UK 14:41 Sunday, 4 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Richard Chase the CEO of Nyota (NYO) has failed at his job. He is grotesquely overpaid. It is clear his shareholders want him out yet he and his fellow directors are clinging on to take as much cash as they can while they can. They are greedy pigs and Chase is a disgraceful POS who is beneath contempt. I hope he is unemployed soon and forced to pimp either his own arse or his wife at Kings Cross to make ends meet. I explain why all shareholders should email him at Richard.Chase@nyotaminerals.com TODAY urging him to resign at once. Fuck off Chase, you greedy useless City tosser, you will not be missed.
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Comments
eyeguy
Nice work Tom.
I have e-mailed Mr Chase my thoughts. I would urge anyone else to do the same.
This management IMO is a joke. An get this. The last RNS suggested that their “prize asset” wasn’t being advanced because it is raining. You couldn’t make this up. And Tom, I would recheck your calculations. 450k shares is £300.
that’s about 90 mins work for Mr Chase. Absolute disgrace IMO
Drunken Sailor
And Zak Mir tipped it to go to 0.15p on 2 Mar.
Not a shareholder but will send the greedy fucker an e-mail anyway. I guess the other greedy fuckers on the board (who must be protecting him or they would have booted him out) e-mails are Mike.Langoulant@nyotaminerals.com (£65k pa) and Evan.Kirby@nyotaminerals.com (£65K pa). Don’t see why they should not get an e-mail or 2 as well.
Of course there is no point e-mailing the Nomad for this POS because it is Roland fatty Cornish and he does not give a shit. Might be worth e-mailing the ASX authorities though.
Its Me
“In respect of Mr Neal’s letter, the Company is presently seeking legal advice to confirm that it is not compliant with the Act. Upon receipt of this advice the Company will advise the shareholder accordingly and update the market.”
Wasting the company’s money on lawyers too!!
beachdude
Chase is a crook, Centmin who were a big holder and actually wanted to develop tutu kapi tried to get this pompous out a couple of years ago but he wriggled his way out of that too.
He should never be allowed on AIM or any other platform.
Eyeguy
Drunken sailor-
Thanks. They will get a letter too. Thanks Tom for what I think is your best Bearcast yet. IMO this isn’t about buying and selling shares. This situation shows how much the average pi is up against in when you have a CEO that takes £10k per month when it’s prime asset is just sitting there unable to be progressed as its raining! You really couldn’t make this up. And every delay, every bit of legal advice is coming from more placings further diluting the shareholders because this company doesn’t make any cash.
You have a new BOD ready to come in and whether or not this sp is over or underpriced doesn’t really make any difference. The fact is that the shareholders do not want another placing to pay for this crock of shite and servicing the BODS who have done nothing to add any value at all. Not that it should have any effect on Mr chase as he owns £300 quids worth of shares.
Thanks again for the support guys especially for a great Bearcast Tom.
Geoff
Where can I send you correspondence with Richard Chase I have in my email ?
Colins2
DS
Mike Langoulant does not have that email address, it bounced.
The mail to Evan Kirby and Richard Chase appears to have been delivered though.
Eyeguy
Can anyone help out with this. On the nyota website this has appeared, and although not 100% sure, I haven’t noticed this before.
“Nyota Minerals Limited is incorporated in Australia and the rights of shareholders may be different from the rights of shareholders in a UK-incorporated company.”
what needs to be done to force an EGM?
Tom Winnifrith
Geoff
tomat49@gmail.com
Tom
Drunken Sailor
Sorry only just got round to it. Tried Michael.langoulant@nyotaminerals.com and that did not work either – it was just a guess based on the email address format. Any way:
——Original message——
From :
Date : 06/03/2016 – 19:30 (MST)
To : Evan.Kirby@nyotaminerals.com
Subject : Resign!
Dear Mr Kirby,
I am forwarding the e-mail I have just sent to Mr Chase. You are the non exec. You have been handsomely rewarded for being so. Nobody has asked for your resignation. You are supposed to be on the side of shareholders. If you are not utterly disgusted by Mr Chases behaviour then you are taking your sizeable fees under false pretences.
Do the right thing tell him and Mike Langoulant to go straight away. Take over temporarily to enable a smooth transition to some proper directors, who have shareholder support and might be able to take the company forward.
Regards
——Original message——
From :
Date : 06/03/2016 – 19:17 (MST)
To : Richard.Chase@nyotaminerals.com
Subject : Resign!
Dear Mr Chase,
I refer you to the following sections of the Corporations Act:
180 Care and diligence—civil obligation only
Care and diligence—directors and other officers
(1) A director or other officer of a corporation must exercise their powers and discharge their duties with the degree of care and diligence that a reasonable person would exercise if they: (a) were a director or officer of a corporation in the corporation’s circumstances; and (b) occupied the office held by, and had the same responsibilities within the corporation as, the director or officer.Note: This subsection is a civil penalty provision (see section 1317E).
Business judgment rule
(2) A director or other officer of a corporation who makes a business judgment is taken to meet the requirements of subsection (1), and their equivalent duties at common law and in equity, in respect of the judgment if they: (a) make the judgment in good faith for a proper purpose; and (b) do not have a material personal interest in the subject matter of the judgment; and © inform themselves about the subject matter of the judgment to the extent they reasonably believe to be appropriate; and (d) rationally believe that the judgment is in the best interests of the corporation.The director’s or officer’s belief that the judgment is in the best interests of the corporation is a rational one unless the belief is one that no reasonable person in their position would hold.
Note: This subsection only operates in relation to duties under this section and their equivalent duties at common law or in equity (including the duty of care that arises under the common law principles governing liability for negligence)—it does not operate in relation to duties under any other provision of this Act or under any other laws.
(3) In this section:business judgment means any decision to take or not take action in respect of a matter relevant to the business operations of the corporation.
181 Good faith—civil obligations
Good faith—directors and other officers
(1) A director or other officer of a corporation must exercise their powers and discharge their duties: (a) in good faith in the best interests of the corporation; and (b) for a proper purpose.Note 1: This subsection is a civil penalty provision (see section 1317E).
Note 2: Section 187 deals with the situation of directors of wholly‑owned subsidiaries.
(2) A person who is involved in a contravention of subsection (1) contravenes this subsection.Note 1: Section 79 defines involved.
Note 2: This subsection is a civil penalty provision (see section 1317E).
182 Use of position—civil obligations
Use of position—directors, other officers and employees
(1) A director, secretary, other officer or employee of a corporation must not improperly use their position to: (a) gain an advantage for themselves or someone else; or (b) cause detriment to the corporation.Note: This subsection is a civil penalty provision (see section 1317E).
(2) A person who is involved in a contravention of subsection (1) contravenes this subsection.Note 1: Section 79 defines involved.
Note 2: This subsection is a civil penalty provision (see section 1317E).
Given the complete mess you have made of the company and continue to make of the company, whilst handsomely rewarding yourself with remuneration that most honest hardworking people who do actually deliver useful work for society can only dream of, are you complying with the Act by staying on as a Director.
2 separate groups of shareholders have requisitioned an EGM to get rid of you. Your response has been to waste more shareholders’ money on Lawyers and hide behind technicalities of your dual listing. Again I ask are you complying with the act in doing this.
You have already gained substantially from your position. You hold shares worth approx. $600. Others who have lost more than you have gained through their investment in the company want you gone. Waste no more shareholders money. Resign, you do not need to hold an EGM to do that. Prove that you do have a shred of decency.
Regards
Eyeguy
Well. It appears that I have an answer to my question. I believe Andrew Neal has had to transfer his shares to the ASX to have his request for an EGM to be accepted.
This is beyond a joke now. Absolutely ridiculous. These stalling tactics are causing further cash burn. So basically the shareholders are funding the BODs rejection of a takeover called by its shareholders. This is madness
Eyeguy
Drunken sailor-
Great e-mail bud.
For me this whole episode stinks and I know this site can say that the quindell fiasco has been one of the biggest frauds there has been in recent times. But if you take into account this market cap, cash burn, directors salaries, then if Mr Chase does not do the honourable thing this will be IMO the biggest abuse of shareholders rights and money in recent times. If this drags on for another 2 months then indeed the company could go to the market and get another away to continue its fight against the same shareholders who are buying these shares in the first place. This is madness and I’m one very pissed off PI.
Drunken Sailor
EYEGUY
Happy to help, not that he will take the blindest bit of notice. Search the TXO epic on here for some of my 4 year battle with Tim Baldwin. He lined his pockets with shareholders cash, whilst he drove the company into the ground with placings and death spirals using lying RNSs and PR material designed to mislead PIs and get them to pile in before the next funding. When his Nomad finally quit, another Nomad was prepared to take the company on, on the condition that Tim and another useless director (Chris Foster) quit. They refused to quit and got the company booted off AIM. There are still a load of trapped PIs there. The other directors finally resigned when they were only getting their fees in shares, leaving Tim and Chris on their own. Tim sends trapped PIs letters every so often full of lies and giving them free bonus warrants they can exercise at £1 a share and free shares in worthless shell companies which will give them preferential treatment for future fundraises. ICAEW are investigating their last published annual accounts. The next years accounts are due to be published by the end of this month, but won’t be. The company never made a single penny in revenue. We do not need filth and scum like Tim or Richard on our public markets, even if AIM is a cesspit. Richard is not doing ASX any favours either. Have you looked on Hotcopper to see if there are any like minded people there?
Drunken Sailor
I note that volumes on AIM are roughly 10 times the volumes on ASX for NYO. It is very clear that it is British shareholders who have been funding his lifestyle yet the filthy scumbag wants to hide behind ASX and Aussie Law to deny those who have funded him a voice.
Anyone who has not already e-mail the slime might like to mention that point.
Scampi
I’m not invested in NYO but I do recall ages ago there was a move to get Chase out and I am astounded that he is still clinging on like a limpet.
Another complete tool who should face the wrath of shareholders via an EGM is Nick Warrell of SULA. Just a few days before Christmas the self important imbecile published a blog on the SULA website which was entirely responsible for wiping out 50% of the companies value. I wrote to Warrell and the NOMAD questioning whether Warrell had the slightest clue or interest in even preserving shareholder value let alone increasing it, whether Warrell was fit to run a Public Company and expressing my disgust at what seemed to be an act of utter incompetence and contempt for shareholders. I demanded that the company take action to repair the damage via the correct channel (RNS).
Needless to say, I didn’t get a reply from either Warrell or the NOMAD but a few days later an RNS appeared which simply reprinted the blog posting that did the damage in the 1st place.
Since then we have had another placing at a discount to the already decimated share price which has never recovered from the damage done by Warrells blog.
The RNS announcing the placing had a comment from Warrell expressing his “delight” at the latest dilution to existing shareholders which could have been much less dilutive had Warrell not been such a self indulgent idiot in the 1st place.
The level of contempt and incompetence around AIM is truly frightening with fools like this being allowed to be at the helm of company’s.