Last checked at 22 Sep 2014 08:55
Worthington Group plc ("the Company" or "Worthington")
22nd September 2014
FOR IMMEDIATE RELEASE
Trading Update
Three weeks on from the restoration of trading in the Company's shares, Worthington is pleased to be able to report that progress is being made on all fronts.
The Company can confirm that work in the field has begun in relation to its Greenland Rare Earths Project, and a more detailed update will be given later this week. The Company is also currently in discussion to add further substantial claims to its growing litigation portfolio. In addition, the Company's expects to be able to make an announcement in relation to its first media investment within the next seven days.
Doug Ware, CEO, commenting on its potential major Oil & Gas investment said, "Due diligence is well on track and, subject to final reports, we remain hopeful that we will be able to make an announcement as anticipated by the end of September".
Commenting on other developments, Mr. Ware said, "We will also be making an announcement soon regarding arrangements that we have been making to enable international investors to trade Worthington shares in their local currency, thereby increasing the attractiveness of Worthington to internationally. This will serve to increase trading volumes, and therefore liquidity, in the Company's shares; this is an essential part of our strategy to build Worthington into a Global investment company. I am also pleased to report that our pipeline of international investment opportunities, at varying stages of negotiation, continues to grow."
About Worthington Group Plc ("Worthington")
Worthington (Stock Exchange LSE: WRN) is a British investment company that this year celebrates its 60th anniversary as a London Stock Exchange main market listed company. The company has four areas of investment focus: property, litigation claims, new economy and emerging markets. The Company believes that exceptional shareholder returns can be achieved by utilising its main market Sterling paper to acquire investments in these sectors worldwide.
Note: Forward looking statements contained in this announcement, including descriptions of Worthington's litigation portfolio, legal claims (current and potential), strategy and plans, as well as expectations for future revenue and earnings, reflect Worthington's current views and assumptions with respect to future events and are subject to certain risks and uncertainties. There are many factors that may cause actual results achieved by Worthington to differ materially from expectations for future results. Such factors include risks related to litigation in general and the legal process, uncertainties related to the results of Worthington legal cases, including risks of delays or of failure of claims, macro-economic factors, domestic and international political risks, acts of God, environment and other risks, reputational risks, currency fluctuations and changes in contractual terms, legislation and administrative practices, as well as competition risk and other unforeseen factors. If one or more of such risks or factors of uncertainty were to materialise, or should one or more of the statements provided prove to be incorrect, actual developments and results may differ materially from the forward-looking statements contained in this announcement.
Enquiries:
Charlotte Parham, Media information Tel: +44 203 291 1872
or email: media@worthingtongroupplc.com
PD Cosec - Company Secretary Tel: +44 208 940 0963
Website: www.worthingtongroupplc.com
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