Nyota Minerals Limited Cancellation of listing (4960R)
September 21 2017 - 11:35AM
UK Regulatory
TIDMNYO
RNS Number : 4960R
Nyota Minerals Limited
21 September 2017
For immediate release 21 September 2017
Nyota Minerals Limited
('Nyota' or 'the Company')
Cancellation of listing
It is with regret that the Company announces that the listing of
its shares on the AIM market of the London Stock Exchange will be
cancelled with effect from 7am tomorrow morning. The cancellation
is the result of the application of AIM Rule 1 which requires
listed companies to have a nominated adviser ('Nomad') at all
times.
As explained in previous announcements to shareholders following
Beaumont Cornish's resignation as Nyota's Nomad, in the event that
a replacement Nomad were not appointed by the Company by 17
September, the listing of the Company's shares on AIM would have
been cancelled. On 11 September the Company agreed to appoint a new
Nomad. On 13 September the proposed Nomad withdrew its agreement to
act, confirming at the same time that this decision was
un-connected with any assessment of the Company or its
directors.
With the assistance of its brokers, the Board was able, before
the listing cancellation date, to secure an expression of interest
from an alternative Nomad; and, given the circumstances, an
extension to the cancellation date was provided.
However, speculative and specious market comment about the
Company over the weekend of the 16/17 September led to the
prospective Nomad revising its estimate of the time that it
required to complete its due diligence. This in turn resulted in
the prospective period between the lifting of the suspension of
trading on the appointment of a new Nomad and the resumption of the
suspension of trading on 5 October (being six months since Nyota
became an AIM Rule 15 cash shell company) being too short for the
proposed investors. Consequently, because the conditions attaching
to the placing announced on 21 August had not been satisfied, the
prospective investors withdrew their agreement to subscribe for new
shares in the Company.
The Company has no other prospective investors and so the
alternative Nomad has advised that it is no longer considering
appointment. As a consequence the Company's shares will be
de-listed from AIM with effect from 7am tomorrow morning, 22
September.
Shareholders will appreciate that the delicate nature of the
discussions outlined above has precluded an announcement before
now. The Company's directors have taken every possible step to
preserve the long-term future of Nyota and have done so whilst
taking no remuneration from the Company for periods of between
three and seven months. They have, sadly, been thwarted by a
combination of unforeseeable events and are now taking advice about
the solvency of the Company.
For further information please visit www.nyotaminerals.com or
contact:
Sergey Budkin Chairman, Nyota Minerals
Limited
================ ========================== ===========
Lucy Williams, Peterhouse Corporate +44 (0) 20
Eran Zucker Finance Limited 7469 0930
================ ========================== ===========
This information is provided by RNS
The company news service from the London Stock Exchange
END
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