Vast Resources Share Discussion Threads

[bean02] 06/4/2016 08:35

What was intimated was a placing yes. So are we so desperate for cash we couldn't wait and get it away higher? He had a three month window to correct and recover and he blew it! Sentiment squashed and any new money coming in is traders only.

[yorgi] 06/4/2016 08:24

It's not being defended but it was all laid out in previous RNS but it seems some people either don't read the RNS or forget them in 5 mins.

[bean02] 06/4/2016 08:15

It's a total disgrace and I'm amazed this is being defended. They couldn't let it recover before placing THE VERY SAME DAY at this ridiculous price? So it's ok to be shafted by your own!? Is it f@@k!

[yorgi] 06/4/2016 07:37

Read the the RNS Carla it seems you have not followed. No it is not directors but existing shareholders RNS 7/3.

The Crede T2 did not go ahead because it would have put them over 25% of the company which was breaking the terms of the agreement.

All quite clear and nothing unexpected at all.

[carla1] 06/4/2016 07:32

Is this not the Directors who put in £0.5 m along with Crede...

If so ... it was to dilutive for Crede but ok for Them ??

[yorgi] 06/4/2016 07:25

What's "naughty" that was clearly laid out in the 7th March RNS and is not significant in terms of the overall share capital.

The concerning T2 with Crede not going ahead was good news far more important. These are existing shareholders who are not Crede.

[carla1] 06/4/2016 07:18

Morning Fellow Investors...

Bit Naughty that one ???

[aimsharesone] 06/4/2016 04:47

​In contrast to FTSE100, FTSE AIM 100 was higher at the close

In contrast to FTSE100, FTSE AIM 100 was higher at the close, with Vast Resources (LON:VAST) still the top London gainer. Shares surged around 49% as it declined a second payment under a financing agreed earlier this year due to the potential dilution for shareholders.

[nash81] 06/4/2016 01:29

i am sure Roy will want to bring share price to 0.8p before any further funding news.

[themattbarnes] 05/4/2016 19:09

Roy understood the deal in my view. Otherwise why was a clause put in that no more than 1bn shares would be issued to crede

[yorgi] 05/4/2016 18:05

Bean you are quite correct there it would clearly have been against the terms of the contract to have gone ahead with T2 which I think most would agree is great for VAST and it's shareholders. However despite that last interview Roy gave I would be very surprised if he has not by now understood exactly what Crede/Socius agenda was. I used Socius as well as it is the same people behind Crede as were behind Socius and many know all about them and their history. Just a change of name to try and shake of their past history and hope people don't notice.

[bean02] 05/4/2016 17:42

I think most are giving Roy too much credit for this. It couldn't go ahead because credes resultant interest in the company was above the max %. As much as we'd all like to think the light has dawned I have my doubts. We need to hope that during the next 3 months they don't dilute the share price at a lowly discount, allow it to recover and bring in the bp licence.

[yorgi] 05/4/2016 16:51

I'll leave you to think about it Lazygun but you don't appear to be up to date.

[lazygun] 05/4/2016 16:47

I have Yorgi,

6th paragraph is pretty clear....

L

[yorgi] 05/4/2016 16:37

Have a read back through the RNS Lazygun. The company may not need the full amount at this stage but we will see what unfolds over the coming days and weeks.

[lazygun] 05/4/2016 16:35

Just remember folks that RP still has to get the £1.25 mill via an alternative means, so it's not out of the woods yet....

L.

[yorgi] 05/4/2016 16:08

Showme I would have hoped by now that Roy now understands full well that Crede were in control of the share price and we could all see that although I admit we may not of fully understood what their strategy was back in January. I think we were fooled by their name change it took a while before I realised they were Socius previously. That would have rang warning bells with me straight way. I'm sure Roy understands their agenda now.

[showme01] 05/4/2016 15:58

Roy has emailed me a couple of times over the weeks to say that he can't cancel the Crede deal but it just shows that you should never say never. He has told me that Crede can not manipulate the share price and I have emailed him to say they are doing just that and he needs to use that as a reason to get out of the whole thing and raise funds elsewhere. Hopefully it is the back of them or Roy can get the BP licence through and the share price will be at a level where dilution would be minimal.

[yorgi] 05/4/2016 15:50

Showme yes it was a most welcome RNS. Although only T2 for now I hope we might see the last of Crede as I like I think most VAST shareholders and other AIM shareholders have not one good word to say about them. A bunch of ................

[yorgi] 05/4/2016 15:47

Typical from that mob of cowboys. They aren't going to admit that several posters on here and LSE were weeks ahead of them and explained it all for them. They really think they deserve some credit for what we had already worked out for them. Laughable.

[showme01] 05/4/2016 15:47

Yorgi. Must be a relief with todays news! I've been emailing Roy the last few days and my last reply a few days ago was that Tranch 2 was going ahead. He hasn't replied to the last 3 and I'm not bothered as he has come up with the goods. Great that he has been able to give himself 3 months to get the share price up to a level where dilution will be minimal.
As you know, I have taken quite a hit selling out when I did as I could see this going down and down so hopefully my buying back in today will give me a chance to claw those losses back.

[showme01] 05/4/2016 15:43

Great news for the shareholders of Vast Resources (VAST) this morning as Vast announced that it was withholding consent to the second tranche of the Crede financing. If no-one minds, I’d like to take some of the credit! I wrote about the shocking funding deal less than two weeks ago (HERE), explaining why it was a “death spiral on steroids” and although, at the time, Roy Pitchford, CEO, seemed to be a bit bemused as to why the share price was dropping, it was quite clear to many who understood the financing that a falling share price and extensive dilution was always the likely result of the deal. To be fair, I hadn’t spotted this get-out. Vast had to consent to the tranche if Crede becomes interested in more than 25% of the share capital on a fully diluted basis, which includes warrants. Accordingly, with the share price bid at 0.23p on Friday, Crede would have been entitled to over a billion shares and warrants, taking them over that 25% limit. Hat-tip to mbarnes, who I expect is the same Matt Barnes who commented on my earlier piece, as I think he was the first to set out the argument on the bulletin boards, as far as I am aware. Vast also announced that it is in discussions to replace the £1.25 million funding on more favourable terms and also mention that it will engage with shareholders interested in participating in future funding arrangements – go Roy! It is made clear, however, that the agreement with Crede remains in place and that tranches 3 and 4 will be available in 90 and 180 days’ time respectively. However, one less tranche of this sort of dilution is significant and, importantly, it gives Roy and his team another three months to eke out some good corporate news to increase the share price so that it is in a better shape to deal with those latter tranches. As I write, the share price has, unsurprisingly, opened strongly and is up about 50% at 0.37p. The whole thing gives me a warm, fuzzy feeling. I started writing on Shareprophets at the beginning of the year as I felt that it was one of the few places that one could comment on poor funding deals, dodgy management behaviours, poor corporate governance etc and I hoped that by highlighting some of these things, it might make a difference. Well, it looks like it can make a difference. Look, I’m not totally naïve, I’m sure that Roy and his team would have worked it out in the end and I wasn’t the only person to mention it - the bulletin board ranting was key too - but just please let me have five minutes of thinking that my little butterfly wing flapping made a tiny difference to the powers-that-be at Vast, however small. I doubt I’ll be on Crede’s Christmas card list though! - See more at: hxxp://www.shareprophets.com/views/19861/vast-resources-well-done-roy-you-worked-it-out-in-the-end#sthash.qJGrGo4h.dpuf

[yorgi] 05/4/2016 15:38

Are we going to see a strong last 50 minutes !

[snowman88] 05/4/2016 15:27

question for tranche 3 then is, if the sum of the shares and warrants to be issued doesn't take them over 25%, do Crede have the right to take up the subscription regardless, and Vast are powerless to prevent it. There will be an exact share price for some clever bod with a spreadsheet.. and I wouldn't mind betting the share price settles tantalisingly around that level so that it will create uncertainty all the way up to the tranche 3 date!

also, i wonder who will get the equivalent tranche 2 shares, and at what price..

[dssloan] 05/4/2016 15:17

Seems my link in post 5534 has been disabled...anyway it's just the proactive interview which is already in the header.

e-boffin..as for the CFO Roy Tucker, I have no opinion.

I am slightly more concerned about the CEO thinking that the political situation will change in Zimbabwe very much as our assets there are hugely discounted. Even when that oaf Mugabe finally drops off his bloody perch, there's no guarantee the successor will be much better.

The assets in Romania look promising and the political situation is changing there. Huge anti-corruption drive by the female General prosecutor and even the former PM Viktor Ponta had to step down (due to a disco fire) but he's also under investigation.

Have visited Romania several times in the last ten yeras and thinking of moving there in 2017 after 10 long years in Slovakia.