Finweek English Edition - - Cover -

THIS JEW­ELLERY whole­saler (for­merly Westjewel) came to promi­nence late in 2006 when it was “re­versed” into the shell of an­other un­listed com­pany, Mo­bile Events Mar­ket­ing (see sep­a­rate re­port). That meant share­hold­ers in MEM, a most un­con­vinc­ing busi­ness, pinned their hopes on Glob­alJewel to re­store their in­vest­ment val­ues.

Fin­week has seen one set of an­nual fi­nan­cial state­ments for Glob­alJewel cov­er­ing the pe­riod ended Fe­bru­ary 2007. Sadly, those re­sults gave no in­cli­na­tion of Glob­alJewel’s op­er­at­ing per­for­mance or prospects, as the fi­nan­cial pe­riod cov­ered only the MEM shell, as the jew­ellery as­sets hadn’t been in­cor­po­rated at that time.

Al­though Glob­alJewel’s re­sults for the year ended Fe­bru­ary 2008 should be avail­able to share­hold­ers, Fin­week hasn’t been able to ac­cess such doc­u­ments. A re­quest to ac­cess its fi­nan­cials drew a cu­ri­ous re­sponse from Glob­alJewel CEO Paul Wor­thing­ton, who said: “As soon as they’re pre­sented to share­hold­ers you’ll be wel­come to a copy.”

Wor­thing­ton’s re­sponse sug­gests Glob­alJewel’s share­hold­ers haven’t yet seen sight of the year to end re­sults a star­tling 15 months af­ter its fi­nan­cial year-end.

In Jan­uary – when we en­quired about the where­abouts of the year to end-Fe­bru­ary 2008 re­sults – Wor­thing­ton said the au­dit was still in progress.

Per­haps Glob­alJewel be­lieves what its share­hold­ers don’t know won’t hurt them…

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