UK 00:09 Tuesday, 22 September 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
On Monday evening, New World Oil & Gas (NEW) put itself into “temporary suspension”, pending the outcome of the EGM. Last night New World announced the results of the EGM, but the stock remains suspended. It turns New World’s suspension is now out of its hands. The London Stock Exchange has stepped in and suspended New World, until the settlement situation is resolved.
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Comments
DUCK AND DIVE
With credit to Kevin Taylor who posted it in a ShareProphets comment earlier today, this FSA notice of a big fine imposed upon a broker/market maker a few years ago in almost identical circumstances will make salutary reading for the architects of the NEW forward-selling/shorting mess. It’s a must read…
http://www.fsa.gov.uk/pubs/final/evolution_12nov04.pdf
Little wonder the LSE has now stepped in.
Phil
Ben
What is the circumstance for anyone who was already shorting NEW before this debacle happened, ie when they opened a short position they forward sold shares that did exist, they must be in the same circumstance.
If unable to close & settle even a small short creates a risk that could cause you bankruptcy, and although derivative brokers display risk, none threaten bankruptcy