Member Info for OofyProsser

HITS: or the terms of the Trafigura offtake agreement.

Ocelot: there’s a certain resourceful, feline cartoon character on here but she doesn’t answer to the soubriquet “TC” - do you?

TP123: this, in the words of Will Smith, is what I’m talking about. Excellent knockabout stuff.

SandyShore: thanks for this. If the order of precedence in Romania is similar to the UK, the tax authorities there would be offering a hostage to fortune by threatening Vast with administration/liquidation, wouldn’t they? I’ve wondered if Mr. Prelea’s bluster re sacking people and re-hiring the less intransigent ones on worse terms is a sort of last-ditch attempt to demonstrate to the tax authorities that the outcome of administration will be harder for them than allowing Vast to continue in business.

It’s very nice to see some proper research and sensible interpretation on this board.

Sandyshore: as I understand it, In the UK, fixed charges take precedence over overdue tax in a liquidation. I know nothing about Romania. Is it possible that the holders of the fixed charges (Mercuria etc) have pulled the rug and that ANAF are protecting their own position? The sums to be raised in placings now are so small, they’re a flea bite compared to the sums owing to the lenders, and overdue by more than a year.

Xataax: thanks for this. I think the issue with Vast is that there doesn’t appear to be a way out of their debt problems. They’re not making a profit anywhere. They’re very overdue on their debt repayments. Baita Plai looks awful and this news from Aprelevka will not return them any cash until the loan from one of the owners has been repaid. The share price is so low now that an equity issue won’t raise them more than another two or three months’ spending. I should think it’s too risky now even for Riverfort.

When you have problems on this scale, minor improvements in mining methods and ore grades are insignificant. Unless someone has a cunning plan up his sleeve, it’s hard to see how this is going to carry on much longer. I think it’s fair to point out these concerns. I don’t expect influence anyone but both sides of the investment case should be put. It’s what these chat boards are for.

Xataxx: so you're saying it’s fair enough to make up anything that will get the share price up, but it’s unfair to say anything that will get the price down. Seems a bit one-sided, doesn’t it? If you’re right and some posters want a lower price at which to buy, that seems exactly the equivalent of holders wanting a higher price at which to sell.

It’s largely irrelevant in the case of Vast, though. Zero cash flow, collapsing share price, grossly overdue debt, principal assets possibly under attachment, striking workforce. Good luck with it though.

Wakeyinvestor: re the Zimbabwe government paying millions of dollars to Vast. They haven’t got millions of dollars. All the money they don’t keep for themselves, they give to the army to sustain themselves in power. Zimbabwe is a basket case. It shouldn’t be, but it is.

That leaves the “Swiss investor”. He was supposed to have cleared all the hurdles necessary for making the investment two months ago, at which point the money was supposed to be arriving imminently. Vast are now overdue on two payments of $1.5mm each. There’s been no RNS on either. They’re overdue a lot more too - these are just the interim payments they were supposed to be making. Their only recourse seems to be to the equity market, which would flood the market with new shares issued at a very substantial discount. And this is merely to repay grossly overdue money, it won’t help them invest more. It’s a very dodgy investment proposition, Vast.

Frictionless: I don’t recall posting my CV.

There’s no doubt that the new CEO has more experience, at senior levels, than the previous occupant of the role. That wouldn’t be all that difficult. He has less relevant experience, however, than the Gazprom/Wingas people who paid Mr. Forrest all that money to take the depleted Saltfleetby gas field off their hands.

Frictionless: you must be new to this. Bubblepoint doesn’t spin the negative, he points it out. One doesn’t need to spin the negative here, it speaks for itself.

The news that investors need is not Brockham, however they spin that. It’s the detailed terms of the new offtake agreement and the new hedges. Angus is about Saltfleetby, a heavily depleted gas field with problematic structural characteristics, financed with a very large loan on still-usurious terms while it depletes further. They should tell us how usurious.

Dbh1956dbh: so swindlers are entitled to keep the proceeds of their swindles, are they, and the people over whose eyes they’ve pulled the wool have to suck it up?

Dear oh dear..

Wasn’t the “Swiss Investor” ‘s investment dependent on the first sale of PGMs and his ability to raise the money to invest here? He was supposed to be ready to invest imminently four months ago. What’s the schweizerstandarddeutsch for diamond geezer?

Joeydavison: please don’t keep repeating this fiction of a $200mm asset value for Vast. It’s nothing like this figure. Have a look at the balance sheet.

Thick finger. The Mercuria/Aleph hedges for the current period were set at a price of about GBp36/therm. What replaced them, if anything, we don’t know, do we? Angus will be anxious to ensure that they produce as much gas as possible over the current period. They won’t want a repetition of July-August 2022.

Yes, it’s a pity we don’t know the status of the new offtake agreement and the price Angus will be paid under the new financing arrangements. The Mercuria/Aleph hedges were set a

I believe that when a listed company’s share quotation is suspended, it can be complicated for someone with a short position to close it and realise a profit. It’s perfectly possible that GSA may be concerned about such an eventuality and is selling to forestall it. In any case, the sums concerned are small and probably below their minimum, so it may be an employee’s position, if they allow personal account dealing by their staff.

Nomlungu: when you refer to Ocelot talking through his ass, are you saying that the Ocebot is actually his ventriloquist’s dummy? A funny place to keep one what? What would Dicky Mint say?

Hee-haw, hee-haw.

If Ocelot is talking out of his (her?) ass, someone should contact the RSPCA.

Merdebouche: what made you choose a name which translates as “sea of mouth”?

This reads to me like a “good for you, best of luck with it, we may want to talk one day” letter. Moral support, not financial, but enough to get another nice little p&d away. UKOG’s financial position is too pressing for this to have any bearing on its situation. It does at least give the mugs an opportunity to average down at a rather higher price - with which they will doubtless be pleased.