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By Nigel Somerville, the Deputy Sheriff of AIM | Monday 7 August 2017
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.
Following my run for the hills at the weekend, we learn today from AIM-listed Nyota Minerals (NYO) that the former chairman dumped another line of stock last Wednesday (informing the company on Thursday) – 25 million shares. His holding – which started as 90 million shares in lieu of director’s fees – was down to 55 million. Since it is now below 3% he’s free to dump the rest without bothering the RNS system.
With a deadline facing the company of 10 days before its Nomad and Broker walk which means it will be booted off AIM (and no ASX listing left) and I fancy not much in the coffers, it is hard to see how the company gets out of the hole it is in.
In its Quarterly statement on 20 July the company told us that it had just AUD $57,000 left in the tin at the end of June – in other words not a lot, and even that was after a AUD $97,000 placing announced at the start of May, and AUD $19,000 from the sale of its residual tenements.
What we don’t know is what the balance of payables and receivables was, although bearing in mind the £200,000 Bigdish loan (which the company failed to get permission to convert) my guess is there is perhaps rather more in the pending out column than in.
We also know that a bit more of a placing required an EGM to be approved, but that too was turned down.
The company said in the quarterly report that it remains committed to finding a viable new business…and securing long term value for shareholders.
Good luck with that fellas - I’m not sure I’d be quite so optimistic, with thoughts of a trip to the corporate undertakers more in mind.
Meanwhile, I would take note of the former chairman’s actions and sell.
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