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…