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.

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.