Member Info for Fantasy

List of shares issues from someone, who looks after shareholders and who claimed there will be no dilution.. :)

Funding

Share issues during the year: gross proceeds before cost of issue

£ Shares issued Issued to
87,272 17,100,447 Exercise of Warrants
1,250,000 238,095,238 Issued to investors on placing
863,750 133,914,127 Subscription by investors
2,201,022 389,463,818
Post period end

£ Shares issued Issued to
4,010 801,896 Exercise of Warrants
425,086 70,847,785 Issued to investors on placing
100,000 16,666,666 Subscription by directors
1,000,000 188,679,245 Issued to investors on placing
68,000 68,000,000 Issued to Bergen in the context of a $3 million bridge facility
Debt Funding

FAHP - yes it is coming... yes it is coming... surely in 2019? :)

Dodge - £1m raising... based on cash closing at 30-Sep-18 and current cash position on 21-Dec $1.379, I would like to think that includes £1m..

Cash balances at period end $0.661 million (2017:$1.723 million)
Post period end

Cash balances at 21 December 2018: $1.379 million

ORT - no agenda... I have made my position clear here... can work with an agenda if required, not a problem either..

any thoughts on why the sp has fallen by 50% - when pretty much everything is a buy?

RNS: Cash balances at period end $0.661 million (2017:$1.723 million); wonga type bridge loan... too many deals, over spending and running on very thin balance.. $0.66m... I think, I want to blame the MMs for VAST cash balance... :)

ORT - blame it on the MMs... This BB always did that... why was the SP 50% down over the last 3 months? Everyone & their dog is buying this share... buys outstripped sells... 100k buys, 50k buys... all buys... but MMs are dropping... You are correct though - "Got to laugh"

Torchy - well said... Very well said indeed.. :)

"AP tells us that people are queuing up to get some of Vasts action....and we end up with Bergen..........

AP needs to stop with the bullshit in 2019 and start delivering some cash flow on the projects currently on the books.......

unimpressed AP ...unimpressed....."

ORT - many are using the so called "rose tinted glasses"... if AP fails, it will come off and will see the end of AP. Not that I am hoping for this to happen. Many loyal PIs are my disappointed with AP with BERGEN.. GL

ORT - if t2 doesn’t happens and Bergen conversion happens, that would be end of AP... already AP’s support and confidence in him is running thin.. I hope AP comes out stronger, for our sake... GL

ORT - 5th dilution is it or 4th from April-18, every time we hope for limited dilution, but reality is different.. when AP took over with T1 delay and BP delay we said, let’s give him a year.. AP had his year.. again reality is different and we wanted another 6 months.. We will find within the next month or so... as far as AP is concerned, there is no grey area... if delivers t2 and no conversion made, he will be treated as hero, anything else he will be zero.. Best regards fantasy

ORT, you are happy with range of 0.20p - 0.59p? That’s a poor range... SP had been managed from 0.6p to 0.22p, to make it look better!! Hope things improve here... if AP slips for any reason, there will be big outcry. Hope he comes out on top. GL

FAHP - understand and agree on some of your point on TW... however, there are some important points in the article..

- Fees that we are paying (~18%) but no warrants involved (which was welcome news)
- potential death spiral, if no T2 on or before 21-Jan. If the Tranche B cash comes through within the next 30 days then I guess the board will be proved right.
- Bargen is contractually forbidden from short-selling the stock, but with 68 million shares in hand and plenty of T+ opportunities, I can’t see that as any reassurance at all. "Shows who had been running the show in VAST & its SP"
- Article, calling VAST a sell; which I disagree.. Hold for me personally, to see T2.

agree yrab - when t2 comes, without the conversion, we can move on... its waiting time, until then..

:) I dont have time for few posts or posters... not worth it... GL and keep posting..

Hi Teacup - I told you before.. anything negative is attacked here..

Pepco's reply was fantastic see - where he is outlining how VAST may respond to that theft issue, which is what people want to discuss

Oh dear! Previous boss of AIM-listed Vast Resource (VAST) Roy Pitchford had an unhappy time with death spiral finance facilities with Crede and Bracknor and now, despite the company having said it would avoid death spiral finance facilities in future, has announced – under Brian Moritz – a “bridge facility” which is….a death spiral, this time with Bergen. It is interest free, naturally – if you ignore the fees – but critically, this time the facility is not convertible for 30 days. After that…..well, we know what death spirals do to share prices.

Vast has been waiting for the $5.5 million delayed (but still expected) Tranche B Mercuria Prepayment facility to arrive. Given the state of the markets, it seems that the board has decided that this is a better way forward than phoning the local bucket-shop of choice and gone for a loan instead. If the Tranche B cash comes through within the next 30 days then I guess the board will be proved right, because it can repay the facility with no conversion into shares. But would you bank on it? Er….

The details are that the loan – of up to $3.15 million, in two tranches – is interest free. But there are fees of $250,000 (so that’s a cost of 7.93%) and we are told:

the Company has issued to the Funder 68,000,000 Shares at par to “collateralize” the investment. The Company has applied for admission of these Shares to trading on AIM, and this is expected to become effective on or about 31 December 2018. The Funder is required to make a further payment to the Company by way of fee (determined based on the Second Issue Price on the date of payment) once all of the obligations of the Company under the Agreement have been finally met and no amount remains outstanding to Investor;

Hmm.

And last night's confirmation of first drawdown tells us that the first tranche of the facility (so $1.575 million) only cost Bergen $1.5 million. That suggests $0.3 million of discount as well as $250,000 of fees and 68 million shares, which adds up to around 18% plus 68 million shares. But the facility is interest free, right - it’s a bargain!

However, if Vast doesn’t get its mits on the outstanding $5.5 million from the Mercuria facility within 30 days of the loan, then it becomes convertible at either 0.59p per share (fat chance….) or at 92% of the 5-day volume-weighted average share price on AIM “during a specified period”.

So in other words, in the absence of this $5.5 million turning up within 30 days, Vast’s shares are an obvious sell. With the shares currently at 0.36p we are even given a target price:

…..the Funder may postpone the funding of the second tranche of the Convertible Securities in the event that the market price of the Shares is below a specified level being 0.2p for any two consecutive trading days during the term of the Agreement and, should the price of the Shares remain below that level, elect not to fund the second tranche.

Of course, that is at the funder’s election and is not, therefore, an obligation – although a nominal price of 0.1p would, I suggest, make it more likely that Bergen will hold fire at 0.2p. And there is a constraint that Vast needs to have authority to issue conversion shares, which may limit the damage.

We are told that there are no warrants involved in this deal – and thank goodness for that, given the company’s history! We are also given the usual assurance that Bargen is contractually forbidden from short-selling the stock, but with 68 million shares in hand and plenty of T+ opportunities, I can’t see that as any reassurance at all.

The company tells us that:

we are cognisant of our previous statements that we would avoid raising finance through convertible securities with a conversion price linked to the share price at the date of conversion. We have only undertaken this transaction as a short-term bridge of a limited size pending the receipt of the expected $5.5 million Tranche B pre-payment finance from Mercuria, which we are expecting to complete within the 30-day period prior to the conversion rights on the Convertible Securities becoming effective. Should conversion rights nevertheless be triggered, then the maximum dilution will be limited by our existing authorities, and any issues beyond that will require as stated above the approval of new authorities by Shareholders.

??...so that's alright then! Well done to the Nomad - our good friend Roland "fatty"Cornish for that.

The first tranche was handed over last night – as per the no-one-is-watching o’clock RNS at 5.30pm when everyone was out doing their Christmas shopping. So Monday 21 January is the key date – after which, if this $5.5 million hasn’t appeared, Vast shares are an automatic sell.

Indeed, if I held the shares now, I wouldn’t wait.

Teacup - fair points made... very good post.. highlighting the risk in Zim... looting diamond ore.. hmm something for AP to think about if and when we get that... Continue to post please.... FAHP - if people don’t want to see anything negative they can look away.. or bury their head in the sand or wear that rose tinted glasses rather than attacking and calling people “idiots”...

FHP - AP is a OK CEO.. GREAT deal maker and POOR in operations to generate revenue. All IMO

angus - I don't understand your logic, we were at 0.6p 6 months ago, before BP and any diamond news.. :) you want to be at 0.6p at diamond news?

fantastic gemstar - 2p by which January? :)