Disclosure: I own shares in one or more of the stocks mentioned. 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.
On 21 September I received an incredibly snotty letter from New World Oil & Gas (NEW). The letter was marked strictly private and confidential, so I won’t publish it. However, now that New World has decided to smear NWOGaction in our latest TR1, I will publish my response to Peter Sztyk. What’s the Ukrainian for “piss off”?
For the record, I submitted NWOGaction’s latest TR1 a week ago. I feel I have to mention the disclosure requirements that are meant to exist on AIM, but what is the point?
This is the killer combo of New World Oil & Gas and Nomad Beaumont Cornish we are talking about, overseen by those hapless Keystone Cops at AIM Regulation.
Anyway, in the latest RNS concerning NWOGaction’s holding New World has decided to include the following comment:
“The Company has received and announced similar TR-1 notifications from Matthew Benjamin Turney previously and has asked for, but not received, clarification of the arrangements between the parties referred to below. At the present time, the Company is unable to verify the information contained in this TR-1 notification.”
New World’s board is more than welcome to call me a liar as much as it likes. I have (correctly) called the directors liars on so many occasions that they probably feel the need to get a couple of low blows in before they lose their jobs.
C’est la vie.
Today is the last day that New World’s board can delay the AGM, if they are to hold it by 29 October. Perhaps there will be another RNS later, but in the meantime here is my response to New World’s demand for information, which it had no right to require:
CC: georges.sztyk@XXXXXXXX; chris.einchcomb@XXXXXXXX; roland@XXXXXXXX
Subject: RE: NOMAD/Directors
Date: Tue, 29 Sep 2015 14:13:44 +0000
Having nominated the directors correctly and resubmitted the correct paperwork on Monday via recorded mail to the company secretary, my role as a member of the company in this process is complete.
There is no requirement under New World's Mems and Arts for the process you are insisting upon for nomination of candidates for election to the board, as evidenced by the fact I have the lawful right to nominate such candidates 7 days prior to an annual general meeting.
Therefore I kindly ask you please to take this matter up directly with Adam Reynolds, Nick Mustoe and Mark Collingbourne. If any of those candidates wins shareholder approval to join the board and subsequently fails the due diligence requirements for AIM that is a matter for them.
With respect to your letter, I am still taking advice. You did not explain under which law or regulation the company "requires" the information you requested nor did you set a deadline. As such, I see no rush to respond to your letter, or if I will even respond to it at all.
If you have concerns over the veracity of the information I have submitted through formal market notifications I suggest you take it up with the relevant authorities. You have my details and I am more than happy to deal with them directly.
Finally, you still have not confirmed the date for the Annual General Meeting. Your intransigent refusal to call this meeting is making it exceptionally difficult to deal with you in good faith,
If New World's board is so keen to see the strength of NWOGaction's hand it need do only one thing. Call the damn AGM.
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