Nyota Minerals Limited Chairman's Statement (5195Q)
30 November 2016 - 6:33PM
UK Regulatory
TIDMNYO
RNS Number : 5195Q
Nyota Minerals Limited
30 November 2016
Chairman's Statement
The year ended 30 June 2016 was a difficult year for the
Company. More generally it was also a calamitous year for junior
exploration companies on a global basis.
The new Board which was elected in May 2016 has cut costs
wherever possible and has looked to getting some value from the
Ivrea Nickel Project. Discussions on this continue.
The Board has also reviewed a variety of new opportunities in
the mining and non-mining sectors and it recently announced that
the Company had signed a non-binding Letter of Intent to acquire
BigDish Ventures Limited ('BigDish'). The Board is now working
towards completing the acquisition, which necessarily includes full
disclosure to the shareholders on BigDish and the future prospects
of the merged businesses.
BigDish is in the restaurant yield management business. Yield
management is a variable pricing strategy that charges different
prices at different times for the same product. Airlines were the
first to adopt yield management based on the realisation that
airlines have fixed costs and empty seats generate no revenue. The
hotel industry also adopts yield management whereby the same room
can be bought for different prices based upon demand. BigDish is
bringing yield management to the restaurant industry and seeks to
optimize revenue for restaurants by increasing the number of diners
in off-peak and quieter periods.
BigDish is a free consumer app. Consumers can book discounted
seats at restaurants where the higher discounts can be accessed
during quieter periods. The benefit to restaurants is that they can
shape their traffic - i.e. they can bring more diners when they
want them. Restaurants pay a small fee per diner for every person
seated via BigDish.
Yield management is underutilised in the restaurant industry and
with advances in technology the prospects are promising. BigDish
has created the basic technology infrastructure that allows for
rapid expansion across geographies. At present, BigDish is live in
Manila and expects to announce very shortly its launch elsewhere
within South East Asia.
The business model is fairly new and no player can really claim
regional or global domination of the marketplace at this point.
Savored, a US start up, was acquired by Groupon for a reported
US$30M in 2012. Savored charged users a fee per booking to access
discounted seats. Eatigo, founded in August 2013, are currently in
Bangkok, Pattaya and Singapore, recently took on a US$10M Series B
funding round from Trip Advisor, and has announced plans to expand
within the region. Eatigo's previous Series A funding round was
reported to be US$5.5 million. Other competitors include Off Peak
which launched in August 2014. It operates in several of the same
markets as Eatigo and recently announced receiving investment from
Yahoo Japan.
The Board is hopeful that this acquisition, if completed, will
rebuild shareholder value in Nyota and we will be working hard to
complete the readmission documentation, the acquisition and to
implement an acceleration in BigDish's rollout as soon as
practical.
We look forward to providing further updates in due course.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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