Member Info for Castaway

"has received official communication from the Ministry of Mines and Mining Development" - not some idiot on twitter!

The Company has received official communication from the Ministry of Mines and Mining Development to the effect that all internal processes leading to the conclusion of the Joint Venture are expected to be finalised during the month of March 2020.

And?

Diamond signoff

Tue, 3rd Mar 2020 14:19

Vast Resources plc / Ticker: VAST / Index: AIM / Sector: Mining

3 March 2020

Vast Resources plc
(“Vast” or the “Company”)

Chiadzwa Community Diamond Project Update

Vast Resources plc, the AIM-listed mining company, is pleased to update the market on progress on the anticipated Joint Venture Agreement between the Company’s majority owned Katanga Mining Pvt Ltd (a joint venture company between the Company and the Chiadzwa Community Development Trust (CCDT)) and Zimbabwe Consolidated Diamond Company (Pvt) Ltd (wholly owned by the Government of Zimbabwe) concerning the Chiadzwa Community Diamond Project.

The Company has received official communication from the Ministry of Mines and Mining Development to the effect that all internal processes leading to the conclusion of the Joint Venture are expected to be finalised during the month of March 2020.

Further details pertaining to this key process will be communicated to the market as and when they occur.

**ENDS**

The RNS of the 26th sort of alluded to the cash situation - i.e. they had none "the Review Advisers have identified potential discrepancies and inconsistencies in the Company's bank statements and ledger entries" the rest is not great reading either https://www.lse.co.uk/rns/NMC/review-update-ceo-removal-and-other-matters-lhxr18ptsllls8k.html

Shame I have no cash

Pistachio - now or soon is the time to invest - blood in the streets etc.

deos, as soon as I read the RNS on the 26th, I was concerned - been here before several times, there is usually more too it and a company under stress is a sitting duck - no one wants to punt up capital unless they win big, in the current market crash it makes it worse. The UAE will clearly not let their health service collapse, but I am not sure shareholders in NMC will benefit. These are very hard times for shareholders with Covid-19 destroying the markets - any people with potential losses please look at the positives. There are more important things in life than shares!

Rastuss, I am realistic about NMC, Shetty may have done a runner, as you posted there is an extradition agreement between the countries, Shetty is 77 (from memory), with Modi in charge of India I doubt he will be heading back to the UAE any time soon if it is a big fraud.

Rastuss IMO, the remaining BOD have done the right thing to protect the business - if they had not then NMC would probably be in administration by now, so there is still hope there will be shareholder value at the end of the process.

Mrd, I agree they have done all the right things and the fact they have not gone into admin so far looks positive, so I believe there is hope.

deos, the outcome is not certain, we can only guess right now, however the fact they haven't paid wages in the UAE yet would indicate they have no cash available. IMO there could still be an outcome where shareholders get value out of NMC, we will have to see what happens in the near future.

I agree adzy, I am beginning to think initially they tried to prop NMC up and when that failed sold up and headed for the hills (well India in Shetty's case). UAE Gov will step in surely in the short term to pay salaries.

Thinking about the current situation, there must be 100's of patients in NMC hospitals - isn't this covered by some insurance that NMC would have to take out - what if the staff walk out due to non payment of salaries?

Surely they will find a way of paying the salaries, it's a small amount of cash in the scheme of things and will give time for a potential rescue package to be put together.

Smart move kingrav - they put 100% margin on NMC a day or so after suspension and you can understand why.

Jesus censorship s.h.a.r.e.p.r.o.p.h.e.t.s.

Makes sense TQ , He seems to have more UK targets and will be taken far more seriously next time no doubt. Trouble is he can and has been wrong in the past - just like our own champion of the PI (or not!) *************

Not clueless surely?, We all guess all the time pistachio - that is share trading/investing ;-)