Mothercare – “refinancing, restructuring and reorganising… to ensure a sustainable future”. Is there?
Tom Winnifrith Bearcast: Why I think Malcolm Stacey is wrong on Bigdish & good riddance you mendacious old hag
Published 883 days ago
It was the night before Christmas and Roland "Fatty" Cornish, a man widely known as the worst Nomad on the AIM casino staggered across the threshold of his £3 million luxury mansion in Chiswick. For the sake of Mrs Cornish he pretended that the stagger was because his chubby little arms were full of presents. The reality was that he had just enjoyed his final meal of the year at his favourite City restaurant, le Corchon Évitement fiscal.
Published 930 days ago
Alistair Osborne lashed out at Nomad Roland "Fatty" Cornish in the Times on Saturday listing his long list of AIM failures. A central point made is that Fatty banks huge fees for doing an IPO only to quit before the shit hits the fan or before the fat lady sings. In other words he earns megabucks and then scuttles off to hide in his favourite restaurant whilst others suffer the financial damage. Osborne starts his article on New World Oil & Gas (NEW).
Published 950 days ago
Today is a very dark day indeed for AIM as the scale of the white collar crime at New World Oil & Gas under its former management team has become clear. That former directors should be investigated by the SFO and others is clear. But AIM Regulation must act quickly to cut one cancer out of the system, it must stop Roland "Fatty" Cornish individually and his firm Beaumont Cornish from ever acting as a Nomad again. I urge you to email the boss of AIM Regulation Marcus Stuttard demanding this happen and suggest what to write below. You can email Marcus at
Published 950 days ago
This needs to be the day when London's worst Nomad Roland "Fatty" Cornish is drummed out of the City of London for good. This will shock you. New World Oil & Gas (NEW) has abandoned the RTO with Big Sofa but has not said specifically why. So let me assist.
Published 1473 days ago
Today is Fake Sheikh Day. Exactly one year ago, New World proudly announced to the world it had signed its absurd sale purchase agreement with the now infamous Fake Sheikh, “Dr” Muaaz KH M Alfahaid, to gain supposed access to the Kuwaiti oil market. Whether or not New World was ever able to determine if “Dr” Alfahaid was even Kuwaiti is unclear, but there is one thing we can be sure of. Having given “Dr” Alfahaid €1million, in the expectation of receiving $20million (ho, ho, ho), the good “Dr” promptly buggered off to leave red faces all round. Twelves months later, and with New World Oil & Gas’ (NEW) latest fiasco raging, ShareProphets is now delighted to share a photo once more of the good “Dr” together with none other than Bill Kelleher, Peter Sztyk and two other interesting chaps…
Published 1487 days ago
Is there a better example of why AIM is in such desperate need of reform than New World Oil & Gas (NEW)? This is a company that has habitually lied to and misled its shareholders, paid its rapacious board of directors inordinate sums, delivered next to nothing for over two years and, lest we forget, foolishly gave €1million to a fake sheikh, in the bizarre hope of breaking into the Kuwaiti oil market. You couldn’t make this stuff up, so it almost defies belief that the company has been able to raise £1.5million this morning.
Published 1618 days ago
Over the last few days, we’ve witnessed one of the most laughable bogus stock ramps of the year. Using DirectorsTalk.com and a little known website called www.smallcapnetwork.com, certain unidentified parties are distributing wildly misleading “research” about my old favourite, New World Oil & Gas (NEW), in a classic a pump and dump. Unfortunately, the New World pump and dump isn’t the first time we have come across this particular operation and there are now serious questions about what DirectorsTalk.com is up to.
Published 1684 days ago
In the RNS announcing its AGM, New World Oil & Gas (NEW) forgot to mention it had posted on its website the notice of the AGM together with the proposed resolution for shareholders to vote on. The proposed resolutions and voting papers can be found here and, as is ever the case with New World, there are some extremely interesting omissions. First, despite having committed to it in the annual report, new CEO Peter Sztyk is no longer retiring as a director and seeking re-election. Second, and possibly much more significantly, there is no proposed resolution concerning the Niel Petroleum deal. Considering that the Takeover Panel’s verdict was that New World requires shareholder approval to complete this deal, this leads to the obvious question; is the Niel deal off?
Published 1685 days ago
What is happening at New World Oil & Gas (NEW) is simply outrageous. This is fast becoming the perfect case study to demonstrate why AIM is in such desperate need of reform. Not content with the royal shafting it has already inflicted upon its shareholders, the wretched board of this wretched company has the nerve to claim its actions are being done in their interests. New non-executive chairman Chris Einchcomb must have had a good belly laugh when he said his fellow porcine directors are “committed to… maximising the value to shareholders and believes the actions taken above are important steps to achieving this”. Retaining Bill Kelleher on a consultancy contract so he can “repay” the loan he took out to participate in March 2013’ controversial placement is hardly the act of a board committed to maximising shareholder value. No, it’s more a case of the parasites bleeding every last drop from the now rotting carcass that has been such a generous meal to gorge upon. These people give leeches a good name.
Published 1689 days ago
After months of painstaking investigation by our very own Ben Turney, yesterday, New World Oil & Gas (NEW) finally fessed up that it had sent 1 million Euro to a fake Sheikh and will struggle to get it back, admitted that it was in dire financial straits and its broker Shore Cap quit. But it still has one good friend, Roland “Fatty” Cornish. of the fine firm Beaumont Cornish.
Published 1690 days ago
Shame on Roland Cornish and Felicity Geidt of Beaumont Cornish, New World Oil & Gas’ (NEW) nominated advisor. Shame on Stephen Polakoff, Roland Hodder and Chris Einchcomb, New World’s non-executive directors, who comprise the company’s remuneration committee. Above all, shame on Peter Sztyk, Georges Sztyk and Bill Kelleher. Shame on all of you, shame on your wilful lack of disclosure, shame on your disregard for New World’s shareholders and shame on your greed.
Published 1690 days ago
If you thought that sending €1million to a man you hadn’t completed due diligence on, in the hope of receiving $20million, was the height of stupidity, you’d be wrong. Taking €1million out of an escrow account, set up expressly for a deal that has failed to close after more than a year’s worth of delays, to pay said amount to said man, in the hope of receiving $20million, is probably a good deal more stupid. Yet this is exactly what New World Oil & Gas’ (NEW) $1.75million a year board of directors did, at some point between the middle of May and end of June this year. Unless Niel Petroleum has taken leave of its senses and given, as a gift, this money to New World, this spells big trouble if Dr Alfahaid doesn’t soon make good on the $20million he was meant to have paid by August 8th.
Published 1691 days ago
Things go from dire to abysmal at New World Oil & Gas (NEW). With the after market release of New World’s interim figures last Tuesday, there are disturbing questions about the company’s financial position and the nature of its financial arrangement with Niel Petroleum. I plan to return to these tomorrow, but in the meantime there is a much more serious problem concerning the €1million payment made by New World to Dr Alfahaid of Al-Maraam Al Ahliya Trading & Contracting before June 30th this year. It appears, by its own admission, cash-strapped New World has paid what amounts to a €1milion deposit to an individual it had not completed due diligence on. Even by the calamitous standards of what passes for corporate decision making at New World, this action could prove to be the most inept. Here’s why.
Published 1716 days ago
The silence from New World Oil & Gas (NEW) is deafening. It’s been a week since I first revealed that CEO and Chairman Bill Kelleher’s February 2011 $550,000 default on a loan, which he secured against his private yacht Neftegaz. The company hasn’t sent its lawyers into battle nor made any attempt to deny the allegations. By mid-January this year, Mr Kelleher still owed $298,000 on the debt, despite having earned $1.56million from New World. A Texan court then ordered he surrender all of his eligible stock in New World in partial settlement of the loan. None of this has been announced to the market. I have previously asked what the company’s Nominated Advisor, Beaumont Cornish, knew about this. Today, I reveal what they should have known and question whether the historical relationship with Mr Kelleher has clouded the firm’s professional judgement.
Published 1719 days ago
According to New World Oil and Gas’ (NEW) AIM Rule 26 Disclosure “5.19% of the Company's securities are not in public hands”. This is all well and good, but for one small problem. The figure should read 9.03%. Based upon previously announced director holdings, it appears at least three directors have disposed of or transferred holdings equivalent to 3.84% of the company’s equity, including (but not necessarily limited to) Bill Kelleher, Peter Sztyk and Georges Sztyk. New World has not issued any RNSs declaring disposals, so what on earth is going on?
Published 1720 days ago
On Friday, I revealed the Texas Community Bank’s legal action against New World Oil & Gas (NEW) CEO Bill Kelleher for his apparent default on a $550,000 debt. This was immediately before New World listed on AIM. Mr Kelleher had secured his unpaid loan on his private yacht, Neftegaz. In the original action the Texas Community Bank sought to take possession of Neftegaz, but by January 14th 2014 it seems that Mr Kelleher still owed $298,846.25 of the original debt. On this date the US District Court Southern District of Texas granted an Order for Turnover Relief against Mr Kelleher. It ordered him to “turn over for levy to the Harris County Constable… within ten days… all shares of stock in New World Oil and Gas, PLC, except those that he is restricted from transferring or selling under the terms of the agreement with his employer, cash and securities in bank and safety deposit accounts totalling $298,846.25”. Funnily enough, I can’t find any reference to this court order in an RNS.
Published 1722 days ago
In March 2013, one month before the company announced it had plugged and abandoned the non-commercial Rio Bravo exploration well, New World Oil and Gas (NEW) conducted a highly controversial £6.3million placement at 2p. The controversy stemmed from two sources. First, there was the suspicion that this placement was heavily forward sold, which resulted in the calamitous price. Second, New World lent vehicles controlled by its three executive directors a combined sum of $1million so they could participate in the deeply discounted placement. CEO William Kelleher borrowed $333,000 from the company and the outstanding balance on this amount is due at the end of this month. After yesterday’s revelation of the Texas Community Bank’s legal action against him for nonpayment of >$550,000 in February 2011, will Mr Kelleher repay the money he controversially borrowed?
Published 1723 days ago
In February 2011, just over two months before New World Oil & Gas (NEW) came to market, the Texas Community Bank brought a court action against CEO Bill Kelleher for failing to repay a $585,000 loan. This loan was a mortgage on Mr Kelleher’s private yacht, Neftegaz. With less than a month until Mr Kelleher is due to repay New World whatever he owes the company on the $333,000 he borrowed in March 2013 to participate in that month’s controversial placement, troubling questions have arisen about the state of Mr Kelleher’s finances, the extent to which he disclosed his financial difficulties and how these might have affected corporate decisions at New World. Would British private investors have been prepared to back a company, whose CEO had apparently defaulted on an outstanding $550,000 debt? More to the point what did New World’s Nomad Beaumont Cornish know about this? Surely mention of this live legal action should have been published in the original prospectus?
Published 1810 days ago
Yesterday, shareholders in New World Oil & Gas (NEW) were treated to yet another excuse for inactivity in Denmark (whoops, sorry, I meant “extension to the licenses”). But fear not, those extremely generous director salaries are still being paid, so it won’t be long now before CEO William Kelleher and the two Sztyks have repaid the $1million in loans they took out from the company, to pay for their participation in March 2013’s controversial placement. What a carry on! However, there is one easy, easy question this board can answer. On what basis does it claim that its proposed deal with Al-Maraam will enable New World to “participate in drilling and production in Kuwait and marketing of crude oil abroad”?
Published 1831 days ago
When New World Oil & Gas (NEW) announced its surprise potential entry into the Kuwaiti oil sector, the market reaction was ecstatic. The company’s shares nearly doubled in price, as speculators salivated at the prospect of gaining access to at least some of the 3.5MMbopd, which Kuwait plans to produce by the end of 2015. Taken at face value this sounds like an incredible deal; except there is one small problem. I cannot find any reference, whatsoever, to New World’s apparent Kuwaiti partner in any of the published lists of approved contractors, authorised to tender for work in Kuwait’s oilfields.