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Bigdish loan and interest is approx. �210k, overheads including legal costs and directors fees are estimated at �100k. There may be other costs involved in winding up a company or trying to relist it. Thus liabilities look like �300-325k ish. There may be a few cents in the safe but nothing to write home about. There are options on the exited Italian assets which may be worth something in a few years time but at present are worthless or at an option value. So the hole looks like �325k. The BOD have told us nothing since the delisting of their ideas , some habits never change. It may be possible to get all payables to take a haircut on their debts if there is a hope of getting a future payment. If the directors do not write off 50% of their payable then I think shareholders would be very aggrieved yet again. If Bigdish can be convinced to take 50% as well it will be 65-70% of the total payables agreeing to a haircut. There may be a route to force all creditors to accept the majority vote of creditors under Australian law. That gets the amount down to manageable levels if there is a plan for the phoenix to rise.
Think it's game over mate unfortunately
Action group yet?
Has anyone else received a letter about this?
We are writing to advise that NYOTA MINERALS LTD NTV has recently announced a Corporate Event.
Effective from 7.00am on 22 Sept 2017, the stock has been cancelled from admission to trading on AIM.
Please note that this event will be mandatory. If we receive any further updates on this situation we shall write top holders again.
Bigdish won't do anything and neither will fsa
Its premature at this stage await the outcome of the fsa inquiry and the decisons of big dish. Note thet were owed 200k and wont be happy either.
Is legal action being taken against directors and/or broker? If so in UK and/ or Australia? Is there a shareholders action group formed?
The matter is now sub judice and i would advise shareholders to avoid contact
Has anyone heard from the directors on what they are doing or planning to do? Given they no longer have to send out any RNSs how are they going to communicate with shareholders? Nothing on the website. Surely the shareholders can get them to open up now there are no listing rules to follow.
We have been suspended since way back. We can convert now but delaying doing so. We will see how the cards fall first. At least we have tax losses at the end of the day. I don't think this is finished yet.
beton2, I know you hold these in ASX. Are you able to convert to the UK shares and sold before AIM suspend?
If you still holding, good to have you onboard as you seem to have good knowledge on this one & the BOD.
Who is Ben Turney I wonder?
Fsa won't do anything. Needs a share holder action group and ben turney.
I wonder which share holders remained on the books at the time of delisting.
Interesting taxi ,
If ever this would or could happen it would be a uk action in court as nyo delisted on tsx two months before , by terms of notice It's a Aim traded company only with uk terms and law !!!
My understanding is that THE FSA are already looking at this and the allegations made in the TOM WINIFRITH newsletters. If they find evidence of wrong doing then legal action from shareholders could ensue The question is whether such an action against the company would have to be mounted in Australia or the UK will be dealt with at the appropriate time, but could complicate matters. The company's parlous state is another. Pursuing directors is not always possible and PETERHOUSE Capital will doubtless defend its position.
I am coming to terms here. From what I can see the new Nomad said no. PH said no as well. So their rape of the company is not going to occur. Court costs money and there is no winners. We are where we are because the BOD were pinning the hopes of the company on getting a RTO via PH. PH did not get their way at the EGM so they gave us the bird. We are where we are because there is no money.
NYO is still an Aussie company and still subject to Aussie laws. The majority of the BOD acted in the interest of PH and not the shareholders whom they were obliged to do. The course of action is via complaining to ASIC in Australia. They are toothless tigers but in this case a serious breach of shareholder's trust has occurred and a clear breach of responsibility.
Rather than go looking for a court case which will cost money, that money would be better spent saving the company and getting a project.
There are parties looking at salvaging the company and there are projects. So rather than finding shareholders that will put money up for a court case, you are better served by finding shareholders prepared to stump up some cash to save the company.
So who will stump up some cash? I will.
Can we take phouse to court? Someone needs to contact Ben Turny so we can have a NYO shareholders action group
Just the excuse i reckon truth is they knew it would not paas a ahareholder vote
I hope you all are happy now that the company has been delisted and happy to see people lose money.
I believe some of this bloggers work for the money sucking demon.
From the RNS does it sounds like the nomad revise decision was speculation @16/17th - was TWs article was one of the causes? I cannot access the article. Anyone know what it was all about?
Got out after the suspension over Bigdish at a loss, lost on waiting for the final spike but hey ho.
Joke of a setup, we all got screwed over.
Comiserations to all those invested. From the rns, it's referring to specious market comment, now anyone know who they're referring to? Sometimes best to back the bod when the company are against it, and need every support that they can get. Critiquing the bod at this time when they need you the most, helps no one, and can deter potential 'saviours' from stepping in... as seems to be the case here..gla
What a royal fcuk this has been.
Ousted the board with such determination anyone would think they had a plan.
COME BACK RICHARD CHASE, All is forgiven..lol. Lost 8k here