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Just to clarify- my second question is if there is another way to get annoincments if I cannot subscribe? Thanks.
Dear Beton2, I tried to register to the newsletter but they need a SRN/HIN code. I asked the Bank where I hold my shares, but they don't have thath information, suggesting me to write to the conpany. Do you know who I can write to to get the info? Or maybe is there another way to get the Information? I would really like to stay up to date. Thank you!
Sadly the management are between a rock and a hard place. They have very limited funds and they are trying to give best value for money with what they do have. They are no longer listed so the normal announcements avenues are not there. These normal avenues come with an expensive cost. They cannot inform some of the shareholders and not the others. So they are limited to a mail out which has to be done by the share registry and to 800 plus shareholders and is not a cheap exercise. Then until a deal is done, all they can say is that they are negotiating with parties, or they are continuing to negotiate. Even when they have concluded a deal they have to get the all clear from the other party to make the announcement. In both UBE and GM deals, the company has put an announcement on the old NYO website. This website was down for a period as funds were directed to progressing the deals. The BOD should answer emails even though they can only say that negotiations are progressing. They should also answer phone calls. Similarly they are not permitted to say much. It is however easy to read between the lines if you ask the right questions.
The BOD are planning to release as much as they can in one announcement which will be for the AGM and maintain value for the cost of the mail out. Once everybody has had the option of email announcements then they can update in a simple manner on a more regular basis
Thanks for your reply Beton2,my shares were bought through what was the motley fool share dealing service now the interactive investor, I have put a substantial amount of monies into the shares over time,still can't believe what the company as it was went the way it did!? I also many times requested investor alerts on progress of the company. I have never received an email. I'm guessing that interactive investor will be informed once the shares are up and running in the New businesses!? I believe I have around 7 million shares. Hopefully the future is bright and I can reinvest at some point! Your message is much appreciated. Looking forward to hearing more news.
You still have your Nyota shares. They are the same as before being delisted. You can sell them off market if you have a buyer. You just do not have a exchange market to trade them. Your shares will be consolidated. This should be 1:50. You will still have the same proportion as before. Instead of c3.9billion shares on issue there will only be c78M.
Hence if you had 1M shares before at last traded price (GBP0.00025) worth GBP250, you will now have 20,000 shares at GBP0.0125 worth GBP250.
More so, you will have an equal number of UBE shares which will be listed on the NEX exchange and in the future on the LSE. All the necessary paper work is in progress. (it should be equal amount of shares)
And you will have an equal number of Gryphon shares which will also be listed on the NEX exchange with the view to list on a main market exchange in the future. Again all the paper work is in progress. (the number of shares should be the same).
It should be noted that at the time of delisting NYO had debt, it had no money, its NOMAD had resigned and it did not have a broker. It also had no project. It was not far from folding as the only choice or languishing forever. Once the relevant paperwork is done and shareholder approvals have been given, Irae will be debt free, it will have a small amount of money, Its register will be clean (all unmarketable shares will be cashed out) and a more realistic number (circa 78M). It will also have a working relationship with NEX, with an NEX advisor and a UK based broker (via UBE and GM listings). Our CEO Andrew Wright is instrumental in these listings and is holding the hands of both UBE and GM. And a reputation of getting deals done. Thus all Irae will need is a suitable project (possible through the same W/D that gave us UBE and GM) to set in motion a IPO to relist.
I will be blunt here. Apart from Andrew's knowledge the only thing Irae has of value in these deals is its shareholder base. From that shareholder base should be the ability to raise funds. This is very important as it is the future of our shares. The UBE deal is done and complete. However the take up by shareholders was dismal as a result of circumstances beyond control of Irae. I stumpt up extra cash to get the deal over the line. The GM deal needs cash to be completed. A lot of this cash must come from fellow shareholders. The future of the company must be viewed as the company supported from the shareholders. The rest must come from brokers.
I'm wondering if anyone can tell me that my shares in Nyota minerals since the delisting are still good and they will be transferred to the New company once listed!? Many thanks
My original estimate was for GBP 0.25 based on what the LSE requirements dictated. The NEX listing could be different but I do not know, nor have I done a calculation for it. Ultimately they will be looking at the LSE for which the GBP0.25 should still apply. So it will be a time factor.
Thanks for the update. One question: Where do we have to opt in to get e-mails from the company?
On your calculations UBE should list at around 0.15p approx
The deals require approval by shareholders at the pending AGM. No approvals then no deal and we have nothing. We have done all we need to do with UBE, however Andrew is keeping a very tight rein on them to ensure our goals are met. The GM deal hinges on approvals and the raising of cash. This time the CR will be directed to the UK holders. This is where we have to ask about the future of Irae. IRAE MUST RAISE THE FUNDS to complete this deal. Some of the funds must come from the shareholders on two counts. Firstly the deal falls over if it fails to raise the funds. Secondly the future of Irae is at stake.
At the completion of the GM deal, Irae will be a unlisted clean shell, debt free, a sub 100M shares with a clean register. It will also have very little cash. But it will have a reputation of getting deals done and funded.
The W/D has been putting projects together, finding homes for projects as a full time occupation since the early 70s. He is not about to stop. Now that he has a good relationship with Andrew and Irae, he is not going elsewhere. Provided we show that we care and can raise the funds.
One sore point has been raised and that is the issue of information updates from the company. Irae has been delisted so the issue of announcements via the ASX and RNS are no longer applicable. These services are very expensive to have. The only means that the BOD have to update the shareholders is mail out to 800 shareholders. This is done by Computershare at a very high price. This is because every shareholder has to have the opportunity to get the message at the same time. The announcements have been put on the website (nyota) when the company could make the announcement. Prior to these announcements, all the company could say that they were appraising projects. There is very little money in the coffers and it is being used wisely.
To get updates in a timely manner everyone has the option to get notifications by email. Everyone is being asked to opt in and then the company can use this facility as everyone has been given the option. So please opt in.
I can see a big future with Irae.
Thanks for the information provided Beton2, much appreciated.
The decision to list UBE instead of Irae left the question as to what to do with Irae? The W/D introduced GM to Andrew.
I will follow up this evening.
The BOD (the key here is Andrew Wright the CEO/company secretary) have delivered. They have provided two projects that will give the shareholders shares in each project in specie. That is for each Irae (NYO) share you own (post consolidation yes there will be a 1:50 consolidation), you will get one UBE share. And for each Irae share that you have, you will get one GM share (I am not certain of the numbers but the percentages are fixed). AND YOU WILL RETAIN YOUR IRAE SHARES. You will have 3 different share holdings.
Both UBE and GM have to list. Initially both will list on the NEX market with the view of stepping up to LSE in the future. I estimate that the price UBE should list at will be 20 times last traded price. I also estimate that the price that GM lists should be 3 times last traded price. These estimated listing prices include allowing for consolidation. Based on the share price that NYO languished for a considerable period, UBE should give 6 times and GM even par. The BOD have delivered in spades.
When UBE lists, you can get cash them up or stay with UBE. When GM lists you can also cash out or stay.
NYO was a basket case going back several years. BigDish was to be a saviour. The old board was disposed of and a caretaker board (it was a caretaker board to be there purely until the BigDish RTO was completed) was installed. BigDish funded NYO to streamline the RTO. At the beginning of the BigDish deal, the ASX changed their rules on RTOs. It proved too difficult to RTO BigDish into NYO. This left NYO in an even bigger mess as it had increased its debt substantially. The Peterhouse deal mark 1 was a soft option but without a project to carry on with and funds to go back to the market, it was probably the only option. That deal was rejected by the shareholders. Peterhouse deal mark 2 was a horrendous opportunistic deal which fortunately was shut down. Essentially NYO was delisted, in debt, a billion plus shares on the books and no project, and no advisor and no broker AND NO HOPE OF ANYTHING HAPPENING. NYO was dead in the water.
Please remember although we think that the BOD should be doing something, the reality was that the BODs hands were tied and it was the circumstances that caused the problems.
I introduced a wheeler dealer to NYO (Andrew ) on another deal which did not proceed. That W/D introduced UBE to Irae. The time frame was very short and with the very limited funds available, the UK retail shareholders could not be catered for in the RI. UBE underestimated the work they had to have in place for the deal to be completed. This prevented the BOD going to brokers so the deal nearly fell over. The deal was saved and it was found to be better for UBE to list than for NYO to relist. Because UBE is endeavouring to be a credible crypto it has been swamped with red tape in getting permissions, bank accounts and procedures and security. This has resulted in delays. Listing is still planned in October.
See the ann on the nyota webpage
There intention is LSE. They are to list. ( Plan B is is an alternative should this fail.)
I will check about the website. UBE has only just gotten their website correct (maybe). We have limited money at present and the key is getting value for that money.
OK Thank you!. Just the last questions before you leave: is listing for Ubecoin still planed on LSE?
Will they (sooner or later) make a website where we can follow the press releases? (or something similar, a forum or a telegram group).
Thank you again beton!
I will be away for a month. Andrew is working on Sept /Sept qtr listing and is working hard to keep UBE on track for this to happen. The most difficult part is the red tape followed by showing that UBE has significant value for listing (the more value here the better for us) and then all the little bits that take time.
Sounds like a plan.
I would kindly ask you that you please keep us updated about the progress, about the dates (and eventually delays) and also if terms change.
Since you are our only information source:). Thank you very much.
It will be a long time before then. They had a hold up in getting a bank account in Gibraltar. No bank account = no money coming in. Apparently they will be at blockchain event in Sydney next week?? The pre ICO is imminent. They are starting to get the IPO ready. They are still pushing for Sept.
Looks like the ICO is set for April 5/6 2019..... Looks like we waiting a long time to get our money back
A lot of getting Ubecoin ready to list. There is a lot to be done and much of this hinges on bureaucracy due to having to move to Gibraltar. This is a far better jurisdiction than Australia for crypto. The last I heard was that all is on track for listing in the Sept quarter. Having said that the pre ICO has been deferred.
what is happening here in May?
I must have had a figure already loaded in the calculator. You will get some of your money back.
When Irae relists it will relist as Irae and a new code.