Shambles in VAST continues...4 May 2021 11:24
DBH - SHAMBLES in vast continues..
For all the newbies.. Reasons for why - we are here today at 0.08p? 3 years of failures from VAST BoD...
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 or strategic for now
Why it will take time for AP to build any trust… Poor delivery vs promises over the last 3 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
- $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 5.1b shares to 20b+ shares. Share price from 0.55p to 0.08p.
- More than 80% 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..
- 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… fabulous grades which supports the historical data. And one of the reasons for me to buy VAST roughly 3 years ago. But if I had diluted from 5.1b to 21+b shares whilst reducing by more than 80% reduction (from 0.55p to 0.08p) – I have every right to sceptical of VAST’s BoD.
This is my view or opinion only based on last 3 years with VAST. Please Do Your Own Research before buying or selling.
GL
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