Statement from Daniel Levi Associates
On Friday 8th of May 2015. A letter of requisition was delivered to New World Oil & Gas plc. and their Nomad Beaumont Cornish. No confirmation or communication has been received from either New World Oil & Gas plc. (LON: NEW) Or Beaumont Cornish.
It is apparent that The Takeover Panel, New World and Beaumont Cornish have been conspiring to dampen down the naked short on the company. I now release the requisition statement. We want the New World Oil and Gas Board out and we want the Nomad censured and dismissed with immediate effect.
Statement to the shareholders of New World Oil & Gas plc. regarding the resolutions to be proposed at the extraordinary general meeting.
BOARD CHANGES AND TURNAROUND STRATEGY
It has become abundantly clear that the direction of New World Oil & Gas has been lost. At present the Company’s life blood, is seeping away in what can only be described as the biggest monumental Boardroom cock up of all time on the London Alternative Investment Market. It is the final nail in the coffin of the already discredited Board.
The long suffering shareholders who bought in to the IPO story have been lead a merry dance for far too long. It is time for wholesale change. Action has to be taken to save New World Oil & Gas from the financial hyenas who are tearing the Company apart.
Through a lack of strategy, direction and leadership the board has consistently failed to maximise or bring in any revenues or profitability or achieve any value whatsoever for shareholders. From the 2013 12p high the share price has cratered and suffered wholesale dilution upon dilution. Hundreds if not thousands of shareholders have been wiped out. New World Oil & Gas now stands on the precipice of self-destruction. Shareholder value has been obliterated by 99.99% The sp now trades in fractions. The directors have been consistent in demonstrating a lack of understanding of the oil and gas sector in which the Company operates and have failed at each and every turn to make the changes necessary to ensure success. The current Board have failed to adequately communicate the basis for their strategic decisions to shareholders.
Reputation; Among the fundamental requirements for all oil & gas company’s operating on the London AIM are transparency, accountability and integrity, none of which has been demonstrated by the Company.
150 Day Turnaround Strategy.
Clem Chambers and Michael Hodges need no introductions. They are highly respected city of London proven successful financial businessmen. Christopher Williams is a multi-millionaire professional investor whose family currently own 48.8 per cent. of New World Oil & Gas plc
Daniel Levi Associates and the SaveSure Management Group will assist with the negotiation and identifying of new oil and gas assets.
The New Board will upon success of the EGM immediately begin the turnaround strategy. Daniel Levi Associates will become consultants to the interim board helping to drive through a 150 day turnaround. Assets located in South America are already in place. Confidentiality agreements have been agreed and will be signed, subject to due diligence. A new Chief Executive Officer will be employed. A Chief Financial Officer will bring in tight financial controls. Current assets will be re-evaluated. Directors will take ‘conservative’ remuneration in stock. G & A cost savings will be enforced. Shareholder representatives will be sought. The Boardroom and the whole process will be made transparent to all shareholders and stakeholders. The interests of management must always be secondary to the interests of shareholders. They have to be (and remain) aligned. Make no mistake New World Oil & Gas can and will be saved not by the failed tired out ethos currently sat on its hands. But by the very people who have supported the company. The Shareholders.