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Lol.... I had a look 2008 that only seems like yesterday .
I saw £ 3...... 2000 AD ..
A long, long time ago
When we were still young, bushy tailed and trusting
Anyone spaced out about Vast timescales should know that Minoan investors have been waiting for some movement since 1992
gemstar.
Minoan £1 when was that ?
Sorry Hippy is getting lazy, should have added a new subject line for my last post ;)
Not worried about placing to be honest. Any placing shares would be mopped up pretty quickly in my opinion. However I think it’s more likely that the funding draw down will happen before there is a need. Atlas would have done their due diligence before agreeing to the deal late last year, they will get their money either way, so I would be very surprised if they don’t except shortly. As for people worrying about a default in 6 months time. I think it is more likely that we will have a far better debt facility In place before then. Once BP is up & running with good JORC results released, I believe our options to do so will increase in that respect, especially if we were to sign the diamond deal before hand too.
Is this Somerville the same clown who has been pushing Minoan since 100p?
Closed Friday at 1.75p
Fortunately I sold at 97p
Nigel Somerville for what its worth did not like the RNS .
Not a fan it appears ??
Vast – Interims at 3pm on a Friday, no-one-is-watching o’clock? Uh-Oh…..where’s the cash?
By Nigel Somerville, the Deputy Sheriff of AIM | Friday 17 January 2020
18
Shares
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 *************). I have no business relationship with any company whose stock is mentioned in this article.
AIM-listed Vast Resources (VAST), a company about which I have been a perennial bear and issued a sell call in the run-up to Christmas when the debt funding didn’t appear, has released interims to 31 October this afternoon. At 3pm on a Friday! What horrors do we find?
The blather at the beginning tells us that cash stood at $1.2 million and boasts of a conditional $15 million (net $13.5 million before expenses) bond facility. So all’s well?
Not so fast. The cash of $1.2 million is despite boatloads of confetti being issued during the period ($4.2 million worth, before costs) and net current assets were, er….. negative to the tune of $2.6 million. Right, so cash is…er…critical!
As for that bond, we learnt back on 18 December that the cash for the bond had not so far been forthcoming. In that announcement we were told that:
…. both parties working together with the intent to effect drawdown before 31 December 2019
But on 2 January we were told that the company had formally requested its first payment……and since then…..nothing until now. It is now 17 January – and we are now told that:
The Company expects to receive funds shortly
Well, when is that….and would we believe the company anyway?
Given that we know that the company has raised just under $66,000 from share issues post-period (before expenses) I would suggest that the solvency of Vast has to be called into question here. Of course, it has that binding bond facility which apparently morphed into a binding conditional bond (which is therefore not binding at all, until the conditions are met) and despite all the song and dance since 1st October, when we were expecting sign-off later this week, then following Godot jibes from yours truly, laughable excuses on 24 October. And the cash – promised to arrive by the end of 2019 on 18 December, requested on 2 January 2020 still has not arrived.
Does anyone see a pattern here?
Quite why the shares are up 7% today is a mystery to me. As far as I can see there is no certainty of the cash arriving, the company is technically insolvent as things stand and if/when the funding does arrive it is a death spiral with bells on which will dilute shareholders to high heaven. And if it does not then the corporate undertaker is ready and waiting.
There seems to me to be no reason to read any further: this is a resounding sell
BUSY BOARD THIS NO CASTAWAY ON THE SITE SINCE 30 DEC 2019.
Last mm left at 0.26 and another move higher.