LONDON (Alliance News) - The action group that is currently trying to push New World Oil and Gas PLC to change its board has "formally disbanded" after completing its aim of securing an annual general meeting to propose its changes next month.
The company and action group have been sparring throughout 2015, and back in September the action group released an open letter to propose the nomination of three new directors to the board at the company's forthcoming annual general meeting to take the company in a completely new direction - away from oil and gas and into the medical technology market.
NWOGaction, a group of around 46 New World Oil shareholders, was being led by Shareprophets' writer Benjamin Turney, who released the open letter back in September.
On Friday, NWOGaction said: "NWOGaction has successfully fulfilled its objective of securing an AGM date for New World Oil and Gas, which includes an agenda with independent directors for election to the board. NWOGaction is delighted that the company's shareholders now have the opportunity to cast their votes and set their company on an exciting new course."
"Now that the concert party formed by members of NWOGaction has achieved its objective, this concert party has formally disbanded," it added.
New World Oil and Gas called the AGM for November 17 after NWOGaction waited for several weeks for the date to be confirmed, as it was hoping to have held the meeting before the end of October. The company called the AGM on Tuesday.
"NWOGaction will continue as an independent campaign group, in support of the candidacies of Adam Reynolds and Nicholas Lee for election to the board of directors," the action group said. "NWOGaction will campaign vigorously against the reappointment of Peter Sztyk to the board."
The action group is trying to get Adam Reynolds and Nick Mustoe appointed to the board of New World Oil, with suggestions that Reynolds would lead the company if successful in being elected because he has identified a project and team that he believes is "ideally suited" to the company in the med-tech space.
Currently, New World's board is comprised of Chief Executive Sztyk, Non-Executive Chairman Chris Einchcomb, Executive Georges Sztyk and Non-Executives Roland Hodder and Stephen Polakoff.
New World shares were down 4.5% to 0.0740 pence per share on Friday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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