Bay and VAST Background Connections27 Dec 2025 14:21
Smelling a rat already
The board-level connections between Bay Square Pacific Ltd and Vast Resources PLC are characterized by significant overlapping directorships and shared equity interests, primarily involving Vast’s executive leadership.
Key Overlapping Personnel
Andrew Prelea: Currently the Chief Executive Officer and a Director of Vast Resources PLC. He holds a 17.08% shareholding in Bay Square Pacific Ltd.
Paul Fletcher: Currently the Finance Director (CFO) and a Director of Vast Resources PLC. He holds a 5.00% shareholding in Bay Square Pacific Ltd.
Nature of the Connection
As of late 2025, these overlapping interests have led to a major Related Party Transaction under AIM Rule 13:
Reverse Takeover (RTO): In December 2025, Vast Resources announced a conditional deal to acquire Gulf International Minerals Ltd (a company 100% owned by Bay Square) from Bay Square Pacific Ltd.
Controlling Interest: Upon completion of this all-share deal, Bay Square and its shareholders are expected to hold approximately 80% of Vast's enlarged share capital, effectively making Bay Square the dominant parent entity.
Management History: Since January 2024, Vast has already been managing mining activities for Bay Square's assets in Tajikistan under a profit-sharing and management agreement.
These news articles explain the board-level connections, including overlapping directorships and equity interests, between Vast Resources PLC and Bay Square Pacific Ltd related to a proposed reverse takeover: