Member Info for OofyProsser

No, of course this won’t change. They’re now pinning all their hopes of survival on the diamonds! Dear oh dear.

20 months ago Vast had a judgment in their favour from the High Court. The Court appointed the Harare Deputy Sheriff to accompany Vast’s representatives to the RBZ to enforce the Court order and get the diamonds. They were given the bum’s rush.

If you’re expecting a different outcome in the event that Vast should try again, you’re going to be disappointed. What’s it got to do with the Ministry of Mines? It’s a legal issue. All that’s happened is that the signature is that of the Attorney General - who is not a judge - rather than that of a High Court judge - who is.

Settling with Vast is not in Mr. Mnangagwa’s interests. Kindly get used to it.?

Sharebel: read the thread again. I didn’t say she’s out of the country. I agree that it doesn’t make much difference.

Vast face never got anywhere in dealing with lawyers. The Attorney General has taken a decision on the law. Just as the High Court did. It got nowhere last time. Mr. Mnangagwa is hardly going to be threatened or influenced by anything Vast can say. If the decision makers don’t want to compensate a flea bite entity like Vast, they won’t. Lawyers don’t make these decisions in a country like Zimbabwe. The President and his coterie do.

Sharebel: you’re well informed! The Attorney General is famously a woman. Your confident forecast is based on no precedent. Every effort to use the legal system has been a humiliating waste of time for Vast. Vast’s much more aggressive new tone is clearly aimed at persuading investors that Vast have a chance of meeting their debts in time. It’s not likely to endear them to the appalling Zimbabwe regime or its functionaries.

Sharebel: you’re well informed! The Attorney General is famously a woman. Your confident forecast is based on no precedent. Every effort to use the legal system has been a humiliating waste of time for Vast. Vast’s much more aggressive new tone is clearly aimed at persuading investors that Vast have a chance of meeting their debts in time. It’s not likely to endear them to the appalling Zimbabwe regime or its functionaries.

Ocelot: we learned in that interview with Mr. Zielicki that he said he couldn’t lawfully buy shares in Angus. That had about as much credibility as most of his other offerings in the interview.

The problem wasn’t the judicial system. Vast had a court order in their favour and a deputy sheriff from the High Court to serve it with them at the RBZ in February 2023. . They were shown the door. Probably because the RBZ hasn’t got the diamonds and they and Mr. Mnangagwa can’t decide what to do about it. If you expect a sudden resolution, you’re probably going to be disappointed. The Zimbabwe government can keep this pot simmering for longer than Vast can remain solvent. Read the article. And threatening the Zimbabwe government is not guaranteed to ensure fast relief.

It’s good news, though, that Mr. Prelea has “jetted in to Zimbabwe to recover seized diamonds”. Let’s hope they’re giving him the full treatment at the Victoria Falls Hotel.

SandyShore459:

The High Court ruled in Vast’s favour last year and sent their representative, the sheriff, with Vast to the RBZ to enforce the order. They were collectively given the hun’s rush. The legal system is therefore having another go. Good luck with that.

Why would Zimbabwe want to find money to pay Vast, at a time when Vast’s existence is in such a precarious state? Another few months and the tiny problem they’re having with Vast may be in the historical dustbin, not enough for a footnote.

I’m afraid the desperate timing of this dodgy RNS tells its own story. Good luck if you’re averaging down though. You haven’t got a loss until you sell, or until its bankruptcy is formalised. I hope Mr. Prelea has managed to justify another trip to The Victoria Falls Hotel while this announcement has been formulated. He looked overdue for a bracer when last interviewed.

WG818: is the decline really as sharp as that? Not too good, is it? They’ll be close to the new hedge requirement at that rate within about 18 months. .

Then there’s the new well/sidetrack to finance. I seem to remember there were serious delays incorporating the existing compressors into the production setup.

No, no dividends. A very nice little earner for the lenders.

Alternative financial arrangements may mean the enforcement action on the property pledged as a loan guarantee is in progress.

A disgracefully evasive RNS. Creditors will want a quid pro quo. If this were good news, the announcement would have disclosed the nature of the short term financing they’ve negotiated. If any.

At least Ukraine should get some benefit from this: the Iranians won’t be shipping huge numbers of missiles or drones to Russia with all this going on.

WG818: Mr. ‘Erbert was probably last “a breath of fresh air” in the 1970s, long before he took his Trappist vow. I miss Lord Lucan and his wolfish leer. We never heard from the other Irish Earl. All one knew for certain about him was that he was the last person on the Anguish board from whom one would want to get the finger

We all know what this is. Mr. Prelea referred to it on his recent financing RNS: “In terms of the short-term funding, the Company needs to receive the proceeds from this by around 7 October 2024, otherwise alternative sources of funding will be required.”

Investors here are about to be stuffed again. You asked for it.

Tony_currie: kindly define “dynamic pricing “ and how this will work to the advantage of Angus shareholders.

Re “the end of the hedge”, the Mercuria hedge contracts are merely to be replaced by Trafigura ones. What do you think “price protection” means?

To what alternative source of working capital does Vast have access by 7 October? Diamonds? Swiss investors? It’s not just that Vast depends for its survival on the continued good will of its various lenders and of its lan guarantor. Quite separately from this, Vast will run out of working capital on 7 October. It hasn’t specified where more money might be found.

So if you talk to him, what’s he doing and what are his intentions?

Re David Jones’ identity, whence have you acquired this information on his age? If you know his age, is there anything else about him that you can share with this board?