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Its all a bit bland for my liking, needs a bit of chilli sauce
Mr008 'until the completion of certain restructuring requirements. '
Has VAST stated what those 'certain restructuring requirements' were?
No, apart from suggesting that certain geographies were ok - implying that others, were not
If the capital reorganisation had been one of those requirements then I'm pretty sure that AP would have stayed that in the RNS - why would he not?
Plus that capital raised, as one of the condition precedent, 9th Dec RNS is currently being burned through to enact the new plan (plus corporate overhead) - so either they knew they needed the capital to change the mine plan in Dec2019, months before they told us, or they now dont have enough capital remaining to satisfy that aforementioned credit committee?
Tiger,
What I said vast will raise funds through asset backed debt financing is based on :
1. Fri, 6th Nov 2020 RNS “the Company is currently engaged in discussions with an international banking institution (the “Bank”) to conclude an asset backed debt financing linked to Baita Plai Polymetallic Mine (“BPPM”) to be used, inter alia, for refinancing the Tranche 1 Convertible Bonds issued by Atlas Special Opportunities LLC. It is a requirement of the Bank that potential conflicts of interest be resolved through the Company acquiring the outlying 20% ??interest in BPPM and the 10% interest in certain other Romanian assets (the “Transaction Assets”)."
2. 9th December 2020RNS “the previously announced detailed Term Sheet with the international banking institution (the “Bank”) has now been agreed between the Bank's executive team and Vast, and submitted for the Bank's final credit committee approval which is scheduled for 15 December 2020.
As one of the major conditions precedent to drawdown, the Company will be obliged to raise at least a further USD6.2 million of equity to be invested alongside the Bank and in contemplation of this requirement the Company has today raised £4,846,579.90 ",
3. 27th January 2021 RNS “The Company was informed in January that the credit committee was unable to proceed with the transaction until the completion of certain restructuring requirements. ”
Now, Vast has met the three conditions of bank loans. Therefore, Vast will raise funds through asset backed debt to repay the Atlas bond, instead of repaying the bond through Atlas conversion.
Hi Mr008!
And you believe that nonsense?!? They have been saying that for ages, and failing to do it.
And, if you look at the personal history of the directors, you might see why. Would you lend money to them?
Tiger,
Vast will raise funds through asset backed debt to repay the Atlas bond, instead of repaying the bond through Atlas conversion.
It seems that some people on here do not understand the business model of companies like Atlas.
In essence, they are the Wonga payday lenders of corporate finance. They are not interested in the wellbeing of Vast and its shareholders. They don't give a damn about whether Vast is well-managed. They certainly don't want to call in their loan security on Baita Plai and end up with a Romanian copper mine on their hands. They just want their money back with a big slice of interest, and they don't care if they have to trash Vast's share price to do it.
It is highly unlikely Vast are generating enough cash to pay off the loan, or will do so in the near future. Vast need every penny and more of cashflow to keep operating Baita Plai, make some necessary improvements, and to pay for their very high corporate overhead. So Atlas (or the their brokers) will go short in the market, convert a tranche of their "death spiral" loan to shares at 10% lower than the VWAP, close the short, pocket the cash, and then do it all over again and again, forcing Vast's share price ever downwards.
Some companies survive this ruinous experience; many don't. Atlas don't care as long as they get paid.
Andrew Prelea signed up for this, he should have known where this leads.
I agree but it's the big elephant in the room. One i'll hold off investing on unless SP continues to fall. Good luck on your investment and hopefully no dilution.
Random fella that is the best post on this board for a long time! and firwood completely agree! Hope your well :)
Hi RF1
I'll keep it to one comment only on Atlas as I don't think it will be an issue here for much longer.
I concluded some time back that Atlas from the last conversion in Jan are not wanting to end up with furter Vast shares from conversions, they would prefer cash or instead just wait. I doubt Vast shares are something a beautique lender like Atlas will want to hold on their books nor do they want the fag of having to employ a broker to dispose of them in a falling market in part created by their own actions.
Far better to wait until Vast is throwing off enough money to be able to settle conversions ahead with cash. I expect quietly that is the conversation and that the build up to cash surplus from product is happening.
Of course if Vast fail to get to a position to do that it won't just be a monster conversion in Jan '22 that will be crushing the sp.
Free cash expectations for '21 & '22 appear in the BP mechanised plan figures.
ATB.
It’s the only flag the bashers have got to wave Random, everything else looks better right now than it ever has IMO,
GL bud
F
People have been going on about Atlas converting or not. Find something else to talk about, it's boring. If they do or dont there is nothing we can do about it