By Ben Turney | Wednesday 4 November 2015
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.
The vote at New World Oil & Gas’ (NEW) forthcoming AGM on 17 November is not yet won. Shareholders still need to unite behind Adam Reynolds and Nick Lee to give them as strong a mandate for change as possible. A cleansed New World could present a fantastic prospect, but the market remains sceptical. The toxic legacy of the current board will take time and effort to clean up, but for once on AIM private investors have a genuine opportunity to make a decisive difference in the company they own.
The five resolutions at New World’s resolution are:
1 That Nicholas Lee be elected as a director of the Company
2 That Adam Reynolds be elected as a director of the Company
3 That Petro Sztyk be re-elected as a director of the Company
4 That the balance sheet, profit and loss account and reports of the directors and auditors for the financial year ended 31 December 2014 be received and considered
5 That Chapman Davis LLP be re-elected as auditor of the Company
Resolutions 1, 2 and 3 are the most important.
If shareholders want to see New World transform itself from being one of the most loathed stocks on the market to one with an exciting future they must vote Yes to Resolutions 1 & 2 and No to Resolution 3.
Voting is simple. If they haven’t already received their paperwork, all shareholders need to do is call their brokers and ask for them to vote on their behalf. This is a perfectly straightforward process. Most brokerage firms have a service for “corporate actions”, through which they process shareholder votes.
If you are a shareholder in New World and have not yet voted, then call your broker today. Don’t delay.
With less than two weeks to go until the AGM, the more votes that support the turnaround team of Adam Reynolds and Nick Lee the stronger the position the company will be in to take itself in a new direction.
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