Michael Edelson, serial director, and amongst other current directorships on the Board of Singer & Friedlander AIM3 VCT plc, has been appointed to the Board of WRN to assist Joe Dwek, current chairman, holder of over 17% of the equity and currently ubderwriting WRN's term loans, in seeking to merge, acquire or reverse WRN into a new business. WRN already has valuable property assets which have Change of Use potential, so the company might readily appeal to a private property company seeking a full listing.
The shares are thinly traded and have already responded to this recent appointment in anticipation that a deal will not be long in coming. The right deal should make this stock motor.

WRN has announced in its interims that the conclusion of the sale of three assets (January 2006) will leave the company with net cash of 4m and a number of options it can then pursue. Might make an interesting New Year punt.

WRN is on the brink of selling its largest property asset with the other two property assets scheduled to follow in March/April. That will leave it with a 4m cash pile plus a considerable quantity of tax losses. It will be looking for a shell deal as one of its options. It could make a good multi-bagger for anyone interested in a punt. The Chairman, Joe Dwek, has a considerable % holding (around 20%) so that acts as an insurance policy. The market for the shares is quite tight so large scale buys need to be implimented carefully to avoid the price moving against you; but it is also the reason why the sp will fly when a deal is announced.

Ss,

Given that CHP has doubled since I started buying last August on your advice, what is your target for this one over what period? Obviously you can't be definite so a conservative guestimate would do.

Thank you.

Annibendod, It is impossible to predict a future sp target at the moment. All the ingredients are there for a good shell deal - tax losses, some spare funds, a reasonable amount of shares held by the directors etc. If they link up with the right business I would hope for a 5 -10 bagger but until they confirm the property sales have gone through to give them cash in the bank the process of finding a deal cannot make much progress. The Board are in my view well enough respected to attract some decent propositions.

PS keep your Chaco in spite of 'tree shakes' - they will reward the patience we've all had - and very soon.

Hi Sharesure,

Thanks for your reply. I have absolutely no intention of selling a significant amount of CHP yet, not until you say so anyway!!! Ill respond more fully on CHP in due course on that thread.

As for WRN, being fully committed to CHP I was thinking of putting just a bit of spare cash into WRN but it looks as if I could add a little more to CHP until it takes off and then sell some to transfer to WRN, as you dont think WRN will move quickly at the moment. Is that a fair assessment? Am I correct in assuming the price of WRN is at the bottom based on current info?

One last thing, you say large scale buys need to be implemented carefully, how many shares should I be buying or how much money should I commit to a purchase in one go?

Thanks again.

annibendod, WRN may not move quite as quickly as I expect CHP to because the RNS on the latter is so close and in my view will be all that we have been wanting. As for what you commit to WRN that has to be your decision. You'll find that the nms in WRN is small, (10,000 shares from memory) so buying outside of that can attract a premium. The Board are a responsible bunch of directors in my view so I do not expect the sp to go lower from here on but how quickly they can close the property sales and then find a good deal is the question. I would guess not too long but it may be 6 months.

Ss,

Thanks very much. I'll hold off for now and add a little to CHP but still keep an eye on WRN. 10k shares max is okay for what I was I was going to commit to anything other than CHP at the moment.

RNS today:- the asset sale process seems to be capable of producing more than was envisaged:
Worthington to sell office block and factory in Macclesfield for 2.75 mln stg
AFX


LONDON (AFX) - Worthington Group PLC said it plans to sell its office block and adjoining factory in Macclesfield, Cheshire to The Printworks Chester LLP for 2.75 mln stg.

The sale will generate a loss on disposal of about 300,000 stg before selling costs.

The proceeds will redeem the mortgage on the property and eliminate all outstanding borrowings of the group leaving it with a net cash position.

Worthington recommends its shareholders approval the sale at an EGM.

However, it added that a 2.5 mln stg offer for the Keighley premises has fallen through with the purchasers withdrawing their offer due, it believes, to funding difficulties.

The planning application for the Eccleshill site continues to be considered by planners. If received it intends to finalise the agreed offer of 1.2 mln stg, it said.

newsdesk@afxnews.com

Building a modest stake in WRN should be worthwhile if you can take a 4 month view.

Anyone know anything about a Richard A J Hoy? He recently bought a 4.4% stake in WRN. The company is being tidied up into a cash shell and it is also looking for a new business to be reversed into it. Although it is not an easy company to buy a big stake in because of low volume the sp might respond well if the right business/investors get hold of it.

Richard Hoy has just increased his holding to 5.1%. Anyone out there know who he is or what he has ever been involved with and, more importantly, whether it was a success?

Stephen Wicks has just notified a 3% stake. Anyone out there know who who he is etc. or whether he might be linked with R Hoy who has 5.1%?

Today's rise of 3.5p seems to indicate that there is some activity going on in the background. If anyone can shed any light on who Richard Hoy and Stephen Wicks are I would appreciate the information. If you would rather not post that info. please use the email facility by my name.

The fact that so many sells have been shown over recent weeks and the sp stays at current levels points to someone hoovering up spare shares in the quantities that become available. An Autumn shell deal on this stock must be a reasonable play.

Today's interims followed by an unusually large Riskless Principal trade at the end might just be a cue to watch WRN to see whether the stakebuilding earlier this year is set to re-commence. A decent acquisition would transform WRN and its sp.

In July 2006 the Chairman, Yoe Dwek, announced that once the sale proceeds pf the company's Eccleshill property were received, the company would be in a much better position to acquire a business to resurrect the company's fortunes (last para. of the Chairman's statement in the Annual Report and Accounts.) Those funds were received today so the clock has started ticking for serial director and deal maker,Michael Edelson, appointed in September 2005, to do what it would appear he was taken on to do. Any decent deal that the company can do should transform the sp from its current level. It's been a long process getting this far but it looks like the deal making should all start happening much more quickly from now on.
There are two notifiable shareholdings which were built up last year.

Stake held by Richard Hoy has just been increased to 6+%. The property transactions/Planning Applications phase must be nearing completion/Consent. A shell deal must still be on the cards for this stock. on another Board there is speculation that that is about to happen although the sp/share trade volume doesn't suggest there is much to that rumour or the deal is a very closely guarded secret. If it involved Joe Dwek selling his stake then that would be possible. If/when it does happen, the right deal will propel this stock northwards very fast.

I had written these off as rubbish in spite of a very able chairman. Seems like he may be on the track of achieving a deal with them. Take a look at the sp graph and few announcements. It is a thin market so buying any sizeable number of shares is not easy. The company has some property assets with development potential plus teh full quote so maybe this time they might get a new direction.

It has taken forever but finally Worthington seems to be about to get a whole lot more interesting with today's Board changes. Quite a tight market for their shares but that also means that any further positive corporate steps will see this rise significantly in my view.

A new high today at 21.25p The two new directors are from a private company, Regenesis. Maybe a shell operation in the making?

Shouldn't the Co make an ann after a 5% movement in sp in so few days? This is looking like someone knows something...

They already did in stating the board changes and a few weeks back the stake those new directors have in the company. It looks like it is being readied for an injection of some private businesses - check out Regenesis' website to see the spread of companies they have - but the strengthening sp may be just them picking up more shares in the market.

The Regenesis directors are still picking up shares and now have around 23% of the current stock. Also announced today is another 7.5% holding owned by Liberty Capital, based in Geneva. Seems a lot of the share capital is getting tied up in a few hands. A statement of the new shareholders' intent must be imminent. Just a modest sized private company injected into Worthington should have a dramatic effect on the sp.

SP still crawling up to new highs. I suspect that the Liberty Capital stake will merge with Regenesis very soon and that will take the combined stake to over 30%.
It all looks very promising for such a small cap company.

A further rise in sp this morning. A further announcement re an increase in the new directors' shareholdings looks likely. In my view it is almost always a good sign when the board pays real money for their shares rather than load up with options at a preferential strike price.

If the budget contains the proposal to allow disused retail and warehouse sites to be used for residential development without the need for planning consent to change the designated use of the site this should benefit Worthington which has been trying for years to do just that with its former textile buildings. Recent interest in the shares would suggest that others recognise this as an asset play. It also has new mgt in the last year - reaching 28p on that news but dwindling since on the absence of any planning consents or other deals being found.

See today's RNS re planning application for 150 -200 residential units at Keithley. OK, so unit values are not going to be huge but then the mkt cap of Worthington is only £1.0m. even at £20k/unit that makes it worth £3-£4m on this site alone. Has to be worth that which implies a 30p-40p sp. over the next 2 months or so.

Ignore post 29. Today's RNS needs to be assessed for its impact first.

A deal at last. Looking good.

fantastic day and expect more blue next week

strong news flow here imminent

Surprised no press comment in Times today.

indeed especially as likely more blue Monday on the continued rerate

Worthington Group PLC announce first half profits of £8.7m

29/08/2014

By Jonathan Davies

Worthington Group PLC has released its Interim Financial Statements for six months ended 31st March 2014, reporting profits of £8.7m.

The £8.7m profit compares to a £5.3m loss in 2012/13. Worthington Group PLC's net asset position is now £5.9m as of 31st March 2014, up from -£3.5m for the 18 month period ended 30th September 2013.

Doug Aware, Chief Executive of Worthington Group PLC, said:
"I am pleased to be able to say that in the period covered by this Interim Report and Accounts the Company has made considerable steps forward.

"We are acquiring substantial assets in a diverse portfolio of industry sectors in the UK and world-wide. We are in advanced discussions with partners in the energy, mining and media sectors and expect to make a number of announcements very soon which will add to revenues in the next six months."

"Worthington Group PLC is close to completing a major oil and gas investment and expect to be able to announce details before the end of September," Doug Aware continued.

"At the time of writing we have reached agreement in principle to acquire a significant interest in an exploration company with exciting prospects in the rare earth sector. We expect to be in a position to make an announcement in relation to this transaction with the next seven days."

Worthington Group's portfolio of acquisitions and pending acquisitions stretches far beyond various aspects of the energy sector, as Doug explained: "We have reached broad agreement in principle to acquire a portfolio of media businesses and negotiations are expected to be completed shortly.

"Finally, we have broadened our legal claims portfolio so that claims in our litigation division now include both UK claims and also international claims with a total claims value of more than £30m. We expect to be able to update shareholders in relation to our claims portfolio shortly."

http://www.freshbusinessthinking.com/news.php?NID=23471&Title=Worthington+Group+PLC+announce+first+half+profits+of+%A38.7m#.VAGpdMlwbqA

Is this a Joke?

lol rob

good news out tomorrow morning - how many times will this bag from here?

https://twitter.com/WorthingtonPLC


Worthington Grp plc @WorthingtonPLC · 4h

Worthington team spending weekend preparing for more news Monday morning! Watch this space

Missed out on this one...but a sharp pullback is bound to come leaving some people with losses....careful....

depends rf - that twitter leak suggests a good news rns today - bbs are buzzing in anticipation - if not out by 8am will be blue - if out and more good news likely be blue again - there is a strong stream of news due here anytime from today as per the rns
gl

yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

It is a joke

Wait and see. Someone has bought Dwek's shares. I suspect that his decision to sell has more to do with personal circumstances than any reflection on where the company is headed.

Last Friday the RNS stated that news was expected within 7 days on parts of the forward plan for the company. Today or tomorrow then?

Up 33% today well done to all connections

up again today mitzy and expect more - barx not working this morning seems to have delayed buyers - working now buys coming back in
strong news flow still to come here anytime
gl

WOW! fantastic rns:

Worthington Group plc to expand global legal claims business with acquisition of £43m legal claim.

AND

Where fees paid to verify the claims delivers at least a 50% gross profit margin to Worthington
MOVING

more good news ref rangers
http://www.investegate.co.uk/rangers-int-f-c--plc--rfc-/rns/statement-re--settlement/201409120700104785R/

big news rns imminent - wont be this cheap for long - gla

Ask the CEO

An occasional series of Q&A’s with Doug Ware the Chief Executive of Worthington Group plc



Q. So the Company was restored to trading on the LSE main board about two weeks ago. How’s it gone?

A. Well the restoration has really been the culmination of a great deal of time and hard work by the Worthington team. It’s involved a complete revision of our strategy and our investments. In many ways the restoration was a major achievement, in some ways it’s just the start. I must say it’s been very exciting and a lot of midnight oil has been burned!



Q. The share price shot up in the first few days. Was that expected?

A. Yes it was expected as the company’s prospects have been completely transformed. It will obviously take some time for investors to get used to the new Worthington. We are not a fly by night newbie stock – we’ve been around for many years and we want to be around for many more years to come. We are here to build an international company, and there are few companies which have been on the market for 60 years with Worthington’s heritage.



Q. We notice that shares are down from their peak. What is the reason for that?

A. Two factors are at play. Firstly, when the share price has gone up by almost 1000% there will inevitably be profit taking from shorter term holders but, as the market wakes up to Worthington’s global ambition and pipeline of investments, we expect continuing investor enthusiasm.

The second factor is that actually being an old company we have lots of long term shareholders who, to be frank, have seen the price in the doldrums in recent years prior to the new team’s involvement. Many, understandably, have taken the chance to cash out but most of that appears to now have been absorbed by the market.



Q. You announced a Rare Earth deal. That’s an interesting move. Can you explain how it fits?

A. Yes it is interesting, and part of building a portfolio with the prospect of truly outstanding returns. Rare Earths are fascinating minerals which are used in a whole bunch of things from mobile phones to automobiles. It’s a super-fast growing market partly driven by the growth in technology applications and economic growth particularly in China. Greenland is almost unique in the world having virgin territory still to explore with what geology suggests could be world class potential reserves.
Any mining activity is not about quick revenues but it is about finding opportunities for long term returns. Mining costs are huge and you need deep pockets. We are following a tried and tested investment approach whereby we and our partners are investing in early stage exploration which is relatively in-expensive. Once reserves are proven we will look to exit to one of the big mining groups with deep pockets who will go on to exploit the reserves. If we do find the sort of reserves we are hoping for in this province then an on sale to perhaps a Chinese buyer is likely to result in a return to Worthington shareholders that is a multiple of Worthington’s current market cap.



Q. And what about your litigation portfolio?

A. We think this is really exciting with enormous returns. Briefly it’s a relatively simple business model where the outcome of the claims can only be in most cases: win, lose or settle. The risks and rewards are more clearly defined than in most businesses – i.e. how strong is the case and can the defendant pay? In an increasingly litigious world legal claims can distract claimants however big or small and lead to wasted management time and unplanned costs. By working with us clients are able to cap their costs and time input allowing them to move on with their day to day business. We understand that’s new territory for many investors to follow so we’ll be explain a lot more about litigation funding as an investment sector as we build our portfolio.



Q. How many claims do you expect to have per annum?

A. We would expect to have between ten and twenty claims in the next 12months. As we said, our minimum claim criteria is £5m



Q. What are the chances of success?

A. After screening the claims we receive, which knocks out most of those who come forward, our business model assumes 30% of claims will be successful 30% of claims will be settled and 30% of claims will fail with 10% of claims reaching no particular conclusion. We expect some cases to be settled within a year of our involvement whilst others will take longer.



Q. Your restoration announcement talked about oil and gas. Can you tell us anymore about that?

A. As we have already said we expect to make another announcement before the end of September and perceptive investors will have noted from the announcement that this is likely to involve a major investment.



Q. You also mentioned something about media investments?

A. In today’s world if you don’t have a clear understanding of and interest in modern digital media however persuasive your case is it’s unlikely to be heard. We believe that assembling a portfolio of fast growing media investments will ensure that we are both understood and that clients know that we are open for business. It’s also important while building a portfolio of investments to balance those producing potentially big but medium term investment returns, for example mining and litigation, with those producing predictable short term cash and profits. The media sector traditionally offers good cash flow and good profits from day to day trading as well as of course longer term profits from developing and selling on products.



Q. A lot of smaller investors have been burned by companies issuing shares at a discount. Can you give investors any comfort on this issue?

A. We believe that treating our existing investors fairly is a paramount consideration. We have already said that we will not issue shares at a discount. Investors will have noted that all of our transactions since I have been CEO have been at a premium to the prevailing market price – including the issuing of convertible loan stock at premium to the price when the shares were actually suspended. Any dilution of existing investors whilst I am the CEO will never be at a price that favours new investors at the expense of existing holders.

moving - major news imminent not forgetting the media deal to come, more litigation deals, rangers going well etc

Q. Your restoration announcement talked about oil and gas. Can you tell us anymore about that?

A. As we have already said we expect to make another announcement before the end of September and perceptive investors will have noted from the announcement that this is likely to involve a major investment.

more to come here 100p close now
yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa


Worthington Group said three weeks on from the restoration of trading in the company's shares it can report that progress is being made on all fronts.

The Company can confirm that work in the field has begun in relation to its Greenland Rare Earths Project, and a more detailed update will be given later this week.

The Company is also currently in discussion to add further substantial claims to its growing litigation portfolio. In addition, the Company's expects to be able to make an announcement in relation to its first media investment within the next seven days.

Doug Ware, CEO, commenting on its potential major Oil & Gas investment said, "Due diligence is well on track and, subject to final reports, we remain hopeful that we will be able to make an announcement as anticipated by the end of September".

Commenting on other developments, Mr. Ware said,

"We will also be making an announcement soon regarding arrangements that we have been making to enable international investors to trade Worthington shares in their local currency, thereby increasing the attractiveness of Worthington to internationally.

"This will serve to increase trading volumes, and therefore liquidity, in the Company's shares; this is an essential part of our strategy to build Worthington into a Global investment company. I am also pleased to report that our pipeline of international investment opportunities, at varying stages of negotiation, continues to grow."

At 9:13am: (LON:WRN) Worthington Group PLC share price was +4.75p at 36.75p

yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

on the move - taking positions

@Alexios1201: WRN
Tiny resistance at 75p area
Once 76.55p(261.8%) breaks, 100p minimum and next fib expansion target of 122p(425%)

This is wave3

BULL

yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Great to see a CEO doing what he says he will do. Today/tomorrow - looks set for another building block to be put in place.

Frankfurt listing RNS as promised by the company. Nice to see that shares cannot be nakedly shorted since that was reckoned to be a problem with Frankfurt in the past. US listing being planned Q1 2015.

yep 4 more rns to come :-)

more tomorrow & fyi

Shares outstanding 12.87m
Free float 8.49m

http://markets.ft.com/research/Markets/Tearsheets/Summary?s=WRN:LSE

A possible 10 /20 bagger imo.

Well done here you lot , good call.

Isn't this the company that was restored to market at 0.6p ? or something like that...now 90p......??????....incredible.....or have I got things wrong here....

Ask gibby he is the man or Sharesure of course.

cheers jimmyb
agreed mitzy
surprised required
atb

RF, Slightly. Suspended at 3.25p.From suspension it shot to around 32p straightaway. There is a lot of news flow in the pipeline and the businesses which it is now operating in should propel it forward at a fairly swift rate given its low current market cap.

Up 10% right now.

yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Up 25% is this correct.?

Yes, but a 6% spread.

Well....I kept on thinking...not sure (and this was around I think 16p).....and then 30p...same thing ....etc....now 120p or so.....aggghhhh...

It's not possible to be in them all, rf! Just be aware that this has gone up very fast.......much like QPP & COMS. The hot money may not last long.

Up 30% at Midday.

and again rns :-)

RNS out.

StockMarketWire.com
Worthington has announced that survey work has begun in the Paatusoq field by EON Geosciences Inc, one of the world's top teams of geophysicists with extensive artic experience on the ground.

The geophysical survey of the field is the prelude to a multi-phase, field program in 2015.

The Company also reported that a further agreement has been reached whereby it will, subject to the successful conclusion of GREP's negotiations to acquire a neighbouring License ("NL"), invest a further US$500,000 in order to purchase an additional 10% interest in GREP. This will help finance working capital and assist GREP in the purchase of the NL; this, together with Worthington's existing GREP shares and options, will increase Worthington's interest in GREP to 51%. In order to finance this second phase of the GREP investment, Worthington is placing up to GBP 500,000 of unsecured convertible loan notes ("UCLN") with specialist investors.

The UCLNs will pay an interest coupon of 4.5% per annum, they are convertible at any time after three months from the date of issue, at the option of the loan note holders, into Worthington ordinary shares at a price per Worthington ordinary share of £1.70. To the extent that the loan notes have not been converted within three years from the date of issue, Worthington may elect to, either redeem the loan notes for cash, or issue to the Loan Note holders new Worthington ordinary shares at a price per Worthington ordinary share of £1.60.

Finished up 33% on the day thanks Harry

this has really made the grade this week.

Looking good for a rise of at least 30% tomorrow.

Opened up 20% .

:-))))))))))))))))))))))))))))))))))))))))))))))))))))))))))
gl mitzy and everyone

Glad your happy.

Sort of reminiscent of Belair Cosmetics - anyone remember that company? 13p/share to c.£24/share in one year. It won Daily Telegraph 'Share of the Year' competition for me and 3 other shell spotters. Those happy days of finding shell companies - I thought that that era had passed away for good!
If the plan here goes according to the mgt's' aims the last 3 months of the year could be a tremendous ride.

Cant remember Belair are they listed.?

Cannot find them now. They were a shell back in the early '80's. Showing my age!

That's fine Sharesure it happen here you never know ..

What price do you see these going to..?

It's impossible to predict that, but the business model seems pretty straight forward. The legal case stuff is probably very lucrative and on the law of averages should be fairly easy to predict on a cash flow basis once the company can show the track record of wins v losses. (I am sure that they already have a good idea of that ratio and so would their bankers, Close Bros.)
Then get that 'run of the mill' stuff to fund the more speculative, but potentially much higher risk/reward ratio stuff like Oil & Gas and Rare Earths exploration. If the first part of the plan goes well they should not ever be in the usual explorers' nightmare of doing all the hard work, running out of money, and then getting taken to the cleaners by a second stage funder.
To me, this looks like a stock to stay with. I know on another board there are some detractors but my hunch is that they haven't thought about this in the right way. We'll see who is right soon enough, I suspect. I am staying with it. As the start date of the thread shows this has been a long time incubating.

We are up 50% now what an amazing share I'm not selling still adding I remember buying Asos at the low could have made millions.

.

yeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Sharesure could this go to 2500p just like Belair cosmetics did .. theres a thought.

Calm down you'v just had about 650% in a few days .

I imagine Gotham City are burning the midnight oil compiling a defamatory press release and itching to short this!

lol gotham city - another rns due tomorrow o&g major news.................and more....
:-)

lol jimmyb

could do mitzy lol - remember asos when it was under 10p :-)

300p + today the real big rns everyone been waiting for - you may not be able to buy easily though hardly anything available
gla

A 60% rise yesterday will it continue today.

Also, once the selling starts, will everyone decide it's time to take profit rather than lose the whole thing?

Could be right Harry down nearly 20% on profit taking.

Nobody will be surprised that there has been a drop; that was inevitable after the sp performance since the re-quote.
Next deal should be imminent - oil & gas sector this time? Will be very interesting to see what they have in mind on that front.

I look forward to the announcement Sharesure.

Frankfurt listing seems to be in place.

StockMarketWire.com
Worthington has reached agreement to invest £12.5m in CPS Energy Resources Plc, an oil and gas exploration company focused on Africa and working in partnership with Oando, one of Africa's largest oil and gas exploration companies, listed on the Johannesburg Stock Exchange.

One of Oando's trading subsidiaries, Oando Energy Resources Inc, is listed on the Toronto Stock Exchange.

Currently, the principal asset of CPS is an 80.75% interest in Oil and Gas Block OPL 236 which, at over 1,600 Sq Km, is one of the largest concessions ever granted in Nigeria. The Block is onshore within the oil rich Niger Delta, and is surrounded on each side by proven oil and gas fields, including the Shell Imo River fields which are Nigeria's largest onshore fields with oil production rates of approximately 25,000 barrels a day.

going like a train for the brave, and very much against the wind too

cheers cynic, share, harry

is everyone's moneyam working ok?

No, it isn't. Do they have a problem?

well all afternoon for me moneyam has been extremely slow or just not loading up at all - it is the only site I have a problem with so must be moneyam - except iplayer just now which is a known bbc problem being fixed - may have to look for another platform so frustrating
atb

well all afternoon for me moneyam has been extremely slow or just not loading up at all - it is the only site I have a problem with so must be moneyam - except iplayer just now which is a known bbc problem being fixed - may have to look for another platform so frustrating
atb

crikey so slow the post came up twice

.

Senior Appointments to Worthington Group plc and Statement regarding CPS Energy Resources Plc.

http://www.moneyam.com/action/news/showArticle?id=4898610

40p anyone?

Hope not and doubt it too. It says something that the sp has stayed at the current level given what appears to have been a fairly big shorting exercise coupled with some less than flattering press comment, some of which the company has only itself to blame for eg spelling mistakes in its RNS'.

".....has stayed at the current level...." We must be looking at different charts!

WTF. I wasn't thinking of selling any for the time being so fluctuations in the sp are somewhat immaterial. As to whether I would buy more depends upon whether I get any answers to my queries and if I am satisfied with them.

No problem. Of course the decision to invest is yours, but sp has fallen another 10% while we have been posting!.
Just as another warning and I am sure you are following posts on other BB's, but another controversial topic is Warrants and best summed up buy TX2 on the iii website:
" I remind interested parties that there are 20 million warrants outstanding which can be converted into shares @ 5p in favour of the then vendor of Law Financial who was paid with a £1m Convertible Loan note which can be converted on these terms (please see RNS from April last year for confirmation of details);there are in addition a further 15m + warrants available for conversion on various dates at between 5p & 10p.(Please see accounts for confirmation).These dramatically dilute present shareholders interest.
As these warrants are "in the money"(ie the current shareprice is in excess of their conversion value) it is normal to assume they will in due course be taken up."

the chart tells you all you need to know ...... rocket and stick!

Harrycat, Have you forwarded that extract to the CEO on WRN's website? Given all of the changes in the company structure that have taken place it would be interesting to hear what the Board have to say about those warrants.

Trading Statement
The Company is pleased to confirm that it is making excellent progress in its key investment areas:

Media - In relation to its existing portfolio of media investments, the Company is able to announce that bookings for the Great British Entrepreneur Awards, due to be held in November 2014, are more than 50% up on the same period last year. The judges this year include Sir Malcom Williamson, Chairman of Friends Life Group Plc, and Peter Ibbetson, Chairman of Business Banking for Nat West and RBS. The "Great British Entrepreneur Awards", "The Digital Marketing Show" and the "Britain means Business Expo" - all now owned by Worthington - are collectively the largest events taking place in the UK as part of the "Global Entrepreneurship Week" activities in November 2014. Over 10,000 visitors are expected at these events which take place at Excel and Old Billingsgate.

Supporting these events, the second edition of the "Britain means Business" magazine, also now owned by Worthington, will be published in November 2014 and will preview the inaugural "Entrepreneur Power 100 list" of the most influential supporters of UK entrepreneurs.

Further media investments are due to be completed within the next ten days which are expected to add significantly to Worthington's income stream.

Legal Claims - the Company expects to be able to announce details of the acquisition of two further substantial claims within the next seven days.

New Investments - the Company is also in discussions to acquire a significant number of new investments. They include: a majority interest in a substantial international, profitable and cash generative clean energy company; a significant minority interest in a private mining company with large proven reserves which is expected to be quickly cash generative; plus a substantial interest in a listed mining business; and also the acquisition of majority stakes in oil and gas producing assets.

The Company expects to be able to report further in relation to these investments shortly.

Rare Earth Elements - Worthington is pleased to confirm that its partners, NunaMinerals A/S (COPENHAGEN: NUNA.CO / NUNA.DC) and exploration partner Greenland Rare Earth Projects Ltd (GREP) have announced that, on Saturday 4th October 2014, they successfully completed a helicopter-borne radiometric survey at the Paatusoq Critical Metals Project in South East Greenland. A total of 1529 line-kilometres of data acquisition were conducted by EON Geosciences Inc. of St-Laurent, Québec, Canada. The geophysical program was funded by Worthington and its partner GREP under an Option Agreement with NUNA announced by the Company on 1st September this year.

Ole Christiansen, CEO of NunaMinerals stated,"The successful acquisition of airborne radiometric data is a significant development for the Paatusoq Project. The Gardar Alkaline Igneous Province of South Greenland is one of the best exploration addresses for critical metals globally, with several world-class deposits under development. As well as being one of the largest intrusive centres in the province, Paatusoq is also an entirely virgin exploration target. The newly acquired geophysical data will allow us to generate and prioritise exploration targets for our 2015 field program with Greenland Rare Earth Projects Ltd"

Doug Ware, CEO of Worthington commented: "We are very pleased to be on schedule. We expect that final data will be with NunaMinerals by November this year and will be used to delineate exploration targets for the 2015 field program. This will target the rare earth elements, niobium, tantalum and zirconium (+/- uranium, thorium) minerals. The Company will be reporting back to investors as soon as that data is available". Full details about NunaMinerals, including their announcements, can be found on their website: www.nunaminerals.com.

Looks like this company is complete rubbish !.....if you are interested in rare earth minerals check out a few other companies that are up and running....it was great for a superb profit for a week or so....but the company looks like all nonsense....

Spot on there rf! Their trading statement is so thin on facts that I can't believe they actually released it.
Bizarrely the sp is up 20% on the back of it!

It looks like a cowboy firm....unfortunately they breed well in the UK....

In fact what do they own ?......I could write out the rubbish they have just posted !...

Now up 62% on the day! There's money to be made in........... the short term!

Just can't bring myself into buying this......I reckon a crowd of barrow-boys that have set this company up.....sharp suits...ties....bollocks bla...bla...bla....and here you are...there in all the quick buck schemes...still I wouldn't mind making a bob or two out of this...but .....

If you want a laugh have a look at the LSE (London South East) discussion board!
http://www.lse.co.uk/ShareChat.asp?page=1&ShareTicker=WRN
If you want to make a quick buck, then best get in & out quick first thing in the morning.
Just try and not get sucked in to the banter from a load of people who either have their own agenda or who have absolutely no idea what they are doing!

RF, well, don't. The company doesn't need short termers. It's anyone's guess whether the deals will prove good or turn sour, and if you are going to be nervous all the time, just move on to something else.

did you need to be quite so waspish?
my own view is that this company is best avoided
though it may come good, and there are a number of spivs who reckon it will, the gyrations of the share price do nothing to instil confidence

Rf is always nervous.......all of the time! I remember him in the days of the Falkland Isles drilling. Most of his trading is done because his twitchy finger hits the 'Buy' button by mistake!!! ;o)

Steady on guys !.....my problem is that I can't watch all the time, so jumping in to these companies that rocket and crash makes me nervous....the Falklands will be back on the agenda next year big time !....along with the Atlantic margin (Irish west coast) it seems....

rf - my advise to you and all others who don't want a roulette-type gamble, is to steer well clear

Cynic, was it me you thought was being waspish? I just think that if you haven't got a strong appetite for risk then these are the sort of shares to stay clear of.
Anyway, I have just bought a few more although that isn't yet showing on the trades.

See RNS this morning. Suspended at company's request under Rule 5.6 - temporarily. Should be quite a salutary moment for any who have shorted this stock.

You assume that the news is going to be good.

Is that police sirens I can hear ?...

I think rule 5.6 is about voting rights but would not be surprised to see this return from suspension with another deal as well. A Friday suspension would give the whole weekend to finalise it. May be wrong but it could be tactical.

lol rf that made me laff :-)

could be sharesure - several rumours flying around

gla

17th October2014

Shareholding notification
The Company received notification on 10th October 2014 that Liberty Capital Ltd, (in liquidation) ("Liberty"), a British Virgin Islands registered Company, had disposed of its entire holding of 1,980,000 ordinary shares in the Company. Bearing in mind that the company was notified on 3rd September 2012 that Liberty no longer had a notifiable interest in the Company, and had received no further notifications from Liberty, the Company has undertaken a verification exercise to ensure the authenticity of the notification. The Company is now satisfied that the notifications received on 10th October 2012 are correct. The Company has not been able to establish whether the shares sold by the liquidator of Liberty were held beneficially for Liberty or not.

Commenting on the news Doug Ware CEO said: "It is good that this finally draws a line under the involvement of Liberty as a shareholder of the Company, and that this legacy overhang of shares has been removed. We welcome our new shareholders, and look forward to a bright future as we continue to build the Company into a large scale international investment Company, we will be making a further announcement in this regard very shortly".

Apparently a Q. and A. with Doug will be up on the website today.

Q. and Answer is up!!





http://worthingtongroupplc.com/ceo-questions-and-answers/

Apparently due an RNS later in the day if all signatories have agreed. Whether it is worth striving for a re-quote right now in this market is a moot point. I would rather that is left a bit longer - to coincide with the rare earth metals project issuing a positive update? Or a court case settled?

Apparently not!

StockMarketWire.com
Worthington says it is making good progress in its negotiations to acquire substantial new investments.

It is anticipated that these negotiations will be concluded shortly and that any associated fundraising will be completed at a significant premium to the company's share price at the date of suspension - reflecting the radically enhanced profitability and prospects of the company resulting from the transactions in question.

It has also been agreed that once the suspension of trading in the company's ordinary shares has been lifted in London, in addition to the commencement of trading in Frankfurt, the company's ordinary shares will also be traded in Stuttgart until 9 p.m. GMT each trading day.

This is in keeping with the company's policy to increase the volume of trading in, and therefore liquidity of, the company's ordinary shares - thus enabling the company to complete progressively larger transactions.

Chief executive Doug Ware said:"Having worked extremely hard over the last two years to secure the company's future and provide a platform for rapid growth, we are delighted that we are entering this new phase in the company's development. We are confident that the transactions under negotiation will not only radically enhance the company's prospects but, in terms of scale, allow the company to acquire and finance even larger, earnings enhancing and growth accelerating, investments over the coming year.

"I am very grateful to the Worthington acquisition team, headed by David Winduss, for the sterling work they have performed negotiating and progressing these investments and associated financing. We expect to be able to announce details of these transactions within the next two weeks."

It would be great, but of course entirely a coincidence, if these came back from suspension simultaneously with a number of positive announcements, wouldn't it?!!!!!! I don't think that I would like to be on a short position and have no sympathy for those that are.

Bought in just before suspension... I'm hoping for good things from this this coming week

24th November 2014
FOR IMMEDIATE RELEASE

Update

Further to the Company's announcement on 10th November, the Company will be applying to lift the suspension of trading in the Company's shares shortly and will be releasing details of the transactions at the same time.

Commenting on developments, Doug Ware CEO stated "we have used the period of suspension to advance major new investments which we believe will add greatly to shareholder value. We are therefore pleased that we will shortly be in a position to apply for trading in the Company's shares to be resumed"

We'll find out soon then as to what's happening..I just bought 2k shares @87p just before suspension so I'm looking forward to seeing what the SP will be on it's return to market!

from what i've read, you should be well in the money with those

skyhigh, good move. I did the same but had to pay slightly more. If the deals live up to the mgt's comments and there are a lot of short positions outstanding (anyone know if that is still correct?) then this should slingshot the sp much higher. From the company's Q&A sessions on their website I wouldn't blame them for making sure the detractors get burnt.

.

Looks like a possible re-listing this week. My hope is that that coincides with an update on the Rare Earth Metals venture. A sniff of that being a winner would put a rocket under the sp.

Could be an exciting New Year!!






Statement from Doug Ware CEO re the restoration of trading in the Company’s shares

Monday December 22nd 2014

We are keen for the restoration of trading to take place as soon as possible so that we can complete a number of important transactions.

Whilst we would like trading to recommence as soon as possible, we are currently consulting with the FCA in relation to ten transactions and so understand that, whilst the FCA are being as efficient as possible, we may need to be a little more patient. We expect to hear further before the New Year.

Assuming that the FCA agree with us that none of the transactions involve an RTO, we will be well placed to complete these and other transactions, using the same structures in future. To that extent, the period of suspension to clarify these points, and finalise key investments, will prove to have been in the best ongoing interests of shareholders as we progress our plans to build a successful global investment company.

Doug Ware, CEO

Interesting RNS today and predictions. Hope these come good in the way envisaged by the company's mgt. If so, this will be 'share of the year 2015'. Looking forward to being made very happy by it!

Good luck everyone.

tasty rns - fantastic

there'll certainly be a bob or two to be made if you're quick enough

It should be exciting to watch trading start on four different markets.


Frankfurt - opens at 8.00am ( which is 7.00am our time ) until 7.00pm OUR TIME.

Stuttgart - opens at 8.00 am ( which is 7.00am our time. ) until 9.00pm OUR TIME.

London, 8.00am until 4.30 pm

New York. OUR TIME = 2.30pm until 9.00pm.

Update
Further to the company's announcement on 12th December 2014, the FCA have now issued the company with guidance in relation to the transactions that the company asked the FCA to review pursuant to Listing Rule 5.6.4 (Reverse Takeovers). In the opinion of the FCA, following these acquisitions, the Company is, or will be, a fundamentally different business and therefore the transactions constitute a reverse takeover. Whilst the Company believes the arguments are finely balanced (in the Company's view, Worthington was an investment business prior to the transactions and will remain one following the transactions), the Company respects the FCA's view on this. Therefore, the Company's original request to suspend trading in the Company's shares remains in place pending a re-application for listing of the Company's shares and the issue of a prospectus.

The Company has already begun work on the prospectus and will seek to complete it as soon as possible. Once completed, and the application submitted, shares are expected to subsequently resume trading in London and also be traded in Frankfurt, Stuttgart and New York.

Following successful completion of the acquisitions, the Company will have substantial interests in litigation funding, media, clean energy, mining, oil and gas and property. Geographically, the Company will have significant investments in the United Kingdom, Australasia, Africa, North America, and India. Consolidated net assets of the group, following conversion of loan notes used to finance investments and before minority interests, are expected to exceed US $2 billion and generate net profits in excess of US $20 million in the first full year following acquisition, with substantial growth expected thereafter. Net assets per share, after financing costs and on a fully diluted basis, are expected to substantially exceed £5 per Worthington ordinary share.

The Company is in the process of preparing its audited accounts to 30th September 2014 and expects to hold its AGM towards the end of March 2015. The AGM notice and accounts will be available on the Company's website in due course.

Commenting on the news, Doug Ware CEO commented "Whilst ideally we would have liked to avoid triggering a reverse takeover, we respect the FCA's decision and will press ahead with completion of the Company's prospectus. I'm delighted with the progress that we have been able to make with these acquisitions and our pipeline of investments continues to grow. I would like to express my thanks to our shareholders for their patience and support during this process. In addition to these investments, the acquisition team will continue to progress new transactions which we believe will add further to shareholder value but which, once having produced the prospectus, will not trigger any future RTOs."

£5 + really, this must be some deal.

StockMarketWire.com
Worthington Group has decided not to proceed with an investment in CPS Energy Resources and confirms any such investment was not included in the company's calculation of consolidated assets, profits, sectors or geographic locations announced Jan. 9.

Announcement of Results
The Company will be releasing its results for the year ended 30th September 2014 in March 2015. This will coincide with the publication of the proposed prospectus and the calling of an AGM.

Difficult to make up one's mind on this company at this stage as far as I am concerned. It could be spectacular but there do seem to have been some Listing misunderstandings which may be something of concern. Hope it isn't a case of that. If their re-listing goes smoothly then the combination of that and some updating on their Greenland venture, coupled with any short positions being closed, would really drive the sp much higher. Seems that within 2 months we will know the outcome. Anyone else with a view on this stock?

Publication of Prospectus
Further to the Company's announcement dated 9th January 2015, the Company confirms that it is preparing a prospectus for submission to the FCA for approval by them. Once the prospectus has been approved and published, the Company's listing on the standard segment of the Official List will be cancelled (together with its trading on the Main Market of the London Stock Exchange) and it will then reapply for listing on the standard segment of the Official List (and for admission to the Main Market of the London Stock Exchange) as a diversified conglomerate. If the FCA and the London Stock Exchange approve those reapplications, it is anticipated that cancellation of the listing and of admission to trading and readmission of the Company's shares to listing and to trading will be simultaneous. The Company has not yet submitted a draft prospectus for approval nor made the applications for re-listing and readmission. No timetable for the approval of the prospectus or the consideration of the reapplication to the Official List has yet been discussed or agreed with the FCA. The Company will make further announcements in due course.

Statement from WRN dated 5th March 2015

http://worthingtongroupplc.com/wp-content/uploads/2015/03/DWStatementFinalClean05032015.pdf

interesting .... surprised he hasn't put lawyers onto it

Pension Fund Litigation Settlement
The Company is delighted to announce that Worthington's Pension Fund "the Jerome Group plc Retirement Benefits Plan" has now resolved the legal dispute over £3m of the scheme's cash assets which were placed with solicitors pending an investment in the Rangers Football Club prior to it entering Administration in 2012. Whilst the terms of the resolution are confidential, the immediate positive result of this is that it removes the burden of any ongoing legal cost of this litigation from the Company.

The Company's Pension Fund is managed by a professional independent trustee appointed by the Pension Regulator.

It had originally been the intention of the Company, in order to resolve the risk to the Group from the historic Pension Deficit, to execute a members' Scheme of Arrangement ("SA") which, in simple terms, would have involved introducing a new publicly listed Worthington holding company ("New Worthington or New Worthington Group") above the current Worthington. Existing Worthington ("Old Worthington") would have continued to own all the assets that it previously held, and would have become a subsidiary ("the Subsidiary") of the New Worthington Group. All new acquisitions would have been acquired by New Worthington whilst existing assets would have remained in the Subsidiary, thereby ensuring fair treatment of pensioners whilst also making the Group more attractive to investors and business vendors. The Subsidiary would, in time, have likely been wound up and the Pension Fund would have then entered into the Pension Protection Fund ("PPF"). However, in view both of the resolution above and the scale of the acquisitions that the Company is making - and their expected impact on the Company's profitability going forward - it is no longer the view of the Company's board that a Scheme of Arrangement is required. Whilst the enhanced prospects for the Company is obviously good news for the Company's shareholders, it is also good news for the Company's pensioners because it means that, without the need for the Pension Fund to enter the PPF, they can also share in the success of the Company going forward improving their expected pension payments from the 90% Pension Protection Fund provision to 100% if the Company is as successful as expected going forward.

The Company expects to be able to update shareholders concerning these acquisitions and its re-listing progress before the end of the month. As part of this progress the Company expects to be able to launch its new website at the same time.

Looks positive and maybe some extra cash coming WRN's way which would be useful.

RNS out this pm. Time will tell but sounds promising.

StockMarketWire.com
Worthington is holding talks to merge with an overseas listed company on terms that would represent a significant premium to the company's suspended share price.

It says this will lead to the acquisition of substantial gold producing assets to add to its mining interests.

Assuming a successful outcome to the negotiations, the merged company will be traded on three European exchanges as well as in the United States. It is expected that the merged company would also apply for a secondary listing in London. The company expects to be able to announce the outcome of these negotiations before the end of April.

Worthington says it remains confident of completing the transactions referred to in its announcement dated 9 January, completion of which is subject to the resumption of trading in the company's shares.

The company's total interests will be split into five primary divisions: mining; energy; media and entertainment; litigation; and property. The mining division is therefore expected to include substantial interests in coal production, rare earth exploration and substantial gold production. The proven coal reserves alone exceed 250 million tons. The energy division is expected to include shale gas exploration in the United States and oil and gas exploration in Africa.

This division will also include the company's planned clean energy acquisition. The media and entertainment division is expected to include the portfolio of interests announced on 29 September and further related acquisitions. In addition, since 9 January, the company has agreed, in principle, to acquire a substantial interest in a revolutionary new music business supported by leading figures in the entertainment industry. The company's property division is expected to include a £300 million UK development project, a significant leisure complex in Scotland and substantial overseas property.

Chief executive Doug Ware said: "We are pleased that our plans to develop Worthington into a 21st century conglomerate with substantial international interests are now reaching fruition. In today's global market, there are considerable benefits to being a genuinely international company, traded by investors around the world. The pipeline of deals that we are reviewing continues to grow and, along with our shareholders, we are impatient to ensure that the company's shares are back trading again, so that we can complete these acquisitions as soon as possible.

"The benefit of the planned merger, as well as adding significant value to shareholders, is to ensure that completion of the deals can take place before we run the risk of losing any of the acquisitions that we have successfully negotiated".

Lets hope Gotham City don't get their teeth into this!

StockMarketWire.com
Worthington Group has clarified its announcement on 31 March , which stated it 'has been negotiating to merge with an overseas listed company on terms that would represent a significant premium to the company's suspended share price'.

An update says the company is not in direct discussions with an overseas listed company, as previously stated.

At this stage, the proposed merger partner requires refinancing, and the company is in discussions with a group of investors seeking to establish a special purpose vehicle (SPV) to provide funding for the proposed merger partner. A condition of the SPV providing the financing is that the board of the proposed merger partner is changed before the finance is provided. The company's discussions with the SPV investors have included the possibility that the proposed merger partner will make an offer for the company, once the financing has been provided. There can be no certainty that these discussions will lead to an offer being made for the company nor as to the terms on which any offer might be made. Under the City Code on Takeovers and Mergers, the company is now considered to be in an offer period. Until the financing of the proposed merger partner completes, The Panel on Takeovers and Mergers has agreed not to apply the requirement to name the proposed merger partner under Rule 2.4(a) of the Code and not to apply the normal deadline under Rule 2.6(a) of the Code. The company expects to be able to provide further information before the end of the month.

The Company confirmed that it is in discussions with Greenland Mining Management Limited, the sole Shareholder and Director of which is Paul Michael Patrick Newman, which is proposing to invest in a rescue refinancing of Nuna Minerals A/S, a Company quoted on the Copenhagen Stock Exchange, with a view to that Company subsequently making an offer for Worthington Group plc Shares.
In accordance with Rule 2.6(a) of the Takeover Code, within 28 days of 18 May 2015 (12 June 2015) either an announcement of a firm intention to make an Offer in accordance with Rule 2.7 or an announcement in accordance with Rule 2.8 must be made.

StockMarketWire.com
Worthington Group has requested a 28-day extension on the 'put up or shut up' deadline for Nuna Minerals to say whether or not it will make an offer for the company.

The Takeover Panel has agreed to the request and the deadline is now 5 p.m. on 10 July.

Worthington says it understands that progress is being made in relation to the proposed refinancing of Nuna by Greenland Mining Management Ltd.

StockMarketWire.com
Worthington Group has requested a 28 day extension to the period of time whereby Nuna Minerals A/S must either announce a firm intention to make an offer, or announce that it does not intend to make an offer.

Therefore the extended deadline is now 5pm on 7th August 2015.

The Company understands that progress is continuing to be made in relation to the proposed refinancing of Nuna by Greenland Mining Management Ltd.

The Takeover Panel has consented to this extension.

There can be no certainty that these discussions will lead to an offer being made for the Company, nor as to the terms on which any offer may be made.

Thread started in September 2005. Hope that the outcome of the potential offer for the company will be known before the 10th anniversary and that it is positive for the company. What a long haul! Wouldn't put money on an answer by this Friday given past form. It would be great to be proved wrong - about the timing, that is!

".........Therefore the extended deadline is now 5.00pm on 18th September 2015."
Not long to go now!

Today is the day! ........ First thing monday morning we should all be rich!!!

TAKEOVER
The Company has announced that pursuant to Rule 2.6(c) of the City Code on Takeovers and Mergers, the Company has requested a 28 day extension to the period of time whereby Nuna Minerals A/S must, under Rule 2.6 (a) of the Code, either announce a firm intention to make an offer for the Company, or announce that it does not intend to make an offer. The Takeover Panel has consented to this extension. Therefore the extended deadline is now 5pm on 16 October 2015.
The Company understands that progress is continuing to be made in relation to the Proposed Refinancing of Nuna by Greenland Mining Management Ltd. There can be no certainty that these discussions will lead to an offer being made for the Company, nor as to the terms on which any offer may be made."

extension after extension ..... good deals invariably get concluded quickly, so i hope for you all that this is is an exception

Suspect some of the delay is being caused by outstanding litigation issues elsewhere. I am sure I have read somewhere that those are close to being sorted - and ahead of this latest extended deadline. Hope so. Really have no real feel for whether this will turn out OK or not.

Update in relation to possible merger
Pursuant to Rule 2.6(c) of the City Code on Takeovers and Mergers (the "Code"), the Company has requested a 28 day extension to the period of time whereby Nuna Minerals A/S ("Nuna") must, under Rule 2.6 (a) of the Code, either announce a firm intention to make an offer for the Company, or announce that it does not intend to make an offer. The Takeover Panel has consented to this extension. Therefore the extended deadline is now 5pm on 13th November 2015.

The Company understands that progress is continuing to be made in relation to the proposed refinancing of Nuna by Greenland Mining Management Ltd.

There can be no certainty that these discussions will lead to an offer being made for the Company, nor as to the terms on which any offer may be made.

Harrycat, it seems we are the only investors/numpties in this on money am. The additional extension could be viewed as promising given the target company having done some refinancing. Really don't know how this will play out from here.
If Doug Ware lives up to his comments in the past then we can look forward to some fireworks. If those that think he will not are correct then this will be a future CGT loss for offset. Interesting to see how it goes.

There were a number of other bb's where the WRN following was lemming like! .....but with no action possible by investors, there isn't much else to say .....just a waiting game. My own gut reaction, based on nothing particular, is that the longer this drags on, the less likely a favourable outcome. I only have a very small stake, as I had a feeling this was going to be a high risk punt, but....you never know!

sharesure include me in your list of numpties, owning this share, has lost me the will to live.

It would seem likely that the suspension could have caused all possible deals to have been put on hold. If not, then 12 months of litigation settlement time might have been useful for some income. Agree with both of you this is totally unpredictable (well not to some elsewhere who already reckon it's a total loss). On what is public so far, I don't think it is possible to be that certain. I have been in other similar 'shells' - some have worked out well, others have gone to the wall. That's part of the risk and the appeal.

Update in relation to possible merger

Pursuant to rule 2.6 (c) of the City Code on Takeovers and Mergers (the "Code"), the Company has requested a 28 day extension to the period of time whereby Nuna Minerals A/S ("Nuna") must, under Rule 2.6 (a) of the Code, either announce a firm intention to make an offer for the Company, or announce that it does not intend to make an offer. The Takeover Panel has consented to this extension. Therefore the deadline is now 5pm on 11th December.

The Company understands that progress is continuing to be made in relation to the proposed refinancing of Nuna by Greenland Mining Management Ltd and that a General Meeting of Nuna is expected to be called to put the refinancing proposals to shareholders.

There can be no certainty that these discussions will lead to an offer being made for the Company, nor as to the terms on which any offer may be made.

Sort of improvement on the last few extensions! It's anyone's guess as to the outcome. When I have spoken to DW way back during the previous suspension he came across as straight forward and sincere in what he is trying to do. Suspect that some of the previous bunch may be different. I am not holding my breath that December 11th will be the date on which this is resolved one way or the other. It's more bizarre than most shells I have ever been in and that is saying something when the list includes Belair Cosmetics!

StockMarketWire.com
Worthington Group has successfully requested a 28-day extension to the period of time in which Nuna Minerals must either announce a firm intention to make an offer, or announce it does not intend to.

The Takeover Panel has consented to this extension. Therefore the deadline is now 5pm on 8th January 2016.

The Company understands that progress is continuing to be made in relation to the proposed refinancing of Nuna by Greenland Mining Management Ltd, and that at the General Meeting of Nuna on 25th November 2015 the shareholders of Nuna approved the re-financing proposals.

There can be no certainty that these discussions will lead to an offer being made for the Company, nor as to the terms on which any offer may be made.

Suspect that 8/1/2016 will still not give sufficient time because Christmas shutdown may have an impact. Not much we can do. I would like to think that progress was being made on the other deals too - forlorn hope I suspect!

Yet another extension; so predictable. Given the volatile market it would not be surprising if a further extension into March is applied for. Assuming they do do some sort of deal and Doug Ware's comment about a substantial premium to the suspension price does become a reality (no matter how justified) then the play really is short sellers having to close out on a stock with little free market in the shares. That might be entertaining - and very profitable! But nothing is guaranteed where this stock is concerned.

8th January 2016

Update in relation to possible merger
Pursuant to rule 2.6 (c) of the City Code on Takeovers and Mergers (the "Code"), the Company has requested a 28 day extension to the period of time whereby Nuna Minerals A/S ("Nuna") must, under Rule 2.6 (a) of the Code, either announce a firm intention to make an offer for the Company, or announce that it does not intend to make an offer. The Takeover Panel has consented to this extension. Therefore the deadline is now 5pm on 5th February 2016.

Tomorrow is the day!!!!! We should all be rich!.....................I wish!

are you betting on yet another extension then?

Something like that, yes. I'm surprised the regulator allows this to carry on indefinitely.

One question for WRN is that the NUNA deal is just one of a series of deals they planned to do. In the last sixteen months whilst the stock has been suspended what, if anything, has been done to progress any of those deals, particularly the litigation settlement opportunity. They would have had time to do some of those; have they?

TAKEOVER
Pursuant to Rule 2.6 (c) of the City Code on Takeovers and Mergers, the Company has requested a 28 day extension to the period of time whereby Nuna Minerals a/s must, under Rule 2.6 (a) of the Code, either announce a firm intention to make an offer for the Company, or announce that it does not intend to make an offer. The Takeover Panel has consented to this extension. Therefore the deadline is now 1 April 2016. The Company understands that progress is continuing to be made in relation to the proposed refinancing of Nuna by Greenland Mining Management Ltd. There can be no certainty that these discussions will lead to an offer being made for the Company, nor as to the terms on which any offer may be made.

TAKEOVER
Pursuant to Rule 2.6 (c) of the City Code on Takeovers and Mergers, the Company has requested a 28 day extension to the period of time whereby Nuna Minerals A/S must, under Rule 2.6 (a) of the Code, either announce a firm intention to make an Offer for the Company, or announce that it does not intend to make an Offer. The Takeover Panel has consented to this extension. Therefore the deadline is now 5pm on 29 April 2016. The Company understands that progress has been made in relation to the proposed refinancing of Nuna by Greenland Mining Management Ltd. There can be no certainty that these discussions will lead to an Offer being made for the Company, nor as to the terms on which any Offer may be made.

29th April 2016
Update in relation to possible merger
Pursuant to Rule 2.6 (c) of the City Code on Takeovers and Mergers (the "Code"), the Company has requested a 28 day extension to the period of time whereby Nuna Minerals A/S ("Nuna") must, under Rule 2.6 (a) of the Code, either announce a firm intention to make an offer for the Company, or announce that it does not intend to make an offer. The Takeover Panel has consented to this extension. Therefore the deadline is now 5pm on 27th May 2016.

The Company understands that progress has been made in relation to the proposed refinancing of Nuna by Greenland Mining Management Ltd.

TAKEOVER
The Company has announced that pursuant to Rule 2.6 (c) of the City Code on Takeovers and Mergers, the Company has requested a 56 day extension to the period of time whereby Nuna Minerals A/S must, under Rule 2.6 (a) of the Code, either announce a firm intention to make an offer for the Company, or announce that it does not intend to make an offer.
The Takeover Panel has consented to this extension. Therefore the deadline is now 5.00pm on 22 July 2016. The Company understands that progress has been made in relation to the proposed refinancing of Nuna. There can be no certainty that these discussions will lead to an offer being made for the Company, nor as to the terms on which any offer may be made.

TAKEOVER
Pursuant to Rule 2.6 (c) of the City Code on Takeovers and Mergers, the Company has requested a 56 day extension to the period of time whereby Nuna Minerals A/S must, under Rule 2.6 (a) of the Code, either announce a firm intention to make an offer for the Company, or announce that it does not intend to make an offer.
The Takeover Panel has consented to this extension. Therefore the deadline is now 5pm on 16 September 2016. The Company notes that on 1 July 2016 the Court of Greenland ruled in favour of the bankruptcy petition claim made by the former CEO of Nuna, Mr Ole Christiansen. Pending the resolutions of the bankruptcy claim, the parties continue their ongoing discussions about a possible offer for the Company

POSSIBLE WINDING UP
The Company previously announced that Worthington`s Pension Fund, the "Jerome Group plc Retirement Benefits Plan", had resolved the legal dispute over GBP3 Million of the Scheme`s cash assets. Despite this the Pension Fund is still in substantial deficit. As Worthington is unable to complete the proposed Acquisitions itself, due to having no tradable shares with which to do so, the Company is not in a position to service the Company`s Pension Fund contributions on an ongoing basis.
In order to protect the pensioners` position, the Pension Fund will therefore need to enter the Pension Protection Fund so that existing pensioners will be paid in full, and deferred pensioners (i.e. those yet to retire) will receive 90 per cent of their pension entitlements. In order for the Pension Fund to qualify to enter the Pension Protection Fund, it is necessary forWorthington to go through a qualifying event. The Board of Directors have therefore decided to propose terms for a Company Voluntary Arrangement (CVA) with all creditors. At the General Meeting, the Company will seek the approval of Shareholders for the implementation of the CVA for the purposes of Rule 21.1 of the Takeover Code.
Due to the delays in the possible Takeover of Worthington, in order to secure the position for pensioners, the Pension Fund Trustees have had no alternative but to issue a Petition to Wind Up the Company, this Petition is due to be heard on the 24 October 2016.
The Board is of the view that these CVA proposals will now provide the best possible outcome for creditors, including pensioners, whilst also ensuring that the Company`s Shareholders are able to participate in the Company`s future success. It is therefore expected that the Petition hearing on the 24 October 2016 will be adjourned, in order to allow the proposal for the CVA to be put in place.

POSSIBLE WINDING UP
The Company has announced that the Court Hearing has been adjourned for 28 days to 21 November 2016.
The Company continues to make progress in respect of the proposed Company Voluntary Arrangement in anticipation of the Court Meeting scheduled for 21 November 2016 to hear the petition of the Pension Fund Trustees to wind up the Company.

TAKEOVER
Pursuant to Rule 2.6 (c) of the City Code on Takeovers and Mergers, Worthington Group has requested a 56 day extension to the period of time whereby Nuna Minerals A/S must, under Rule 2.6 (a) of the Code, either announce a firm intention to make an Offer for the Company, or announce that it does not intend to make an Offer. The Takeover Panel has consented to this extension. Therefore the deadline is now 5pm on 6 January 2017.
The Company continues to make progress in respect of the proposed Company Voluntary Agreement in anticipation of the Court Hearing scheduled for 21 November 2016 to hear the petition of the pension trustees to Wind Up the Company. The Company notes Nuna’s announcement that on 26 September 2016 the High Court of Greenland annulled the earlier bankruptcy ruling which ruled in favour of the bankruptcy petition claim made by the former CEO of Nuna, Mr. Ole Christiansen. The parties remain in contact about a possible Offer for Worthington Group. There can be no certainty that these discussions will lead to an Offer being made for the Company, nor as to the terms on which any Offer may be made.

POSSIBLE WINDING UP
The Company has announced that at the hearing at the High Court on 21 November 2016, The Pension Protection Fund (PPF) decided to reject the principal terms of Worthington`s proposed Company Voluntary Arrangement (CVA) and therefore the High Court issued a Winding Up Order against the Company.
The Company will be seeking a Judicial Review of the decision of the PPF, and the Company is in the process of lodging the required documentation to initiate this process. In the event that the Judicial Review is successful, the PPF will be required to accept the principal terms of the CVA and the Company would then be in a position to exit liquidation via its proposed CVA.
Whilst the Directors are considering what other options, if any, are available to the Company, the outcome of the review is considered, at this stage, to be key to the future of the Company.

Shame to write-off an investment.... but this has been in the old shed for years (=rusting away)... now, I guess we see it in full daylight for what it was... an old soap-box with 3 wonky-wheels and no string.

i have just read but not yet checked that this company has now folded

End of offer period
On 11 November 2016, in accordance with Rule 2.6(c) of the Takeover Code, Worthington Group plc ("Worthington") requested an extension of the deadline by which Nuna Minerals A/S ("Nuna") must, under Rule 2.6(a), announce either a firm intention to make an offer for Worthington or that it does not intend to make an offer. The Panel Executive agreed to this request and the deadline was extended to 5.00pm on 6 January 2017.

Nuna is engaged in bankruptcy proceedings and is under the control of an administrator appointed by the High Court in Greenland. Furthermore, following the winding up of Worthington by the High Court in England and Wales on 21 November 2016, Irvin Cohen and Mark Fry of Begbies Traynor were appointed Joint Liquidators of Worthington on 4 January 2017 by the Secretary of State. For any enquiries regarding the liquidation of Worthington please contact the Joint Liquidators' office on 020 7516 1500 or by email at london@begbies-traynor.com

Nuna has not made an announcement in relation to Worthington by the deadline of 5.00pm on 6 January 2017. In all the circumstances, the Panel Executive has confirmed that the offer period has now ended.

thanks harry
trust none of you got (badly) burned

I had £500 worth as a punt, so will just write that off.
I wonder at what point you can declare it on your tax return as a loss?
Presumably it has to de-list and the liquidators have to sign off the the last company audit?

your accountant will tell you

Might be of interest to WRN shareholders. Scroll down when on the link page.

http://nobleresolve.com/#progress-update

Thanks for that Harry I thought it was dead and buried.

DISTRIBUTION IN SPECIE
"We (Broker) have received information from Guildford Street Capital Ltd that they are proposing to gift Shares in Whetstone Capital Group plc to holders of Worthington Group plc which was placed in liquidation.
Whetstone is a new Company formed by Guildford Street Capital Ltd. The gift of Shares is not sanctioned by Worthington Group plc and is not a legal entitlement.
Upon receipt of further information regarding your entitlement we will send a further communication."

["In specie is a phrase describing the distribution of an asset in its present form, rather than selling it and distributing the cash proceeds. In specie distributions are made when cash is not readily available or allocating the physical asset is a better alternative than distributing cash. In specie originates from Latin and stands for "in its actual form."]

Assuming any holders are awarded Gift Shares, then WRN holding will now become Whetstone Capital Group on a 1 for 1 basis.

Even a promise from Whetstones brokers that 1 for 1 gifted shares would arrive last Friday didn’t happen. I think this one is unlikely to be anything other than a CGT loss to be used somewhere else. Sad, really, how a string of events pushed the original WRN into extinction. Or have I missed something?

USOil&Gas may provide a fresh opportunity. It should announce a spud date very soon since it’s drilling licences were awarded 3 months ago. It is a gamble although I think it has probably done enough already to put value on their acreage. It is difficult to buy shares in quantity due to the only market being made at the moment is on Assetmatch and the gulf in bid and offer prices shows the variance in views of value. A reasonable drill result would be spectacular because there are so few shares - under 60 million by my reckoning.

I use Equiniti and mine have been credited to my account. Not yet tradeable and book value has to be entered manually, otherwise happy with the outcome considering I had mentally written these off as duds a while ago.

Think they may be working alphabetically - in which case I have a long wait!

Just been told mine are on my account. Not much point trying to do anything with them - going to wait and see where this goes.