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Cornhill Capital Fined Over AIM Placing

Cornhill Capital have been fined £210,000 by the London Stock Exchange (LSE) over a placing of shares in New World Oil & Gas on AIM. Cornhill was acting as a broker to the company which planned to place some 2 billion shares. That was twice the number already in issue. Cornhill sold shares to its private clients in advance of the placing with the sales to be fulfilled from the placed shares. But the placing required a vote of shareholders and ...