Member Info for TheRealist

When the placing was not approved, Cornhill was unable to settle its forward sales, in breach of Rule 5000. As a result, other member firms were unable to settle their own onward sales where settlement was dependent on the receipt of stock from Cornhill (thereby also breaching Rule 5000).

The settlement situation in New World shares had a detrimental impact on the company, its shareholders and other market participants, as it caused trading in the shares to be suspended for approximately eight weeks until a second placing and open offer had concluded and the settlement situation had improved.

try this, I've copied the main bit

The censure relates to breaches of the Rules of the London Stock Exchange between April 2015 and July 2015, when Cornhill was the placing agent for a placing of shares by for New World Oil and Gas Plc ("New World"), an AIM company. The placing was conditional on shareholder approval at a general meeting to be held on 19 May 2015. Following the placing announcement, Cornhill forward sold, on behalf of its underlying customers, a significant quantity of placing shares for settlement on 20 May 2015. These sales were on Exchange and were unconditional, so Cornhill became wholly reliant on the placing being approved by New World shareholders in order to settle its position. However, the New World shareholders did not approve the placing.

The Disciplinary Committee found that Cornhill had breached Rule 1020.3 and the guidance to Rule 1400, as it did not have adequate internal procedures and controls in place to manage its forward selling of New World shares to an amount of shares that it would be able to settle if the placing was not approved by shareholders, or have a clear and viable strategy in that contingency.

By entering into its forward sales of New World shares and failing to ensure that these trades were able to be duly settled, Cornhill engaged in a course of conduct which was likely to damage the fairness or integrity of the Exchange’s markets and caused, or contributed to, a breach of the Exchange’s Rules by other member firms in breach of Rules 1400.4 and 1400.5.

Thats a shame, sorry should have checked the link worked. I'll try again

https://www.fieldfisher.com/en/insights/forward-selling-of-placing-shares-leads-to-public-censure-and-fine.

Not sure any broker would risk the same!

Dipp, I'm a long term holder and supporter here, why would you ask? I continue to have some questions like everyone else.
I also called out Dshox for his/her outrageous accusations and obvious agenda, nothing else

All good questions...honest answer...nobody knows. We've had no info from Align or anyone else. Whether they are bailing is anyone's guess. As you will have seen some odd posting activity lately!!

Blimey Bucks you're risking it! Posts surviving so far though. Is bribery involved, or the luck of the Irish lol

So my reply, which was pretty much the same as Bucks and Loot, gets removed??
If 'd been more offensive I'd understand but this is just crazy. Perhaps its our friend again but I've not engaged with him anywhere near as much as you Bucks. Strange indeed. Infamy, infamy...they've all got it infamy!
This post will also self destruct in 5 mins LOL

Says three posts today but I cant see anything. I'm sure I saw something earlier?

Thank you sir, that's very kind of you. Felt a bit like an uphill battle here lately, nice to have some sense. Although you do realise you'll now be accused of being someone else lol

Follow me I'm right behind you!
We're all going to have a good weekend lol

Nice to see you bugzy. Maybe we can get some of the regulars to join us next week and get some sense back to this BB.

Yes, sorry Buck, its the lockdown you see, bit tight on funds!
Notice the great one is actually owning up to reporting and removing now.
Do hope he/ she gets a lie down this weekend, all this paranoia and the pressure of saving us all must be taking it out of him/her.

Not me Dshox must be another one of your creations.

Seems just my orginal post about deleted posts is the one that got deleted... You really couldnt write this!
Its all your fault now Mernell you bad mean nasty person you!
So please be clear everyone, unless DShox thinks you're a fine upstanding person and you follow his line completely you cant join his gang and he'll have you deleted. I'm sure my fellow LTH's will sleep better now knowing that.
How long do we give this post...2 mins? Maybe more?
I've been around this share for years, before Align were even in the picture. I've always supported and never deramped once, but hey lets not let the truth get in the way of the mission here. How many members have you got now then DShox? Still cant quite understand why you're still posting here if we're all so clueless.

are a disgrace! Are we in the UK or North Korea?

No point in posting or subscribing here. I've never witnessed anything like it in many years here.

The only saving grace is that people know what's going on and will ignore

Its actually been quite good here recently. Generally balanced and reasonable discussion between LTHs but then all hell has broken loose and I guess we have to draw our own conclusions. I care not as I've been here too long but I do find the removal of perfectly reasonable posts a little concerning. Clearly, there are greater forces at work. Be careful out there lol

again, but at least its not just mine!

This is all very well and good but we now need news more than we ever have so can we have a statement about the company position please, particularly as we are getting close the end of March deadline!

Looks like we're mental cases then!!

So someone is seriously suggesting Boris is taking advice from SS on HS2???
Thanks Wasred, you gave me a good laugh there!
Just when you think it cant get any dafter!