LONDON--(BUSINESS WIRE)--Worthington is pleased to announce that the Company is making good progress in its negotiations to acquire substantial new investments.
It is anticipated that these negotiations will be concluded shortly and that any associated fundraising will be completed at a significant premium to the Company's share price at the date of suspension - reflecting the radically enhanced profitability and prospects of the Company resulting from the transactions in question.
It has also been agreed that once the suspension of trading in the Company's ordinary shares has been lifted in London, in addition to the commencement of trading in Frankfurt, the Company's Ordinary shares will also be traded in Stuttgart until 9 PM GMT each trading day. This is in keeping with the Company's policy to increase the volume of trading in, and therefore liquidity of, the Company's Ordinary shares - thus enabling the Company to complete progressively larger transactions.
Commenting on the Company's progress Doug Ware, CEO, stated "having worked extremely hard over the last two years to secure the Company's future and provide a platform for rapid growth, we are delighted that we are entering this new phase in the Company's development. We are confident that the transactions under negotiation will not only radically enhance the Company's prospects but, in terms of scale, allow the Company to acquire and finance even larger, earnings enhancing and growth accelerating, investments over the coming year. I am very grateful to the Worthington acquisition team, headed by David Winduss, for the sterling work they have performed negotiating and progressing these investments and associated financing. We expect to be able to announce details of these transactions within the next two weeks"
About Worthington Group Plc ("Worthington")
Worthington (Stock Exchange LSE: WRN) is a British investment company that celebrates its 60th anniversary as a London Stock Exchange main market listed company this year. 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 Worthington's 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, uncertainties and assumptions. There are many factors that may cause actual results achieved to differ materially from expectations for future results and expectations that may be expressed in or form an assumption of such forward-looking statements. Such factors include risks related to the day to day business of Worthington, client volatility, sales fluctuations, the general economic climate, political and environment and other risks, cancellations, software failures and interruption to service to customers due to technical problems, acquisition delays and failure as well as other uncertainties related to the results of Worthington including risks of delays or closure of projects, price falls, currency fluctuations and changes in contract 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 may differ materially from the forward-looking statements contained in this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange