16th Jul 2015 14:14
LONDON (Alliance News) - Shares in New World Oil & Gas PLC will be restored to trading on AIM from tomorrow, although the London Stock Exchange said it would continue to closely monitor the settlement situation in the company following its restoration to trading.
New World Oil shares were suspended in May due to "delays in the settlement of transactions in the shares of New World Oil."
Those historic issues relate back to previous placings and open offers whereby certain investors did not receive the shares purchased, causing confusion over the size of stakes held in the company after shareholders rejected a previously proposed GBP1.5 million placing in May.
On Wednesday, investment company Metal Tiger PLC said it had settled the outstanding issues concerning its sale of shares in New World. Although there has been some issues with the settlement, Metal Tiger said it had now received the full amount it was owed from the sale of shares in New World Oil.
The London Stock Exchange said that it has continued to monitor the settlement situation during New World Oil and Gas' suspension, and said this situation has now improved.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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