LONDON (Alliance News) - The mysterious share purchase by Judith Williams in New World Oil and Gas PLC last week was actually her son, an oil investor, who thought he was only purchasing a 10% stake in the company before realising that his mother may be required to launch a full offer for the company, reported the Mail Online on Wednesday.
Last week, New World announced it had conducted a conditional placing but there was confusion after an unknown person, only named as Judith Williams, purchased over 342.3 million shares in the company after the placing was announced, which was stated as representing a 10% stake in the enlarged issued share capital.
New World said last Tuesday it was looking into William's acquisition of shares, including whether there are any regulatory implications and what was her intention. The company said it was unsure whether the holding was 10% of its original or enlarged share capital post the placing. Based on the issued share capital before the placing, Williams would be purchasing over a 48% stake in the company, which would require Williams to make an offer for the company.
The Mail Online Wednesday said Judith William's son, Christopher Williams had purchased the shares for GBP250,000 under the assumption that he had only bought a 10% stake in New World under his mother's name, but in fact it turned out to be a 48.7% stake in New World.
The UK Takeover Panel said it has decided that she may be forced to bid for the remainder of the shares, which would cost between GBP1.5 million and GBP2.5 million, although it has also said she could sell the shares. That share sale would likely be at a loss.
On Tuesday, New World said it could not clarify the situation surrounding a Williams takeover but added that the company is an 'innocent' party.
http://www.dailymail.co.uk/news/article-3079298/The-accidental-oil-tycoon-B-B-owner-faces-multi-million-pound-bill-trader-son-accidentally-buys-half-oil-firm-Belize-City-watchdog-says-buy-rest.html
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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