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.

New World Oil & Gas returns to trading tomorrow. Have the shysters got away with it?

By Ben Turney

16 July 2015 09:41

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We’ve just heard that New World Oil & Gas (NEW) returns to trading tomorrow. Denzil Jenkins, the Head of UK Compliance and Regulatory Policy for the London Stock Exchange, is now going to have to prove that his job isn’t just a pointless paper pushing exercise. Having failed utterly to enforce its three rulebooks (“Rules of the London Stock Exchange”, “AIM Rules for Nominated Advisers” and “AIM Rules for Companies”), the embarrassment the New World forward selling fiasco has caused to the London Stock Exchange is acute. There are now serious questions about the integrity of the exchange and the viability of the AIM model of self-regulation. Private investors have lost millions of pounds to the regulated City perpetrators of this mess. And so far nothing has been done.

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Comments

wildrides

16 July 2015, 10:32

I heard Denzil ( head of compliance ) is off sick . Repetitive strain injury apparently , from to much wanking when he should have been regulating ( allegedly) . With all the wankers underneath him the walls in that building must be dripping and the floors awash . Would not want to be the cleaner . If you think banana skins are slippery …………..
DUCK AND DIVE

16 July 2015, 11:24

I doubt there was another solution that wouldn’t take months/years to investigate/resolve. Would it have been more acceptable to leave NEW permanently suspended like an AIM zombie? Yes, says the purist in me but I’m not surprised that they opted for the pragmatic alternative.

But if charges aren’t brought against the perpetrators of this money-grubbing farce then it will be the end for AIM. It can’t attract reputable IPOs and serious investors to a state of utter lawlessness.