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.

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.