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.

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.