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UK Oil & Gas, the untrue RNS and a Nomad with no balls & not fit for purpose: WH Ireland

By Tom Winnifrith | Thursday 13 July 2017


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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.


Every AIM company must have a Nominated Adviser, a NOMAD, to retain its listing. A Nomad is an FCA regulated financial adviser which charges an arm and a leg as a retainer to ensure that every RNS issued is 1005 accurate and that the company also complies with all the other AIM Rules. Not, as the LSE has made clear, that there is any downside in breaking all the rules or telling outright lies. That brings us to UK Oil & Gas (UKOG).

On 6th July it announced via RNS:

"UK Oil & Gas Investments PLC announces that it has received notice of the exercise of warrants to subscribe for a total of 55,000,001 new ordinary shares in the Company (the "New Ordinary Shares"). The average exercise price of the warrants was 0.85 pence. The Company has received £469,750 in respect of this exercise."

Before signing off on this WH Ireland would have checked that the cash had arrived, that the warrant documentation was 100% correct. that is called verification. And failure to do this is - or would in a sensible world - be a serious matter for WH Ireland.

The only problem is that there were only just over 13.5 million warrants outstanding. that is made clear in the last annual report and there has been no RNS of any issue since. So how did WH Ireland verify the warrant documentation.
I attempted to put this question to WH Ireland leaving a specific message yesterday for James Joyce and James Bavister. Being weasel scumbag bankster cowards neither bothered to return tyhe call. Or perhaps it is because they knew they had goofed and being A* grade wankers they would rather not face the music.

The company, on the other hand, has acted fairly and answered questions via its PR man "thirsty" Dave Bick. All credit to UK Oil & Gas and Bick for having the cojones to answer basic questions. It appears that most of the warrants were in fact options. But we know that these were not options held by current directors as that would have required a full disclosure. It is thus fair to gueass that these warrants were held by former directors David Lenigas and Donny Strang. As they are no longer on the board they are not required to say that they have exercised options and indeed when or if they have sold the shares.

UK Oil & Gas has been careless in its language. Its boss little Steve Sanderson knows about oil but he is not a City boy and so I do not blame him that much, though he is a pompous little squirt. To blame is the Nomad which cannot have done the job for which it is paid, that is to say verifying the RNS presented to it. It has compounded that by not forcing a correction though it has been aware - at least since my call yesterday - that it goofed. It appears happy to stand by leaving incorrect information out there in the market.

A proper regulator would be ensuring that a correction is issued and that WH Ireland was reprimanded for being so slapdash but this is AIM Regulation we are talking about and as we exposed earlier, the oxymorons are just 100% useless and not fit for purpose.


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