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New World Oil & Gas; the London Stock Exchange sails into uncharted waters

By Ben Turney | Tuesday 19 May 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.

Since arriving in Jersey yesterday morning, it is clear that whatever happens at New World Oil & Gas’ (NEW) EGM today the aftershocks of this fiasco will continue to be felt for quite sometime. New World has 702million shares in issue, yet in the twelve trading sessions after the company announced its unconfirmed placement somewhere between 6.5billion to 9.5billion shares exchanged hands. So far the authorities have largely washed their hands of this mess, but sooner or later it is going to dawn on them that they cannot ignore it indefinitely. Heads have to roll.

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