Could Chris Oil lose £7 million on New World Oil & Gas? Or more?

Comments

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   B Sanderson

   5 May 2015, 06:18

   Why does he hide behind Mrs Judith William?

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   Marvin

   5 May 2015, 06:20

   You’re tirrible Muriel.
   (That’s from Muriel’s Wedding for any young guns)

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   john g

   5 May 2015, 06:30

   Mrs Judith Williams ? Is that his wife ? Heard Chris Oil (aka Walter Mitty) doing an audio interview on some blog site… unless he had some sex hormone therapy…. he certainly sounded male.

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   DUCK AND DIVE

   5 May 2015, 06:43

   Oh, what rib-tickling fun you seem to be having! However, since Mrs Williams obviously doesn’t own hundreds of millions of non-existent shares then she/he will not be required to put in a t/o bid for the company.

   If she/he sent an erroneous TR-1 to the company then it wasn’t too clever – and it was even less clever of the company to issue it as an RNS – but in no way, shape or form was it proof that she/he owns 342m shares because she/he doesn’t. And that, as the BBMs say, is a fact.

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   Barford

   5 May 2015, 06:57

   I presume his shares are in a T20 trade so when he settle it be either 10% of post approved egm placing or 49% of rejected egm vote if he can settle and acquire the real shares that is….untidy mess!!!

   TW note - all settled today I hear and his % was self declared at Friday. Done T+2 & 3

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   john g

   5 May 2015, 07:31

   This Chris Oil twit comes across as a nauseating little shit.

   On his twitter feed… he seems to get a kick out of self glorification… almost all his tweets start off with : “Chris Oil City Investor & Well Known City Financial Writer”. Also, he has this compulsion every now and then to boast about owning some castle. His blog site is nothing more than a shrine to his delusional grandeur.

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   Barford

   5 May 2015, 08:19

   Thanks for update… Surely it then begs the question is it a legitimate purchase/purchases then, not only has he appeared to purchase under a false name so what info did the broker who arranged it (rules on verifying account holders for money laundering protection) do to verify holding.
   But how can he prove his ownership (even though it was self declared) so I presume if he can prove ownership he owns 49% like you said and in a bit of a muddle or if he can’t they will adjust holding to previous buys until egm via rns…
   But of course Chris Oil doesn’t own any of the shares as Mrs Williams does apparently (subject to proof) so like to see how he proves he her….lol

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   Jeremy

   5 May 2015, 09:01

   Chris Oil would surely at worst only have to bid for for the circa 700m shares that the company was supposed to have in issue at 1st May;not the thousands of millions of shares from the yet to be approved placing let alone any shares from a future open offer or rights issue because if these were deemed already in issue at the time of his purchase he would not have crossed the 29.9% threshold.
   In reality Chris Oil probably purchased forward sold unadmitted shares therefore never crossed the 29.9% holding.Obviously if he was forced to make a takeover but just for the 350m shares in official issue he did not own at 1st May it would leave a major problem in settlement of outstanding trades and it would be difficult to see what these shares represented as they do not exist.

   TW if he had to make a mandatorey bid itr would be for all the shares outstanding at that point. So in 3 weeks that could be 3.5 bn. I v much doubt it will happen but it is possible

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   MrMoto

   5 May 2015, 09:28

   Glad ShareProphets ditched Chris Oil from the team if I am being honest. His conduct on the flaklands oil boards at ADVFN whilst writing on here too was disgraceful. Ramping one minute, then major bashing the next.

   Then when I saw this blog post in Feb, it just topped it off for me. Can’t see many lining up with £299, can you?
   http://chrisoil.blogspot.co.uk/2015/02/selected-financial-adverts-on-chris-oil.html

   I have made many bad calls investing wise, but I do not sell myself as some osrt of market guru. Yes, he may know more than you’re average joe. But pay for his tips? C’mon

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    Woody44

    5 May 2015, 10:20

    Tom, despite appearances, the Panel can’t actually force Chris Oil to make a bid. They can try to force him with the threat of “cold shouldering” should he refuse, but nowadays “cold shouldering” is less effective than it used to be (see Bryan Myerson and Principal Capital). As Chris Oil does not appear to be a market professional (he doesn’t appear to be on the FCA register) he probably doesn’t even care if he is cold shouldered, certainly not if the alternative is having to buy New World Oil & Gas.

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    J P Spaghetti

    6 May 2015, 06:39

    I fail to see how CO’s percentage holding legitimately can NOT be considered to be above 30. The figure of 10% would, for want of a better expression, require shares that were mere twinkles in the eyes of the yet-to-be holders (oh that was good – I can be immodest too!) at the time he bought his last tranche to be taken into consideration! That would be patently absurd. Looking at this objectively, if you disagree just think of the potential ramifications of being able to change the denominator used to calculate this fraction RETROACTIVELY merely on the grounds of a mere possibility at the time of a transaction.

    The erroneous 10% holding figure published by the nomad in an RNS is an unjustifiable affirmation – albeit an implicit one – that the placing will definitely go ahead. In CO’s defence, then, if this certainty was incorrectly communicated to him by the nomad before he crossed the threshold (and if he can prove this) then he should surely be granted recompense at its expense, even if he does bear more than a passing resemblance to k. d. lang.

    I don’t know if there’s precedent for what’s happened here (I’m guessing you’ve not seen it before Malcolm), but now would be a fitting time to make it.