RE: Let's have a placement at 1p11 Jan 2023 13:52
Firwood - plenty of failures for you to pick from
AP’s delivery - 98% dilution and 99.71% reduction in SP from 55p to 0.16p!
What AP delivered?
- BP licence
- Mercuria Tranche1
- BP to production (lol, well mediocre so far)
- Probably more to the list people can add, but nothing significant for now
AP lost all the trust from SH - Poor delivery vs promises over the last 5 years
- Where are all the money raised going and what are people working for VAST doing?
- Expanded too fast and too thin. Wasted precious resources on “non-strategic assets” and ran out of cash. No strategic thinking, no risk management and no prudent cash management. Now Ghaghoo?
- $1m raised for diamonds? Where did the money go?
- Money raised for Manaila trucks? Where did the money go or where is the truck?
- Headroom requested for one and used for others
- BP in production within 6 months of licence approval BS. Continued to be a liability – huge de-watering costs which was multiplied by finance delays.
- Mercuria 2 failure and Bergen saga.. All “ON TRACK” BS and eventual failure. We will not convert Bergen BS and Bergen did.
- Finance; we have option a, b, c and d. But couldn’t get any.
- Corporate Finance restructuring to balance books BS. Look at the shambles of current financial position.
- Sold PP at the wrong time, look where the gold price is above $1500 for restructuring finance?
- When finance package was announced in Oct-19, AP said no more dilution in podcast (unless until he gets a lucrative concession etc). VAST did a placement straight after
-Remember the twitter of few videos in Dec-19, apparently China equipment was not needed but VAST using refurbishment equipment (false dawn on restarting mine)
- We are always on cusp of something.. cusp of signing diamond (not VAST’s fault), cusp of arranging finance, cusp of BP production, cusp of turn-around.. for only the cusp to disappear after few weeks.
- Placement, placement, placements…from 50m shares to 2.28b shares. Share price from 55p to 0.16p.
- ~99.7% reduction in share price under his watch..
-Appointing mine and processing manager 6 months after initial start? Doesn’t have a clue how to run a mine..
-Appointed Marcus Brewster as GM in Jan-21 and gone or sacked in Aug-21.
-No raise for opex or capex in May/Jun-21, but raised in Aug-21 for covering Atlas and opex.
- There is more to the list and I am sure people can add
What AP couldn’t do this so far - Finance
- Proper Debt Finance facility: Now that he raised more for further documentations, better deliver debt finance facility (FAILED spectacularly)
Of course there is opportunity with BP mine – copper, gold, silver and molybdenum - good grades which supports the historical data & one of the reasons for me to buy VAST roughly 3 years ago. But if I had been diluted from 50m to 2.28b shares whilst reducing SP by more than 99% (from 55p to 0.16p) – I have every right to be sceptical of VAST’s BOD
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