Regenesis buys more of Worthington

10th Aug 2010 18:59

Regenesis Holdings has increased its stake in fully listed shell Worthington Group to 23.5%. Peter Townsend, a representative of investment company Regenesis, was appointed as chief executive of Worthington on 6 July. At that time Regenesis owned 14.1% of the company. Worthington has sold off its former textiles operations, although it retains a 44% shareholding in Trinning by Design, which also owes Worthington £800,000 - the loan notes are redeemable on the sale of the business or at the end of 2200. Worthington intends to develop its Keighley property and it is also looking for acquisition opportunities. Worthington's NAV was £1.09m at the end of 2009 and it had £796,000 in the bank. The balance sheet includes a £2.64m deficit on the company's pension schemes. At 23.5p a share, Worthington is valued at £2.77m.