I don't think that we have lost our investment yet. We have been delisted on the ASX. Next step is for a broker to be announced to sell our shares on the AIM market.
I won't say we, but the UK shareholders in 7 days have lost their Nomad and their broker. We need 0.062 pence to break even with 0.1 cents (last trade). It is 0.0175 pence, so it needs to go up 4 times to break even. If they take another month to get both a nomad and a broker then we are screwed.
Chatter says that a nomad announcement is not far. Thus a broker should follow quickly. For a nomad to come on board, there must be life. There must be established that a project that can support itself or garner sufficient support if announced. There has been talk of gold, of green, of Australia (although if this was the case, why delist?) of Merensky Reef overnight. I know that they are actively evaluating projects and would be disappointed and angry if they did not present a project.
At this stage the BOD have to have a set and present their best bet going forward. If it goes down because the shareholders have rejected the plan going forward is a fact of life. If it goes down because the BOD rejected all potential projects as unsuitable, then that is criminal. If the nomad (the present (which I think is just treading water until next week) or the future one) rejects a plan going forward, then that is criminal as well.
If they cannot get a deal up between them all, that is criminal as well.
This had legs and the complications of dual listing killed it. Those complications have gone. An opportunist came in and proceeded to try a money grab. This was knocked back by the shareholders. (probably with a project in the background)
So in conclusion, I am optimistically hopeful. In outlay this was my biggest holding.
NYO Price at posting:
0.1¢ Sentiment: Buy Disclosure: Held