Worthington Share Discussion Threads

[jackjackjack1] 23/2/2020 15:04

DD will be back tomorrow as GF will have left

[jackjackjack1] 23/2/2020 13:30

If there is news are the share holders going to get anything from this I am a share holder and have along time ago resigned myself to the thought that these shares are dead. As someone said RIP wrn /whet and I think it’s true. As for big mouth he is planting seeds that he can’t grow . If he does grow them and I hope he does they will be very costly to him and he will lose most if not all his money time will tell. Please grow seeds please grow

[knigel] 23/2/2020 11:02

mizman1, were's the updates and news for the shareholders? That's what should matter to you.
Not what some big mouth bloke is saying who appears every few months repeating the same threats...

[mizman1] 23/2/2020 07:20

Where are you Dazza? Hope this Corona virus has not got you.

[jackjackjack1] 20/2/2020 08:17

He is in impiana hotel gf leaves Sunday so he will be about then

[johnbri4] 20/2/2020 07:43

I know exactly where he is and that he is back in the UK in March.

[knigel] 20/2/2020 07:05

Perhaps he's stuck on a cruise liner?

[davidkip] 18/2/2020 15:32

Roy - ah yes, you're correct, I was sloppy not delving into the table that followed. £962k to Wavetower as you say (but presumably could get an additional chunk as part of the final distribution?)

[roydyor] 18/2/2020 14:59

Talking of Whetstone Nigel, RAP are suffering a bit today with a large seller on the ask.

[roydyor] 18/2/2020 14:30

£1.8m settled with Wavetower? I thought it was nearer £800k? If so that will not leave much after the amount already spent pursuing Rangers/BDO , Ahmad and Green.
Edit
£962k. The amount released back to the estate was just over £1.8m.

[bbmsionlypostafter] 18/2/2020 13:30

Anyone ever discover why the main thread was deleted? Any blue member care to enquire of ADVFN?

[knigel] 18/2/2020 13:17

..and let's not talk about Whetstone.. who knows what will happen with the son of Worthington ..

[davidkip] 18/2/2020 13:08

"back to life"

A re-listing (ie as a plc on a public regulated exchange) - given the history of WRN, this has to be the remotest of remote possibilities in my view.

But also, WRN doesn't need to come any further back to life in order for there to be distributions to shareholders and creditors, that can be done via the liquidation. The only relevant thing there is whether there is a large enough quanta of money coming in to clear the secured and unsecured creditors, to leave something for bottom-of-the-list shareholders. That's a big ask but they (the administrators) are clearly letting this story run, just in case. It's entirely possible that creditors get something but shareholders nil (and unless there's a really big payout somewhere, that is the most likely outcome).

People will of course receive money - that £1.8m settled with Wavetower for example. That cash doesn't evaporate. But there are mouths to feed before any of that money comes to shareholders.

[jackjackjack1] 18/2/2020 12:09

Yes but does the share holder get anything back and will the company come back to life

[jackjackjack1] 18/2/2020 12:09

Yes but does the share holder get anything back and will the company come back to life

[davidkip] 18/2/2020 12:05

The liquidators may be taking the (reasonable) view that, whilst there remains a possibility of monies coming into Sevco that could then be used to pay WRN creditors, it is prudent to keep WRN ticking over.

[roydyor] 18/2/2020 10:04

The little progress top secret report!!!
For their information H & J are chasing up Green and Ahmad with little success. Although it should keep the kettle boiling for another couple of years now they have got a bit of money in the kitty.

[spikeyj] 18/2/2020 08:36

DD used to claim that the liquidators wouldn’t manage
to get paid any of their fees unless they agreed some
magical deals that would enable WRN to resurrect. but
as one might expect, liquidators find ways to get paid.

[sweet karolina2] 18/2/2020 07:54

david,

Whatever does finally come to WRN from the Rangers case, and I agree it won't be much, will only be a small fraction of the £12m owed to creditors.

[sweet karolina2] 18/2/2020 07:51

Was hoping the progress report would give a clear end in sight and therefore closure to WRN shareholders, but alas their suffering goes on and no doubt some unscrupulous people will still prey, for their own ends, on the delusion that it might one day rise from the ashes.

Just the FCA investigation into AE - was supposed to be concluded in Jan and WHET's fully audited annual accounts to look forward to now.

[davidkip] 18/2/2020 07:50

If you go back thru the RNSes (with a degree of professional skepticism as to their accuracy and completeness) you get a sense of the liabilities those subsidiaries might have. (Some or all of which might now be different with H&J in the mix). There’s every chance that the bulk of the RFC settlement will get dispersed at the subsidiary level, with minimal amounts left to come to WRN. As it stands, there isn’t enough available at the WRN level to pay the projected £50k rump of liquidators fees.

[sweet karolina2] 18/2/2020 07:41

Liquidators progress report now live:



Just £80k net received from Rangers case. Might be a bit more to come after all the subsidiaries involved with the case have been wound down - no sign of further claims beneficial to WRN.

Investigation ongoing. The liquidation rumbles on for another year clocking up an estimated additional £50k.

No change to previous reports - WRN Shares are WORTHLESS