Surely the most important thing is to get a statement from the BoD on why the shares can’t be traded and what the plan going forward.
The fact that there’s been no statement in almost 3 months is a disgrace.
At the moment any other news is totally immaterial.
Whetstone has now been suspended for almost 3 months without any comment from the BoD so can we assume that it’s dead?
I know the WRN directors didn’t show the best corporate governance (overdue audited accounts, AGM etc) but surely there should’ve been some shareholder update of some sort even if it is to say what is being done to get the shares trading again.
Whet now been removed again.
It would be helpful if the Whetstone Management would issue some comma to clarify what exactly is going on.
On the Allan Biggar & Company Limited website, Allan boasts that:
In our team are PR professionals, former journalists, online specialists, turnaround guys, lawyers and brand specialists. We've access to lawyers, media organisations, corporate recovery and insolvency advice as well as investors.
Surely between them, they could at least be able send out some comms?
giantsquid - I’ve acknowledged that there were emails stolen but these were from Aidan Earley who was a banned director at the time and had no official role with WRN.
They were also posted after the company went into FCA ordered suspension.
WRN went into court ordered liquidation because they were unable to pay their bills.
If there was any wrong doing then why has there not been any action taken?
Also, can you comment on the recent suspension of Whet? Do you not think the management should’ve updated shareholders by now?
Great post vindaloo.
It seems like most of the apologists on here have absolutely no idea of the cost involved to acquire assets of the type the infamous RNSs mentioned.
If you look at the actual deals WRN did is seems to be the following:
1. Law Financial
giantsquid- if these emails were the reason for a multi-billion dollar conglomerate failing then the person responsible is known and has been named so why has there been no action?
Also, Aidan Earley said the deals that Worthington were going to complete were still available for Whetstone so that implies that no damage was done.
To me it sounds like the Worthington directors used the many negative posts about the way the company was conducting its Corporate Governance during the period that they were trading and in suspension as an easy way of deflecting the blame away from them after liquidation.
The directors and management or Whetstone are going the same way given their silence on the Britdaq platform suspension.
Do you not think they should’ve updated shareholders by now given it’s almost a month since the suspension?
giantsquid - you keep saying ‘if’ this happened and ‘if’ that happened.
There’s absolutely no evidence of any kind of interference and until there is, then the directors are to blame for the liquidation of WRN.
Do you really believe the company was denied $2b of deals because of a smear campaign?
If there’s evidence of interference then I’ll hold my hands up and admit I was wrong but given the company can’t even update shareholders about the reasons behind the removal from the Britdaq platform and the next steps for the company, I’m not holding my breath.
Finally, as you’ve admitted there’s no companies that Earley or Biggar have been involved with that have been successful for shareholders, do you not think you need to be asking yourself why you’re putting 100% faith in them or their promises?
giantsquid - there may well have been 3rd parties who interfered with potential deals but even if there was, the directors of the company were ultimately responsible for liquidation.
You still haven’t given an example of a company that either Aidan’s Earley or Allan Biggar has been involved in that’s been successful for shareholders and if not, why do you continue to have 100% faith here?
If you have a look at the list of Companies on Britdaq, one listed there is ‘Merchant Capital Partners’ who James Holmes is listed as a director.
He was also the Director of CPS Energy Resources which some might remember were mentioned in one of the infamous RNSs when WRN was trading.
Holmes was also mentioned in one of the leaked emails from Aidan Earley and Craig Whyte as someone worth previous pension fund ‘heist’ experience.
Maybe, like the word ‘noble’, Aidan has a different meaning of the word ‘heist’!
Once again Picto fails to acknowledge the big question about why Whet were removed from Britdaq and why have the management not acknowledged this and explained to shareholders what’s happening.
He even dodged the direct question put to him here.
He really is WRN and Whet’s very own ‘Comical Ali’. It’s really entertaining to see someone floundering and attempting to spin everything whilst desperately trying to maintain a positive outlook despite all the facts.
Still waiting on anyone to list a company that Allan Biggar or Aidan Earley have been involved in that have been successful for investors. Surely it can’t be hard to list one given the amount of directorships they hold and have held according to Companies House.
If no one is able to name one then what’s anyone’s excuse for being bullish on the prospects here?
giantsquid - it’s a fact that approx 4 million shares were sold by Wulstan Earley and Darren Chapman in the early days of trading.
Are you really trying to say that they sold them cheap in order to create a market and liquidity?
Given the history of promises by WRN and Whet that have failed to materialise, I’m sticking by much theory that Whet was created and the free shares were distributed to create interest and enable certain insiders to make almost £500k by selling shares.
One question for you or anyone else who can answer...
Can you name one company that Aidan Earley or Allan Biggar has been involved in that has been successful for investors?
If you can’t then why do you continue to be so bullish?
I’m happy to debate anything with you at all.
So he’s definitely going to pursue litigation this time. Are we to assume that the other threats of litigation were just half-hearted?
What about the gofundme page he had for donations for litigation? There’s been no mention of what happened to the funds raised for that.
Also, he talks about trying to create a ‘noble enterprise’. If ramping a company and then getting your brother to dump millions of shares before ordinary punters can get their hands on them is a ‘noble enterprise’ then his definition of noble is different to mine!
It’s amazing so many on here are/were taken in by his promises because the content of his blog and his writing come across as someone who’s totally and utterly delusional.
Bit of background regarding the updates Aidan Earley posted on the FCA investigation:
Maybe he'll give an update on this as well later on today.
Given that it now been more than 2 weeks since Britdaq announce that they’d removed Whet from their platform, why has their been no communication from the company to address this?
Are they aware or do they think that if they just stay silent then people will get bored, forget about it and then move on?
I’m sure if and when they do bother to issue a statement it’ll be some 3rd party who gets the blame and they’ll reassure shareholders that they are doing everything to rectify things in the face of extremely challenging circumstances.
Picto - I hope you had a nice holiday.
What do you make of the fact that Britdaq has removed Whetstone Capital from their trading platform and don’t you think the directors of Whetstone should’ve made a statement to their shareholders as to why this happened and what is being done to rectify the situation?
I’m sure given your interest in corporate governance, you’d have an opinion.
Was there not mention of a coal mine that was going to produce $100m of returns?
The fact that Doug Ware promised $2b of assets which never materialised, you’d think people would be a bit more sceptical this time around.
Unfortunately there were posters on here who refused to see any negatives and also were unable to back up their claims with any facts.
They may be perfectly innocent but it looks suspiciously like a huge pump and dump excercise.
I'm glad you got out in time.
It's interesting that not one of the apologists on here have posted their thoughts on what's happened.
Where's Picto, Bloodaxe, Dollop and Hepran to name a few? Surely they can't all have been that naive given the facts staring at them.
Were they really genuine investors or perhaps insiders who were on here to ramp?
Time for them to explain themselves as well.