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It’s very simple Sarah. We’re being asked to authorise the potential issuance of 6.5 billion shares, i.e. 65% dilution.
The problem being VAST’s previous inability to meet deadlines & achieve production targets. There’s a huge lack of trust & the SP response to the finance deal reflects that.
We’ve seen again in the last week the general incompetence of the BoD which objective long term holders have seen for most of the past 2 years.
As shareholders other than selling our only way to actually show our dissatisfaction is how we vote at the GM. This year it means voting against the very generous share incentive that the BoD have decided to award themselves.
I certainly will be & I would recommend anyone who feels disappointed/angry over the situation management of the past week to do the same
Do we know when he made the statement. Can anyone be certain it wasn’t when Vast released the Katanga RNS on 26th September, although the article has today’s date. It makes much more sense to me for him to have actually said it then, not today
Sarah, I wanted to comment on your post at 09:47. For long term holders, yes I would hope they/we/you/me are smiling, because you make a hugely important point which the new investors’ who haven’t done their historical research won’t know, & importantly which some of the blinkered supporters/defenders of AP won’t admit, 3 weeks ago IMO Vast could have just as easily gone into liquidation as being in the position in which we now find ourselves. Just for absolute clarity that position is being on the cusp of signing a massive deal to mine diamonds with the Government of Zimbabwe, a Government that this week announced a major minerals exploitation programme designed to benefit the extremely hard pressed citizens of that country.
That diamond deal has IMO made it possible to arrange a finance/funding package that not only facilitates the diamond project to happen, but also for Vast to finally exploit Baita Plai, which has been a theoretical jewel in Vast’s crown since 2015.
What we saw on Friday was IMO entirely predictable. We have masses of new holders of Vast shares, we only have to look at this bulletin board, who have seen a fast rising share. They have seen hugely unrealistic predictions of what the SP will be in days if not weeks, & many believe the hype.
We have heard direct from the Minister of mining, Mr Chitando that a deal was being signed between Katanga & ZCDC . That’s not just reported by Vast but the spoken words on camera of Minister Chitando.
Where do I think Vast failed on Thursday/Friday, simply by not updating the market to advise there was a signing delay, & to provide an updated timeline. Uncertainty will cause panic, especially in the case of Vast for anyone who knows a little about the company & it’s history, since AP has been CEO, his use of ‘imminently’ when predicting/promising actions is now legendary for never happening.
IMO we need a 7am RNS to provide reassurance, otherwise the doubts exacerbate & a lot of the new investors will forget their dreams of buying a Rolls Royce for Christmas on their Vast profits & go chase Monday’s fast/high rising share to pay for a new Ford Focus.
The BOD price is up & down like a fiddler’s elbow. Speculation & MMs making some money. I fear a number will get spiked.
Just my opinion (to be clarified when we see the deal) but I see little prospect of BOD being involved with Katanga. Due to the fact Vast weren’t selected to receive a mining licence, the concept of a JV vehicle with BOD to search for diamonds became redundant. AP has also told us we’ve been allocated a concession so the idea of searching over a wide area to find diamondiferous rock which BOD could help with also seems to no longer be relevant.
However these are my musings, the RNS will reveal all
Indeed smoking joe, but what I think Sarah meant was the fact it appeared at all worried some people who’ve just bought in on the expectation of an immediate rise to 1p, they’ve probably not done much research & to see (even though later cancelled) such a large sell spooked them. Especially as the cancellation appeared 3 hours later after the market closed.