chadvines - yes, of course, there are those companies who are desperate for finance but I'm talking about the financial authorities which is a whole different ball game... anyone with any integrity looking at what Atlas have done will be furious. The city doesn't want bad apples like Atlas... whether there is a demand for them or not!
chadvines - one thing Atlas absolutely don't want is for the authorities to start taking a closer look at their dealings. If they're doing this kind of thing publicly and in the open (and without any scruples) then I'd say that there's a very good chance that the authorities would find activity that might be illegal. They are walking on a knife edge... might be a thrill for them and they might make some money but..................
MickR - you can bet the lawyers were all over this as soon as Vast received the conversion notice. Today's RNS wouldn't have been issued unless the legal case was sound. Whilst it appears that Vast are taking legal advice, it is down to Atlas to take legal action... let's see if that happens... personally, I don't think they will! In the meantime, I accept that they (Atlas) will be doing all they can to get the sp down to limit their loss when they have to buy back.
SandyShore459 - my short experience of Atlas is that the city won't like what they're doing and, reputationally, they could suffer big style. Who wants to do business with an outfit who have very questionable practices? They need to be very careful. Saying one thing and doing another... attempting to convert a bond when it's being repaid... very, very dodgy!
MickR - I think today's RNS suggests that VAST is in a stronger position than Atlas vis a vis the bond repayment and conversion notice so my view is that the sp can only fall that far if someone is attempting to manipulate the price down... risky business because it doesn't always succeed. AP said that he would be communicating with the market about the previous RNS's so I think he needs to be doing that very soon to turn the screw on Atlas!
I think that ATLAS were well aware that the bonds were going to be repaid before Monday so their actions were done with that foreknowledge which seems ungentlemanly to say the least but these guys seem to have no honour or scruples. Given that there's a stalemate, it seems that the lawyers need to get involved and in that situation both parties are likely to have been told to say nothing at all or say the absolute bare minimum. Pecten11's call for the timestamps to be published seems naive.
RE: CEO CONFIDENT re-updates and keeping shareholders informed17 May 2022 10:55
Seems that those Atlas-supporting posters are doing double-time today... if Atlas forward sold their "conversion" yesterday and need to buy back, they are at risk of a big loss so they will want the sp to drop as much as possible so that they can buy more cheaply... spreading doubt and fear is their MO. Always, always, always DYOR! Look at what the company has said. Look at the sp over the last few weeks/months and ask yourself whether the turnaround is happening. The sp a few weeks ago was a fraction of what it is today - that will give you some idea of where the sp is going over the longer term. IMHO - the turnaround is on. Good on Atlas & co for making some dosh recently but it seems that this door is now closed on them... the Atlas-supporting posters will soon disappear... I've seen it before.
...which highlights how much trading is going on... it's the wild west... dyor and don't trust anything that is said on these boards especially if you're buying to invest for more than a few days. It's natural to treat with caution those that pour cold water over everything and show no balance at all!
AP has to kick the ball firmly back into Atlas's court and confirm to the market that he is not issuing new shares on the back of yesterday's conversion attempt. Bonds have been cancelled but AP has to be clear to the market that he's not going to issue the shares.
Unfortunately, I agree chadvines - if the conversions (I don't think this will be the last one) are within the terms of the agreement then Vast can't stop them. Getting into any legal dispute will be expensive and risky. Atlas are going to screw this for all they can!
Some have obviously been caught out on the wrong side of the trade. Atlas clearly got wind that they were maybe going to be dumped so took advantage of the spike from 3rd May... the sp drop had nothing to do with the performance of the company. It's looking very much rosier than this did last week with much, much more to come.