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"As of 25 May 2023, the Company had cash of approximately £248,000 (25 April 2023: £516,000) with contractual liabilities of approximately £72,000 (25 April 2023: £231,000). The Company has no trade but relatively significant on-going expenses."
I wonder how they're going to spin that as insolvent. They must have some primo web hosting plan...
Thanks for that Neil - I'd mis-read as both criteria need to be met, rather than either.
I've now re-read the RNS and it does state that they are doing this in order to circumnavigate another shareholder vote, as they know they would lose. So all will come down to how much money is in the company and what creditors it has. Either way, this is not a 24 hour turnaround, will take at least a few months to conclude. For shareholders It's now PH or nothing. Roll the dice...
Why/how could the next RNS be a suspension? There is a process to follow for for the compulsory liquidation and all they've announced is that they plan to submit a petition to the court. As that petition requires a minimum 75% shareholder vote to proceed (same resolution defeated ca 62 v 38 in the most recent vote) I don't see how the directors' plan moves forward. Happy to be corrected by more knowledgeable posters.
Seems clear to me - they lost the last vote for MVL 62% v 38%.. How do they envisage the same vote going to 75.1 % v 24.9%?
All the codes on here are wrong - just guesses by a poor algo. Every trade is a buy and a sell - the price & volume are the only important labels
To do this. Those selling now are effectively giving away any agency they had (obviously it depends on who is buying..)
"Apply directly to the court
A director can ask a court to order the company to stop trading and be liquidated (‘wound up’).
This is known as ‘compulsory liquidation’.
You need to show the court that:
the company cannot pay its debts of £750 or more
75% (by value of shares) of shareholders agree that the court can wind up the company"
As far as I can see, it would still require a 75% shareholder vote to carry.
Blimey. stick or twist... can this be blocked by shareholders?
Correct.
Ever thought of golf Porky? it's lovely out there..fresh air, bit of exercise, nice chat with Lockdowns ...
Yep, can't buy a sausage in the 30s... been trying since 9am. Is today the day for TR-1?
31 March 2023
Vast Resources plc
(‘Vast’ or the ‘Company’)
Update on announcement of 6 February 2023
Vast Resources plc, the AIM-listed mining company, announces that following receipt of the High Court Order for the return of the 129,400 carats of diamonds held in the custody of the Reserve Bank of Zimbabwe it can confirm that the processes for the release of the diamonds are continuing with the assistance of the Government.
A further announcement concerning the physical receipt of the diamonds will be made on finalisation.
**ENDS**
Raises hand: Miss, who bought the sells?
mmh, you are correct, the "in any event" is indeed there in the 7am Apr 12 update. My apologies, I was reading the placing announcement, issued 5 mins later on April 12th, which omits that phrase. Either way it's an odd construction - if something will happen 'in any event', then it's not indicated nor expected, it is confirmed. Sack the copy editor Tony.
there is no promise of early May, mid May or indeed any part of May. Read the RNS, it's much simpler.
“ It was anticipated that the settlement of the historic claims in Zimbabwe would have concluded sooner, and this Placing provides liquidity until the settlement is finalised, expected end of April or early May 2023.”
Agreed, but unfortunately the poster has made that up; the words ‘in any event’ do not feature in the rns of April 12th. Here’s the full sentence:
“ It was anticipated that the settlement of the historic claims in Zimbabwe would have concluded sooner, and this Placing provides liquidity until the settlement is finalised, expected end of April or early May 2023.”