Member Info for steward1

Profitbags - sounds like he has more to say than just another placement. Has he got something up his sleeve?

Profitbags - I'm well aware of the scope of this headroom - 'it unblocks the route' - doesn't get us all the way there but I reckon that we'll get some additional news in the next RNS. Interesting times!

Thanks Dr J... well, I'm looking forward to the next RNS. I appreciate that there will be those who see no positive in a placement but I believe that this is good news and now unblocks Zulu's route to getting production going.

Eek - just caught the last few seconds of that. RNS tomorrow - so looks like he's immediately issuing new shares. Did he say anything else?

Loyaltrader/nevergonnaretire - I've got loads of sympathy with your situations. Most AIM investors, including myself, will have had at least one disaster of a share... I don't mind sharing that I've had more than one!! And yes, the issues have mainly been caused by the leaders of those companies. I appreciate what you say about a recovery too - not many shares recover after such a drop. It does happen though - I held Prem all the way down from about 0.6p to 0.02p and it eventually got back to 1p. And I'm going to point out that 12.5 x the current market cap is still only £30m. As I said the other day, I think, in the circumstances, AP is doing what I'd expect a CEO to do... will these actions result in a £30m market cap anytime soon... I doubt it... but I'm expecting some level of recovery.

ATB!

Very interesting! Looking forward to a pre-Christmas jump on Monday!

He'll need the sp up a few points before he can do the next placing. I reckon he'll let it go to 0.15 before he does it.

jurysout - don't think that I've ever seen a RNS giving AGM results with any other update.

Asi - I agree that there are fundamentals that needed better management but, in terms of the sp, there were some 'bad actors' who shafted AP too. Diamonds would be a (huge) bonus but he needed to fix the fundamentals and it looks as if he's now doing that. Looking forward, he's got his resolutions passed... that's a positive... and I think he now has an opportunity to set out what the overall plan is and convince the market that the plan will work/is working!

Market cap is only £2.6m at the time of writing. It was 4 times that in the Spring and, for me, it feels like there's a better handle on everything now.

The key questions just now are around whether AP is doing the right things at this point given the circumstances. He's sorting/sorted out BP. He's attempting to grow the business through additional projects. He's sorted out some of the debt through the court with 4 years to pay and with what must be a reasonable plan. He's got the opportunity to do something about the rest with the headroom that he'll get this morning. He's got, as far as we know, very supportive lenders. He's been trying to attract other investment. And, of course, he's pursuing those pesky diamonds.

Not sure that he can do much more despite the dissatisfaction that some are keen to share.

Will he be successful?? His past performance might suggest that it isn't a slam dunk but I think that he's got a chance.

What should the above do to the sp? Depends what he does with the headroom! If he plans to sort out the main debt, I think the sp will rocket.

AIMHO!

Thanks for that, ASI - I'm suggesting that he'll do something about the Alpha/Mercuria debt with the £7m or so. I assume that's not included in the scope of the agreement with the court - apologies for my ignorance, I've not had the time to dig in to that. If the court agreement covers everything else and he has 4 years to pay up, AND he improves/sorts the Alpha/Mercuria position then it looks a lot better than I thought. Of course, he might have other plans for that so e really, really needs to let his shareholders know. All should become clearer tomorrow?

As you say, ASI - he's repaying over 4 years and, I assume, will have a plan to do that... a plan that has been approved by the court. Having almost £7m to use at this stage suggests that he'll take a chunk of debt away.

Hey nevergonnaretire - I agree about a consolidation... highly unlikely. I also agree about BP - the last time I paid attention to it, the production was poor. Yes, there was the disruption from the restructuring but it needs to increase substantially before it can carry the rest of the company.

There are 2 resolutions - in total for almost £7m... suggests to me that they're going to sort out the debt situation. Servicing that debt has been incredibly expensive. It would be interesting to know if the lenders want cash or are willing to receive shares.

As I said, if he has sorted the debt and BP and if he has a credible plan then the future looks brighter. Market Cap is still tiny.

ASI - yes... we need a RNS. I'm assuming that AP will get his vote passed and I'd then expect something official to explain what he's going to do with that level of headroom. Lurching from one quarter to another and one fundraise to another has destroyed the sp. If he removes a big chunk of debt and if has also finally sorted out BP then he'll be over the 2 biggest hurdles. Could be very positive for the sp but he really needs to officially communicate something.

I'm sure that he's hoping/expecting the sp to rise significantly and thereby avoiding the need for another consolidation.

Hey ASI - hope that you're well.

Not sure that AP has looked for that amount of headroom before? I accept that previous funds seem to have gone straight to running costs but this headroom gives scope to get the debt situation sorted.

I've not paid attention to Vast for months so I'm just catching up. Am I right...AP seems to finally have gone for authority to issue enough shares to sort out the debt situation?

If so, I'd say that would be a massive step forward.

RickyK - yes, if anything (since we know how previous agreements have gone with GR) it is going to be complicated. I expect VSA to have brought a bit of realism to both parties! I do wonder if Canmax would prefer a CLN in any event. GR managed to tie them up in knots before and they were left rather impotent... I don't think Canmax will make the same mistake again so I do expect a major change. Whether it will be positive for shareholders, I'm not so sure.

Not sure if the sp is simply in recovery mode or if there is some movement on finance and/or diamonds. Some here suggesting that they're convinced that the finance has been sorted... would be good to know why they're so convinced.

Alertrns - I agree. GR's approach has been a disaster... even going back to when he used the cash raised for Zulu on Circum. He'll know himself that he needs to get it done this time round.

I'm not surprised but I'm disappointed that we haven't heard about some short term finance ahead of the vote and the placing.

I reckon it will only be sold once they've produced sc6 (producing sc6 would be good news!)! As and when they get to that point, the value of Zulu is likely to be a multiple of the current market cap.

Jumped 35% in the last week. What's going on?