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Why New World Oil & Gas cannot, in good conscience, proceed with Open Offer

By Ben Turney | Wednesday 20 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.


We still don’t know which way the vote from New World Oil & Gas’ (NEW) EGM will go. No doubt recognising that a show of hands would have resulted in defeat of Resolutions 1 & 2, meeting Chairman Peter Sztyk’s first action was to announce a poll. He was well within his rights to do this. The poll results should be available in the near future, but there is one point I have to make, while we wait. Based on what Mr Sztyk said in the meeting, in front of New World’s solicitor and brokers (four of whom were in the room), if Resolution 1 is defeated it is inconceivable that the company can proceed with an open offer in good conscience.

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