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

Wipe browGettyJuan Vilches, 61, wipes the sweat from his forehead as he picks grapes at a wineyard of Chateau Planeres.

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.

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 ($US2.4 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.

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.

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