Some folks never make mistakes with shares. They are the heroes of the Bulletin Boards. You read their boasts all the time. So that is why they are still living in Council Houses trading parcels of £500 worth of shares. Yes they are making it all up. In the real world everyone gets it wrong some time. The hard thing is admitting it and acting on it fast.
This morning, Paternoster Resources (PRS) announced it has bought an 8% stake in New World Oil & Gas (NEW). In yet another unexpected twist in the unfolding New World story, Paternoster’s motives are unclear. With New World’s AGM looming, shareholders in the company will be faced with a clear choice. Support the existing failed management and plan, or vote in Adam Reynolds and his team. Given this situation, there will be speculation why Paternoster has chosen to buy into New World at this particular point. However, judging by the manner and method of its announcement today, there could be some interesting clues that might help answer at least some of the questions.
Ben Turney has just revealed HERE how the discredited Peter Sztyk, the CEO of New World Oil & Gas (NEW) told today’s investor call that the company would spunk two thirds of its £3 million net cash on a new well (to follow its previous duster) in Belize within weeks. This is price sensitive information. This should have been issued via an RNS.
There is still an opportunity to settle the future of New World Oil & Gas (NEW) like gentlemen. That is unless current Chief Executive Peter Sztyk gets his way. Having just lost an hour of my life to the company’s futile shareholder call, it is quite clear that Sztyk is the only man in the room who cannot see the game is up. To his credit he fielded some of the more difficult questions he was sent, though ducked the most challenging ones. Despite this, his answers were highly unsatisfactory. Sztyk claims he has a mandate from his shareholders to pursue the company’s interests in Belize. That is complete balderdash, as he knows full well.
What the bloody hell do those useless tossers at New World Oil & Gas (NEW) think they are playing at? Last night the feckless twats confirmed they are going to waste shareholders’ money in a pointless conference call on Thursday. The bare minimum this will cost is £5,000 and is a total waste of everyone’s time and of shareholders money. These directors know they are done for, so why don’t they just have the common decency to take glasses of whiskey and a revolver into the corporate study and do the decent thing?
New World Oil & Gas (NEW) has yet to comment but the New World Oil & Gas action Group (NWOG) announced that it had proposed that company rescuer Adam Reynolds and 2 pals join the board at the AGM later this month while 2 existing directors step down.
This morning NWOGaction, the shareholder action group for New World Oil & Gas (NEW), announced its support for Adam Reynolds and his team’s bid for election to the board, at the forthcoming AGM. This is an exciting turn of events for New World’s long-suffering shareholders. It promises to set this stricken company on a much more positive path, led by the value creating force behind the recent flyaway successes of Optibiotix (OPTI) and Premaitha Health (NIPT). Reynolds and his experienced team of turnaround specialists have identified a project and new executive management for New World, in the booming Med Tech space. Now all shareholders have to do is vote in favour of this radical change in direction.
New World Oil & Gas (NEW) has announced interim results – noting “as a result of the Placing and Open Offer that concluded in July 2015, the company's cash position (as at closing of business on 28 August 2015), stands at approximately US$4,479,266”. This equates to a current £2.93 million.
This morning, New World Oil & Gas’ (NEW) board of directors was true to its word and published the company’s unaudited interim figures nearly a month early. The numbers are encouraging. The company had £2.9million cash on Friday, the executive directors have been offsetting all fees since March against their outstanding loans and the board continues not to draw salary or accrue benefits. The company is not yet out of the woods, but today represents a tangible step forward. Next up is the AGM…
Over the last six weeks the New World Oil & Gas (NEW) shareholder action group, NWOGaction, has been quietly laying the foundation for a most surprising turn of events. Where the market has given up hope, thirty-seven private shareholders have continued fighting for their company’s future. Their efforts are about to bear fruit.
Featuring shares in Caza Oil & Gas (CAZA), Iofina (IOF), New World Oil & Gas (NEW), Petroceltic (PCI)
The New World Oil & Gas (NEW) forward selling fiasco exposed one of AIM’s most significant structural faults; do you really own the shares you’ve purchased? The secretive role of market makers in the function of AIM is not widely understood or appreciated. Few private investors realise just how much power and control this furtive group wields over physical stock and, therefore, share prices. During the New World controversy the London Stock Exchange proved itself ineffectual in enforcing its own rulebook, which is meant to oversee the actions of market makers and protect the legal rights of shareholders. Below I share some correspondence I had with major retail broker Share Centre, six weeks ago. This helps demonstrate how certain City firms directly interfered with the legal rights of New World’s shareholders, while the London Stock Exchange stood idly by.
Market abuser Chris Oil modestly claimed that he was better than Warren Buffett when it came to stock selection. But it seems that the Sage of B&B had a rather bad month or two. In fact his losses on just three stocks since early July appear to be almost £0.5 million. Given that Oil reckons that his family discovered the North Sea, this may well be small change to the Sage of Fantasy, but we suspect however that it is not.
