LONDON (Alliance News) - New World Oil and Gas PLC Monday said it has requested its shares be suspended from trading on a temporary basis ahead of a key shareholder vote on Tuesday.
The company conducted a conditional placing in April of over 2.72 billion new shares at 0.055 pence to raise GBP1.5 million with existing and new investors, which is subject to shareholder approval at an extraordinary general meeting on Tuesday May 19. PLC Monday said it has requested its shares be suspended from trading on a temporary basis.
The shares will be suspended from 0730 BST on Tuesday as the company awaits the outcome of an extraordinary general meeting of shareholders.
Shareholders will vote on the company's ability to raise funds by issuing new shares at the meeting, as well as a proposal on the issue of warrants.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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