Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
With, as it turns out, a placing at 0.005p coming up it might leave one somewhat suspicious of forward selling – after all, if the listing is lost who would bother to check that their worthless shares were real? But if the Nomad situation is resolved, who would find out they had bought non-existent shares? But of course, Beaumont Cornish was still on duty so it can’t be that. So I guess I’ll just have to content myself with the market listening to my piece last Tuesday.
Wind forward to last night (after-hours, natch) RNS and as previously flagged on 15 August, Peterhouse last night was announced to have withdrawn its notice of resignation and lined up a £550,000 placing at 0.005p. Meanwhile the company tells us that it is confident of appointing a replacement Nomad. It is full RTO steam ahead, then. We also learn that the BigDish loan (£200,000 and £8,222 of accumulated interest) will be converted at the same price as new shares to be issued by the company at the planned reverse take-over (previously it was to be converted at 0.02p) and BigDish has waived its rights to interest, conversion of redemption. That, of course, was the loan which we were told Peterhouse had made a binding commitment to buy out for £170,000, but then didn’t. Since the EGM called on 3 July rejected much of what the company had planned by way of equity issuance cash has been in short supply – the quarterly report on 20th July confirmed that it had just AUD $57,000 as at June 30th of cash after the disposal of the company’s residual tenements. The payables/receivables were not disclosed, suggesting bad news being kept under wraps. Within a week of the EGM, Beaumont Cornish notified the company that it was to resign. One might wonder why Beaumont Cornish gave its notice. Given that AIM is a shrinking market, surely a Nomad would not hand over the keys without good reason. Now it could be that Beaumont Cornish simply reckoned that the company would be insolvent by 17 August, or thereabouts, and didn’t want to have that hanging over it. Certainly, on past form one might suspect that there have been a few good lessons learned on that score in the past. But it might also be that with the New World (NEW) placing fiasco in mind that the decision was not to get involved at all – keeping away from trouble would be quite understandable. As for the placing announced on Monday, £550,000 at 0.005p is pretty awful – and values the existing shares at just £0.1 million. My comments about the last chance to get out (when the shares sat at 0.0275p – so more than 5 times the placing price) were followed by the company admitting (after-hours, obviously) that there were discussions about a placing at a “substantial discount”. It certainly was. But what really bothers me at the moment is the share price collapse from 0.0275p. As much as I would love to think that the market follows my every word, that is just pie-in-the-sky. My comments about the last chance to get out were published at 1.15pm on Tuesday last week – and let us not forget that the possibility of that placing was announced after-hours that day. Let’s have a look at the share chart (esp from just before 13.30pm on the 15th):
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Up and down fast could give big gains on a real breakout Used to be over a quid!!
What is causing the rise here anyone?
I Can not post it. Says its a buy. Would explain the sudden interest
Shares mag article
This is in shares mag
What goes quack quack splutter quack quck
Terrible ..who bought higher up AND WHY
Eaay 50p on litogation win
I bought lots of these at 11p weeks ago
Maybe they will place at zero pence , that's a substantial discount What a mess
terms of a conditional placing at a substantial discount to the current share price
Winnifrith gets private emails about nyo. He probably knows we are dead duck unfortunayely.
Winnifrith wrote the article not me
holding shares in Nyota Minerals (NYO) is staring down the barrel as suspension looms at the close of trading tomorrow, in the absence of the appointment of a new Nomad and Broker. Oddly the shares have picked up a little and now stand at 0.0275p, valuing the company at £0.6 million. What the trainwreck of a balance sheet looks like is another matter, but I doubt it will be pretty bearing in mind that cash sat at just AUD$57,000 as at June and there was (still) a convertible loan to settle of £200,000. What the other payables/receivables were, we can only guess but that alone suggests a hole in the balance sheet of around minus £170,000. On that basis, and the fact that Nyota remains in discussions with respect to raising further capital and remains committed to finding a viable new business for the company it looks like the news on Thursday will be that, with the ASX listing already gone, the company will be suspended from trading on AIM with no Nomad, no Broker and no cash. The £0.6 million market capitalisation looks a bit of a joke for a company with no cash and debts. Who would want to reverse into that? What fine firm amongst the community of London’s Nomads would wish to step up to the plate and take this on? As such, another month is likely to see it kicked off the Casino for good. If you want to hold on to your golden tickets, then good luck to you. But others may prefer to take the bag of crisps on offer instead.
We were 22% up and now 22% down What is going on
The website does not load for me at all. Are you sure it is revamped or are you being sarcastic given the website will not even open.
You Have never experienced a hard moment in your life have you yahya