TXO PLC (TXO)

[Drunken Sailor]

There has been a lot of Market Abuse on the ADVFN threads and I have not got the energy to deal with it all.

This might be of interest to you though:

http://uk.advfn.com/cmn/fbb/thread.php3?id=30345497&from=223

one of Smartwins owners/backers in the crapper
sino aus. oil finished it seems
smartwin may not b able to continue courtcase will lose by default
fishermansfriend may not now b paid for his malicious efforts lol
lifes becoming a bitch for fish folk

read on

ASIC (Australian Securities & Invest Comm) has taken legal action against Sino Australia Oil and Gas Limited (SAO) and its former chairman, seeking financial penalties and disqualification orders.

Launching civil penalty proceedings in the Federal Court of Australia against SAO, ASIC is seeking declarations the company breached its continuous disclosure obligations and made misleading and deceptive statements in its prospectus documentation during 2013. ASIC is also seeking an order imposing a pecuniary penalty on SAO.

In its civil action against Tianpeng Shao, SAO’s former chairman and executive director, ASIC is seeking declarations Mr Shao failed to act with the proper degree of care and diligence as a director and breached continuous disclosure laws, and that he be disqualified from managing companies.

SAO listed on the Australian Securities Exchange Limited (ASX) in December 2013 after raising nearly $13 million from investors.

In March 2014, ASIC obtained an injunction on an urgent basis following concerns that SAO was about to transfer $7.5 million – representing almost all of the cash held by SAO in Australia – to bank accounts in China for purposes that were not disclosed, or not properly disclosed, in SAO’s prospectus. The injunction, which has been extended on a number of occasions, is in place until 6 March 2015.

ASIC’s investigation into the matter is ongoing.

The proceedings are listed for a directions hearing in the Federal Court in Melbourne on 6 March 2015.