Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
'News at last; the directors of Worldlink Group plc have instructed Opus Restructuring LLP to assist the process of placing the company into Creditors' Voluntary Liquidation and a notice has been circulated to shareholders on 29 May 2013 convening a meeting of members on 14 June at 1030 at their offices, One Euston Square, 4 Melton Street, London NW1 2DF, at 1030 am to consider, and if thought fit, passing a special resolution that the company be wound up voluntarily. Once again DV is angry at the high handed behaviour of the Worldlink directors and Neil Riches in particular. Where have our patents gone? What has happened to our funds? What about all the promises at listing? Shareholders should turn out on mass at the General Meeting, use their proxies and votes to defeat this special resolution and get some answers to our questions?' Regards DV
‘The Scarlet Pimperneil attended the High Court on Monday 18 March to hear the winding up petition against Worldlink Group plc. He submitted a request to be allowed time to form a company voluntary agreement with his creditors and this was granted by the judge. He now has to get a majority of his independent creditors (which doesn’t include him of course) and us the shareholders to agree to the CVA. The majority of independent creditors may be hard for him to get. Anyone know who joined in the winding up petition? Shareholders should be contacted soon with the CVA proposals and a voting form. Anyone up for more delays I am not as at least in a winding up we can get capital losses to offset tax on other gains?’. BR and good luck DV
If the money exists and is not just spin,then somebody is mad ! I am not sure that it is legal taking money from the insane, but that will not stop WL. We await the accounts with interested. Let see if there has been any revenues generated in this period form the mobile business, that would make a really nice change . No doubt plenty of costs, salaries and expenses for the inept management. (lets not forget legal costs)-What a mess. The only advice I can tender is never reinforce defeat . We should cut our losses and move on , this company was always a big big punt after all. DV
Yes - very sensible advice. I will stop groaning and follow your guidance. I just had to get it out of my system as a very negligible shareholder. Maybe someone (more substantial shareholder) would take the lead and we could support their endeavours. It that terrible feeling, thinking you has been ripped off and can do very little about it. Thanks DV
Every little helps unless it serves to keep the ineffective management in place. From a shareholder point of view will this really help any of us? Looking at the group’s sales record in the last publish accounts it seems the group exists only to provide the board with employment and lavish expenses whilst achieving very little apart from growing numbers of creditors. None of this makes any business sense to me, every deal that the group has made for one reason or another has turned out to be spin and badly thought through; or were the deals just to play to the gallery and raise capital. I invested because I thought the company would pursue the patent and had a 60/40 chance of winning and not to see the board recklessly throw money down the drain in adventures in trade which have resulted in expensive lawsuits and then liquidation. These trade adventures were all at the cost of pursuing the patents’ full potential though who will ever know the truth? The board will no doubt ride off into the sunset all the Riches (pun intended) for playing the game of spin. I am left thinking, who will rid us of this pestilent board? There are assets belonging to the shareholders, with the right management they could reap a fine harvest. DV
Looks like someone has done very well out of this and it's not the long suffering shareholders or creditors. I am not sure for one minute the creditors will allow the management to crash 2 companies voluntarily while moving the only assets that they could liquidate to another company. It would be interesting to know when these companies actually become insolvent ? However moving the assets and keeping them in the group is trying to protect the shareholders but too obvious for words. Sounds like the company is a right off? - At least for me, those responsible will probably have done well delivering very little and taking a lots out for services rendered . I am amazed that the LSE allowed these boys to list in London, especially after the groups performance on The Frankfurt Stock exchange, --a complete dog stock whatever the exchange. --You can fool some of the people some of the time ........... Certainly fooled me. DV
Further feom the ADBFM quoting brumstuffing - LV Convenient? Contrived? Being investigated? 6 Oct'12 - 23:31 - 3597 of 3619 Details of Parent, Subsidiary or Associated Companies (if applicable) Parent Company - Worldlìnk Group Plc Subsidiary Global Ltd Associated Companies - Worldlink Technology Management (UK) Limited Worldiink Technology Management (US) Limited Worldlink Sport Limited Worëdlink Global (UK) Limited
Found it on ADBFM site : Interesting stuff. - DV The following information is from the Chairman's Statement of Worldlink ITS (In Liquidation) dated September 2012. Only the sections in inverted commas are word for word quotes, the rest is summarised. Worldlink ITS transferred the patents in early July 2012 to two dormant members of the group set up in April 2010 for that purpose. (Still in the group then) In July 2012 but a few days after this, they went into the Voluntary Liquidation process just before a creditor winding up petition arrived in August 2012. (Not sure that this is legal- If I was a creditor I would challenge this - but not as a shareholder) Over £3million deficit to numerous creditors including no less than four of their own legal firms including Hogarth Chambers and over half a million to Squire Sanders plus many others including the data providers for i-mobilemarkets. Squire Sanders and Hogarth Chambers were the legal representatives for the patent cases. Quotes from Chairman's statement written by Mr N Riches: "WITS obtained two patents in 2001 it obtained a patent in the UK and in 2006 it gained a patent in the United States. Since obtaining the patents WITS has tried on numerous occasions to try and assist the commercial strategy of the Group by way of litigating against companies trying to copy its sister company Woridlink Global Limited in the fnancial services market and to get licenses granted to users of the patented process. Only two small licenses have been granted in 2003 and none since." "Due to the costs of litigation WITS has never been in a position to gain any further licenses and with only seven years left it may never be able to and technology processes move on that may decrease the demand of the patented processes." "There have been several attempts to raise financing to put together a licensing program. For example a typical licensing action in the United States would costs in the region of $10m." "A program was established in the UK over two years ago, but once again it has failed due to the lack of financing. In a recent attempt to license the UK patent, the potential licensee required that WITS put up £600,000 as security of costs for the impending case." Just before the August petition comes in, some two years and two months after setting up dormant companies to hold the patents, Worldlink finally get round to transferring the only asset of any value for £1 plus 5% of revenue IF a patent licence is ever issued. Just before Voluntary action.
Hi there Does anyone know what company the patent now reside in? They were register to WL Information tTechnology Systems Ltd the last time I looked . Apart for that the company is not worth “two bob” in the words of the late Tommy Cooper - I have never seen a revenue line. The only way forward is to remove the board find out where the patents are and see what can be done support/repay the long suffering shareholders. Regard DV