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must admit it is amazing how TW knows insider material, big mate of Reynolds so on this occasion, probably where his info came from. plus I don't think he likes BenTurney.
the problem is with the complete lack of information from the company who can we trust / believe.....and how on earth does TW know confidential info before any of the shareholders.....not that I'm complaining too much as he has been the only source of info regarding what is going on so far
Ben Turney isnt greedy, many know what really is going on behind the scenes. Dont believe the negative things being said about Ben, HE is the one along with Nick who has been working for the shareholders. Reynolds is the one who appears to be avoiding Ben and possibly leaking info that it is not Ben who has been doing the work. I was one of the biggest supporters of reynolds, but knowing what has been going on and all the effort made by Ben have now decided to back Ben who i believe to be the person best suited to look after our interests.
I think a lot wanted Ben in to sort out and keep a watch on the corrupt crowd...the current board are working for or with our overall interests at heart..Ben you can stay but please don't bleed us anymore...
turney has done the initial pushing the corrupt board out. remember he holds some of this equity, but I am afraid he is not big enough to carry us any further forward, and our current board has done a lot to keep us afloat for which we should be grateful. renolds and co have the contacts and now hopefully put the past behind. turney is very cheeky and greedy demanding a place on the board, and wanting £200,000 for it. the last board ripped the company off we do not need him here. that's my opinion.
I'm in two minds about it, turney did play a big role in getting this out of the complete pile of sh@t and should be rewarded accordingly but only once this is well and truly back in action....anyway things are looking up here😀
Yes I read that as well....Turney shud get out...if he is not needed..
Article today, news imminent...egm to be announced. Suggesting to oust turney who has demanded £20k a year from us
for that Hedgehog100
Another correction! - I'm sure that Adam Reynolds is committed to eventually returning NEW to the market as a RTO!
"Moreover, BST's convertible loan in BST could be worth multiples of its current value by the end of 2018 ... and BST's shares could keep on rising after that too." CORRECTION: That last sentence should of course read " .. NEW's convertible loan in BST ..."
I don't think that Adam Reynolds is a quitter, and 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. …" HTTP://www.bigsofatech.com/investors/documents Moreover, BST's convertible loan in BST could be worth multiples of its current value by the end of 2018 ... and BST's shares could keep on rising after that too.
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: https://www.investegate.co.uk/Index.aspx?searchtype=2&words=New+World+Oil+%26+Gas
NEW's market cap. at its delisting price of 0.06p was £2.8M.
Paragraph 12(xii) of Part VI of BST's admission document of 30th. November 2016 (page 113): "(xii) Convertible Loan Agreement between NWOG, the Company and Big Sofa Limited dated 30 November 2016 An agreement between NWOG, Big Sofa and the Company whereby NWOG’s outstanding loan of £675,000 to Big Sofa will be amended conditional upon Admission into a loan convertible into New Ordinary Shares in the Company. The loan carries a coupon of six per cent. up to the date of Admission and five per cent. thereafter and is repayable by Big Sofa on 31 December 2018 (“Repayment Date”). The loan is convertible into New Ordinary Shares in the Company at the lower of (a) the Issue Price or (b) the lowest price at which New Ordinary Shares may be issued by the Company as part of any fundraising conducted between the date of Admission and the Repayment Date. The conversion rights may be exercised in full or in part at NWOG’s option at any time up until the Repayment Date. Any such conversion will be in full and final settlement of the respective part of outstanding principal and interest converted." HTTP://www.bigsofatech.com/investors/documents Note that NEW's £675K. convertible loan to BST can be converted at a price lower than BST's 17p IPO price, if BST has a sub-17p placing before the end of 2018.
Just another head to work out how to make sure this company is totally finished by the end of next year
Jeez, that really is the kiss of death then.
thanks for the update.....just out of interest how can you now setup an rns alert for this company as its not listed anymore and not showing up on the stock exchange?
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.
gheeBhee and all After not bothering for a couple of years to research what had happened to this share was surprised to find that there is still an active site so thought I should add myself to the chat list. I am invested to the tune of £6k so not happy with the situation and will add my name to any joint purposeful action that may arise. Have looked at the nwog action site and it is really depressing - was not sure if they were asking for the shareholders to select who the action should be to be taken against.
Try RNS Reach at www.londonstockexchange.com/exchange/news/market-news/market-news-detail/other/13299041.html or you can look it up on the nwog action website (nwog_action_.co_.uk if you just remove the spaces)
Cannot see RNS......point me in the right direction chaps!
£600000 was given to big sofa in total I believe, what was the terms on the convertible loan? I know the coupon price was 6%. What was the market cap of NWOG on suspension? cheers
I second that. Really appreciate it. We might get a return yet :O