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Open letter to AIM Regulation – time to act on Beaumont Cornish re New World Oil

By Ben Turney

2 June 2015 06:44

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On publishing this piece, I will send the following letter to ask formally for an investigation into the professional conduct of New World Oil & Gas’ (NEW) nominated advisor, Beaumont Cornish. Regular readers will be aware of Beaumont Cornish’s abysmal track record in discharging its duties as far as New World is concerned. It is high time the authorities investigated, so feel free to send a copy of the letter to the email address I give below.

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Comments

DUCK AND DIVE

2 June 2015, 08:14

Dear Mr Turney

Thank you for your e-mail. You may not be aware that we require a minimum of 12 regulatory breaches by a NOMAD before we will consider taking any action.

We will, of course, keep your correspondence on file in case Beaumont Cornish ever exceed the magic number but I should point out that no NOMAD has ever notched up 12 breaches (although 47 of them did manage 11 breaches).

Yours sincerely

AIM Regulation

STANDARD FOOTER
As you may already know, AIM Regulation is the department within London Stock Exchange that is responsible for the regulation of AIM. We can assure you that AIM Regulation investigates all complaints made as regards the conduct of AIM Companies and Nominated Advisers in respect of their compliance with the AIM Rules for Companies (“AIM Rules”) and for Nominated Advisers (“Nomad Rules”) and takes action where appropriate. Please note that AIM Regulation’s remit does not extend beyond the AIM Rules and Nomad Rules.

Accordingly, AIM Regulation’s remit does not extend to matters such as alleged fraud or breach of statutory or common law duties owed to shareholders by a company (such as directors duties and shareholder protection rights). Allegations of fraud should be addressed to an appropriate law enforcement agency such as The City of London Police at http://www.cityoflondon.police.uk/CityPolice/Contact or The Serious Fraud Office at http://www.sfo.gov.uk/contact-us/contact-details.aspx.
Bananabob

2 June 2015, 11:03

Ben

How many letters are you and Tom going to write to the Aim regulators before the penny drops……they’re not interest in you or what you have to say. The debacle over Rob Terry clearly makes this point

Turkeys don’t often vote for Christmas
nigel somerville

2 June 2015, 12:41

Ben, D&D

I can easily make the numbers up to 12. Actually, rather more.
Ben Turney

2 June 2015, 13:31

@Duck and Dive – I haven’t even got that yet.

@banananbob – what a defeatist attitude. Where’s your Dunkirk spirit?

@Nigel – no comment!
wildrides

2 June 2015, 16:32

Stirling and diligent work Ben ………….keep it up………..no matter what the nay sayers say . I can see you have spent alot of hours with your flip flops parked up safely on the shoe rack in the hall , whilst at your desk and hard at the research on this bunch of snake oil salesmen. keep prodding them hard with the pitchfork at aim reg ( although I have no idea at all where the pitchfork bit comes from ) ( Prehaps Tom will enlighten me when he returns from his non existent break …….talk about workaholic …….. some one jab him with horse tranquiliser )