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Has New World Oil & Gas made a catastrophic error in its open offer?

By Ben Turney | Tuesday 16 June 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.


By Friday afternoon it looked like New World Oil & Gas’ (NEW) board and its hapless regulated advisors had made yet another catastrophic error. Even by this group’s sheer rank incompetence over the last seven weeks, the latest blunder could be the worst. Not content to forward sell an unconfirmed placement, trample over shareholders’ lawful rights, ignore market rules, waste the company’s dwindling cash on an unjustifiable battle to save its advisors to the detriment of shareholders and try to force through an abysmally mispriced open offer, New World and its grossly inept advisors appear now to have broken the law.

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