Sad day for New World Oil share holders, Directors Adam Reynolds and Nicholas Lee looked to have been turning the corner with a RTO business plan in place. Share Talk last spoke with Adam November 2015 and he was very up beat about the future, restructure of the company.
New World Oil has had a long checked history since listing on the London Stock Exchange AIM. The new management picked up the pieces after the 2015 debacle from the previous CEO, directors. It was always a big ask and sadly it was a step to far.
Share Talk will contact the New World Oil management team and we will update if they are available to give an update – interviewed.
Significant Shareholders
As at 29 March 2016, shareholders holding more than 3% of the share capital of New World were:
| Shareholder | Shareholding | Percentage |
| TD DIRECT INVESTING NOMINEES (EUROPE) LIMITED | 518,169,628 | 10.92% |
| BARCLAYSHARE NOMINEES LIMITED | 497,131,142 | 10.47% |
| FISKE NOMINEES LIMITED | 375,118,383 | 7.90% |
| HARGREAVES LANSDOWN (NOMINEES) LIMITED | 351,848,598 | 7.41% |
| HSDL NOMINEES LIMITED | 301,388,898 | 6.35% |
| HARGREAVES LANSDOWN (NOMINEES) LIMITED | 233,531,313 | 4.92% |
| INVESTOR NOMINEES LIMITED | 193,019,329 | 4.07% |
| HARGREAVES LANSDOWN (NOMINEES) LIMITED | 154,689,162 | 3.26% |
Friday 04 November, 2016
New World Oil & Gas
Corporate Update
On 17 October 2016, the Company announced that an issue had arisen in connection with a transaction previously carried out by the Company which may have a material impact on its financial condition and that, as a consequence of this, the Company had been informed by Big Sofa Limited that it had decided to terminate discussions with the Company regarding a possible reverse transaction and listing on AIM.
Then, further to an announcement on 18 October 2016, on 24 October 2016 it was announced that Beaumont Cornish would cease to act as Nominated Adviser to the Company from the close of business on 24 October 2016.
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 aNominated 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.
-Ends-
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