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NEW New World Oil

0.06
0.00 (0.00%)
24 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
New World Oil LSE:NEW London Ordinary Share JE00B65FK239 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.06 - 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

New World Oil Share Discussion Threads

Showing 37901 to 37924 of 37950 messages
Chat Pages: 1518  1517  1516  1515  1514  1513  1512  1511  1510  1509  1508  1507  Older
DateSubjectAuthorDiscuss
30/8/2017
20:04
Anyone seen the circular that was sent out later in the day? Presumably that contains the detail of the JFSC declaration of the wrongdoings of the Board prior to their mass departure last year. The 18 July public statement doesn't anyway. In fact I wonder if TW just made all that up.
gheebee
30/8/2017
13:13
absolutely this could come back as part of the BIG SOFA group as initially was supposed to happen.
yufff
29/8/2017
17:03
Sounds good common sense to me. Where do I sign?
outspan
29/8/2017
14:16
Some folks appear to think that New World Oil & Gas (NEW) has been a failure for Adam Reynolds. Sure it got booted off AIM for failing to do an RTO but you still have a company and news is imminent.

After eight months the financial regulators in Jersey have concluded their enquiries into wrong doings at the company. There were attempts to punish the company but Reynolds fought them off and so the report has slammed the previous board for numerous wrongdoings in the period prior to their removal by Reynolds.

Perhaps in light of this AIM regulation might wish to look at London's worst Nomad, Roland "Fatty" Cornish who signed off on all of the RNS statements of the ancien regime and who was meant to have done enough due diligence to ensure New played by the rules. Clearly Fatty failed miserably in this regard which is why AIM Regulation should be stripping him of his license. It will not.

The authorities in the Channel Islands have now given New World a clean bill of health to continue but were still seeking to impose restrictions on what the company can do so later today New will send out a circular to shareholders calling an EGM to approve ab redomicile to the BVI which will allow it to invest more widely and start its move back to the London market and a relisting.

Moving to the BVI is, incidentally, £200,000 cheaper than moving to the UK. Because they are wary that their status may be threatened, most offshore locations have agreements in place allowing quick, cheap and simple redomiciles between the various tax havens.

It has been a monumental struggle lead by Reynolds but there is progress. Make no mistake, had the previous management been left in charge or had New been run by blundering amateurs not by folks who knew what they were doing, shareholders would have lost the lot.

Now for the bad news. First up Ben Turney claimed to speak for 25% of New World shareholders and threatened to call an EGM to oust the entire board a few weeks ago if he was not made a director on £20,000 a year. Given the sensitive stage of negotiations with regulators at that point, Flip Flop is now drawing almost £2,000 a month as a totally un-needed NED. If I was a shareholder I'd rather save the cash and leave Reynolds to work towards an RTO on AIM - he has a record of success and it is hard to see how Turney adds anything to the party.

The cost of sorting out the legal mess left by the former board has been high and thus the second bit of bad news is that Net Assets are now down to c£1.75 million. That includes the loan to Big Sofa (BST) at par - assuming it is converted into shares then that suggests some upside. But NAV has fallen as the lawyers bills racked up.

The bottom line is that those who doubted Reynolds have been proved wrong. New World has been saved by him and his team. They should now be allowed to work unhindered to restore value and a listing.

yufff
13/8/2017
21:22
I don't think that Adam Reynolds is a quitter, and I'm sure that he is committed to eventually returning NEW to the market as a RTO.

His HubCo shell was delisted from ISDX, and has since relisted (on AIM) as BST.

From BST's admission document of 30th. November 2016:

"PART I
LETTER FROM THE CHAIRMAN
HubCo Investments plc
(Incorporated in England and Wales with registration number 07847321)
Directors: Registered Office: Adam Reynolds (Chairman)* …

1. Introduction and background

The Company was incorporated on 14 November 2011. On 31 January 2012, the Company’s Ordinary Shares were admitted to trading on ISDX as an investment vehicle with an investing strategy to acquire interests in small and medium sized private companies in the UK with strong management and significant growth opportunities, initially focused on the leisure and consumer services sectors. In August 2015, the Company announced that it had identified an acquisition in the healthcare sector, however, following due diligence the Directors were unable to recommend that this opportunity be pursued further. The Company was de-listed from ISDX in April 2016 due to its investing policy not being implemented in the required timeframe.

The Directors have assessed Big Sofa as having significant potential to increase shareholder value. The Directors propose that, subject to Shareholders’ approval of the Resolutions, the Company will acquire the entire issued share capital of Big Sofa, which will have the effect of changing the status of the Company from an investing vehicle to an operating company, and the Enlarged Group will be admitted to trading on AIM. …"

hedgehog 100
13/8/2017
20:32
Thanks Yufff.

For some reason NEW no longer seems to be putting its RNSes onto its own website.

But here's a link to NEW RNSes, for shareholders to keep an eye on:

hedgehog 100
13/8/2017
20:21
Tks hedgehog

Hope yet

I thought NEW was dead and buried

Maybe not now with AR still involved.

yufff
13/8/2017
19:49
Wednesday 02 August, 2017
New World Oil & Gas
Directorate Appointment
RNS Number : 9270M
New World Oil & Gas
02 August 2017

For immediate release
2 August 2017

New World Oil and Gas plc

("NWOG" or the "Company")

Directorate Appointment

New World Oil and Gas plc is pleased to announce the appointment of Mr Matthew Benjamin Turney as a Non-Executive Director with immediate effect.

Mr Turney has significant experience of listed and unlisted companies in the small cap sector and the Board believes that a number of NWOG shareholders are supportive of this appointment. Most recently, he was appointed as CEO of Teathers Financial plc with a view to restructuring the company and creating value for shareholders.

Mr Turney graduated from UMIST in 2001 with a BA in Management and IT. Since then, he has run his own web development and creative agency and started his own corporate finance and advisory businesses. More recently, he has worked as a financial writer, commentating principally on the Alternative Investment Market of the London Stock Exchange.

Present directorships/partnerships Former directorships/partnerships held over past 5 years

Technical Forecasting Limited
Teathers Financial plc [None]

Mr Turney was a director of Venture Point Limited which was dissolved on 31 May 2011. The company had outstanding debts which were guaranteed by Mr Turney. These were settled directly with creditors by Mr Turney at a discount to face value.
Mr Turney holds 10,178,672 ordinary shares in the Company.

-Ends-

Enquiries:
Adam Reynolds
New World Oil and Gas plc
Tel. +44 (0) 7785 908158
or
Nicholas Lee
New World Oil and Gas plc
Tel. +44 (0) 20 7580 7576

hedgehog 100
13/8/2017
19:39
New World Oil & Gas -
Corporate update
Released 12:12 18-Jul-2017

RNS Number : 3934L
New World Oil & Gas
18 July 2017

18 July 2017

New World Oil and Gas plc

(the "Company")

Corporate update

Further to the announcement of 16 February 2017, as previously noted, the cancellation of the admission of the Company's AIM securities has had a direct impact on the Company's status as an unregulated exchange-traded fund in Jersey. The Directors have been working with Jersey counsel, the Company's Jersey administrator and the Jersey Financial Services Commission (the "Commission") to formulate the best way forward for the Company in these circumstances.

This dialogue has been extremely constructive and the basis of a way forward for the Company has now been agreed. The Commission has today published a statement on its website detailing its findings and conclusions. These principally relate to certain operational aspects of the Company since it was admitted to AIM in April 2011 and as a consequence of its shares being cancelled from listing in November 2016. The Commission also requires the Company to hold an EGM at which a resolution will be proposed for shareholders to decide whether the Company should cease to be an unregulated fund. If passed this will enable the Company to carry on with its current business, being that of a company holding one principal asset, namely its investment in Big Sofa Technologies Group plc ("Big Sofa"). The Company is also considering whether, going forward, it would be more appropriate to be located within an alternative jurisdiction to that of Jersey. The necessary proposals may, if ready in time, also be considered at the EGM.

Since the date of the last announcement, Big Sofa has continued to develop its business, winning a number of significant new clients and implementing its business plan. This is having a positive impact on the value of the convertible loan that the Company holds in Big Sofa. A further update regarding the matters referred to above will be provided in due course.

-Ends-

Enquiries:
Adam Reynolds
New World Oil and Gas plc
Tel. +44 (0) 7785 908158
or
Nicholas Lee
New World Oil and Gas plc
Tel. +44 (0) 20 7580 7576

hedgehog 100
25/7/2017
11:44
Why Jersey? See NWOG Action's new website.
gheebee
30/11/2016
07:14
Why incorporate in Jersey? Why did they not transfer jurisdiction when Board changed?
r ball
27/11/2016
10:43
R Ball,

They managed an AIM listed company!

andy
26/11/2016
14:59
It's doesn't. New should be the subject of. PhD thesis. Now why did the directors get cash bonuses?
r ball
26/11/2016
10:49
tur43,

How do you think that will benefit NEW?

andy
26/11/2016
10:24
Here's an interesting interview about what's next for the oil price - this analyst is basically predicting a $40 to $50 price for the foreseeable future
tur43
12/11/2016
17:51
Zero value probably.
johndee
12/11/2016
17:29
Again, as previously announced, the Company's shares are due to be cancelled from trading on AIM with effect from 10 November 2016, being the date six months from suspension of trading, in accordance with the AIM Rules.

The Company has been actively investigating the issue referred to above, however, no conclusion has yet been reached. Furthermore, it would not be appropriate to go into further detail, at this stage, as this may negatively impact any resolution which would not be in the interests of shareholders. The Company has also sought to appoint a Nominated Adviser as required by the AIM Rules and to see if there was any possibility of retaining the Company's listing, however, this has not proved to be possible. The Company's shares are therefore expected to be cancelled from trading on AIM with effect from 10 November 2016.

Notwithstanding the fact that the Company will no longer be listed, going forward, the Board will be focused on both creating value within the Company and returning this value to shareholders. The Company still holds assets in the form of cash and an investment comprising a loan to Big Sofa Limited. Various options are being considered with regard to this loan and the transaction costs incurred to date which could ultimately be beneficial to the Company. Furthermore, as an unlisted company there is greater scope to reduce costs in order to conserve value.

The Board plans, in due course, to provide more details of the possible strategic direction of the Company and to seek the approval of shareholders for such a plan.

stevedawn
10/11/2016
16:52
R Ball, - $2mill 'and the rest' I would imagine, plus all the other cronies clambering hand over fist for any spare dollars they could get their hands on one way or another.. paid ludicrous amounts of money to rip off investors right from the get-go. Good riddance New and any crooks that were still involved in it at the end..
snowman88
10/11/2016
09:22
R Ball,

Sadly many if not most AIM listed companies are no more than lifestyle vehicles for directors and management.

This one was pretty obvious from the start, at the first presentation we said it was rubbish, and would bever find any oil,and so it transpired.

Many people made money here of course,and many others lost their shirts.

When they announced the Kuwait 'deal' it just didn't sit right, my gut feeling was it was not real, and it wasn't!

andy
10/11/2016
07:16
The end. An object lesson to us all. There should be book about this company and how it has managed to legally spend so much money. Even suppliers took shares as payment (which they sold on the market). How much cash has Bill the old CEO stripped out. My guesstimate is over £2m.
r ball
09/11/2016
09:51
And if that wasn't enough....
gheebee
07/11/2016
22:28
R Ball,

All the red flags there!

andy
07/11/2016
22:04
Yup. I've never held any shares but it's been a fascinating journey and has had it all. The warnings signs were there from the very beginning. Can someone please remind me why an American and Canadians with a drilling prospect in Belize chose to register their company in Jersey and list on a U.K. exchange?
r ball
07/11/2016
20:45
Already trading has ceased.
johndee
Chat Pages: 1518  1517  1516  1515  1514  1513  1512  1511  1510  1509  1508  1507  Older

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