RE: Confused….24 Feb 2024 21:44
AP has lost all credibility and I am staggered there has not been a requisition called for his removal, the city grapevine suggested a certain PR outfit refused to interview him again, if so that is damning.
Look at a comment he made in a recent interview, he implied there was more to VAST than the diamonds, almost totally discounting them. The interviewer did not press him on this statement however it is clear VAST is totally dependant on the diamonds to repay the debt, a debt put in place by AB himself.
It strikes me that VAST shareholders are simply subsidising the loss making operation in Romania, a operation where the workforce are happy to withdraw labour at a stroke and cause even further losses. What a farcical situation, AP continues to offer up more jam tomorrow and promote other 'projects' which if they are like anything in Romania will most likely equally fail.
In respect of the 'debt' ask what leverage do the parties have in securing repayment, if they bust VAST they will get no money back via equity, if the seize the 'assets' they would come across many hurdles, political for a start + operations in Romania would be nigh impossible to monetise and/or run as they have no experience in such matters.
If you ask me the whole process about giving the creditors 'comfort' is a smokescreen, AP & Co want ability to issue shares to fund their salaries/lifestyle, he probably knows the creditors have no leverage to get their money back which is why they have been extending the timeline infinitum, in a nutshell they have no choice.
I suspect the motion will be carried but in a way I hope it is not, I believe they need 75% to get approval, the vote could be close, will VAST deliver upside before the meeting one suspects not, probably more weasel words from AP.
DYOR etc