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WORTHINGTON - Up for sale! (WRN)     

Sharesure - 12 Sep 2005 20:05

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.

Sharesure - 16 Dec 2005 10:46 - 2 of 213

WRN has announced in its interims that the conclusion of the sale of three assets (January 2006) will leave the company with net cash of 4m and a number of options it can then pursue. Might make an interesting New Year punt.

Sharesure - 14 Feb 2006 18:51 - 3 of 213

WRN is on the brink of selling its largest property asset with the other two property assets scheduled to follow in March/April. That will leave it with a 4m cash pile plus a considerable quantity of tax losses. It will be looking for a shell deal as one of its options. It could make a good multi-bagger for anyone interested in a punt. The Chairman, Joe Dwek, has a considerable % holding (around 20%) so that acts as an insurance policy. The market for the shares is quite tight so large scale buys need to be implimented carefully to avoid the price moving against you; but it is also the reason why the sp will fly when a deal is announced.

annibendod - 27 Feb 2006 16:21 - 4 of 213


Given that CHP has doubled since I started buying last August on your advice, what is your target for this one over what period? Obviously you can't be definite so a conservative guestimate would do.

Thank you.

Sharesure - 27 Feb 2006 16:48 - 5 of 213

Annibendod, It is impossible to predict a future sp target at the moment. All the ingredients are there for a good shell deal - tax losses, some spare funds, a reasonable amount of shares held by the directors etc. If they link up with the right business I would hope for a 5 -10 bagger but until they confirm the property sales have gone through to give them cash in the bank the process of finding a deal cannot make much progress. The Board are in my view well enough respected to attract some decent propositions.

Sharesure - 27 Feb 2006 16:49 - 6 of 213

PS keep your Chaco in spite of 'tree shakes' - they will reward the patience we've all had - and very soon.

annibendod - 28 Feb 2006 10:03 - 7 of 213

Hi Sharesure,

Thanks for your reply. I have absolutely no intention of selling a significant amount of CHP yet, not until you say so anyway!!! Ill respond more fully on CHP in due course on that thread.

As for WRN, being fully committed to CHP I was thinking of putting just a bit of spare cash into WRN but it looks as if I could add a little more to CHP until it takes off and then sell some to transfer to WRN, as you dont think WRN will move quickly at the moment. Is that a fair assessment? Am I correct in assuming the price of WRN is at the bottom based on current info?

One last thing, you say large scale buys need to be implemented carefully, how many shares should I be buying or how much money should I commit to a purchase in one go?

Thanks again.

Sharesure - 28 Feb 2006 10:11 - 8 of 213

annibendod, WRN may not move quite as quickly as I expect CHP to because the RNS on the latter is so close and in my view will be all that we have been wanting. As for what you commit to WRN that has to be your decision. You'll find that the nms in WRN is small, (10,000 shares from memory) so buying outside of that can attract a premium. The Board are a responsible bunch of directors in my view so I do not expect the sp to go lower from here on but how quickly they can close the property sales and then find a good deal is the question. I would guess not too long but it may be 6 months.

annibendod - 28 Feb 2006 10:20 - 9 of 213


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.

Sharesure - 06 Mar 2006 17:12 - 10 of 213

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

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.

Sharesure - 08 Mar 2006 12:18 - 11 of 213

Building a modest stake in WRN should be worthwhile if you can take a 4 month view.

Sharesure - 30 May 2006 14:11 - 12 of 213

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.

Sharesure - 07 Jun 2006 18:50 - 13 of 213

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?

Sharesure - 21 Jun 2006 11:44 - 14 of 213

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%?

Sharesure - 22 Jun 2006 17:42 - 15 of 213

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.

Sharesure - 11 Sep 2006 12:05 - 16 of 213

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.

Sharesure - 29 Nov 2006 18:31 - 17 of 213

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.

Sharesure - 25 Jan 2007 15:21 - 18 of 213

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.

Sharesure - 29 May 2007 13:29 - 19 of 213

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.

Sharesure - 24 Mar 2010 19:02 - 20 of 213

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.

Sharesure - 06 Jul 2010 11:59 - 21 of 213

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.
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