By Tom Winnifrith, The Sheriff of AIM | Thursday 17 September 2015
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Ben Turney has just revealed HERE how the discredited Peter Sztyk, the CEO of New World Oil & Gas (NEW) told today’s investor call that the company would spunk two thirds of its £3 million net cash on a new well (to follow its previous duster) in Belize within weeks. This is price sensitive information. This should have been issued via an RNS.
This is a flagrant breach of AIM Rules. Will the Nomad to tis company – Mr Roland “fatty” Cornish of Beaumont Cornish - stand idly by? Step one there must be an RNS. Step 2 Mr Sztyk must stand down with immediate effect for this flagrant abuse of the basic rules of AIM.
Fatty this is a clear call. CEOs cannot behave in this matter. It is the biggest breach of AIM Rules going. Either you and AIM regulation force him to walk at once or we just accept that as far as you are concerned there are no rules on the AIM casino. Fatty do you give a toss about the rule book anymore?
As a reminder to all concerned. Rule 11.
An AIM company must issue notification without delay of any new developments which are not public knowledge concerning a change in:
♦ its financial condition;
♦ its sphere of activity;
♦ the performance of its business; or
♦ its expectation of its performance, which, if made public, would be likely to lead to a substantial movement in the price of its AIM securities.
Spunking two thirds of your cash away qualifies on all four counts. And “issue notification” means an RNS NOT a conference call for investors.
Sztyk resign now. Fatty read the frigging riot act and force this rule breaker out
Never miss a story.
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