Member Info for ben1093w1

some people see being shat on as a reward

Should replace imminently for the word shortly, I heard it goes down better

Cheap acquisitions given current gold prices

While I understand what you are saying, they are also unlikely to get a vessel specifically just the ore shipment. The offtaker will be in contact with freight companies trying to arrange to get the offload onto the next ship that comes to the port along with all the proper documentation. Given the current climate and dealing with multiple freight suppliers this could be proving difficult. As has been said time and time again, this isn't something VAST has control over, I imagine Merc wants it sorting asap so they can also get some money in their pocket too. I find it hard to believe the rumours that Merc has no one to sell to given the current copper demand....people need to calm their nerve

The board is so painful to catch up on due to the constant new topics....

Can you press reply. Thanks.

AP implied it would be on the ship this week in his interview next week but I have a feeling that was more guess work in terms of vessel availability

Same but I guess its somewhat out of VAST's hands at this point if they are awaiting for the purchasers to sort out the vessel

IMO, more likely yes than no, the time frame for that happening is unclear though

Starvest - While I understand the underlying message in your post. It's alot harder to convince outside people to take part in a placing at a premium than it is to get your directors and family to agree to the premium SP price, surely this is easy to see?

Radika - Means that they cannot sell the shares for a year once received, provides some reassurance that the increase share number isn't going to instantly hit the open market. AKA a good thing

Dunno what your math is but 1.7b shares is more than 1%

Sandy, am i correct in thinking, while it would have been nice to issue the shares at fair value of 0.34p and half the dilution to share holders, part of the appeal of the deal was them getting issued at .17 to be instantly worth their true value hence VAST could get the stake for effectively half price?
Althought given that the SP should eventually get to 0.34 one way or another they get their full price anyway just further down the line...

Sarah from how the RNS reads, the refinance is dependant on the 20% conflict of interest been resolved one way or another. I don't see this not passing at AGM, I'd just rather push for a lock-in along with it. Ultimately its good in the long run but I'd rather feel less like we've been used (which we very clearly have been) by APM as a cash vessel to net them selves 4.5m of shareholders cash

Ant, given that the have been numerous RNS related to this that have to be ran past a NOMAD and proven, I would hope not

issue is we have the placement shares hitting tomorrow aswell (if not already forward sold) I would probably not look at the SP at all untill your get an RNS through confirming first sale, I think it might have slipped a few people by with it being so late on a Friday but monday is going to be a storm

And i only say this because I think a lock-in agreement is the least they could offer VAST shareholders considering BP would still be under water with decaying infrastructure if it wasn't for the constant dilution suffered by the VAST shareholders to make the mine operation and generate a JORC, increasing their stake's value while they suffered no dilution, and now they reap the benifits of that.
VAST up untill this point was a vessell of constant placing cash to let AP and co pull out £4m of shareholders money. I think i'd be less annoyed if they just pocketed the placing money.

Expect a turbulent few weeks ahead, but given fair value of BP is currently around .34, you're average of .17 will be quite okay given a few months

Sarah i think your number 3 point is incorrect

The number of shares is to satisfy the (£4.845m) valuation purchase price, the number of shares issued is based on the market close price of .17p. See below that states this

"The Purchase Price is to be satisfied by the issue to the Vendors of 2,850,000,000 ordinary shares of 0.1p each in the Company (“Consideration Shares”), which will, after completion, represent some 16.47% of the enlarged share capital of the Company. At the closing market price on 5 November 2020 of 0.17p per share the total Purchase Price would be £4.845m equivalent at the latest exchange rate to US$6.339m."

It's also worth noting that for some reason they want to effectively give away their share of BP for half price, maybe they figured 30% dilution would take the mick a little bit....

"Accordingly, the Independent Directors have carried out a comprehensive discounted cashflow (“DCF”) valuation of BPPM updated for all the variables included in the current mine production and development plan at BPPM and consistent with the Company’s published announcements. The model base case adjusted downwards to the lower end of our imputed sensitivities by the use of what they considered conservative metal price forecasts indicates a gross value (based on the simple average consensus view of APEX commodity forecast Q3 2020) of $70m for BPPM using a country discount rate of 12.5% based upon their assessment of the appropriate discount rate under the capital asset pricing model. In particular, the forward copper price used was only marginally above the current spot price. Therefore, it was noted that the use of higher metal prices forecasts widely available in the public domain, would have produced a significantly increased the value.
On the $70m value basis the value for the 20% interest in BPPM which is being acquired would be $14m (£10.7m) This compares favourably to market value of Consideration Shares as set out above, being US$6.339m (£4.845m) and would of course compare yet more favourably had the widely available higher metal prices been applied.
For the information of Shareholders, a value of US$70m for BPPM alone – ie without attributing any value to the additional Romanian assets – is equivalent to 0.38p per Consideration Share."

So the the question is, is the reason they are giving it away for half price considering the value of the BP because they see the SP rising in the near term anyway? At the end of the day its effectively free money for them considering VAST paid to help the establish APM in the first place....

I understand this is something that needs to happen as isn't another non-descript placing, however I would like to have seen a lock-in period added into the terms sheet to give investors some confidence that his son that hasn't contributed anything towards BP (that I can find) isn't just going to hit and run as he gets his shares.

What? They are issuing number of shares based on the price being .17.... Read the rns