These shares should be suspended! A bunch of Chancers who just take, take with no respect for pi's. This Bill character is a dreamer. Just give us some answers pal or get lost!
lets hope patience pays off. bought some under 0.7p and hoping the deal will be good hence why it is taking a while to complete??
thats a good sumary and i wonder if Niels intention is to drag it on into May, with the assistance of billyboy?......
Was deluded or desperate.
It looks to me like the City Code, which is there to protect us, may have, in this unfortunate instance, sunk our company and ruined us. If the deal with Niel Petroleum had been closed before 30/09/13 Rule 9 of the City Code would not have applied, due to the residency test. Why it wasn’t concluded and whose fault it was I don’t expect we’ll ever know. After 30/09/13 changes to Rule 9 mean that it does now apply to NEW. Rule 9 states that: if any person acquires shares which, when taken together with shares already held by him or shares held or acquired by persons acting in concert with him, carry 30 per cent. or more of the voting rights of a company subject to the City Code, such persons are normally obliged to make a general offer to all the remaining shareholders to purchase, in cash, their shares at the highest price paid by him, or any person acting in concert with him, within the preceding 12 months. At the time of the original deal the previous 12 months would have included shareholders who had bought at 13p, but Rule 9 would not have applied. But the deal was not concluded in time and so NEW is subject to Rule 9. Obviously this change meant that the deal no longer made economic sense to Niel – offer shareholders up to 13p per share when it’s worth less than 1p? Niel’s best option would have been to walk away, but it appears that they haven’t done so. So I think our best hope is that they have put the deal on hold until such time that the price they are obliged to offer shareholders falls to a more realistic level. Right now the last twelve months includes a high of almost 10p. If they wait until February this drops to 4p. If they have the neck to delay until May this will fall below 1p (apart from the few minutes at 1.2p) and the proposition will again be viable for them. But of course I’m being premature here - Bill is going to let us know what the situation is by the end of last month, isn’t he? So, see you all back here in May? You too, Mille? It’ll be like an Old Boys reunion :)
Let everyone down again. I think he's at rock bottom wondering how to continue funding his lifestyle when all the investors hard earned money has gone from New,s bank account. Keep stringing everyone along. No more cash calls available on this one, or perhaps he would, hard faced enough I would think. Hope I am wrong, just history is often the best indication of the future.
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