Private Investors were left bewildered and raging with anger today as a Plus listed Oil & Gas company USOP was withdrawn from the Plus Exchange. Investors could be holding what could turn out to be worthless paper.
Just what has been going on with this company still remains a mystery. The company floated on Plus-Quote in mid January 2010. On the 23rd August 2011 ordinary shares in US Oil and Gas were suspended from trading on PLUS, in accordance with Rule 78 of the PLUS Rules for Issuers. Discussions with PLUS were said to be continuing, with the Board confident that progress was being made.
However todays news must have come as a body-blow for Private Investors who have patently been led a merry dance by both USOP Directors and Plus Market Regulators.
The big questions regarding the suspension have been deliberately left unanswered by both Plus & USOP. Any attempt to get to the bottom of it has been met with a meaningless diatribe of platitudes hidden behind pseudo gobbledygook speak. It’s disgraceful and it needs to be fully investigated by the proper authorities. The whole episode stinks.
If you check the history of USOP you’ll see that the company corporate advisor SVS Securities resigned in November 2011 and their corporate solicitors changed. In-fact the whole company structure has been a revolving door with directors coming and going. Last years EGM to remove Mr. Nial Ring & Mr. Liam McGrattan ended up being cancelled as resignations from the men came in.
I wouldn’t like to be holding this stock. The first chance I got I’d dump it. Unless they strike it big they are doomed. Too much like hard work.