Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Great relief to see result. At least still trading, only a £1,000 plus invested here but after a few other horror stories I have been in its a welcome change. Been on a losing run past year after some good years looking at turn around miners. Only small part of portfolio but still hurts when you get it wrong.
Better than I was expecting. Had fully expected to right this off so to see them keeping the lights on is a great relief. Thought this would be another crooked AIM company being taken private. Looks like their is some fight and people trying to do the right thing.
Not going to be easy to turn this around but possibility there.
Hopefully finance terms can be agreed. Expecting mass dilution to shareholders but a bit of something is better than nothing.
Goldstone should be flying in current climate but unfortunately the reality is that the company has been unable to extract the gold in any real commercial quantities. It's now whether they can put in place a mining plan which lead to free cash flow as well as servicing debt.
Looks like the 4 Islamic terrorists accused in Moscow are citizens of Tajikistan. They have appeared in court accused of carrying out the massacre.
Could be repercussions and possibly even more civil unrest. It's a country known for its problems. Hopefully the situation doesn't deteriorate any further.
Even if the Diamonds turned up tomorrow a placement would be required to pay for ongoing costs. The diamonds will not be sold within a day of being released. It's going to take a while to sort. Currently outside of Zimbabwe government/bank officials no one knows when these diamonds will be released. AP definitly hasn't got a clue with his days, to being close statements. It's been over 13 months with no transparent details on their release.
Company unable to balance the books and therefore this repayment on every sale of concentrate means even more placements going forward diluting shareholders position.
Interested to see if AP addresses PI concerns and actual puts some forecasts out there for 2024. I also would have thought there would be an update on indicated and measured reserves following drilling programme which started over a year ago.
Yes their is a payment position on any sale of concentrate but it does not alter position of repayment being due in full. There is obvious repayment issues and Mercuria agreed a payment plan in the interim whilst this saga continues. They obviously no longer trust Vasts announcements and put in place mitigation to reduce their exposure.
ASI, in my view a new off take agreement was to be expected. The surprise is moving to Trafigura considering Mercuria have been supportive of Vast in the past and delays in repayment of loans. Raises a few concerns in respect to whether Mercuria is now fed up of jam tomorrow and wanting their money back. You would think things will be clearer in the next few weeks but transparency is not Vasts BoD strong point.
Companies willing to replace debt with equity in company at 3p well above SP. They were actually willing to do so at double this price at one stage when SP was higher but Market makers have pushed this price down. It's clear AIM market is clearly not working currently. There wil be an adjustment in the future it's just a question of when. Price of vanadium is not helping but the business has more assets and production in place which was not the case when SP was previously this low in the past.
We've seen the China position on battery storage. Just a matter of time and bit of world economy growth and I believe this SP will increase significantly.
I think Philip is more stating facts of when first invested and what his shares are now worth. Unfortunately a lot of investors sucked into story delivered by AP. Constant dropping of SP following placements tells the true story.
Struv, I agree. That's why I sold majority of position when news first broke. Could only see SP going one way immediately after announcing GM.
Think AP has been incompetent in respect to activities to date especially in view of BP.
Unfortunately for those still invested there was only one option or lose all your money invested. Not sure if this was the same decision for those invested prior to last consolidation as those shares are only worth 1-2% of original investment.
Well my opinion is that that the SP will continue to drop. In the GM they state they expect the SP to increase but that's been the company position for years. Realistically the only chance of a bounce is when the diamonds are handed over the company. Its been over a year so any timescales provided by the company mean nothing.
Vast have stated, 'The Company's share price is, at the time of writing, near to its par value of 0.1p. The Company may not raise equity at a discount to its par share price, and therefore, in order to facilitate the raising of the necessary capital, the Directors are proposing a reorganisation of the Company's share capital so that there are fewer Ordinary Shares of the Company in issue whilst maintaining the same par value of each shares (0.1p) with the result that the underlying value of each Ordinary Share is proportionately increased.' They therefore know they need to issue placement at a discount to current SP to have any chance of success. We have seen what this has done to SP over last 5 years. Basically back down to nominal value unless Copper price increases significantly or diamonds handed over. Cannot see Swizz company buying in over 0.1p in view of current SP being nearer to 0.07p.
Currently most roads lead to falling SP with potential outside chance of diamonds.
Lol, if you look past the last hour think you'll find it has been dropping at an alarming rate over past month, 6 months, year, 2 years, 5 years...Let's not let the facts get in the way of a good old ramp.
Heck, you'd be better off investing in a failed company over past 5 years at least you'd be out of your misery. Here the company issues share placements followed by consolidation after consolidation. Those who are invested long term or followed the company know the issues.
One great to trade if you time it well. When you know there's a likely consolidation in a matter of days and placement why the ramp?
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The Directors would like to stress that the authority is required in order to give comfort to the Creditors.' So this was previously requested as well and placements were made to keep the lights on.
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unlikely event of enforcement of security in favour of the Creditors' It's as though they don't want to pay the creditors back!
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to issue shares as will, at a margin to the current share price' when has this happened at Vast. We saw a drop in SP of 20%+ following the RNS. Which institution would pay a margin to current SP. Anyone purchasing placement shares would look at the trend unless your a PI I suppose who are gullible enough to purchase them.
'Directors would like to stress that the authority is required in order to give comfort to the Creditors.' As a creditor damn right you want to know your getting ur money back otherwise you enforce your rights to the security.
'near term prospect of receipt of the historic parcel' Don't think any of us have heard this one before. AP did mean days but a year and a few days weeks...
'benefit of current discussions with the owner of the Swiss investment company' how many conversations have been had with finance providers over past few years. We have all seen outcome and resulting SP.
'or if required not at prices similar to the current share price' That's probably the first thing they have said which is right. The SP will more than likely be at a discount following any consolidation taking place.
If course it's possible one of the possibilities may come off and prove my comments wrong. Based upon Vasts track record I know what I would believe and will only believe what they have stated when it actually occurs. If it does I probably will buy again, likely to be a higher price but that's better than the alternative in my view.
Good luck to those still invested here.
Love the disclaimer, 'Beaumont Cornish has not authorised the contents of this announcement for any purpose and no liability whatsoever is accepted by Beaumont Cornish nor does it make any representation or warranty, express or implied, as to the accuracy of any information or opinion contained in this announcement or for the omission of any information'
I like high risky plays which this was prior to recent RNS. Now this just looks like a life style company as production figures never hit expectations or even close and other revenues such as Diamonds havnt appeared in over a year since High Court Case. Of if the Diamonds appear will settle debt but unlikely to have much left over. If company able to raise funds then yes may get a return but expect placement at at a lower price than consolidation SP. Worse case and more likely since RNS company goes into administration.