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Ifiknew - ‘plenty of possible news’
You’re right - there is outstanding news due re the below from the company’s RNS -
‘In order to show good faith towards repayment of the Creditors and to provide a possible solution to the Company in the unlikely event of enforcement of security in favour of the Creditors, the Company has agreed with the Creditors to request Shareholders for such additional authority to issue shares as will, at a margin to the current share price, enable the Company to raise up to US$9.4 million so that the Creditors can be repaid in full. The Company therefore is requesting Shareholders to approve the grant of authority to issue shares which, if issued, would raise sufficient to repay the Creditors should it be necessary to repay the Creditors by this method..
In addition, pending the ultimate receipt of the proceeds of the historic parcel, the Company requires a further US$1 million as working capital.
The Directors therefore propose that authority from Shareholders be requested to issue, up to a nominal value of £8,400,000 of share capital (equivalent to 8,400,000,000 Existing Ordinary Shares) (Resolutions 1 and 2), which if issued at par value for each New Ordinary Shares would raise £8.4million, or approximately US$10.5 million - sufficient to repay the Creditors and provide the necessary working capital together with a small additional margin..
The Directors would like to stress that the authority is required in order to give comfort to the Creditors. ’
Philosophical ‘Therefore when a relatively senior Rio Tinto exec. builds a stake’
What proof do you have the David Jones whom the TR1 concerns works for Rio Tinto - lots of people with that name so unless you have a conclusive link then I call that bollo@@s
Yes Wontongue I am fully aware of that RNS but the point I made was that VAST haven’t updated the website to show the revised- post consolidation number of shares in issue
Without personally knowing enough about PREM to be fair to that company CanMax must have had a high level of confidence over the size/grade/profit potential to offer that sort of pre-payment
The contrast to VAST who had to sign over first lien security over their primary asset as collateral for a (now noticeably past the latest of many repayment extension deadlines) loan is immense
Hawaii5O - on what basis are VAST and PREM peers apart from being AIM micro cap mining/resources companies - of which there are hundreds of other?
As you say PREM haven’t actually supplied any product or produced any profit yet so it’s actually their mcap which is the anomaly rather than VASTs.
The one obvious similarity is the number of shares that have been issued but if you back calculated by a factor of 600 (two consolidations) than VAST have diluted shareholders far more than GR at PREM
Bargain- seeker - what on earth do you mean by very little stock?
From the VAST website -
The number of ordinary shares in issue: 5,571,644,142 as of 6 February 2024.
There are no shares held in treasury.
Percentage of shares not in public hands: as of 6 February 2024, 0.63% of the Company’s securities were not in public hands.
So over 99% of shares are in free float
Shocking but unsurprising that they haven’t updated the shareholder information post consolidation - another indication of poor attention to detail
It’s not a con of a company as such
AP has fulfilled his job as CEO by keeping the company afloat
However, his strategy has been to keep polishing a tu5d to achieve this (kicking the can, or one of many similar metaphors)and now so much Autoglym has been used there is very little faith in the quality of the underlying bodywork.
Personally I believe a full warts and all declaration is needed to create a new baseline - sadly the problem is now - would anyone actually believe it?
Ian - from Vasts own website
Directors’ Shareholdings*
as of 6 February 2024.
NAME % AMOUNT
Andrew Prelea 0.56 31,065,147
Roy Tucker 0.05 2,855,842
Paul Fletcher 0.01 705,480
Brian Moritz 0.01 250,000
Ianbeej ‘along with plenty of other big purchases if I go back through the history? ’
Please list all those other big purchases - purely from wanting to know the correct facts…
So how come the whole board of directors including AP only hold 0.63% of the company shares?
Steward - if you had spent more time reading rather than insulting me by implication then you would have noticed that’s why I said on a purely like for like basis, rather than you speculating (quote “who knows”) something different.
It may be reasonable to postulate that the mcap may rise if the debt is expunged but that cannot be guaranteed , can it?
Nevergonna- think asi is correct
In addition to the current 5.57 billion shares in issue the GM seeks the authority to issue a further 8.4 billion shares (although if the SP hasn’t reached at least nominal value this will raise insufficient funds to pay the creditors and provide the very short cash runway implied)
That 13.97 billion shares would then be consolidated by a factor of 6.
So on a purely like for like basis existing shares would be worth 40% of their value post consolidation (5.57bn over 13.97 bn)
Steward mcap guesses are purely that - guesses
Everybody in principle make them when they buy or sell - is the company overvalued or under- have the short/medium/long term prospects got better or worse.
The one thing that can be said for definite is that if the consolidation and associated placing go ahead then any existing shareholder will in effect own a smaller proportion of the company