone shares,
but has simply chosen to value them at the last price
used when those 8.5 million shares were placed, ie 0.1p,
instead of using last price that they traded on britdaq?

[spikeyj] 15/2/2020 21:02

DD was very active around the phase when GSC was dumping
that tranche in march ‘19. then he went quiet for a few
months, after stating he was not chapman. then he started
up spamming again in the latter part of ‘19, around the same
period when it seems GSC may again have been dumping whet
onto gullible punters, if david’s musing per 676 is correct.

[spikeyj] 15/2/2020 20:50

the game has always been played in plain sight.

[roydyor] 15/2/2020 20:37

As the Herald reported from the Craig Whyte book, anyone can carry on behind the scenes control.

On being disqualified as a director in the United Kingdom for seven years
"I didn't see the judgement as a big deal. Banning problem directors doesn't curb their activities. Anyone with half a brain can get around it and it means the authorities can't monitor them."

[roydyor] 15/2/2020 19:46

I think you were right in thinking a Mr Big had to be paid back, we will probably never find out who.

[spikeyj] 15/2/2020 18:43

roy, was it you, you old rogue? - all
this time you’ve been pretending that
you weren’t keen on WRN/whetstone, but
maybe all along you were just deramping in
order to get a cheaper entry before Xmas.

[davidkip] 15/2/2020 17:49

So here's a curious thing.



The micro-accounts for GSC. [They're not a plc so the accounts are extremely brief and unaudited].

There are £46k of net assets. That is £120k of currents assets and £74k of liabilities.

But GSC had 8.1m WHET shares at of the (Aug 2019) Whetstone CS, and the last trade in WHET on Britdaq before it was suspended was at 3p. So that should be at the very least, £240k of assets.

On the WHET website it no longer lists GSC as a significant shareholder (what 'significant' means is unclear) but it does report AB and Lyle holding 2/2.5m shares in WHET (but they are PDMR).

WHET is currently at circa 66m shares in issue so 8m would be > 10% of the issued capital of WHET. But it's not noted.

The mismatch in the GSC assets and the lack of a significant shareholder statement now does make you wonder if GSC continued to dispose of its WHET shares after the record date of the CS (early Aug 2019) with the result that the accounts for GSC (upto end of Dec 2019) reflect a minimal (perhaps nil) holding of WHET shares by GSC.

[jackjackjack1] 15/2/2020 16:05

Ny any help here.hear your back soon and taking a lot on IMO

[jackjackjack1] 15/2/2020 13:35

Got in on NCYT at right time thought FGCN might come good lol

[jackjackjack1] 15/2/2020 13:27

How’s flagship FGCN going I would like to buy some

[dplewis1] 14/2/2020 21:23

KNIGEL - report this spam to the ADVFN problems board. It's ridiculous the amount of posts I've seen like this recently.

[knigel] 14/2/2020 19:56

A locked account...how "unusual" ...

[davidkip] 14/2/2020 16:55

Presumably it'll include the date for re-listing, date for filing the 2014 2015 2016 2017 2018 and 2019 accounts, and updated NAV to include the £100m claim?

[roydyor] 14/2/2020 15:57

Progress report for Worthington will be out in a couple of days, that is about a month earlier than last year.

[davidkip] 14/2/2020 09:17

GSC micro accounts up to end of 2019.

Note the share capital is 'not paid' (so can be ignored).

Net assets of £46k. Forty six thousand pounds.

And that's *after* GSC placed-out a large proportion of its holding in WHET.

Golly gosh.

[roydyor] 14/2/2020 08:50

Feb 14th, has anyone been sued like Chapman promised? The Walter Mitty book, Into the Bear Pit, is out today so lying seems to be the order of the day. I will be asking questions on it later after you have all read your copies. :)