UK 21:06 Monday, 21 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.
New World Oil & Gas (NEW) has finally announced the date of the AGM. This marks the culmination of months of hard work behind the scenes, ensuring an orderly transition for the company from being one of AIM’s most despised stocks to one with an extremely bright future. As expected, Adam Reynolds is on the ticket for election to the board, but in a surprise twist he is joined by Nick Lee of Paternoster Resources (PRS). Lee will have the full support of NWOGaction, so his appointment is almost a foregone conclusion. Fred Hodder is retiring and Peter Sztyk now deservedly faces the wrath of his shareholders. This is all fantastic news.
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Comments
drunken sailor
Ben,
Good news and well done. There is a time for outspoken activism and a time for behind the scenes activism.
SER shows how perceived cash piles can be denuded even without expensive drilling campaigns. If less cash is there than you think should be when the new board finally take control, they may need to spend some of what is left on forensic accountants and then legal proceedings to get it back. Hopefully the cash pile is still there.
Even, so in the early stages, the cash will not get NEW all that far and NEW will still be on the subscale boarderline. It would therefore send a very good message if the new NEW board were to announce a remuneration policy which preserved the cash pile in the short term, but gave plenty of upside to directors who deliver real value from which all shareholders can benefit. 3 Legs resources announced a policy which could be emulated. The former bank robber also announced and even better policy when he arrived at SER, but reneged on it when he cut and ran as his former bank robbing past caught up with him. As I am sure the new NEW board will have no former bank robbers on it, it should not be a problem for them to show it is possible to be on the board of an AIM listed company and not rip off shareholders, whilst delivering sweet FA, but to temper short term greed in return for handsome and just rewards in the longer term.
A bit of cash on a new name, logo and ticker may also be a wise investment.
wildrides
I am in for one of Toms “council house punts” I mill shares . These two if elected may turn it into a substantial “falling over water” fund . Lovely Jubbly . Sell that rancid shite CEB ……… oh sorry you cant ;-) (snigger like Dick Darstedly’s dog Mutley ) and buy these .
I like council houses ……….they are well built and the layout is usually good inside . My own house used to be a council house several owners back . Built in 48 just after the war ………… all brick with a cavity ……… none of this foam block shite with recycled swan vesta matchsticks for roof trusses . I must be a moron then , apart from I own it and my normal market size is not £500 but £1-2000 initial entry and watch . Tom is a closet bricks and morter snob I think ;-)
Ben Turney
@Drunken Sailor – The board gave an update on the cash position not long ago and has also publicly committed to preserving it, pending resolution of the company’s strategy. Inevitably some will have flowed out of the company, but not as much as some people fear.
@wildrides – now I need a translation. Don’t think you meant to post that here :-)
Steve
Well done Ben – I’m in for a few million shares today as Mcap at £3.7million is pretty much cash plus value of an AIM shell. If BrokerMan Dan, next to no money and no prospects can push Sefton up to a Mcap of £10million then I’m hoping the hype of Adam Reynolds and £3million cash can push this above £5million for a 50% gain and then we’ll see what he brings.
Not exactly value investing but hey who cares!
DUCK AND DIVE
Well done, Ben. I hope it turns out well for you; but I’ve seen too many incompetent directors slope off into the night with their pockets bulging. Have you factored in their contractual entitlements once ousted? Could they yet come up with a wheeze to award themselves a golden goodbye? You have been warned.
wildrides
Oh yeah …………… forgot to say “well done Ben” . The boy done good …………. very good indeed . In this case you must have saved investors an awful lot of money . I know you must have put an awful lot of hours work into it . Deffo a major flip with no flop in sight . Well done again ……….. praise when its due .
Ben Turney
@Steve, Duck and Dive & Wildrides – thank you. We haven’t won yet, but this is a positive step forward. Wrt golden goodbyes, it’s something I am acutely aware of.