April 20 2016: Leaked emails reveal Patrick Newman victim of Worthington Group fraud on same day Greenland Mining Management listed for “Compulsory Strike Off” and liquidation?

The email copied below from Patrick Newman (grey suit, glasses front row of picture above) possibly tells all about the alleged Worthington Group PLC fraud. Revealed on the same day that Companies House in the UK say that Greenland Mining Management Limited is facing Compulsory Strike Off for not filing any Annual Return this might suggest the Nunaminerals deal is ready to collapse.

https://beta.companieshouse.gov.uk/company/09408353/filing-history

The leaked emails:

Sent: Monday, February 15, 2016 at 4:00 PM
From: “Patrick Newman” p.newman@greenlandrareearth.com
To: “peterxjames@gmx.co.uk” peterxjames@gmx.co.uk
Subject: Re: To peter james

Hi
My difficulty is frankly that some of the opinions and thoughts I have are best expressed verbally – is there anyone at your end who could talk ?

Otherwise I feel you will not get the context – which is all important!

In a nutshell I never met Whyte – only heard about him through Tom Winnifrith, I was introduced to worthibgton in summer 2014 by my lawyer at Faskens

WRN agreed to lend my company GREP $550k but they failed fully to do this.

They lent 437,500 so we have potentially a claim against them forbalance.110,000

I was told I would be paid a directors salary – at last minute told there was not enough cash and would I take wrn shares instead.

In order not to lose the loan agreement I accepted reluctantly and therefore have not been paid anything ( shares were and remain suspended) I have personally covered lots of the Greenland rare earth projects ltd expenses – of the [437,500] 400,000 went to Nuna as part of the GREP NUna earn in in 2014.

So I remain hugely out of pocket on this.

My colleagues and friends are all professional geologists and specialist in exploration.

We feel seriously damaged by association because of what wrn has proved to be.

Anyway the part payment from wrn came before the winnifrith revelations.

Oleg I think came to am early meeting with aiden. Don’t know him other than that meeting.

I never met any of the wrn directors I understand doug ware is a director of wrn – I just dealt with aiden.

Allan Biggar is somehow associated with wrn I don’t know him other than he was recommended by aiden as a potential director of NunaMinerals in summer 2015.
He is not in the mining industry

Now we turn to nuna and GMM.

By the end of 2014 we (grep) had completed with nuna what everyone from the technical point of view considered a good piece of work.

We were looking forward to working in summer season 2015.

Suddenly I was informed that NunaMinerals which had been introduced by the British foreign office as “representing the interests of the greenland government ” was in financial difficulty.

This came as a huge and unexpected blow.
We thought of nuna as the flagship greenland mining company with strong government support

I now know that the greenland prime ministers office made a special emergency loan to nuna in late 2014 and stated that this must be repaid by end jan. 2015 – this was frankly impossible. When that repayment failed the Govt proposed to convert the loan effectively reducing the other sharehdrrs to virtually nothing.

However the Govt was not able to vote this through because it only had a third of the shares and the other shareholders LD and NY Kredit etx refused.

I was not aware of this . I went to the EGM of Nuna in Nuuk I. Jan 2015. It was clear that if the Govt failed to convert its loan it would call the loan thereby putting nuna into bankruptcy . The officials were not friendly and did not seem to grasp that we had come bona fide only eight weeks before and put money into Nuna!

The govt could have chosen a reasonable course for example it could have stated it would hold the loan on the balance sheet for another year.

As a joint venture partner GREP as planning to put 800k usd into nuna in summer 2015 as the Koreans were planning 700k so cash was actually expected!

Instead and frankly very aggressively the governemt. Tried to pull back its loan although it was quite impossible for Nuna to pay .

The threat to bankrupt nuna would – if if had been acted on – have meant all the nuna minerals licenses at vaga at Hugin and the Korean one at qeqeutusaq would have reverted to the state – in other words the cash put in by GREP and KOREs respectively would have been lost!

Plus all our time

I considered that with my team and we were very unhappy about this as seemed unfair that the government could on the one hand act like a lender ( and a pretty aggressively) and at the same time act as a shareholder and at same time the licensing authority!!! In a nutshell it was not a fair way of proceeding towards the non Governement sharehdrrs and to the creditors ( as GREP we would have a claim against the govt)

We asked who would get out licenses if they were clawed back?

Anyway this was why we formed GMM as a new special purpose vehce with the aim of undertaking a management buy out of nuna

The shareholders were me the geologists and others including the lawyer and CRD took five percent – they are a team of professionals in minkng exploration and one of their goes had been in field in greenland

GMM at that point had no funds but we did have the pledge for the GREP claim and the Koreans ( who were not even properly informed by nuna or by the govt of greenland and who were very upset) pledged their vote to me.

However ( we are now march 2015) we still couldn’t raise the money to pay off the Government debt ( govt insisted on getting its loan lis interest back and would not negotiate a stages payment scheme )
It got to stage when an application for bankruptcy was made

At the last minute literally we secured that nuna would go jnto administration normally you’d only need one Administrator but such was the level of distrust that we were forced to agree two administrators and our Danish proposed Administrator ( award winning top guy) was rejected by govt – we really thought they were trying to grab the assets)

At this stage there were some pretty vicious arguments with Danish foreign ministry and specific civil servants in greenland – I felt that we had been lured into spending money on nuna which had been presented as a state company but now the state was trying to put this company under.
A campaign against me personally started in the Greenlandic media for example bizarrely my idea to give the library in Nuuk a 19 century printed book with woodcuts down by innuit artists – in other words am act of cultural corporate social responsibility was twisted around and I was accused in

A major article of trying to bribe the greenland govt!
I had obviously upset someone .

The sheet absurdity of the accusation was followed by threats on official emails by a civil servant who was the. Fired. Anyway there was a real problem with certain elements of Greenlandic civil service. I have to say the others were fine.

At this point I went back to aiden and explained that unless we had some money to cover mounting legal bills we would simply not be able to keen nuna afloat

Important to note that we had NO plan to take nuna over and we just wanted to do our summer seaSon on the rare earths – suddenly we found ourselves trying to sort out the when company!

The govt had many practical and positive alternatives – it could simply have appointed a professional bank as an advisor to seek to sell Nuna, it could have waived its demand for repayment for a year or two !

We didn’t as GMM really want to acquire Nuna just save our assets.

Deloitte failed spectacularly to behave in an efficient manner and we were basically losing time
And money throughout 2015.

Anyway throughout this I was personally covering the running costs of GMM. The wrn shareholders covered some of the bills

It became impossible to go forward and impossible to retreat .

Finally in nov GMM signed a restricting agreement by the way
I agreed a request from transparency international for them tk get copy

The restructuring agreement provides that govt loan to nuna is paid back in full.

I proposed and it is good that the smaller creditors be paid in full ( larger ones over time) the claims from (grep and Kores we are waiving

On top of the massive legal bills which would have been unnecessary jf the govt had either delayed demands for repayment t ( the legal are more than. The govt loan!!!!) GMM has to find one million pounds

Now as someone who simply wanted to do exploration quietly in greenland which i like I have been associated with Glaswegian gangsters and accused of fraud. This is coming from people who have a problem with worthjngton. At same time I am at receiving end of a campaign from Greenland! SqueeZed in Middle and paying myself for the pleasure!

People who know me know this is absurd and yet as your emails show there is widespread suspicion. As to what I was doing I am happy to speak to all and anyone and as I have made zero from this and am hugely out of pocket I would welcome some acknowledgment for acting in good faith and working professionally

Hope this helps and as I said am happy to speak on phone Patrick

Sent from my iPhone

On 15 Feb 2016, at 12:25, peterxjames@gmx.co.uk wrote:

Dear Mr Newman

Please explain the various issues and background to the Worthington Greenland business by email, as you previously said you would do early this week. My colleagues are expecting that. Given the complexities you refer to yourself, email is certainly the most appropriate method to explain in this case.

Thank you.

Yours sincerely

Peter James

Sent: Monday, February 15, 2016 at 11:03 AM
From: “Patrick Newman” p.newman@greenlandrareearth.com
To: “peterxjames@gmx.co.uk” peterxjames@gmx.co.uk
Subject: Re: To peter james

Better if I explain background. By telephone as it’s a huge amount to document and better and easier to explain and discuss verbally. Maybe you or a colleague of yours would like to call to discuss ?
P
Sent from my iPhone

On 12 Feb 2016, at 18:04, Patrick Newmanp.newman@greenlandrareearth.com wrote:

Ok well will try to set out the various issues early next week

Sent from my iPhone

On 12 Feb 2016, at 16:24, peterxjames@gmx.co.uk wrote:

Hello Mr Newman

Your answers and the background are welcome via email.

Yours sincerely

Peter James

Sent: Friday, February 12, 2016 at 4:42 PM
From: “Patrick Newman” p.newman@greenlandrareearth.com
To: “peterxjames@gmx.co.uk” peterxjames@gmx.co.uk
Subject: Re: To peter james

Hi I am planning to be away for a bit next week so if you would like some background do call over next day of two – it is a easier to try to explain the background verbally than put everything down on paper – !
Patrick 07950260026

Sent from my iPhone

On 11 Feb 2016, at 11:22, Patrick Newman p.newman@greenlandrareearth.comwrote:

Hi
My name is Patrick Newman and I would be pleased to give you some background on the Worthington greenland business.

Please give me a call on 07950 260026

Thanks Patrick

Sent from my iPhone

Financial Times FT.COM: Laughing at Worthington Group PLC “Like no other company we’ve seen … in the business of printing shares”

A Worthington tale

Paul Murphy

Jan 13 2015 13:02

Ok, go down this alphabetical list of corporate tenants at the front door of a shabby office block in south London. You’re looking for the name “Worthington”. Click to enlarge if needed…

It’s not there, right? And the guy at reception hasn’t heard of “Worthington” either. Which is strange when this address — 30 Great Guildford Street, London, SE1 0HS — is listed on the Worthington Group PLC website as being the company’s “Central London Office.”

Our initial thought on this was that perhaps the company had moved already to bigger premises – something more befitting the global conglomerate Worthington is threatening to become. But it subsequently turned out that 30 Great Guildford Street is home to Fresh Business Thinking, an events and digital media business that recently became part of the seemingly fast growing Worthington family.

Having had its shares suspended for three months, this company, with a main London listing, revealed on Friday night that the Financial Conduct Authority had decided Worthington would have to issue complete details of the investments it was planning in the form of a full blown prospectus. Much to Worthington’s dismay, the FCA had decided that since these investments would produce a fundamentally different company, these transactions constitute a reverse takeover. Hence the need for a costly and time-consuming prospectus.

Despite its current small size in terms of market capitalisation (£12.6m) it’s worth spending a moment considering what Worthington was and what it might become.

First, on the plans going forward…

The Company has already begun work on the prospectus and will seek to complete it as soon as possible. Once completed, and the application submitted, shares are expected to subsequently resume trading in London and also be traded in Frankfurt, Stuttgart and New York.

Following successful completion of the acquisitions, the Company will have substantial interests in litigation funding, media, clean energy, mining, oil and gas and property. Geographically, the Company will have significant investments in the United Kingdom, Australasia, Africa, North America, and India. Consolidated net assets of the group, following conversion of loan notes used to finance investments and before minority interests, are expected to exceed US $2 billion and generate net profits in excess of US $20 million in the first full year following acquisition, with substantial growth expected thereafter. Net assets per share, after financing costs and on a fully diluted basis, are expected to substantially exceed £5 per Worthington ordinary share.

Yes, the company has declared, in a regulatory news statement, that once it gets these deals done across five continents and six sectors, net assets per share will be six or more times the pre-suspension market price (87p) and that consolidated assets for the company as a whole will have grown from £5.5m at the last available balance sheet date (March 2014) to circa £1.3bn.

So where has Worthington come from?

After 58 years on the London stock market, by the summer of 2012 Worthington had shrivelled to become a near-dormant investment company, with a troubled property development on contaminated land at Keighley, near Bradford, and a yawning pension deficit.

Enter Doug Ware.

Described (by himself) as an incisive and energetic businessman, with extensive experience across various sectors running both publicly listed and private companies, Ware became chief executive, got rid to the old board and brought in two non-executives, Richard Spurway and David Simpson.

While Simpson soon resigned, Ware and Spurway moved to try and stabilise the business: the land at Keighley was sold for about £500,000 (against a book value of £4m) and arrangements were made to possibly transfer the pension scheme (which had previously made the mistake of lending £3m to Rangers FC before the club went into administration) to the official pension bailout mechanism, the Pension Protection Fund. These initiatives pushed pre-tax losses to £5.3m in the year to end-September 2013, with losses on the retained earnings line growing to £26m. In November 2013, the shares were suspended as Ware and his team sought additional funding.

And then something truly transformational happened.

Earlier, in April 2013, Worthington had paid £250,000 in the form of unsecured loan notes for a 25 per cent stake in a company called Law Financial Ltd, which was described as…

…a recently incorporated company with a number of subsidiaries, one of which owns ongoing legal claims against the assets of Rangers Football Club Limited.

The company also acquired an option to buy the remainder of LFL for £750,000 (again in loan notes) which Worthington then exercised in October that year.

With LFL fully consolidated, Worthington then slapped a fair value of £10m on the assets it had just acquired for £1m (with loan notes) and booked a “gain on bargain purchase of £9,034,000 in the period.”

Suddenly, for the six months to the end of March, 2014, Worthington was able to declare a profit of £8.7m.

Magic.

The mysterious vendors of LFL, having apparently sold an asset at 10 per cent of its value, seem to have been motivated by 20m warrants attached to those loan notes. By now warrants over 35m Worthington shares were in circulation, exercisable at 5p apiece.

It was now time for Ware to get the shares relisted and enact his master plan, with trading finally resuming on August 29, last year, which is when things really began to motor….

September 1 Worthington Group back Rare Earth Mining exploration as world struggles to fill supply gap in potential $8bn global Rare Earth Elements’ marketplace

September 10 Worthington Group to expand global legal claims business with acquisition of £43m legal claim.

September 22 “Potential major Oil & Gas investment” and “first media investment within the next seven days.”

September 26 More rare earth investment in Greenland

September 29 Worthington Group to acquire digital media, events and branding portfolio, including The Digital Marketing Show and Essential Cyclist online

October 2 Agreement to invest £12.5m in CPS Energy Resources Plc, an oil and gas exploration company focused on Africa

October 6 Head of acquisitions appointed, along with a head of the new oil and gas division

October 8 Worthington is already in a position to offer an upbeat trading statement, along with news of the acquisition of two further litigation claims, a clean energy company, a private mining company, along with “the acquisition of majority stakes in oil and gas producing assets.”

At which point the Worthington juggernaut came to a juddering halt.

October 13

The Company requested the temporary suspension of its shares on the 10th October 2014 in order to consult with the FCA about whether any of the transactions announced either on 8 October, or previously, or which are currently being contemplated by the Company could be classified as a reverse takeover.

The Company will make a further announcement before the end of this week.

Three months on, we now know that the FCA very much classes all this apparent activity as constituting a reverse takeover. And how long we might have to wait for the required prospectus is difficult to say. In the meantime, it is worth going back to look at how Worthington sees a couple of these new business lines operating.

– – – – – – – – – –

Legal claims

The £43m litigation claim mentioned above involves two unnamed European companies who are claiming a loss and breach of contract by a Chinese client involving the development of a series of university campuses in China.

The idea is that the claimants pay Worthington a fee of £125,000 and the company then hires specialist legal counsel to assess the quality of the claim and offer a percentage probability of successful litigation.

If the chances of success top 60 per cent, at a claim value of £43m, Worthington will issue 1m new shares to the claimant companies.
If the claimants can get an English court finding in their favour with this Chinese claim, Worthington will grant a further £1.5m in stock to the claimants.
If the claim brings a successful judgement in China the claimants get another £3m of stock; and
If there’s a successful enforcement of the judgement, and Worthington gets £43m in cash or property, Worthington will then issue a further £5m in stock to the claimants.

The company reckons this approach produces a whole new legal claims division, with stock being used as a claims acquisition currency. Also…

Worthington is particularly attracted to the legal claims market because there are essentially only three outcomes: Win, lose or settle – which is in contrast to most business propositions where outcomes can be affected by many more factors which are outside the control of management.

– – – – – – – – – –

Oil and gas exploration

On October 2, Worthington said it wanted to invest £12.5m in CPS Energy Resources,described at the time as an exploration company focused on Africa, working in partnership with Jo’Burg-listed Oando. The new CPS stock was to be priced at “27.5 per cent of the agreed likely stock market value of CPS (i.e. a discount of 72.5 per cent) when, as expected, it lists in 2015.”

There was evidently (and understandably) some confusion over this at the time, drawing a clarification from Worthington:

This means that, prior to investing, Worthington needs to be satisfied that the expected value of CPS on listing will result in a gain of more than £30m to Worthington. The final decision to invest, in the light of the comparable valuations, will be taken by Worthington in association with the German and Swiss institutional investors who are funding the purchase.

What seems to be happening here is that existing holders of convertible Worthington loan notes — those unnamed German and Swiss institutional investors — have agreed to convert, sell the stock, and then lend the proceeds back to Worthington so it can play in the E&P business.

– – – – – – – – – – –

We could go on, but you’ve probably got the picture by now. Worthington is like no other company we’ve seen on the public markets.

If and when Worthington ever comes back from suspension it will not just be in the litigation funding, media, clean energy, mining, oil and gas and property industries. First and foremost it will be in the business of printing shares.

http://ftalphaville.ft.com/2015/01/13/a-worthington-tale/

The Times: City “distrustful of Worthington’s connection to Craig Whyte”

researchstudios-thetimes-masthead trade_secrets_296812g

Gary Parkinson

Published at 12:01AM, October 6 2014

Doug Ware has got the hump. Doug’s the chief executive of a little company you probably haven’t heard of: Worthington Group.

Just lately, Worthington’s been on a tear. Since a year-long suspension on trading its shares was lifted at the end of August, they’ve roared from 3¼p to 198½p, before rattling back again to a mere 130p on Friday.

Back-of-the-beer-mat maths and that still looks like a rise of more than 3,600 per cent in barely a month. Three thousand. Six hundred. Per cent. Over the same period, the FTSE All-Share index has roared 4 per cent. Lower.

The “British investment company that celebrates its 60th anniversary as a London Stock Exchange main market listed company this year” has pumped out news of fresh investments, investments guaranteed to set the sort of bug-eyed private investor who trawls micro-caps for the next ten-bagger foaming at the mouth — rare earth minerals, digital media and Nigerian oil.

Rare earths are 17 chemical elements that you won’t have heard of, either. From scandium to promethium, samarium to ytterbium, europium to terbium, London Palladium to Ibrox Stadium. Okay, the last couple aren’t rare earths, but those that are turn up in any manner of clever kit. Wind turbines, hybrid vehicles, laptops, mobile phones, plasma tellies.

Demand’s going nowhere but up. Roughly 95 per cent of rare earth supply is controlled by China. Find them elsewhere, it’s off to the races.

Worthington, back from suspension for a day, backed something called Greenland Rare Earth Projects, working in Paatasuq in Greenland. Even as private punters waded in, a fair few old pros were suspicious. They Googled “Paatasuq”, came up blank.

By the time Worthington had updated the City three weeks later, sending its shares to a 6,000 per cent premium to their price a month earlier, it had learnt how to spell Paatusoq, where survey work had begun. “Photographs and reports from the field are now on the GREP website, http://www.greenlandraeearth.com,” it declared. Trouble is, they weren’t and the shares began a sharp pull back (the pix were found at http://www.greenlandrareearth.com).

Aside from sloppy spelling, the market has been leery of Worthington for the speed its investments were made, its stratospheric price rise, its lack of a broker and board with only two directors.

But mostly it’s distrustful of Worthington’s connection to Craig Whyte, the former owner of Rangers FC. In April last year, Worthington bought 26 per cent of Law Financial, one of Mr Whyte’s companies and the book and film rights to his takeover and subsequent financial collapse of the club. At that time, Mr Whyte held a 7.6 per cent stake in Worthington through Liberty Capital, his British Virgin Islands-registered firm. Worthington continues to pursue a claim through the courts on nearly £3 million that Rangers’ administrators seized from Mr Whyte’s lawyers.

Last week, Mr Whyte was banned from being a company director for 15 years. The 43-year-old was handed the biggest ban possible after a judge heard that his conduct in dealing with Rangers was “shocking and reprehensible”.

On Friday, Worthington responded. Its investments aren’t made quickly, it said, but were carefully teed up while its shares were suspended (at its own request, while it sorted a pension problem). More are on the way. Expect its board to be bolstered any time now.

Doug Ware is no longer on Law Financial’s board, a position he took only to oversee Worthington’s interests. Neither is Mr Whyte, who Mr Ware didn’t know previously and met for only a quarter of an hour. And Mr Whyte is no longer a Worthington shareholder.

That’s that, then. Not quite. Liberty Capital, Mr Whyte’s vehicle, may no longer appear on Worthington’s share register, but Regenesis Holdings does. According to Bloomberg, it’s Worthington’s biggest backer, with 12.5 per cent. Regenesis’s majority shareholder is Wulstan Earley, brother of Aidan Earley, both business associates of Craig Whyte.

At the end of last week, Worthington’s chief executive warned that he’s called in lawyers to go after the “worst offenders” posting unsavoury stuff about his company in the chatrooms of financial websites. Other bosses have tried the same thing, and failed. When it comes to silencing critics, transparency and engagement with the City work better. That, and accurate spelling.

http://www.thetimes.co.uk/tto/business/columnists/tradesecrets/article4227632.ece

Leaked email No.2 shows more Worthington lies. Oleg-Sergi Schkoda never appointed despite false RNS claim.

Worthington Group PLC RNS October 06 2014 claim :

“Senior Appointments to Worthington Group plc and Statement regarding CPS Energy Resources Plc…The appointments are: David Winduss BSc ACA, as head of acquisitions. Oleg-Serguei Schkoda, as head of the Worthington oil and gas team.

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/WRN/12106345.html

The truth revealed April 21 2016 by Peter James email leak :

Sent: Monday, February 08, 2016
From: “Alex MacDonald” <alex.macdonald@aaog.co>
To: peterxjames@gmx.co.uk
Subject: Re: Oleg-Sergei Schkoda Worthington Group

Dear Peter,

We have looked into the situation and the facts appear as follows:

Oleg met the principals of Worthington Energy (WE) at a networking event last year.

Oleg agreed that his consulting business, Oilfield Strategic Services, would act as a consultant to WE to help them source oil and gas investment opportunities in Africa.
WE then issued a release stating that Oleg was an officer of the business. Oleg did not agree to this in advance, and has never been appointed as a director or officer of WE or any related entity or business.
Oleg did present some investment opportunities but they were never followed up by WE. He was paid a monthly retainer for a short while but nothing recently.
Oleg considers that the consulting contract has been repudiated by WE or terminated by WE for material breach (failure to pay) and that neither he nor OSS continue to be bound by it.
He is in current contact with Aidan Early but only (i) to try and recover unpaid fees, and (ii) to get his name removed from being publicly connected with WE.
He has communicated in writing to Aidan Early that he will not work with WE or any of the principals on any matter in future.

As such, it seems that Oleg has been duped and is clearly out of pocket as a result of his involvement with WE, which in any event was as a third party consultant through a service company and not a director, officer or employee.

I am not sure that there is anything more that we can usefully add to your understanding of the situation.

Kind regards,

Alex MacDonald

Chief Executive

Anglo African Oil & Gas

Mobile: +44 7831 642064

Skype: Alex.macdonald
EM: Alex.macdonald@aaog.co

The information in this e-mail is for the named recipient(s) only. If you are not the intended recipient, be advised that you have received this email in error and that any use, dissemination, forwarding, printing, or copying of this email is strictly prohibited.

If you have received this in error, immediately, forward it to alex.macdonald@aaog.co highlighting the error and confirming that it has been deleted from your system. The contents of this message will not be in any way binding upon Anglo African Oil & Gas. Opinions, conclusions, contractual obligations and other information in this message, in so far as they relate to the official business of Anglo African Oil & Gas, must be specifically confirmed in writing.

Sent from my iPhone
On 8 Feb 2016, peterxjames@gmx.co.uk wrote:

Dear Alex

Thank you for your checking of matters in relation to Oleg, Aidan Earley and Craig Whyte.

We are still awaiting your reply.

Yours Sincerely

Peter

Sent: Tuesday, January 19, 2016 From: alex.macdonald@aaog.coTo: peterxjames@gmx.co.ukSubject: RE: RE: Oleg-Sergei Schkoda Worthington Group
Dear Peter
Thank you for clarifying and we are just checking some matters in relation to Oleg and will provide further details tomorrow, but in the interim can I make it absolutely clear that there is no connection between the individuals you mentioned Aidan Earley and Craig Whyte and Namibian/Anglo African Oil & Gas.
Regards
Alex

Kind regards
Alex
Alex MacDonaldChief ExecutiveAnglo African Oil & GasMobile: +44 7831642064Skype: alex.macdonaldEM: alex.macdonald@aaog.co

Lack of due diligence by the Government could cost Greenland dearly?

As it is revealed that Worthington Group PLC is linked to banned directors in the UK, Mr Craig Whyte and Aidan Earley it must be considered what the consequences will be if the Nunaminerals rescue by Worthington Group PLC and Greenland Mining Management is to continue.

In the case of Rangers FC (Craig Whyte) there are millions of British Pounds that were not paid in tax to the UK Government. Also the multi-million pound cost of criminal trials and investigations.

The use of injunctions to silence the media means that employee rights and the environment, creditors interests may suffer if the media are silenced by Aidan Earley in Greenland as in London.

The global reputation of Greenland and Copenhagen may be damaged. The Greenland Self Government or the Danish Business Authority must act to reverse the decision to approve the rescue of Nunaminerals by the comedians / alleged frauds Patrick Newman, Allan Biggar, Doug Ware and Aidan Earley.

Aidan Earley and Doug Ware previously presided over losses to creditors of millions of pounds when they failed in their previous attempt to “rescue” FII Group PLC, FII Footwear Management Ltd and Lotus Ltd in the UK.

https://beta.companieshouse.gov.uk/company/00854353/insolvency

The filings with Companies House suggest that whilst the company failed they may have managed to ensure themselves to remove some benefits from the failing businesses.

Of most recent concern for Mr Doug Ware is that FII Group PLC has just been restored by the court five years after Liquidation as their is a claim – likely a personal injury claim from a previous employee.

https://beta.companieshouse.gov.uk/company/00854353/filing-history/MzEzNDk2MDQyNWFkaXF6a2N4/document?format=pdf&download=0

Worthington Group PLC takeover fraud via Greenland Mining Management front company?

From Arctic Journal 26/11/2015:

http://arcticjournal.com/oil-minerals/1987/nothing-or-nothing

“Mr Newman’s first move as owner will be to be to use NunaMinerals to acquire the Worthington Group, a British investment firm.”

Worthington Group PLC was a successful textiles business. In more recent years the company lost money due to foreign competition.

Aidan Earley acquired a stake in the failing company Worthington Group PLC – and most importantly it’s £4m [Jerome Group] Pension Fund – by working with convicted criminal Kevin Sykes.

http://www.sfo.gov.uk/press-room/press-release-archive/press-releases-2005/the-cheney-3-million-pension-fund-theft-can-now-be-reported.aspx

Mr Sykes has now been convicted for stealing the pension funds of a failing company he had acquired himself. Aidan Earley apparently conspired with Craig Whyte to use the Jerome Group Pension Fund as part of Whyte and Earley’s plan to acquire Rangers FC.

http://www.independent.co.uk/news/business/news/whyte-link-to-pension-funds-3m-rangers-loan-7563371.html

Whyte’s acquisition of Rangers FC, assisted by Aidan Earley, is now the matter of a serious fraud case in Scotland. Mr Whyte is on bail. Creditors of Rangers were defrauded – Maybe Nunaminerals creditors will be defrauded next …

http://www.heraldscotland.com/news/Administrators_conspired_with_Craig

_Whyte_to_defraud_Rangers_creditors/

Worthington Group PLC claim they have acquired the right to the assets of Rangers FC – something that has been contested by the liquidators BDO and seems very unlikely, given that Mr Whyte has been banned as a Director for the maximum period possible in relation to the fraudulent way in which he acquired Rangers FC.

From Arctic Journal 26/11/2015:

http://arcticjournal.com/oil-minerals/1987/nothing-or-nothing

“Mr Newman’s first move as owner will be to be to use NunaMinerals to acquire the Worthington Group, a British investment firm.”

Why would Nunaminerals want to take over Worthington Group PLC?

Worthington Group PLC:

https://beta.companieshouse.gov.uk/company/00527186/filing-history

Mr Patrick Newman (sole Director of GMM) is one of the largest declared shareholders (8.62%) of Worthington Group PLC.

http://www.4-traders.com/WORTHINGTON-GROUP-8384492/company/

Other declared shareholders include:

Convicted drugs cheat Johan Bruyneel (6.64%)

http://www.bbc.co.uk/sport/cycling/27109747

“The evidence establishes conclusively that Mr Bruyneel was at the apex of a conspiracy to commit widespread doping on the USPS and Discovery Channel teams spanning many years and many riders,” said a Usada statement.

Mr Bruyneel was given 6.64% of Worthington Group PLC for this website:

http://theessentialcyclist.com/

It is not clear why Worthington Group PLC have put such a high value on such an awful website with no visible value – particularly as Mr Bruyneel is a disgraced former sports coach banned from sport for life and clearly not a trustworthy individual.

Mr Allan Biggar (2.8% of Worthington Group PLC) – now appointed Chairman of the board of Nunaminerals. Mr Biggar previously ran a complicated network of businesses including All About Brands PLC and Business Edge Network that became insolvent with recent debts of £4m+. Mr Biggar has been criticised by the Liquidator for lack of co-operation in the insolvency process. Despite creditor losses, Mr Biggar has transferred many of the assets of his former businesses in to Worthington Group PLC without any significant payment being made to the former creditors by Worthington Group PLC – Worthington Group PLC has no cash or assets.

https://beta.companieshouse.gov.uk/company/07417591/insolvency

https://beta.companieshouse.gov.uk/company/05878002/insolvency

Worthington Group PLC controlling shareholders include Aidan Earley, banned from acting as a company Director in the UK and (allegedly) his long term business partner Craig Whyte. Craig Whyte is currently on Police Bail and banned from acting as a company Director, but the potential beneficiary of Worthington Group PLC’s only known asset – the (disputed) rights over the assets of bankrupt Rangers Football Club. These assets are the subject of what may become the largest criminal fraud trial in Scotland:

http://www.heraldscotland.com/news/13160868.Whyte_partner_banned_after_probe_into___2m_asset_switch/

http://www.telegraph.co.uk/sport/football/teams/rangers/10011435/Craig-Whyte-stands-to-make-8.5m-if-he-wins-lawsuit-in-battle-for-Rangers-assets.html

http://www.dailyrecord.co.uk/news/crime/rangers-fraud-case-craig-whyte-6371106

https://www.pressandjournal.co.uk/fp/news/scotland/725592/ex-rangers-bosses-craig-whyte-charles-green-appear-court/

http://www.eveningtimes.co.uk/news/13713478.Firm_formerly_linked_to_Craig_Whyte_ups_the_ante_on_its_claim_on___18m_Rangers_oldco_creditors_pot/

There is no logical reason why Nunaminerals should be so eager to announce that they would acquire such a potentially toxic company.

The Greenland Self Government will soon be familiar with the names Aidan Earley, Craig Whyte, Douglas Ware, Allan Biggar and Darren Chapman, Johan Brunyneel, each with a significant interest in / shareholding inWorthington Group PLC (WRN) and indirect connection to Greenland Mining Management Ltd (GMM) and Patrick Newman. All these men are associates of Mr Aidan Earley.

Individuals outside of Greenland have expressed concern of future potential damage, losses and costs to Greenland from business dealings with these individuals some of whom are significantly connected to, and potentially controlling, Worthington Group PLC (suspended) and Greenland Mining Management Ltd. The Greenland government does not appear to have the information required to consider that possibility, having made a recommendation that may lead to a reverse take over of Nuna Minerals A/S (under suspension of payments) by controversial UK company Worthington Group PLC:

http://nunaminerals.com/fileadmin/user_upload/pdf/Announcements/2015/Announcement_2015_27_Board_recommendation_and_statement.pdf

Sufficient due diligence will provide details of court hearings, police investigations, creditors and former shareholders of various business in liquidation and dissolved – including Rangers Football Club, All About Brands PLC, Chariot UK PLC, All About Brands PLC, Business Edge Network, Wood Hall Realisations Ltd, C4E Realisations Ltd, Set Meals Realisations Ltd, and other business operated or controlled by Craig Whyte, Aidan Earley and Allan Biggar.

There are over 100 pensioners who will not have received the full benefit of the Jerome Group Pension Fund, due to the misappropriation of £3m in a Craig Whyte business, monies which should have been protected by the Directors of Worthington Group PLC without exposure to any significant risk. The terms under which this pension deficit is now being resolved have been stated by WRN as confidential, which does little to indicate that the resolution is as equitable for the low-income, retired beneficiaries as it should be.

The forthcoming Nuna Minerals AGM (25 Nov 2015) announcement states:

1. “the Company will continue to explore in Greenland but with joint venture partners funding the exploration costs or with money generated from its profitable producing assets worldwide.”

> Neither Worthington Group PLC or Greenland Mining Management have any visible, profitable producing assets worldwide.

> Worthington Group PLC appear to be empowered to exploit the Nuna Minerals listing in Copenhagen to sell Worthington Group PLC shares, with no reciprocal guarantee that there will be any investment of funds raised in Greenland and/or continued exploration.

> Worthington shares are in many cases owned offshore or controlled by Aidan Earley and allegedly Craig Whyte, both banned from being Directors in the UK. Mr Craig Whyte is charged with Serious Fraud and will be appearing in the Scottish Courts in the coming months. Mr Whyte remains the beneficiary of WRN Loan Notes and a potential £6m windfall if Worthington win a dubious court case based, incredibly, on a fraud that Craig Whyte has potentially been demonstrated to have masterminded in relation to Rangers FC. It is alleged that any win by Worthington would be based on Mr Whyte having successfully misrepresented the truth to gain a multi-million pound financial advantage, but avoiding criminal charges through a technicality. Mr Whyte was recently declared bankrupt and is now the recipient of legal aid at the expense of the UK taxpayer.

> It has been alleged that Mr Whyte and connected parties may have sold significant volumes of WRN shares immediately prior to WRN shares being suspended from trading on the London Stock Exchange, at the expense of private investors. If this is correct, access to the Copenhagen Market via Nuna could enable this potentially fraudulent situation to be repeated. A lack of transparency from the Worthington Board of Directors makes it impossible to asses whether the Worthington Board of Directors might be compliant in Market Abuse or insider trading.

2. “In connection with the General Meeting, Christopher J. Williams, David A. Winduss and Allan R. Biggar have been proposed as new members of the board of directors of NunaMinerals. It is the view of the current Board, that the members proposed to the board of directors are highly experienced and provides specialist compliance expertise.”

> Mr Allan Biggar’s profile published as part of this announcement suggests he was distanced from All About Brands PLC 12 months prior to Voluntary Liquidation.

https://beta.companieshouse.gov.uk/company/05878002/insolvency

> The liquidators of All About Brands PLC refer to a lack of cooperation from Mr Allan Biggar in the process of their work to liquidate the company. Debts exceed £4m. Most of the assets have been removed and many are now implied to be part of Worthington Group PLC, including Fresh Business Thinking. Creditors are still owed millions.

> A lack of compliance and transparency in both All About Brands PLC and Worthington Group PLC connected companies, including large numbers of loan notes and the interests of “300 beneficiaries” held in Seychelles (Olympus Trading Group) and controlled by Ms Kirsten Forbes, sister in law of Mr Aidan Earley in the case of WRN, make it impossible to understand ownership and ultimate control. Account filings and Annual Returns are overdue or have been filed very late, with inaccuracies or mistakes and retrospectively. Generally there is significant delay in any Companies House filings being made (over one year).

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12301233.html

> Mr Biggar appears to have been a Director of Burson-Marsteller for just over one year only, not for the period implied in the Nuna AGM announcement:

https://beta.companieshouse.gov.uk/company/02183419

> Mr Whyte and Mr Earley have stripped assets from failed or bankrupt businesses before – the cost is borne by new investors, governments, existing creditors and future suppliers, generally encouraged by carefully coordinated PR and with little regard for compliance or reporting. The Greenland Government is potentially taking a huge risk engaging with Greenland Mining Management and allowing Nuna Minerals to be lead by a PR professional who was responsible for a staggeringly vast corporate failure in the UK, and is now significant to Worthington Group PLC, a company with no regard for the filing requirements, compliance or company regulation in the UK.

> It is highly likely that Greenland Mining Management, Mr Patrick Newman and Mr Allan Biggar are fronts for Aidan Earley, himself someone who has historically been a front-man for Craig Whyte.

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12542444.html

http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12581709.html

http://maitlandchambers.com/barristers/case/matthew-collings/Ticketus-LLP-Ors-v-Craig-Whyte-Ors-2013

http://lexisweb.co.uk/guides/source-guides/source-guide-bulletin-dwnld/file-5214aeaf51037.pdf

http://www.gersnetonline.co.uk/vb/showthread.php?61235-Aiden-Earley-banned-as-a-directo-r

http://www.thescottishsun.co.uk/scotsol/homepage/video/scottish-sun-video/4874345/You-are-Sevco-thats-what-we-are-saying.html

http://www.thisismoney.co.uk/money/news/article-1707515/Hetherington-Success-firm-only-gets-an-F.html

https://beta.companieshouse.gov.uk/company/00527186

https://beta.companieshouse.gov.uk/company/07417591/insolvency

https://beta.companieshouse.gov.uk/company/09289684

https://beta.companieshouse.gov.uk/company/05878002/insolvency

https://beta.companieshouse.gov.uk/company/08440073/filing-history