forlanssister 3,114 Posted June 5, 2012 Share Posted June 5, 2012 What the fuck is that lunatic up to? This whole farrago will only be over to me when Craig Whyte is doing his porridge. He does appear to be a harbinger of bad luck for those unfortunate enough to do business with him ! 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted June 8, 2012 Share Posted June 8, 2012 The company has a market cap of £1.44m, if they lose their claim to the monies that was found in the Collyer Bristow account then they face a £2.9 shortfall to the pension fund to make up I doubt that's achievable. So some innocent pensioners will become victims of Whyte the sociopath. Worthington Group Plc Board Changes The Company is pleased to announce the appointment of Mr Douglas Ware and Mr David Simpson to the Board of Directors of Worthington Group Plc ("WRN" or the "Company"). It also announces that the current Directors, Mr Anthony Cooke, Mr Peter Townsend and Mr John Taylor have resigned from the Board with immediate effect. Mr Cooke, the outgoing Non-Executive Chairman, was pleased to acknowledge the plans that the incoming Directors have for the future of the Company: these include the immediate placing of ordinary shares in the Company to the value of at least £125,000 to be issued at the par value of 10p and further details will be announced when the arrangements have been made. Mr Ware has also already indentified some potential acquisitions for the Company. Mr Cooke and his fellow Directors wished them every success with their future plans. Mr Cooke and Mr Taylor will each receive a payment as per their letters of appointment; Mr Townsend agreed to facilitate the change of Board composition by waiving his rights under his contract of employment and has agreed to accept a significantly reduced payment for loss of office. The total cost to the Company of these payments is £36,000. Mr Townsend's options granted on 30th August 2011 will immediately vest in full as per the agreed terms of the original Option Agreement. Mr Ware's role is that of Chief Executive and his extensive experience in the property market, brand management and the management of companies in Hong Kong (where the Company may seek a listing as a means of enhancing shareholder value) will assist both the Keighley development opportunity pursued by the current Directors and other growth opportunities. Mr David Simpson has been a practicing Barrister since 1992 and will be appointed as Non-Executive Director. Commenting, Mr Ware said: "I am excited with the opportunities that are now available to WRN to make full use of its valuable listing and properly benefit from the opportunity that the Keighley site, with planning permission for residential use, would bring to shareholders. Planning application is very close to being completed although the process has been somewhat delayed due to the Board changes. As regards the Jerome Pension Fund ("JPF"), having examined the original proposals for the proposed loan to Rangers Football Club Plc ("RFC"), I confirm that the terms of the loan appeared to offer an attractive opportunity to JPF and seemed also to be in the best interests of both WRN and JPF. Mr David Simpson, as a Barrister, is aware of the circumstances surrounding the proposed loan and the current legal proceedings and is very well placed to help with a successful outcome. Mr Simpson and myself wish to thank the outgoing Directors for the considerable advances they have brought about within the Company and wish them every success for their future." 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,114 Posted August 1, 2012 Share Posted August 1, 2012 Another of life's weird coincidences happened this morning, after months of scratching around to find a new NOMAD Merchant House (of cards) Group of Liberty Capital and Craig Whyte fame finally announce their new advisor and broker and surprise,surprise it's none other than Allenby Capital Limited which was founded by a certain Imran Ahmed director of The Rangers Football Club Limited. Merchant House Group plc("MHG" or the "Company") Company Update, Annual Report, Total Voting Rights and Change of Adviser and Broker The Company is pleased to update shareholders on recent developments. The directors are pleased to confirm the appointment of Allenby Capital Limited as the Company's Nominated Adviser and Broker with immediate effect. Further to the announcement of 26 June, the audit of the annual accounts for the financial year ending 31 December 2011 continues although the late start due to the challenges in the business previously reported means that the annual report is now expected to be published in the second half of August. The directors anticipate that when the annual accounts have been published, the suspension of trading on AIM in the Company's ordinary shares will be lifted. Combined with the fundraising, appointing a new custodian and a strengthened board already announced, this will successfully conclude the short-term goals following a challenging six months. The whole team has worked hard in difficult circumstances to reach this point. The Company is beginning to see the benefits of all this and the confidence shown by Beia Capital Limited ("Beia Capital") and Beia Investment Partners LLP ("Beia LLP") as we focus again on growing the businesses while controlling costs and seeking to build shareholder value. The directors can further announce that advanced discussions are taking place to secure subscriptions for the £1.35 million non-convertible loan notes announced on 26 June and that Beia Capital has agreed to subscribe for the balance not taken up in two tranches: up to £675,000 on 15 August 2012 and up to £675,000 on 28 September 2012. The secured five year loan notes will be transferrable and carry a coupon of 14% per annum payable semi-annually. Further to the announcement on 26 June, the application for approval from the Financial Services Authority for Beia LLP's £400,000 equity investment is in progress and the directors are unable to anticipate when a decision will be forthcoming. In the meantime therefore, Beia LLP has provided a £400,000 unsecured, interest free loan facility in addition to the £250,000 convertible loan notes already subscribed for. The £400,000 loan facility constitutes a related party transaction under the AIM Rules for Companies due to James Keane and Stephen Drew being directors of MHG and members of Beia LLP. The independent directors, being James Holmes, Christopher Day and Martin Eberhardt, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the terms of the loan facility are fair and reasonable insofar as the Company's shareholders are concerned. As stated above, recent positive developments allow the directors to focus efforts on continuing the strategy to build a successful and diverse financial services business. Initiatives the directors anticipate completing in the near future are the launch of an important private equity fund, the launch of a corporate offering for Merchant House Financial Services taking it into a new and exciting sector and the further development of our structured products offering into new European markets. In connection with these initiatives, a number of additional appointments are expected to be made and shareholders will be updated in due course. The Company will also be able to update shareholders in more detail as part of the annual report expected to be published next month. Issue of Equity and Total Voting Rights Application has been made to the London Stock Exchange for the admission to trading on AIM of the 86,666,666 new ordinary shares in MHG due to Beia Capital as a corporate finance fee in relation to the fundraising (as detailed in the announcement on 26 June) and their admission is expected to take place on 3 August 2012. Following the issue of these shares, the Company will have in issue 4,690,361,459 ordinary shares of 0.01p each with voting rights. The Company holds no shares in treasury. Therefore the total number of voting rights in the Company will be 4,690,361,459. Director disclosure The following information falls to be disclosed pursuant to rule 17 of the AIM Rules for Companies: James Holmes was a non-executive director of a non-trading investment holding company, LM Logisitics Group Limited, from 20 November 2009 to 11 March 2010, as an investor representative until it became an operating company and which went into administration in August 2010. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted August 1, 2012 Share Posted August 1, 2012 Wow....... 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted August 1, 2012 Share Posted August 1, 2012 its an incestuous world shafting rangers isn't it. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted August 1, 2012 Share Posted August 1, 2012 Another of life's weird coincidences happened this morning, after months of scratching around to find a new NOMAD Merchant House (of cards) Group of Liberty Capital and Craig Whyte fame finally announce their new advisor and broker and surprise,surprise it's none other than Allenby Capital Limited which was founded by a certain Imran Ahmed director of The Rangers Football Club Limited. part of the deal. much like employing Betts? 0 Quote Link to post Share on other sites More sharing options...
blueflag 386 Posted August 1, 2012 Share Posted August 1, 2012 interesting stuff.. this far from finished. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted August 1, 2012 Share Posted August 1, 2012 Gunslinger going off on one at something of nothing, typical. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted August 1, 2012 Share Posted August 1, 2012 how many something of nothings will it take this time one wonders. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted August 1, 2012 Share Posted August 1, 2012 So this is hard evidence is it? Dear dear, desperate. 0 Quote Link to post Share on other sites More sharing options...
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