Member Info for Legalease

I know you like your chat gpt so here is anti answer for you…

1. This is a classic AIM Rule 14 reverse takeover

• Vast is acquiring 100% of Gulf.

• The acquisition is transformational:

• Change of control

• Change in principal assets

• Change in geographic and political risk profile

• Vast is therefore treated, for AIM purposes, as a new applicant.

That alone pushes AIM Regulation towards the most conservative approach.

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2. Admission Document = “new admission” standard

Even though Vast is already quoted:

• The Admission Document must contain full AIM Schedule Two disclosure as if Vast were re-admitting.

• AIM’s core concern is orderly markets.

• Until shareholders approve:

• Vast does not yet own Gulf

• The post-transaction group does not legally exist

From AIM’s perspective, that is unfinished business.

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3. Why early lifting is very unlikely here

In the Vast / Gulf case, AIM Regulation would focus on:

❌ Binary execution risk

• If shareholders vote against the deal:

• Vast’s investment case collapses

• The market price discovered pre-vote becomes misleading

❌ Funding and dilution uncertainty

• The RTO is tied to:

• Fundraising

• New capital structure

• Significant dilution

• Until approved, the equity base is not settled.

❌ Political / jurisdictional risk

• Tajik state JV assets

• Sovereign counterparty

• AIM is especially cautious where the new business is materially riskier than the old one.

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4. Nomad incentives

Vast’s Nomad (e.g. Strand Hanson-type adviser):

• Bears regulatory risk if AIM later concludes the market was disorderly

• Has no upside from early lifting

• Almost always advises:

“Keep the suspension in place until GM approval.”

Nomad conservatism matters a lot here.

In accordance with AIM Rule 14, trading in the Company's Ordinary Shares will be suspended from trading on the AIM Market ("AIM") of the London Stock Exchange Group plc ("LSE") with effect from midday today and will remain so pending publication of an AIM Admission Document (or equivalent, as agreed with the LSE) setting out, inter alia, details of the Proposed Transaction, or confirmation is provided that the Proposed Transaction has been terminated. The Company intends to publish an AIM Admission Document in early 2026, which will contain a notice of general meeting at which shareholder approval shall be sought for, inter alia, the Proposed Transaction, following publication of which the Company would seek restoration to trading on AIM of its Ordinary Shares ("Re-Admission").

In the event that the Proposed Transaction does not proceed, the Company will seek the lifting of its suspension to trading on AIM.

Answer we this riddle then: how will they lift the suspension after publication of the vote result, if the suspension had already been lifted post publication of the proposed admission document?

Er no, RNS is clear, suspension will remain in place until a positive vote outcome or deal is terminated.

Happy Christmas all!

Placing and book build to come out of the 80%, not the 20%. AP, shareholders and gulf interests all aligned on this point.

A very attractive deal for all parties imo.

Total shares post rto will be 25billion imo.

Suspension will be lifted post vote. Not before. Expect the vote to take place between 16th and 23rd

Few people short and getting burnt eh?

… as a consequence, it could move to the .4/.5 range much quicker than people anticipate.. time will tell.

“robbo31: A deal has been done that vast want us to vote on IMO

1. Diamond sales announced next week

2. A JV Deal announcement next week

3. AGM announcement with resolutions for the deal.”

… I’m inclined to agree.

Can’t need a placing that badly then, but then they have already said this.

Thanks, very

Much appreciated!

Links?

It’s down here because the market has interpreted the diamonds which remain in Vast’s possession at very little. My view is they are likelyn10 mill plus, which if I’m correct will facilitate growth and a new dawn for Vast.

Depends who you ask, I say there is potentially good news due imminently which could take the share price above 1p in short order, others would say the business is days away from administration.

Can’t be price sensitive, the price didn’t change!

I am intrigued though, there are so many peeps here at present trying to keep a lid on any positivity, it’s like they’re short or something… hope not for your sake:)

I’m averaging up next week, and happy to take their shares if they're over invested and want out;)

Or do you think it’s more than that, do you think they are inside, and that’s why they hold so resolutely. Do you think they are privy to info the rest aren’t?