UK 13:42 Wednesday, 7 October 2026
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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
When Aiden Earley gained control of what became the fraud Worthington (WRN) the only assets it owned were a 44% stake in a tiny and loss making firm Trimmings and an unused factory in Keighley, West Yorks, in the Grim North. In order to pretend that Worthington was solvent so as to commit stockmarket fraud, the folks appointed by Earley had to commit accounting fraud, that is to say lie about the value of the factory as the emails below demonstrate.
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Comments
J P Spaghetti
And the nominations for the official Shareprophets anthem are…
Firstly, Tom Petty’s “Won’t Back Down”, secondly…actually, the first nomination nails it so not much point in continuing!
Temptress
WTF were Shipleys up to? The most significant assets of the Company and they appear to have no interest in obtaining a true valuation from professionals. Maybe the audit fee was more important to them.
They are supposed to be independent.
hammer69
Temptress,
Poor auditing for sure (same as last year, TICK) given obvious trigger of a change in development approval scheme by local planners.
Remember WRN has not published its 2014 Annual Report, so Shipleys’ have yet to sign off the £10m “asset” that is Law Financial/Sevco – without that undoubtedly WRN has an insolvent balance sheet.
Perhaps with this revelation they might now think twice (if haven’t already)!
If their statutory auditor Ben Bidnell doesn’t play ball WRN is definitely in the doo doo…
H69
OurLenny
When you look at the land registry details for the Keighley site, it didn’t actually complete till 22nd May 2015 (44 Days ago) Where it actually sold for £625k to a local developer. So the earlier deal must have fallen through, no update of course.
So during those talks, I assume the cash will not settle till the deal has gone through. So in the May update reagrding Nuna, it is likely there was no actual cash available on the table. Unless they got a bridging loan of some sort maybe.
https://eservices.landregistry.gov.uk/wps/portal/Property_Search (Postcode for Keighley site is BD21 4HR)
alcira16247
Tom
Despite the disgraceful practices of this company as has been highlighted many times the lunatic followers as exhibited on the LSE bulletin board, grow ever delusional!
An all too common example……..
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UncleWarzy
Posts: 594
Premium Chat Member
Off Topic
Opinion: No Opinion
Price: 87.00
View Thread (3) RE: Doug to reward the patient. Today 10:14
I admire your optimism LewKir. But how could this possibly make £50 a share? My basic maths has this at around £41 a share with no dilution, but given that there are 10 transactions and undoubtedly CLNs etc I’d imagine 8-10 fold dilution taking this to around the £5+ NAV Doug mentioned in the RNS. Oh and the maths are purely based on the current mcap and the 1.3bn NAV mentioned in the Jan RNS, nothing more.
Of course the small float could mean this overshoot
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So having sold the companies only real asset at what appears to be substantially below previous market valuations, one has to be forgiven for asking were are all these profit making assets that can possibly justify these fanciful share prices? Is digging big deep holes in Greenland really that profitable?
OurLenny
Well, in theory all should be revealed tomorrow. Interesting to see Newman and a new chap called Joshua Hughes formed Nanoq Resources in May 2015. Hughes was ex-Nunaminerals so doesn’t look like he has stayed with them, read from that what you will.
http://www.nanoqresources.com/#!aboutus/c1et No WRN connections on the share register
I assume they have either sacked off WRN/Nuna plan and gone solo, or this could be part of the WRN strategy going forward
Bungler
Why has the fixed charge against Keighley assets not been settled almost 3 months after sale of site? https://beta.companieshouse.gov.uk/company/00527186/charges
Jibbly
1)We have a Keighley property deal complete in May 2015 even though it has been declared earlier in RNS at a different value 2) There is still an outstanding charge showing to Advanced Industrial Technology Corporation Limited with security over the Keighley property. 3) We have a new security showing Renatus have security over £475,000 of WRN assets which will now be in cash I presume.
This all needs looking into.