20th May 2015 16:52
LONDON (Alliance News) - New World Oil & Gas PLC Wednesday said Judith Williams has an interest in 173.1 million shares in the company, or a 24.63% interest in the company.
The size of William's stake has been a source of confusion, and last Thursday Williams was confirmed to have a 35.63% stake in the company, which under UK takeover rules would usually mean she would be required to make a cash offer to all other stakeholders.
New World Oil & Gas conducted a conditional placing in April of over GBP2.72 billion new shares at 0.055 pence to raise GBP1.5 billion. However, after proposed placing was announced, New World said that Williams had bought over 324.3 million share sin the company which was stated as representing a 10% stake in the company's enlarged issued share capital.
Last Wednesday the Mail Online reported that the purchase had actually been conducted by Williams' son, who thought he was only purchasing a 10% stake in the company before realising that his mother may be required to launch a full offer for the company.
The placing was subject to approval at an extraordinary general meeting Tuesday, the results of which have yet to be announced. The company said Tuesday that time that "due to the recent high level of trading in the company's shares and the requirement to reconcile holdings to the register as at the prescribed time on the record date for the meeting, the result of the poll is still to be determined, but will be announced as soon as available."
If the placing is rejected by shareholders, the company will have to rely on the open offer to raise cash, which Cornhill Capital, the placing agent, has agreed to underwrite for up to GBP1.5 million.
New World shares will remain suspended until the results are announced.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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