Shenanigans at New World Oil and Gas (LON:NEW) sent shares in the Belize oil minnow fluctuating wildly this week.
At the centre of the saga are a 76-year-old bed and breakfast owner and her private investor son, who, unwittingly bought a 49% stake in the company.
Despite thinking he had purchased 10%, Chris Williams made the order without realising that New World’s proposed £1.5mln placing had yet to complete.
That gave him, more precisely his mother who owns the relevant broking account, a theoretical 48.8 per cent holding.
At that level of ownership, it meant Judith Williams, who owns a B&B in Malvern, had a duty to make an offer for the whole company.
The drama sent New World’s stock price soaring 300% higher at the start of the week to 0.4 pence, although they’ve now tumbled back down to 0.2p.
The firm said on Thursday that Mrs Williams had reduced her stake to 35 per cent, but that is still above the 30% mark that triggers a mandatory bid for the rest of the shares.
Lawyers are now advising the family, which hopes to take its stake under the 30% threshold.
Things weren’t quite so volatile for the FTSE AIM All Share Index this week.
The junior share gauge has added 8 points, or 1%, to 761 since Monday.
A pick-up in oil prices has helped the resource heavy index creep higher since early February.
One of AIM’s oil members, Europa Oil & Gas (LON:EOG), helped the index out this week.
A new assessment of the firm’s prospects offshore Ireland marks the explorer out as a takeover target, according to chief executive Hugh Mackay.
Shares raced 40% higher on Tuesday as a report by ERC Equipoise estimated the potential for about 1.5bn barrels of oil across three ‘drillable’ targets.
It prompted a major upgrade from City broker finnCap, which upped the target price to around 44p from 16p. Shares are currently trading hands for 8.8p.
Meanwhile, shares in Mopowered (LON:MPOW) motored 170% higher to 4.7p on Friday as the mobile commerce specialist unveiled a new business plan, new funding, a change of strategy and a new boss.
After posting an operating loss of £5.5mln last year, the business said it buy will digital marketing agency Fast Web Media.
At the same time, Nordic-listed tech firm Cxense is taking a stake in the business and one of the North East’s best known businessmen, Barry Moat, will become Mopowered’s chief executive.
Moat, who made a multi-million fortune with the Premier Direct group, hit the headlines in 2009 when he tried to buy Newcastle United from owner Mike Ashley.
Sticking with the North of England, shares in Sirius Minerals have surged 25% to 17p since Monday.
Analysts are confident in a positive outcome for the company as it progresses with its York Potash project.
Planning officers at the North York Moors National Park Authority will have the final say on the huge development and Paul Smith, analyst at WH Ireland, said this was a “positive outcome”.
Elsewhere, Edenville Energy (LON:EDL) eased its way higher, 40% higher to 0.08p in exact terms,
Shares have been in demand since a recent decision allowed it to move forward with exploration programme at Rukwa coal/power project in Tanzania.
StratMin Global Resources (LON:STGR) was another AIM stock in demand during the week.
The company has boosted the carbon content in its graphite from Lohorano mine in Madagascar to profitable levels.
Shares have climbed 14% since the market opened on Monday and now trade at 5.2p.