+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

The B&B owner that nearly and accidentally became a oil company owner - just sold part of her stake

May 19, 2015, 12:20 IST

New World Oil and Gas, the Jersey based exploration and development company with projects in Belize and Denmark, just revealed that a British B&B owner, who's son accidentally bought out half the group's shares, sold part of her stake.

Advertisement

She now owns just 25.94% of the company, compared with 48.7% previously.

On May 14, New World called an emergency meeting with its shareholders after the company's stock rocketed then plunged because a Judith Williams, the owner of Wyche Keep Country House, accidentally became the leading shareholder of the oil and gas group.

She was the subject of a Takeover Panel discussion because her son, Christopher, bought 342 million shares in the firm believing that he was snapping up a 10% stake in the group for £1.5 million ($2.4 million).

Unfortunately, his share purchase, on behalf of his mother through a broker, ended up being at 48.7% and because she was a significant stakeholder, Britain's Takeover Panel said that she may have to make a mandatory bid for the rest of the company under current law.

Advertisement

However, according to the latest regulatory filing, Williams has sold a chunk of her stake, leaving her with now just a 25.94% slice of the company.

This means New World can now avoid launching a rights issue and Williams won't be forced to buy out the rest of the company.

NOW WATCH: 'Game of Thrones': The Iron Throne is a terrible investment

Please enable Javascript to watch this video
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article