# VRE - View Resources



## Ann (1 January 2006)

Company Name:  View Resources Ltd
 ASX Code: VRE
 Shares Isued: 	 157,643,310
 Market Cap: 	 37.8 Million [as at 31/12/05]
 52-Week High: 	 0.55 on Monday, January 17, 2005
 52-Week Low: 	 0.13 on Tuesday, August 09, 2005
 Average Price: 	 0.1720 (50-day)   0.1803 (200-day)
 Average Volume: 	 564,100 (50-day)   342,800 (200-day)
Principal Activities:  	Mineral exploration.
Official Listing Date:  24 March, 1988
GICS Industry Group: 	Materials
Internet Address: 	http://www.viewresources.com.au/


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## Kipp (11 January 2006)

Positive press release from VRE today Re: Drilling reports.  Sadly, as always.. it looks like a few people knew about this prior to today (SP has gone nuts over last couple of weeks).  
Pretty hard to go wrong with any Gold stock at the moment.


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## Ann (14 January 2006)

Setting my chart onto log scale for a longer term view, I see it is just at the 'critical' overhead trendline level. It has done a slight retrace but nothing to create too much distress IMO.


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## GreatPig (14 January 2006)

That depends on exactly where you locate your trend line. By my chart, it's already above the trend line, and I'm now waiting to see if it will keep pushing up or fall back between the two trend lines and squeeze into the apex.

Cheers,
GP


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## Ann (14 January 2006)

Quite correct Great Pig,

Your setting appears to be on Semi log. I will put up another chart set in Linear which a lot of people use even with a longer term view. This looks well and truly out of the woods. I only put up the Log scale as an offer of a full and unbiased view of the stock. My first chart was set in linear.


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## GreatPig (14 January 2006)

Ann,

I always use log view, even though I saw a comment once from Daryl Guppy saying that he reckoned linear was better 

Log is a bit of a pain in the latest version of AmiBroker, particular with charts that display quite a range of prices. Often when I switch to another version of the chart with some indicators displayed (eg. EMAs or Guppy MMAs), the lines disappear from the screen, and I have to do some very careful manipulation of the position and expansion of the chart to get it back into view. I think it worked a lot better in their older version I started with, as I don't remember this ever being a problem. And you can't overlay volume on a log chart now, whereas you used to be able to (I think it overlayed in linear mode before).

Log is only noticeably different to linear over fairly wide-ranging prices. For smaller percentage changes, they look much the same.

Cheers,
GP


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## Ann (14 January 2006)

Hi GreatPig,

I tend to use log, although I have watched over the last few years, the charts react better on the long term if it is viewed in linear. I think more people are using linear than log. Your comment about Guppy suggesting linear is better would partly explain the reason. I would soundly disagree with him. The contours are far less visible.

I find it very interesting, the difference in our two chart settings as we both maintain we are each set on Log. I took the point of first resistance as yours and yet through the progression of time there is a variation as to the final resting place of the overhead trendline. Variations like these could cause a chartist to come to grief, if the majority of chartists are looking at a different level of support/resistance.

Then of course GreatPig we have the very vexing question of should we be viewing our charts with un-adjusted data. The reason being is that adjusted charts distort the long term price and it may appear there is heavy volume happening at a given price when in fact the heavy volumes can be at a different level of un-adjusted data.

MAE is a case in point, I am looking at currently on another couple of forums. It looks on adjusted data to have huge volumes around the $1.30. When in fact if you look at un-adjusted data, the huge volumes were around the 60c-70c level.

Uuuuurgh! It all gets sooo hard some times. Is it any wonder that charts fail to deliver on occassions.

 Ann


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## zzkazu (14 January 2006)

I got on this on the 11th when it triggered a weekly High (0.205);  exited on the 4 Jan after profit stop was hit:  41.94% profit.

I could have stayed on but greed has a tendency to eat into profits.



zzkazu


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## GreatPig (14 January 2006)

Ann,



			
				Ann said:
			
		

> should we be viewing our charts with un-adjusted data



Well my data comes unadjusted from float.com.au, and they're not the most reliable. Some stocks they completely miss or only have limited data for. MAE, for example, only has data from the 23rd Dec 05. No idea why there's none before that. AUX isn't there at all (I wondered with this one whether it was because on a DOS/Windows system "AUX" is a reserved word and can't be used as a filename - I had a problem with that in my portfolio program).

Another possibility with the difference might be the accuracy of the log displays.

Anyway, there are enough stocks on the market that I can work with the ones that are there and look reasonably accurate, which I think is the vast majority. For my short-term trading, the log/linear difference mostly isn't that significant, and my trading system doesn't rely on straight lines anyway (although the trend lines are good for confirmation).

Cheers,
GP


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## Ann (15 January 2006)

GreatPig,

As you say there are so many stocks to choose from but I would suggest a lot of the miners and infotech stock have long histories. 

What we need to know when we look at a chart is when and at what price will selling pressure cut in.

I am maintaining MAE's selling pressure is happening now up until the 70c level. Above that it is purely blue sky.

Let's look at VRE between July 98 and July 01. There is NO way this stock hit $30 odd it is a result of adjusted prices but there is a lot of volume here waiting to get reimbursed for their investment. I feel I need to know at what price level this selling is likely to cut in. I, in fact do know the 'real' price for Feb 2nd 2000, trust me it was no where near $ 30.

This is the point I am trying to make. I am not trying to say na na my chart is better than yours, I am trying to find a simple truth in the charts.


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## GreatPig (15 January 2006)

For VRE, the float.com.au data only goes back to early 2002.

Cheers,
GP


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## Ann (15 January 2006)

GreatPig,

A tremendous amount of  listed companies have had many re-incarnations, depending on the current fad and fashion of the time.

Miners, biotechs and infotechs are notorious for morphing into different companies.

The ASX has the Official Listing Date  	24 March, 1988 for VRE


CHANGES OF NAME FOR:  VIEW RESOURCES LIMITED (VRE)
 	FROM	TO
VIEW RESOURCES LIMITED (VRE) 	08/04/2002 	Currently Listed
SMARTWORLD CORPORATION LIMITED (SWC) 	06/11/2000 	08/04/2002
IHG LIMITED (IHY) 	31/05/1999 	06/11/2000
GROWTH RESOURCES LIMITED (GRE) 		31/05/1999  [24/03/88?]

As you can see this crowd have been around the block more than once.

When they were supposed to have had that $30 price level they were an infotech IHG Limited (IHY)

I really wouldn't be surprised if a number of other companies you are looking at or holding at the moment have also been recycled. New floats can cost a bomb and getting a decent number of stockholders to invest can be a real challenge unless you have an underwriter with lots of keen investors wanting to participate in IPOs.


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## GreatPig (16 January 2006)

Ann said:
			
		

> A tremendous amount of listed companies have had many re-incarnations



Yes, I know, but generally I don't have time to go back and look them all up.

I'm happy enough to work with what data I've got, as there are still plenty of stocks to choose from. If it ever becomes a problem, I can always pay for better data.

Cheers,
GP


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## Ann (24 January 2006)

Is everyone getting a tad worried?


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## Ann (2 March 2006)

....and so it goes on......


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## Cyph (4 March 2006)

GreatPig said:
			
		

> Well my data comes unadjusted from float.com.au, and they're not the most reliable. Some stocks they completely miss or only have limited data for. MAE, for example, only has data from the 23rd Dec 05. No idea why there's none before that.




MAE was formerly known as CPC (Carpenter Pacific Resources), it just changed its name recently.


Anyway, I guess those nervous nellies may have sold in the recent retrace. It is interesting to note that the oppies have broken resistance at 12c, closing at 13c... the FPOs are lagging behind at this stage and may catch up?


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## Cyph (4 March 2006)

And an 8 month chart which is far as the data goes... at an all time high.


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## Mumbank (6 March 2006)

That's actually not an "all time" high - remember they had a share consolidation a little while back (2004 I think) my 100,000 became 10,000 and I'm a long way behind unfortunately I was on holidays when they dropped quickly and I'm stuck with them.  Their all time high was in January 2004 at the post consolidation equivalent of $1.25!!!!!!!!!!!


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## beach (6 March 2006)

Think youll find that VRE options would be at an all time high mumbank.


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## Cyph (6 March 2006)

Yeah, I'm talking about the oppies.. I've only got 8 months of data for them.


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## Freeballinginawetsuit (4 December 2006)

Is anyone else into VRE at the moment, I took up a small position on Friday and believe that they have some decent potential as a short term hold .


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## Freeballinginawetsuit (7 December 2006)

VRE is teetering on support at the moment, filled the gap since friday's open and if it dosen't hold strong at 21c my stop will probably get hit. This is unlikely though, with VRE's Bronzewing and Carnyila hill prospects and IMHO today's SP is value and I'm considering topping up  

VRE needs some buying volume and this has been lacking the last couple of day's. Profit takers are sucumbing and been selling, with no new buyers stemming the flow.


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## dubiousinfo (13 December 2006)

Announcent today



> Highlights:
> • Mincor earns right to JV at Carnilya Hill Nickel Project
> • Pre-feasibility study for new mine commenced
> • Focus now on a resource definition
> ...




I thought there would be more interest in this following the announcement. Looks like patience is the order of the day for this one.


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## Freeballinginawetsuit (13 December 2006)

I like them Dubvious Info, loosened up my stop and will hang around a bit with this one, too much upside IMHO


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## Freeballinginawetsuit (14 December 2006)

VRE could be starting to move again, bit of bullish price action ATM. Could continue as its definately been consolidating the past week, could also fizzle though!. Still good value at these prices IMO.


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## Novski (3 January 2007)

Based on a descending long term triangle, it appears there was a breakout here in October around 20c, also when volume increased. Today at 27c, the only real horizontal resistance that remains is around 31.5c-32c, although there is some around 29c.

It might takes a couple of hits to break 32c...


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## Freeballinginawetsuit (3 January 2007)

Novski said:
			
		

> Based on a descending long term triangle, it appears there was a breakout here in October around 20c, also when volume increased. Today at 27c, the only real horizontal resistance that remains is around 31.5c-32c, although there is some around 29c.
> 
> It might takes a couple of hits to break 32c...




Volume in October was probably to do with punters taking up positions for the rights issue, nothing more!.

VRE has not quite been the quick trade it seemed a few weeks back. A bit of a fizzler really  .

This current push has been on weak momentum and volume. Although its made a recovery of late and the break through 24c should now provide support, unless this stock gets some interest its going no where fast.

Fundamentally VRE are good and Bronzewing and Carnya Hill will be Company makers, I seriously think theirs quicker money to be had elsewhere in the market ATM.

Ive moved my trailer to 25c now and if it hits it I'm out/ if it dosent get past 28c in the next couple of weeks I'm going to bail regardless.  

All the best to holders.


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## Freeballinginawetsuit (24 January 2007)

VRE is still hanging around the 27-28c mark with a decent increase in volumes of late. Since Nickle spots recent break (MCR's Farm in) and Bronzewing immenet, VRE has a few compelling reasons to stay holding.

Frustrating stock this one, just can't seem to gather enough momentum for a sustained run. It's still maintaining a general uptrend ATM, so no real reason to sell.


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## chops_a_must (24 January 2007)

Freeballinginawetsuit said:
			
		

> VRE is still hanging around the 27-28c mark with a decent increase in volumes of late. Since Nickle spots recent break (MCR's Farm in) and Bronzewing immenet, VRE has a few compelling reasons to stay holding.
> 
> Frustrating stock this one, just can't seem to gather enough momentum for a sustained run. It's still maintaining a general uptrend ATM, so no real reason to sell.



This is looking like a potential breakout. And I'm thinking that MCR's breakout has to do with the JV these two are in, hence the similar performance of VRE in the last few days. The charts look very good for this one at the moment.


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## porkpie324 (24 January 2007)

Same with the options I've traded these a couple of times, but out ATM. porkpie


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## chops_a_must (6 February 2007)

porkpie324 said:
			
		

> Same with the options I've traded these a couple of times, but out ATM. porkpie



Does anyone know the excercise price for these in case VRE breaks out?


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## dubiousinfo (6 February 2007)

chops_a_must said:
			
		

> Does anyone know the excercise price for these in case VRE breaks out?




The exercise price for the opies is 20c and they expire on 31/6/08.


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## chops_a_must (6 February 2007)

dubiousinfo said:
			
		

> The exercise price for the opies is 20c and they expire on 31/6/08.



Cheers. Do you mind telling a noob like me where you obtained this info from?


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## dubiousinfo (6 February 2007)

chops_a_must said:
			
		

> Cheers. Do you mind telling a noob like me where you obtained this info from?




The information can usually be found in the latest Appendix 3B or Quarterly Cash Flow Report.


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## chops_a_must (8 February 2007)

Still doing well. The oppies at one stage were up 25% today. Hopefully it can hold up for a little while longer yet.


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## Freeballinginawetsuit (8 February 2007)

chops_a_must said:
			
		

> Still doing well. The oppies at one stage were up 25% today. Hopefully it can hold up for a little while longer yet.





Yep, this ones a bit of a turtle "slow and steady wins the race". No quick moves over the past couple of months, yet its nearly doubled its SP.

Still no reason to sell fundamentally or on price action, IMO


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## chops_a_must (8 February 2007)

Freeballinginawetsuit said:
			
		

> Yep, this ones a bit of a turtle "slow and steady wins the race". No quick moves over the past couple of months, yet its nearly doubled its SP.
> 
> Still no reason to sell fundamentally or on price action, IMO



Lol! Just after I posted that, it dived quite badly. Made a nice profit on the oppies, still hold the full share. And will see what happens tomorrow as to what I do. I don't plan on selling soon though. Everything seems to suggest it still has a lot of legs.


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## Sweet Synergy (14 February 2007)

Nice Chart ... this huge double bottom, come saucer shape is looking promising. Has just gone above a significant high in 2005 and appears to be consolidating ... With overall volume up and vol confirming the daily moves.

Great target! as if it continues to move up ....  next major resistance is 55c. ......... a target of 53c if u invert the saucer. I like it when both targets are similar   

If there's strong volume I'll be grabbing a few more if it hits .36


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## greggy (15 February 2007)

Sweet Synergy said:
			
		

> Nice Chart ... this huge double bottom, come saucer shape is looking promising. Has just gone above a significant high in 2005 and appears to be consolidating ... With overall volume up and vol confirming the daily moves.
> 
> Great target! as if it continues to move up ....  next major resistance is 55c. ......... a target of 53c if u invert the saucer. I like it when both targets are similar
> 
> If there's strong volume I'll be grabbing a few more if it hits .36



This stock is also benefiting from bullish coverage in February's edition of Resource Stocks.  Its gold and nickel potential are looking very good.
DYOR


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## Sweet Synergy (16 February 2007)

greggy said:
			
		

> This stock is also benefiting from bullish coverage in February's edition of Resource Stocks.  Its gold and nickel potential are looking very good.
> DYOR



Thanks Greggy, I didn't know about the Mag coverage.

An independant research paper has recently been released that looks interesting ... a little info from it below and link for the full paper.

VRE continued to consolidate today ... so be interesting to see if it can break the current significant resistance and continue it's up-trend ... 

Cheers, 
SS

RE: VRE fundamentals - they seem fairly solid ... 
Over-subscribed share placement (quoted on ASX Dec '06) so they are cashed up and have the infrastructure in place to supply their forward gold contracts. Nickle interests as well.

"RM Research value View at 42 cents with production at Bronzewing and
exploration at Carnilya Hill remaining on track and on budget. Further share
price upside is likely following Bronzewing commissioning and a resource
statement on Carnilya Hill anticipated in March 2007"
(from recent independant research paper ... http://www.viewresources.com.au/ann...20beb76daeb4ab)


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## chops_a_must (16 February 2007)

Sweet Synergy said:
			
		

> VRE continued to consolidate today ... so be interesting to see if it can break the current significant resistance and continue it's up-trend ...



Glad I got out today, was able to protect some profit... because the chart looks very bearish in the short term.


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## Sweet Synergy (19 February 2007)

chops_a_must said:
			
		

> Glad I got out today, was able to protect some profit... because the chart looks very bearish in the short term.



Yeah you could be right Chops, esp after fridays move with vol.  Although I think its a hard call, even though it has crossed the recent rising support ... the SP is still consolidating on that important horizontal resistance at .33   Could be forming a little flag.  The market depth is still firm at .32 so I'm holding but with a very tight stop.

I noticed the link I posted isn't working, so here is it is again - to the research paper outlining upcoming news etc.  http://www.viewresources.com.au/ann...df?PHPSESSID=1429e2915d4e862ee474a960a9d5e891


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## Sweet Synergy (21 February 2007)

chops_a_must said:
			
		

> Glad I got out today, was able to protect some profit... because the chart looks very bearish in the short term.



Yep u were right! ... finally made up its mind and moved down today on vol so I was out at .32.  The vol was fairly high today too, so could still drop further IMO.  Will be looking for a re-entry, as the fundamentals suggest this still has some good upside.


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## chops_a_must (21 February 2007)

Sweet Synergy said:
			
		

> Yep u were right! ... finally made up its mind and moved down today on vol so I was out at .32.  The vol was fairly high today too, so could still drop further IMO.  Will be looking for a re-entry, as the fundamentals suggest this still has some good upside.



Fundamentals are very good. Next support at about 28.5, then 26.5. But it's not  solid until about 18 or 20. Can't really see it getting there though. The fundamentals are just too good. And will be looking to get in when it begins looking stronger. And still holding options, just in case I don't manage to get back in.


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## mu5hu (22 February 2007)

Any comments on the SP of VRE?
Dropped past the 20MVA and the depth atm doesnt look to attractive
Is it just retracing a lil before it keeps going? 

The bollinger bands have started to flatten out into a range. But just before that the bottom bollinger band was on the way up quite strongly while the top band  was relatively flat.

I am holding atm


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## chops_a_must (26 February 2007)

Nice bounce off support at 28.5. The sell side still looks a bit too strong for my liking. Still thinking it is likely to go a bit lower.


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## dubiousinfo (27 February 2007)

Director bought 100,000 @ 29.5c on Friday 23/2/07.


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## mu5hu (19 March 2007)

SP did a great climb today.
Broke past 32.5c which i thought was a resistance level. ( over the last month or two..32.5c keeps popping up as a resistance or support level)

my 2 cents


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## Freeballinginawetsuit (19 March 2007)

mu5hu said:
			
		

> SP did a great climb today.
> Broke past 32.5c which i thought was a resistance level. ( over the last month or two..32.5c keeps popping up as a resistance or support level)
> 
> my 2 cents




Would have too agree, VRE bounced off previous resistance at 25cish during the downspike, and has resumed its uptrend nicely. More importantly the SP has gone straight through previous resistance at 28c and closed at next resistance 32c ish, on an end of day high....nice!

Those who took the opportunity to have taken an entry during the spike are sitting on decent profits, so VRE might trend between the channel for a while before testing highs again.

Investors who are sitting in VRE since the SPP, should be happy with the recent price action of VRE, strong support and bounced at all the right places....then some. 

Hard to put a value on the SP mid term, Bronzewing and Carnilya have to provide some further upside......perhaps another 20 odd percent (40cish).
At that point I feel investors and depending on the timeframe (tax wise) long term positions might be pondered..........considering their entries in November.


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## mu5hu (26 March 2007)

Last few days VRE has pulled back down to support level and tested it and bounced off it today and went back up.

Looks like a great sign that its gona keep going too. CROSS fingers haha

Volume increase as well


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## chops_a_must (26 March 2007)

mu5hu said:


> Last few days VRE has pulled back down to support level and tested it and bounced off it today and went back up.
> 
> Looks like a great sign that its gona keep going too. CROSS fingers haha
> 
> Volume increase as well



Would like to see some numbers crossing the spread on the options to confirm confidence in an upward move though.

The announcement regarding Camilya Hill is due out by the end of the month, and both MCR and VRE have appeared very confident about the prospects. 

Was hoping to pick an entry on MCR right about now, but the tumbling nickle price seems to be making that rather tricky...


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## chops_a_must (29 March 2007)

chops_a_must said:


> The announcement regarding Camilya Hill is due out by the end of the month, and both MCR and VRE have appeared very confident about the prospects.



It looks pretty good to me. Not much movement as of yet. Might be an opportunity to get in before everyone gets wind of it:

Kambalda nickel producer Mincor Resources NL (ASX: MCR) has laid the foundations for a new mine development at its 70%-owned Carnilya Hill nickel discovery in Western Australia after today announcing an initial resource estimate of 16,100 tonnes of contained nickel metal for the deposit.

Mincor said today (Thursday) that feasibility studies on the Carnilya Hill Project, located some 25km north-east of Kambalda, were progressing rapidly with a development decision targeted before end-June 2007.

*The initial resource estimate* – which comes less than a year after the first hole was drilled by Mincor down-plunge of the old mine workings at Carnilya Hill – *confirms a substantial nickel discovery with the potential to become Mincor’s fifth mine in the Kambalda district.* Carnilya Hill is one of a series of advanced development and exploration opportunities that Mincor has assembled in the region.

...

The resource estimate follows a highly successful drill-out program, the final hole of which was completed last week – delivering an intersection of 2.79 metres @ 8.61% nickel (CMD028W1). The location of this final intersection is considered very promising, as it suggests that the ore trend plunges more steeply from that point than previously expected. This in turn suggests that the ore trend remains entirely open in the down-plunge direction (see long section attached).

In addition to the 16,100 tonnes of contained nickel metal in the Carnilya Hill resource, the tenements contain an additional resource of 1,800 tonnes of nickel metal at the nearby Zone 29 East ore body. This brings the total Mineral Resource inventory at the Carnilya Hill tenements to 17,900 tonnes of nickel metal, 70% of which is attributable to Mincor (12,500 tonnes of contained nickel metal).

...

“At this stage, it looks *highly likely that Carnilya Hill will be Mincor’s fifth mine *in the Kambalda District,” he said. “As with all our other mines, we expect that the initial mineral resource will grow very substantially over time.€


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## chops_a_must (2 April 2007)

There must be something I'm missing here...



> View Resources Ltd (View) and its Carnilya Hill Joint Venture Partner (JV) are expediting the Bankable Feasibility Study (BFS) at the Carnilya Hill Nickel Project on the back of the new resource statement released today. *The JV will complete the BFS in the next 6-8 weeks and look to recommence mining as soon as practicable thereafter* to take advantage of current high nickel prices.
> 
> The recommissioning of the historic Carnilya Hill Nickel Project is a *quick and low capital cost exercise.* The new resource has been identified as a continuation of the western plunge of the main ore body and the existing decline is fully serviceable to the top of the new resource. With all surface infrastructure in place at the mine site and the ore offtake agreement with BHPB current, recommissioning the operation is a low risk process.
> 
> View’s Managing Director, Tim Gooch said “We are extremely pleased to see what promises to be *another potential major revenue stream coming on line in the second half of this year. With gold scheduled to be poured at Bronzewing next quarter*, View is close to taking both its core assets into production in the short term, with resultant profitability and positive cash flow from each by end 2007. This is perfect timing in the current market and represents another significant step towards View’s goal of becoming a mid-tier mining house“.



OK, so we are going to do this paper thingy... but you know what the answer is going to be already! Lol!

Ha. It sounds like they have done the BFS already!

Making money on this one appears as easy as picking up a fat drunk chick in tears at the end of the night. Patience for a month or two might prove to be very profitable.

Disclaimer: Just holding options for now.


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## chops_a_must (4 April 2007)

chops_a_must said:


> Making money on this one appears as easy as picking up a fat drunk chick in tears at the end of the night. Patience for a month or two might prove to be very profitable.
> 
> Disclaimer: Just holding options for now.




What a finish for this one! nearly 3m shares (75% of the day's trade) turned over in the last 45 mins. Finishing on its highs, above the previous intraday high. Looking pretty good for tomorrow (so long as everything holds up overnight).

Also, do people not realise there are options on this one? VRE went up 2.5 cents, whilst VREO only went up 1.5c. So that's a 1c discount. Plus the leverage on the impending/ current breakout. Does the resistance on the options point to the next resistance on the full share perhaps? My guess would be a gap up to around 39/39.5 tomorrow morning as the resistance for the options is around 19.5 ish. Decided to get more today as the breakout looked ominous and the oppies were lagging.

The sell volume left on the board for the oppies is about the total volume done today. So another good day tomorrow and they could all go.

Good luck to everyone else on this.


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## imajica (4 April 2007)

chops, your informative posts on VRE have been very helpful indeed.

had to buy myself a parcel when it hit 36c late in the day - have a good feeling about this one


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## Gar (5 April 2007)

as did I  but its much better to wait until the breakout is 100% confirmed anyway

I was expecting a fairly decent gap this morning but it looks like we're going to have a nice steady build up instead


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## imajica (5 April 2007)

nice steady rise today on good volume to 38c

nothing too extreme to warrant an excessive pullback

next week should be positive for VRE


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## nizar (5 April 2007)

In at .37 today.


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## chops_a_must (6 April 2007)

imajica said:


> chops, your informative posts on VRE have been very helpful indeed.
> 
> had to buy myself a parcel when it hit 36c late in the day - have a good feeling about this one



Hehehe. Good to see we finally agree on something.

And it's good to see people listening to my posts. Lol! After MCR and MEL it's good to have people on VRE with me. I get so lonely sometimes...  

Was a fantastic day for VRE yesterday I thought, although it didn't quite go as well as I thought it would... or might. I think the shorter trading day and the long weekend cut out the enthusiasm. Even still, the good volume and it finishing on its highs once again (especially over the long weekend) is a great sign.


Anyway, I've done some numbers on it today.   Feel free to correct me on the following details as it is my first time doing any kind of F/A in public.

First off, the *Carnilya Hill* project.

Absolute worst case scenario: 5,000 USD p/t of Ni x reserves (17900) / exchange rate of .85 = AUD of 105,294,118 before costs        (highly unlikely)

Absolute best case scenario: 50,000 USD p/t of Ni x reserves (17900) / exchange rate of .75 = AUD of 1,193,333,333 before costs       (also highly unlikely but possibly more likely than above)

Current value: ~ 50,000 USD p/t at exchange rate of ~ .82 = AUD 1,091,463,415 (before costs)

Most probable scenarios given 27 month Ni contract: 40,000 USD p/t of Ni reserves (17900) / exchange rate of .75 = AUD of 764,852,812 (after possible low cost scenario) 30% attributable to VRE = 229,455,844

35,000 USD p/t of Ni reserves (17900) / exchange rate of .85 = AUD of 494,365,433 (after possible high cost scenario) 30% attributable to VRE = 148,309,630

High cost scenario is derived from Mincor's average cost for total nickel production (~13500 AUD p/t). The lower range derived from the previous average cost (~10600 AUD p/t). HOWEVER, a point to note. This mine was closed when Ni prices were at around USD 4,500. So, it is possible that costs may be as low as 6000AUD p/t. 

I would assume that the costs will be somewhere between 6000 and 10600 AUD p/t which would be consistent with MCR's previous projects of this nature, and also in their "non-BFS" "BFS" where they stated it was low cost. Obviously, the fact that it is a recommissioning limits the costs.

Also, of note, is in the resource statement dated 29th March, the last drill hole (only 2 weeks ago) was the most promising, with further drilling expected. There is plenty of potential for resource upgrade on this mine (which MCR has a great track record of producing).

No wonder MCR and VRE are both so bullish on it. The figures are enormous.
*
Bronzewing*

Total current value = AUD 350,900,000 after costs. 100,000 ounce production per year (58,483,333 after costs), total proven resource of 500,000 ounces with very high probability of a further 100,000 (factored into value). And with aggressive exploration in the region, it may have some upside.

Compared with similar sector competition in CRE. VRE currently has a market cap of 114m, CRE with 104m market cap.

CRE has a proven resource of 479,000 and annual production of 479,000. Similar costs, but CRE has had management problems and production delays.

So to me it appears as if VRE has only been rated on its gold potential (compared with CRE), and the market has not yet factored in the value of Carnilya Hill. A big re-rating is on the cards perhaps.

Cheers,
Chops.


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## chops_a_must (6 April 2007)

I should also mention there is an offtake agreement with BHP for the processing etc. But the forecasts did not include cobalt and copper credits which are another ~3% of revenue. It also can't be used as a valuation for MCR due to hedging etc.


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## Sean K (10 April 2007)

This looks pretty good. Breaking up and out. No TA targets, just blue sky....(not holding)


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## nizar (10 April 2007)

Tend to agree, Kennas.
Id be happy for this one to consolidate with 35-36c as new support.
Of course, i wouldnt mind if it went straight to a buck either LOL


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## chops_a_must (10 April 2007)

It's crazy that the options have barely moved on the breakout. If it continues like that there might be some nice arbitrage. Lol! Other than that, it looks very good, big volume and might keep going for a few more days yet.


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## imajica (10 April 2007)

great day for VRE - nice solid gains without anything too fllashy or unsustainable - broken into 'blue sky' territory

I agree, should remain bullish for a while

chops, your F/A was spot on, well done!


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## chops_a_must (11 April 2007)

Looking like another strong gap up this morning, with the oppies looking as if they will start down.  

MCR the same.

Just going to keep chugging along like a train at the moment I think.


----------



## nizar (11 April 2007)

chops_a_must said:


> Looking like another strong gap up this morning, with the oppies looking as if they will start down.
> 
> MCR the same.
> 
> Just going to keep chugging along like a train at the moment I think.




Yeh chops this one looking the goods, never anything crazy, but slow and steady wins the race


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## Gar (11 April 2007)

cheers for bringing this one to our attention chops :remybussi


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## nizar (11 April 2007)

Trading halt?


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## chops_a_must (11 April 2007)

nizar said:


> Trading halt?




Nup.

What was I saying about the strong probabilities of reserve upgrades at Bronzewing?

62,000 ounces added to Bronzewing reserve.

The oppies are a steal. They are barely tracking the full share price, it's crazy.

EDIT: Looks that way doesn't it. And by the looks of the bids, it's positive. About 5 minutes after I got some more oppies too. Luck of the Irish eyyy? Lol!


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## nizar (11 April 2007)

Chops.
VRE hasnt traded for 13mins.
I think its a trading halt champ!


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## Sean K (11 April 2007)

It's trading on my screen. Last one at 10.48.


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## chops_a_must (11 April 2007)

No, I just think it took a while to compute some of those large bids after the announcement.

Fantastic stuff.


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## nizar (11 April 2007)

Chops did you see that a big buyer cleaned up .425 sellers the whole line


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## chops_a_must (11 April 2007)

nizar said:


> Chops did you see that a big buyer cleaned up .425 sellers the whole line




I know. I think someone had been accumulating at 41.5 42 all day and just got sick of it. Lol!

I was about to post about it with another one... but geez... hooley dooley, some big numbers going through with VRE now. This afternoon is going to be incredibly interesting.


----------



## imajica (11 April 2007)

I must say that VRE's graph for the last week is a beautiful thing!!!!

Each day's low higher than the previous days high - I'm no chartist but it seems like a bullish signal to me.


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## chops_a_must (12 April 2007)

imajica said:


> I must say that VRE's graph for the last week is a beautiful thing!!!!
> 
> Each day's low higher than the previous days high - I'm no chartist but it seems like a bullish signal to me.




And nothing unsustainable, just going like a steam train. Looks like another very strong open this morning.


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## nizar (12 April 2007)

chops_a_must said:


> And nothing unsustainable, just going like a steam train. Looks like another very strong open this morning.




Actually RSI showing overbought.
I wouldnt mind consolidation at around 40c-ish before the next leg up.


----------



## chops_a_must (12 April 2007)

nizar said:


> Actually RSI showing overbought.
> I wouldnt mind consolidation at around 40c-ish before the next leg up.




Neither would I. It's done 20% in a week so due for a pause. But it looks like it might have strong buying in the low 40s anyway. The lack of volume yesterday afternoon was a sign it needed to take a breather.


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## imajica (12 April 2007)

looks like it might consolidate in the low 40''s before the inevitable next leg up as production begins at Bronzewing and reserves are expanded at Carnilya Hill


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## imajica (16 April 2007)

are u guys still on this one? appears to be consolidating in the low 40's


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## Gar (16 April 2007)

I am, I'm hoping for a pullback between 415 to 405 before a nice move onward, I might even consider picking up a few more at that level if I can scrape some money together


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## nizar (16 April 2007)

imajica said:


> are u guys still on this one? appears to be consolidating in the low 40's




Still holding.


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## chops_a_must (16 April 2007)

Yes, imajica.

Sellers today have refused to cross to 42 which is a good sign. Looks like it will consolidate here until buyers realise they will have to bid up if they want to get some.

Gar, check out the options. If you want something long term they look like a better bet. And should theoretically give you leverage on a breakout. Pretty much none left which is a good sign that the long termers are holding out for much larger gains.

EDIT: And just as I say that... lol!


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## Gar (16 April 2007)

Cheers chops, they do look a good deal but I have never traded options and I dont have my account approved to trade them yet.


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## chops_a_must (16 April 2007)

Gar said:


> Cheers chops, they do look a good deal but I have never traded options and I dont have my account approved to trade them yet.



They are listed as VREO.

You can trade/ buy/ sell them like ordinary shares. 20c exercise price in june 08 I think.


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## Gar (16 April 2007)

Well I'll definitely look into it anyway


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## chops_a_must (20 April 2007)

Some interesting stuff if anyone is interested:

http://www.wallstreetreporter.com/profile.php?id=23733#

In this, Tim Gooch says they WILL be selling Nickel by the end of this year. Good to see they are pre-empting announcements again. : 

He also states they are on the M/A trail. Which, I guess in turn makes them a target.

And a Hartleys report:

http://www.viewresources.com.au/documents/OnTrackforTwoMinesbyYearEnd.pdf

It's a pretty funny report. Currently trading on the NPV which is fair enough... but if you look at the forward PE's, they are between 2 and 3. Even at their "buy" price of 55c, the forward PE's would be between 2.5 and 4.

Now, I don't know about you, but, lol, I don't know of any significant gold producers that trade at PE's of 3. If so, I'd like to know about them.

For what it's worth, my forward PE on it is about 4. Given cash flow from bronzewing at between 20 and 25m per year (depending on mine life) and revenue from Carnilya Hill between 10 - 15m per year at a dliuted market cap of ~150m. Given gold miners typically run at PE's of between 16 and 25, you can do your own sums.

But the market is a strange beast. You know the next report is going to be positive about Carnilya Hill (due anytime later this month or early next). You also know that news about the first gold pour is due anytime soon. And you can bet your bottom dollar that when they do release this stuff, the market will lap it up.  But it's not like any of this stuff is unknown.

Prouction is on schedule, costs are on budget. To me, this looks the goods, and I'll be looking to get more on any weekness. It's a no brainer for mine.


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## chops_a_must (23 April 2007)

Could be due for another run.

The sell side has really lightened up, and the buying depth is looking good. No one is selling down. Looks like people will have to chase this one up if they want it.


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## Gar (26 April 2007)

A fair bit of interest today  

A story on was posted on mining news yesterday



> A view to Bronzewing's rebirth
> 
> Wednesday, 25 April 2007
> 
> ...




source: www.miningnews.net


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## chops_a_must (26 April 2007)

Gar said:


> "The driving force is supply for a very hungry [2.3Mtpa] mill. Economy of scale is a major economic factor for us, hence our commitment to pursue all possible feed options," Gooch said.
> 
> While there are no toll treatment contracts in place at this stage, "there are probably 40-50 operations in the region that could use our process, production, camp and services facilities – millions of ounces, albeit many not JORC compliant and not particularly advanced, but with ore that we can process."



Thanks for that Gar.  

Although some of the information is out of date (the mkt cap and the JORC code for Carnilya Hill) it is very interesting.

I was wondering if they would process other companies gold at that mill. It seems a lot of the companies in that region are having big problems finding or setting them up.

But if VRE can get a 30% processing fee for some of the miners around there, that would be huge for the company. It is such a strategically brilliantly placed resource with infrastructure that I wonder how they were able to buy it so cheap. The mill and everything there is probably worth more in parts now than what they bought it for. Lol!

On all time frames, short, mid and long, both fundamentally and technically, I don't think it could be any better.

And by the looks of things, we might be in for some rather large volumes either this afternoon or tomorrow even.


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## nizar (26 April 2007)

chops_a_must said:


> It is such a strategically brilliantly placed resource with infrastructure that I wonder how they were able to buy it so cheap.




Do you know how much PDN bought LH for? 



chops_a_must said:


> On all time frames, short, mid and long, both fundamentally and technically, I don't think it could be any better.




Tend to agree


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## chops_a_must (26 April 2007)

nizar said:


> Do you know how much PDN bought LH for?



I don't know what LH is. Was it less than what they are paying for SMM? Lol.


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## nizar (26 April 2007)

chops_a_must said:


> I don't know what LH is. Was it less than what they are paying for SMM? Lol.




LOL!
LH = Langer Heinrich, PDNs mine in Namibia that recently went into production.
They bought it for some ridiculous amount like $6million back when uranium was US$10/lb and now they will make $100m+ a year from the mine.


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## chops_a_must (27 April 2007)

nizar said:


> LOL!
> LH = Langer Heinrich, PDNs mine in Namibia that recently went into production.
> They bought it for some ridiculous amount like $6million back when uranium was US$10/lb and now they will make $100m+ a year from the mine.




It's interesting to see how many of these companies bought virtually "worthless" ground in the beginning, only to go on to do great things. Oxiana and Mincor are ones that come to mind straight away. I know there are many others as well. I'm hoping this will eventually be in that category as well.

Isn't she a beautiful sight?:   







I wonder how long those oppies are going to be there at 25c, given they are selling in the money. In hindsight, I should probably have sold the heads when the oppies were trading exactly 20c less. Ah well, better for the diversity I guess. But that depth couldn't make it any clearer as to the thoughts of the holders in the long term for this company could they?


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## nizar (27 April 2007)

Chops.
The oppies look good but i only hold FPOs.

The depth on the heads is the kind of depth that i love.
Sell side thin.
Total sellers: 870k
Total buyers: 3.8million

Gotta love blue sky stocks


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## rub92me (3 May 2007)

Darn, I put my house on this blue sky stock, and now it's going down  
Maybe I should have put my house on INL instead?
Sorry, Nizar/Chops - couldn't resist : There's more than one way to skin a cat I suppose...


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## chops_a_must (4 May 2007)

rub92me said:


> Darn, I put my house on this blue sky stock, and now it's going down
> Maybe I should have put my house on INL instead?
> Sorry, Nizar/Chops - couldn't resist : There's more than one way to skin a cat I suppose...



Well, I'm holding heads since the low 30s and oppies well in the teens... and any stops set should be absolutely nowhere near where this is currently. As opposed to the fair chunk of INL holders who have had to average down to be near breakeven.

I don't see why anybody would be selling now. It's sitting on the low end of its NPV, and history suggests when the first gold pour happens (due anytime soon) it will kick.

Cheers,
Chops.


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## nizar (4 May 2007)

Tend to agree with Chops.
I bought this when it first broke into blue skies at .35.
Actual entry was .37.
Stop at .33.

The thing iv learnt about blue sky stocks is that they do run, though perhaps not immediately, and you just have to give them time.

I remember AGM, i bought it when it first broke into blue skies 10yr highs at .40c. Entry was .425. Stop at .385, i figured the stock wouldnt close below 40c again as then it would probably trade sideways again or turn bearish. It never got near my stop. But it just stayed in the mid 40s for like after a month. And i thought, what a waste of money, youve got stocks breaking out left, right and centre, and i bought a dog. So i chopped it.

Now its $1 + 

Same with MTN, nice blue sky stock, range traded for a while between $3.75 and $4.00, the impatient ones got out, luckily this time i still held.

So now, when i find a blue sky stock that has just broken out, i take a position, and as long as my initial stop isnt hit, im willing to let them ride.

Just my opinion and my way of doing things.


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## dubiousinfo (4 May 2007)

nizar said:


> Tend to agree with Chops.
> I bought this when it first broke into blue skies at .35.
> Actual entry was .37.
> Stop at .33.
> ...





Agree with you Nizar, you have to give these things time to run.

I think the full value of this wont be realised until they commence production. After the failure of so many of the small miners recently, I think a lot of people want to see actual production numbers hitting targets before they jump in fully.

I jumped into the opies back in August when they were at 8c. That probably a record for me for holding a stock. While the question of missed opportunity needs to be considered, its a 3 bagger at the moment and should get to a 5 bagger if the production numbers hit the forecasts from the feasability study. To me that justifies holding these for the extended amount of time. Will also be looking to top up on any weakness in May or June as well.

Credit to Chops for all the research posted on this one.


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## chops_a_must (7 May 2007)

Looks like there is something up with this one today. A bit of positioning on the options this morning, with a large off screen buy just taking out most of the sellers at 44c. Possibly preparing for another run or impending news? Anyway, as I'm sure most holders are, I am definitely not selling this close to undoubtedly positive news.

We'll see how the afternoon pans out. But looking good right now.


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## kenworth69 (7 May 2007)

I just cannot fault this stock. It looks good on all fronts.


Gold pour expected soon and the release of the BFS due any day, which appears to be a given.


It almost seems bullet proof to me.


Further upside from undertaking contract processing, option over the 152,000 ounces up the road, good exploration upside, potential to jv further deposits through leveraging their processing capacity etc, hedged diesel, very respected MD.

It just seems to have all of its bases well covered.


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## Gar (15 May 2007)

A few stops would have been hit there I would imagine, a bit of a shake out before the bank feasability study?


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## chops_a_must (15 May 2007)

Gar said:


> A few stops would have been hit there I would imagine, a bit of a shake out before the bank feasability study?



Yeah. I think a few people expected the BFS to be out last week, which would explain some of the selling. However, by my reckoning it is due out this week or next, looking at their announcements. But this often happens, you get the market makers shaking out nervous holders before a good announcement to drive the price down. Just look at AED. The important thing here is the speed at which it gets bought from its lows. There is never a shortage of buyers on the dip which is a very important sign.

Cheers,
Chops.


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## surfingman (17 May 2007)

The first gold pour at bronzewing announcement has been released to market..... a great day for VRE share price


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## chops_a_must (17 May 2007)

surfingman said:


> The first gold pour at bronzewing announcement has been released to market..... a great day for VRE share price




Yus. Looks like I was right with my above comment.


> View pours first gold at Bronzewing
> View Resources Limited (ASX:VRE) is pleased to announce that it has joined the ranks of Australian gold producers by pouring its first gold at the historic Bronzewing Project in North Eastern Goldfields of W.A. This event marks a significant milestone in View’s history as it moves towards becoming a mid-tier Australian mining house.
> 
> “We are extremely pleased with the progress that has been made at Bronzewing and this gold pour is the culmination of a great deal of effort.” said Managing Director Tim Gooch. “The entire team has worked extremely hard to achieve our stated goal of starting ‘on time and on budget’. In the current market this is an exceptional result and one that underlines the strengths and capabilities of both the management and operational teams within View”.
> ...




Why on Earth would you be selling this today? It has monumental volume... and just in case you had any doubts about Carnilya Hill, there it is.

Will now be looking for another strong run later today and tomorrow on volume.


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## Gar (17 May 2007)

chops_a_must said:


> Why on Earth would you be selling this today? It has monumental volume... and just in case you had any doubts about Carnilya Hill, there it is.




God knows chops, I gave up trying to understand the mindset of people a long time ago....



> With Carnilya Hill set to produce nickel within the second half of the year, the Company is well placed to be a multi-commodity, multi-site, producer by the end of 2007




/\ I like the way they always slip gems like that into their announcements


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## kiwiloe (20 May 2007)

Could someone please confirm what the payup figure on the 2008 otions is? tried to research it today but hit dead ends everywhere.


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## nizar (20 May 2007)

kiwiloe said:


> Could someone please confirm what the payup figure on the 2008 otions is? tried to research it today but hit dead ends everywhere.




20c expiry in June 2008.

VRE looking good for new highs next week IMO..........................


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## kiwiloe (20 May 2007)

thanks, Nizar.  I had read it was 20 cents, but thought it may have been more as the diff. between the options and main share price is usually a few cents less than the payup amount. In VRE's case, it's  19 cents at the moment (24 vs 43 cents).

Now going to do more research on whether they have promising prospects other than the ones coming into production, Bronzewing and ?Carnilya Hill


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## Sprinter79 (25 May 2007)

Geez, its dieing in the **** today. Down nearly 5% today, and 10% in about a week. Low volumes though...


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## chops_a_must (27 May 2007)

Sprinter79 said:


> Geez, its dieing in the **** today. Down nearly 5% today, and 10% in about a week. Low volumes though...



I wouldn't worry about it too much though. It's behaving as it should. Two times it has dipped and two times it has been snaffled up off its lows since the last breakout. Now a higher low is in place which is nice.

Fundamentally there is no reason for it to be trading at the levels it is. Its market value is less than its NPV, and given it is now a producer, it theoretically should be trading on its projected earnings ratio. Which is between 1 (brokers calcs) and 4 (mine) at current levels.

Other than that it has bounced off some nice Fib levels, and this down move looks to be an exhaustive move on low volumes as you say. Looks to still be within the trend line, although in the lower half of it. And with gold and nickel bouncing on Friday night, I would be very surprised if this didn't do the same come Monday morning.

It appears to be under a lot of peoples radars though. And there is absolutely no value placed on the potential for future finds on its highly promising prospects, nor their large mill which has enormous spare capacity for the many juniour companies to potentially use.

Cheers,
Chops.


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## chops_a_must (29 May 2007)

chops_a_must said:


> Also, of note, is in the resource statement dated 29th March, the last drill hole (only 2 weeks ago) was the most promising, with further drilling expected. There is plenty of potential for resource upgrade on this mine (which MCR has a great track record of producing).



Hehehehehehe.

It now looks highly likely that the previous estimate of contained nickel (~16,000t) could now be increased by more than 50%. And even more drilling is expected. So this could end up being a hugely underestimated deposit.

Anyway, View's announcement on the subject (it also explains the delay in the BFS):



> Major Extension to Carnilya Hill Nickel Mineralisation
> Outstanding results from the current drilling program at View Resources Ltd’s (ASX: VRE) Carnilya Hill Nickel Project Joint Venture (JV) has opened up the possibility for a major resource increase. The latest drill-hole has intersected massive sulphides grading over 17% nickel.
> 
> This latest hole is 280m down-plunge of the last substantial intersection and 230m beyond the limits of current mineralisation on the known resource of 328,440 tonnes @ 4.9% nickel for 16,100 tonnes of contained nickel metal.
> ...




MCR's slightly more informative announcement:


> Step-out Drill Hole Intersects High Tenor Massive Sulphides 200m Beyond Current Resource
> Kambalda nickel producer Mincor Resources NL (ASX: MCR) has identified the potential for a major extension to its
> 70%-owned Carnilya Hill nickel deposit in Western Australia after intersecting massive sulphides grading over 17% nickel down-plunge of the existing deposit.
> 
> ...




And the miningnews.net article on the matter:


> STEP-out drilling at Mincor Resources' emerging Carnilya Hill has returned grades of more than 17% nickel, extending the strike of the deposit by 200m in the process.
> 
> The latest hole at the project near Kambalda returned 3.1m at 3.66% nickel, including a 0.36m section grading 17.55% nickel.
> 
> ...




Obviously, I hold.


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## Sprinter79 (29 May 2007)

He's up 12% on the day thus far. Go you good thing!!!

Is it enough to push through resistance? If I was a gambling man (hahahahaha) I'd put my money on yes!


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## nizar (29 May 2007)

Good action today.

Been sideways for the better part of 2 months now.

Needs to break a move but to do that we need breakout continuation 2mrw and a close above 45c.

THen its game on.


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## nizar (1 June 2007)

nizar said:


> Good action today.
> 
> Been sideways for the better part of 2 months now.
> 
> ...




Looks like its game on 
Nice action today, blue skies now 

Continuation of tuesdays candle and previous resistance at 50c didnt seem to be a problem.

The volume was there as well.

Chops you must be having a good day with ESG/VRE performing.

Im looking 4ward to next week. Should run being a blue sky break.


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## Gar (1 June 2007)

Today was great, 46c didn't pose much of a challenge at all really

I wonder what the deal is with Daniel Tuckers resignation though?


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## chops_a_must (7 June 2007)

nizar said:


> Looks like its game on
> Nice action today, blue skies now
> 
> Continuation of tuesdays candle and previous resistance at 50c didnt seem to be a problem.
> ...



Oh I've had a great week. Was in Melbourne for a week, and my portfolio goes up over 10%, mainly thanks to VRE. Should have stayed there longer! Lol!

VRE looks to have been a good one for the stock tipping contest, apparently at one point giving me third, lol! But everything looks to be travelling according to plan, the wave count looks to be valid so far... and I would be looking at an end in this run somewhere between 59 and 64c. Of course I don't think that is where the fundamentals will eventually leave it... but it might be the short to medium term technical stumbling block.

Cheers,
Chops.


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## Col Lector (19 June 2007)

Re the VRE trading halt today....any thoughts?? I have been expecting Mincor to make a move on VRE to mop up the 30% of the Carnilya Hill project. Other alternatives? 
I also noted that WSA came out of trading halt having raised $225 mill see the below. Are they interested in the smaller Kambalda players?They have a history of wanting to expand within Oz having originally taken a stake in Fox Resources...before changing their minds

Western Areas raises $225m through bonds
June 19, 2007 - 1:56PM
Western Areas Nl says it is looking at possible acquisition opportunities after the nickel miner raised $225 million through convertible bonds.
The West Australian miner said the funds would be used for "possible nickel project and corporate opportunities", along with exploration, restructuring of the hedge book and the potential construction of a concentrator plant.
"The success of this convertible bond underlies Western Areas' growth potential and the financial markets bullish outlook for nickel," managing director Julian Hanna said.
Western Areas' core assets are the Flying Fox mine and surrounding deposits in the Forrestania Belt of Western Australia, but the company has been slowly building its presence in Canada.
The company began production at its flagship Flying Fox mine in October and is ramping up to produce as much as 12,000 tonnes of nickel-in-concentrate during calendar 2008.
"This transaction positions the company to assess and bring on potential additional production at Diggers South and New Morning/Daybreak (in the Forrestania Belt)," Mr Hanna said.
"*Additionally it allows Western Areas to expand into other strategic and quality projects in both Australia and Canada*."
The convertible bonds carry a coupon of eight per cent per annum and are convertible into Western Areas shares at an initial conversion price of $8.16 per share.
The bonds are due by 2012.
By 1338 AEST Tuesday, Western Areas shares had dipped 10 cents to $5.53.

 © 2007 AAP


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## chops_a_must (21 June 2007)

Col Lector said:


> Re the VRE trading halt today....any thoughts?? I have been expecting Mincor to make a move on VRE to mop up the 30% of the Carnilya Hill project. Other alternatives?




Doesn't look like anything is happening within the country Col.

Just got a friendly call back from the investor relations person thingy dingy.

Call him yourself on 9382 8300 if you want confirmation of the following.

I am assured it is nothing disasterous, bronzewing is still producing gold, and everything is progressing nicely.

HOWEVER, and this seems strange to me... VRE will likely remain in this state until the end of NEXT WEEK as the MD and the other key board members are overseas... And it appears the announcement has something to do with this fact.

So perhaps we are looking at a serious capital injection? I wouldn't be completely impressed... but they could make it work if they got into gear chasing new projects. That would be ideal. Management hasn't disappointed yet, and I would assume they would understand development as an imperative.

Project number one may become altering their hungry mill to accept different ores for processing. Given the amount of juniours in the area needing processing. Not sure if this could be done though...

Anyway, cheers,
Chops.


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## Col Lector (21 June 2007)

Interesting Chops! Unless they have had something sprung on them whilst OS, and they are having such a good time that they are unwilling to return. The VRE board werent on Packer's wedding invite list?? 
WSA (see previous post) does have a big Canadian presence these days...but that is flimsy speculation.
I did notice MCR had a fair bit of buying interest and volume this morning. Despite the nickel price tanking overnight...again....they were up over 2% at one stage. Down 1.35% now. The last few days has seen significant buying in the afternoons erasing morning losses. I know...because I offloaded a parcel into the falling market the other day!


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## chops_a_must (21 June 2007)

Col Lector said:


> Interesting Chops! Unless they have had something sprung on them whilst OS, and they are having such a good time that they are unwilling to return. The VRE board werent on Packer's wedding invite list??
> WSA (see previous post) does have a big Canadian presence these days...but that is flimsy speculation.
> I did notice MCR had a fair bit of buying interest and volume this morning. Despite the nickel price tanking overnight...again....they were up over 2% at one stage. Down 1.35% now. The last few days has seen significant buying in the afternoons erasing morning losses. I know...because I offloaded a parcel into the falling market the other day!



Lol. It is obviously fairly serious discussions.

The capital WSA raised wouldn't be enough to take out VRE I wouldn't think. That doesn't discount future farm ins etc. I doubt whether view would let anyone farm in to Bronzewing now that it is up and running etc. though. I'm not sure if WSA have projects in the area however...


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## Col Lector (21 June 2007)

Have just self-diagnosed......Suffering a spot of TSS.....Takeover Speculation Syndrome. Unsure on the treatment however....


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## doogie_goes_off (2 July 2007)

Well there's nice movement upwards after they have raised 30 million. That makes them quite attractive to me, but I may have missed the boat.

Good to see them trading again has been bugging me on my watchlist.


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## nizar (2 July 2007)

doogie_goes_off said:


> Well there's nice movement upwards after they have raised 30 million. That makes them quite attractive to me, but I may have missed the boat.
> 
> Good to see them trading again has been bugging me on my watchlist.




Really?
Well iv been a holder for a few months now but seems to reward thus for.

Bit of a dog this one. But i guess my expectations were a but high after the 2-weeks trading halt i was expected NIA style sp appreciation!!!


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## chops_a_must (2 July 2007)

doogie_goes_off said:


> Well there's nice movement upwards after they have raised 30 million. That makes them quite attractive to me, but I may have missed the boat.
> 
> Good to see them trading again has been bugging me on my watchlist.



My question is why the hell were they raising capital at 40c when it had been trading in the high 40s and low 50s for the better part of a month.

Despite assurances from management that shareholders wouldn't be disappointed, I fail to see the value, or the short term SP benefit from doing this. Let alone the time it took to raise such a small amount. Was expecting something much bigger to be honest.

And shareholders wont get a guaranteed entitlement by the looks. I'm not impressed.


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## Sprinter79 (2 July 2007)

The market's told them where to shove their announcement too!!! Down close to 7% on the day at the time of writing this.

Why'd it take this long to make this announcement, and why did they have to have such a prolonged trading halt?

Maybe the trading halt was to breakup the falling sp after info regarding this capital raising got out???


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## doogie_goes_off (2 July 2007)

OK so I misunderstood the market sentiment, not the first time for me. VRE is going to stay on my radar.


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## kiwiloe (2 July 2007)

Two weeks off the trading boards to announce a capital raising?  Seems slightly unnecessary to me. One would have guessed they would need to raise some capital to proceed with developing Carnilya Hill anyway,so don't know why we were subject to this drams.  Thought it would have been a much more exciting announcement.

Once production gets closer, expect SP will start to move upwards Then there's also Bronzewing..........


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## wrxsti (26 July 2007)

A fully comprehensive Hartleys Broker Report, Analysis, and strong recommendation on VRE released 16th July, 2007 as follows:

http://www.viewresources.com.au/doc...t-AnEmergingGoldandNickelProducer_16Jul07.pdf

wrxsti


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## wrxsti (26 July 2007)

http://www.viewresources.com.au/doc...ts-Majorcapitalraisingtofundgrowth_4Jul07.pdf

Fat Prophets are in and holding, recommending big upside potential etc.

Obviously some posters here and on H/C who think they know everything that actually don't know anything. That's where solid research pays off and you know when to buy and when to hold, and when to know your on a good thing - and put up with a few air pockets along the way to the road to riches.

I'm here for all the glory, and all the right reasons, and Thanks to sellers today for doubling my VRE portfolio
at absolutely below par prices. I'll wager Mr Singapore would have got a few more today as well.

wrxsti


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## Lachlan6 (26 July 2007)

(VRE) may have had the worst of its correction after announcing its capital raising over now. The fundamentals look very good at VRE and todays close was well off the lows on big volume meaning the buyers may be getting back in. Notice how this also coincides with three levels of support, being the 200 day EMA, uptrend line from mid November last year and the resistance turned into possible support from Feb to March this year. Also OBV has not fallen too badly in line with the correction meaning insto's are still in a good sign for the possible recovery back to old highs. I will not initiate a position yet and would wait for a reversal pattern, however the signs are that this correction may be over.


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## Rob_ee (27 July 2007)

Lachlan6 said:


> (VRE) may have had the worst of its correction after announcing its capital raising over now. The fundamentals look very good at VRE and todays close was well off the lows on big volume meaning the buyers may be getting back in. Notice how this also coincides with three levels of support, being the 200 day EMA, uptrend line from mid November last year and the resistance turned into possible support from Feb to March this year. Also OBV has not fallen too badly in line with the correction meaning insto's are still in a good sign for the possible recovery back to old highs. I will not initiate a position yet and would wait for a reversal pattern, however the signs are that this correction may be over.




I don't quite get it ... the fundamentals are well known, the raising was clearly explained about a month ago, Gold has had some big up-days in the past 3 weeks since this has come out of its trading halt and appart from the last 2 days the ASX has had decent rises YET this has drifted sideways OR DOWN despite all the hype from certain posters.

I have been in this trading caper for some 4 months and it was always drummed into me that to fall in love with a stock can be dangerous and that the market always determines the true value of a stock.

Chart wise this is a disaster and bottom fishing and hoping seems to be the caper here.... 

I bought some AXM months ago for 58c (as per earlier post) and have been buying more on 3 different occasions on the way up always paying more.

The concensus here is that this fall in price is a wonderful opportunity for topping up or averaging down..... is this really the way to trade ?
After 4 months the market and especially some participants really puzzle me

Rob


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## Lachlan6 (27 July 2007)

Gday Rob. I cant agree more with your 'catching a falling knife' analogy. However if you read my post more carefully you will see how I had stated I will not enter VRE as there is NO reversal pattern in play at the moment and doing so would be to just enter a downtrending stock, never a good ploy in the game of charting.

However I did alude to the possiblity of this at least consolidating at these levels due to the reasons stated. Again (as Kennas would call it Mr Market) is generally not too wrong and even if the fundamentals of a company are amazing, if the chart says no, I will not touch it with a proverbial 10 foot poll.


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## chops_a_must (27 July 2007)

Lachlan6 said:


> Gday Rob. I cant agree more with your 'catching a falling knife' analogy. However if you read my post more carefully you will see how I had stated I will not enter VRE as there is NO reversal pattern in play at the moment and doing so would be to just enter a downtrending stock, never a good ploy in the game of charting.
> 
> However I did alude to the possiblity of this at least consolidating at these levels due to the reasons stated. Again (as Kennas would call it Mr Market) is generally not too wrong and even if the fundamentals of a company are amazing, if the chart says no, I will not touch it with a proverbial 10 foot poll.




As a long term supporter of this stock, which is obvious, I can't see a reason to buy it at the moment. Something is very much not right. I'm out of all of the FPO's now and only holding options. Can't see this recovering anytime soon. And considering we are correcting as we speak, I'd say this one is bordering on being very much stuffed.

Cheers,
Chops.


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## Rob_ee (27 July 2007)

Lachlan6 said:


> Gday Rob. I cant agree more with your 'catching a falling knife' analogy. However if you read my post more carefully you will see how I had stated I will not enter VRE as there is NO reversal pattern in play at the moment and doing so would be to just enter a downtrending stock, never a good ploy in the game of charting.
> 
> However I did alude to the possiblity of this at least consolidating at these levels due to the reasons stated. Again (as Kennas would call it Mr Market) is generally not too wrong and even if the fundamentals of a company are amazing, if the chart says no, I will not touch it with a proverbial 10 foot poll.




Sorry lachlan ...my comments were not directed at you but another   poster who has identical posts on HC and seems very enthusiastic about this stock .... he may well be right and this may turn out to be a big winner at a later date ??  it just beats me why people are so keen to buy this declining / sold off stock at this very moment.

If my MS exploration ever comes up with this one it will have to be above 49c and CLIMBING before I would even consider ...

Each to his own I guess ... so far my strategies of buying recent HIGHS has really paid of.... still holding AXM ans ESG as my only 2 entries and even a day like today won't hurt me to much (I hope

Rob


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## Ken (4 September 2007)

Anyone gone short on VRE?

Price currently 31 cents?


Anyone? I know it is not great to talk about shares dropping but there could be a case for VRE.


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## Rob_ee (21 September 2007)

Ken said:


> Anyone gone short on VRE?
> 
> Price currently 31 cents?
> 
> ...




Probably not good to be short at the moment

In a trading halt pending ann BUT unlike last time (cap raising) there was no hefty selling by insiders as happened then just before the trading halt.

So perhaps this time the news will be good.

Rob


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## imaginator (27 September 2007)

WHAT HAPPENED TO VRE?

COmsec says $0???



Share Quote as at 11:32 AM Sydney Time, Thursday, 27 September 2007 
   VIEW RESOURCES LTD FPO    

Code Bid Offer Last Change* Open High Low Volume News 
VRE 0.000 0.000 0.335 0.000 0.000 0.000 0.000 0


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## jonojpsg (27 September 2007)

imaginator said:


> WHAT HAPPENED TO VRE?
> 
> COmsec says $0???
> 
> ...




Shares are suspended from official quotation - this means Comsec cancels all buy/sell orders automatically.  Don't know for how long suspended - until short term financing sorted out.


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## imaginator (28 September 2007)

Is this company still operating?

Are the shares still being traded by other brokers?

COmsec still showing 0 volume.


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## kpas (3 October 2007)

The announcement has just come out and the stock is trading again.

Anyone have any thoughts on it ?


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## chops_a_must (3 October 2007)

kpas said:


> The announcement has just come out and the stock is trading again.
> 
> Anyone have any thoughts on it ?




Yeah, the management have some serious explaining to do.

They have been lying on the phone, at their AGM and in their previous announcements. This is going on that ever increasing scrap heap.


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## kpas (12 October 2007)

Another one regarding bronzewing and things look better this time.

Market has definitely perceived it to be better, up 18%


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## kpas (12 October 2007)

kpas said:


> Another one regarding bronzewing and things look better this time.
> 
> Market has definitely perceived it to be better, up 18%




Just hit 27c.

VRE looks like it could break through to 30c and beyond today, back to it's old highs.

Very good to see given the way the market perceived the last announcement.

For some reason the MD can't put a positive spin on his announcements, this has happened a couple of times in the past if I recall recorrectly.


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## thewahaman (30 October 2007)

Trading halt - what do you guys think, good or bad? The share hit a high of 27.5 in the morning but the proceeded to move down to a low of 24.5 over the course of the day... that can't be a good sign, can it?


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## imaginator (1 November 2007)

Hi

Can someone do a chart analysis on this one?
I mean, I bought this at 0.45, LUCKILY just bought about $700 !

I dont know what the management is doing with their company.


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## Bushman (1 November 2007)

imaginator said:


> Hi
> 
> Can someone do a chart analysis on this one?
> I mean, I bought this at 0.45, LUCKILY just bought about $700 !
> ...




Imaginator - the company is currently suspended from official quotation pending an announcement on their finances. This is to raise working capital to fund 4th quarter production. 

They have forecast production of 30,000 oz this qrt which should allow them the be cashflow positive by the start of 2008. 

Now we just have to wait and see the outcome of the financing.

Took a punt at 25c the other day based on no issues with financing, unhedged and forecasting 30k oz production as per mining plan. Problem is low start up ore grade, lack of working capital and thus a repeated need to raise finances. Lets see if these problems are truely behind them.


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## doogie_goes_off (9 November 2007)

Nearly 9000 oz for the month previous, that should knock the sceptics back into line. I'm now looking for an entry point. Should be in the order of $100M of gold sales for 12 months. Very nice news.


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## porkpie324 (9 November 2007)

Chartwise VRE is looking good, I have traded VRE a few times last year and 2005 some good trades too, so will watch the next few days with interest, porkpie


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## Bushman (9 November 2007)

Still a fair few sellers around on this one. Say the mgt skeptics are still out there at the moment and looking for a good exit point. Entry point later this arvo or on Monday on profit takers. Happy with my 25 at the moment. Might top up as well. 

30k ounces looking good for the 4th quarter. Benefit of the ore coming from 4 separate ore bodies has ironed out the problems with the grades. Nickel cashflow on track for start of 2008. Minig high grade nickel first up so will beenift from the historically high nickel price. So cashflow positive in a few months which should get their focus off financing and on to exploration. Good time to get on board as long as mgt start to live up to expectations.


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## chops_a_must (9 November 2007)

Bushman said:


> Still a fair few sellers around on this one. Say the mgt skeptics are still out there at the moment and looking for a good exit point. Entry point later this arvo or on Monday on profit takers. Happy with my 25 at the moment. Might top up as well.
> 
> 30k ounces looking good for the 4th quarter. Benefit of the ore coming from 4 separate ore bodies has ironed out the problems with the grades. Nickel cashflow on track for start of 2008. Minig high grade nickel first up so will beenift from the historically high nickel price. So cashflow positive in a few months which should get their focus off financing and on to exploration. Good time to get on board as long as mgt start to live up to expectations.




Yeah, it needs to take out that previous high at 33.5 before it's had a turnaround IMO. All it has done so far is bring out more volume.


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## trtkjd1 (7 January 2008)

Good report out for VRE today monthly production up 25% has this stock finaly turned the corner . market cap of only 106 million for 120 000 ounce producer , albeit a high cost producer.


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## mick2006 (24 January 2008)

for those looking to add a junior gold producer to their portfolio you would be wise to run the numbers over VRE, like most other companies it has been overly beaten down over the last couple of weeks and presents excellent exposure to the rampant gold price.

for the shorter term traders it also provides excellent upside due to exploration and news regarding the ramp up of production at the Bronzewing Gold Project.

What really attracted me to VRE is the incredibly cheap P/E ratio, given the recent sell off.


For those not familar with VRE a quick outline of their current activities.


Bronzewing Gold Project

Acquired from Newmont back in 2004 for a bargain price when gold prices were yet to start their rampage higher.  

The deal left VRE with the following

-The $100 million dollar Bronzewing Gold Treatment Plant
-An 800,000 oz gold resource purchased at only $4 oz average cost
-Over 1000 square km's of highly prospective gold exploration tennements with several strikes measuring over 1km.


Current Bronzewing Gold Production

This is where the amazing value in VRE is

- Current Production 120,000 oz's
- Total Production Costs of $574 oz
- Current Gold Price $1020 oz
- Current Operating Margin $446 oz


Projected Yearly Profit

120,000 oz * $446 oz = $53,520,000


Or EPS of

$53,520,000 / 439,055,266 shares on issue

= 12.2 cps


So with a projected 12.2cps profit it works out to be a PER of 1.4 times 2008 earnings.

I don't think there would be many companies trading on a 1.4 PER out there that is just amazingly cheap.


Bronzewing Plant Regional Processing Plant Hub

On top of their own gold operations, VRE have the added bonus of spare capacity at the Bronzewing plant, meaning there is a host of up and coming gold companies knocking on VRE's door to have they ore toll treated.

With the current gold market environment VRE is in an excellent position to virtually charge whatever they like to have other companies treat their ore at Bronzewing adding another revenue stream on top of their own operations.


Carnilya Hill Nickel 

Recently VRE entered into an agreement with MCR to sell their 30% stake in the Carnilya Hill Nickel Mine, netting a profit of $25 million.

These funds have been used to pay off debt and rid the company of any gold hedging allowing them to be fully exposured to the rampant upside of the gold price.



Thanks to the recent market sell off, VRE is now one of the cheapest gold producers on the ASX, with production now at the target of 120,000 oz's per annum and a projected yearly profit of $53 million not including any gold price upside or toll treating arrangements, its hard not to see significant upside from these levels.


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## porkpie324 (24 January 2008)

Nice post 'Mick', I bought VRE back in late 2006 purely as a nickel play, sold them about 6 months later for a very nice earner. Since they went off my radar until the Carnilya Hill sell off to MCR, then I noticed the potential of VRE as a gold play. That 120k produced gold are they actually producing that ammount or is that figure a proposal?. Also the options might be the play although not sure of the conversion date or price. porkpie


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## mick2006 (24 January 2008)

they reached their production target in December when they produced 10,300oz's.  Meaning the company is raking in the profits on the back of a rampant gold price.

looks like the 17c level will be key, if this breaks we might start to see it go on a bit of a run.


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## YOUNG_TRADER (24 January 2008)

Hi Mick,

I had a quick look,

I reckon the company is smart, for 3 reasons

1. They have closed out their hedging = very smart in current gold environment,

2. They are selling their Nickel interests for $25m which is almost what the NPV of it is $30m

3. They will use the funds to retire debt and top up cash 

Given the company is producing this extra cash will surely see them through

The company estimates the NPV of the gold project to be $150m = 35c

It does look very interesting,

I wonder how much all their plant and equipement is worth?


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## mick2006 (24 January 2008)

hey YT, the company has highlighted the fact that the processing plant is worth $100 million, meaning the market cap of the company is less than what they would get if they just closed the plant and sold it off, thats just crazy.

Would be interested in your thoughts on what the potential shareprice might be given their current 800,000 oz resource, $100 million plant, $8.5 million in cash and yearly profits of around $53 million.

thanks

mick


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## Sean K (24 January 2008)

mick2006 said:


> hey YT, the company has highlighted the fact that the processing plant is worth $100 million, meaning the market cap of the company is less than what they would get if they just closed the plant and sold it off, thats just crazy.



Yep, looks crazy on the surface so warrants further investigation just on this. 

With that production profile, unhedged, for what they have in the ground, seems undervalued.

Most bigger players are looking for larger resources though (2m oz +), can they get there?

k


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## mick2006 (24 January 2008)

Hey kennas, VRE has over 1000 square metres of prime gold exploration tennements in and around the Bronzewing Treatment Plant, with the company expecting to at least increase the gold reserves by 100,000 oz's each year, meaning every ounce they produce they are replacing by exploration.

The Bronzewing Treatment Plant is the real bonus for VRE, every aspiring gold producer would kill for a treatment plant the size and quality of that of Bronzewing.

They already have had discussions regarding toll treatment of ore from other gold juniors, and this is just another cash cow for the company.

Taking the current gold price and production rate, VRE will have $50 million in cash reserves by the end of the year, against a current market cap of $70 million, making it one of the cheapest gold producers out there.


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## porkpie324 (24 January 2008)

On looking through the last annual report there are 378mil shares on issue with 53.5mil options ex at .20c on 30/06/08, the closing SP today .17c the options .033c.porkpie


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## YOUNG_TRADER (24 January 2008)

Hmmmm this is sounding more and more interesting Mick,

If their plant and equipment is worth $100m = *23c alone*
Then buying VRE under say 20c is like buying MEO at under 20c ie their trading below net asset (in MEO's case cash) value, let alone the project value of $150m = 34.5c

Like I said the 2 best parts for me given their a gold producer is 

1. NO HEDGING = 

2. NO DEBT = 

Nice find Mick


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## mick2006 (25 January 2008)

Good to have you aboard YT.

Kennas this is for you in regards the possibility of a larger discovery in the immediate area around the Bronzewing Treatment Plant.

Just doing some research on the surrounding area around the Bronzewing Treatment plant and dug up a quote from VRE's Managing Director Tim Gooch "there are probably 40-50 operations in the region that could use our process, production, camp and services facilities � millions of ounces, albeit many not JORC compliant and not particularly advanced, but with ore that we can process."

Just looking at that statement it looks like VRE will have little trouble making sure the treatment plant is running at full capacity. And infact it certainly gives VRE plenty of options going forward, I'm sure they are already eyeing off the best targets with high grade surface ore a priority.


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## So_Cynical (25 January 2008)

VRE - View Resources 
Have been value for a long time...is the band wagon starting?

Should we all jump on?


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## mick2006 (25 January 2008)

So_Cynical said:


> VRE - View Resources
> Have been value for a long time...is the band wagon starting?
> 
> Should we all jump on?




hey So_Cynical, VRE is just one of a number of extremely undervalued producers out there, the recent sell down was due to market sentiment and confusion over the sale of their stake in the Carnilya Hill Nickel project, but as YT rightly highlighted VRE received up front pretty much the whole NPV value of the project, which in turn will let them retire debt and step up exploration/production.

with the quarterly report due any day now, expect a strong rally on any positive production news from Bronzewing, the brokers that cover the stock Patterson's, Hartley's and Fat Prophets will all update their recommendations once consistent production has been acheived.


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## mick2006 (25 January 2008)

Looks like the market really liked the quarterly update, volume spiking and close to breaking out higher. Like I was saying before all the brokers were waiting for was confirmation of production targets being met and know the quarterly has confirmed that, expect to see some upgrades from Patterson's, Hartley's and Fat Prophets.

With gold production rising and costs coming down its a perfect storm for VRE.


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## Sean K (25 January 2008)

mick2006 said:


> Looks like the market really liked the quarterly update, volume spiking and close to breaking out higher.



I like the words 'unhedged' and 'no debt' !!

While's it seems undervalued, where's the multibagger potential? Are they going to unearth the next Superpit? Or, is this a steady as she goes, worth a few % type job? Perhaps the latter. Having some good fundamentals is a nice change at the lower end of the gold sector. 

Chartwise, may have seen a bottom but need to see a higher low for a start. Would be nice if that was the bottom!


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## MS+Tradesim (25 January 2008)

I read all recent announcments, broker reports, presentations, POG etc, did the maths based on more conservative assumptions than Mick and YT used and still concluded that VRE is currently selling for less than net tangible assets backing. Margin of safety here is excellent. So I'm in. 

Thanks Mick.


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## mick2006 (25 January 2008)

it is certainly one of the better turn around stories on the ASX at the moment, I think a lot of investors both retail and institutional were waiting for confirmation that the production had reached target and as soon as the quarterly was released we saw a spike in volume and price which leads me to believe it is more institutional buying than from the retail community.

what is really important to VRE is the plant and infrastructure, they are now in a position where they will be generating profits of say between $25-55 million per annum depending on gold price which I have no doubt will be put to good use for both exploration and takeovers of the most promising near term production sources around the Bronzewing Plant.


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## YOUNG_TRADER (25 January 2008)

MS+Tradesim said:


> I read all recent announcments, broker reports, presentations, POG etc, did the maths based on more conservative assumptions than Mick and YT used and still concluded that VRE is currently selling for less than net tangible assets backing. Margin of safety here is excellent. So I'm in.
> 
> Thanks Mick.




Yeah same reason why I bought some,

I like buying stuff thats trading below NTA that offers upside from projects in the pipeline

An update from Fat Prophets would be good


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## dj_420 (25 January 2008)

YOUNG_TRADER said:


> Yeah same reason why I bought some,
> 
> I like buying stuff thats trading below NTA that offers upside from projects in the pipeline
> 
> An update from Fat Prophets would be good




From here these guys look like no brainer, jumped in this morning.

I gotta love a gold producer unhedged and debt free!!! We get the company for the price of cost of equipment, the rest of the company comes with upside potential.

Chartwise still at the bottom of a recovery, suprised this gold stock hasnt run yet.


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## mick2006 (25 January 2008)

dj_420 said:


> From here these guys look like no brainer, jumped in this morning.
> 
> I gotta love a gold producer unhedged and debt free!!! We get the company for the price of cost of equipment, the rest of the company comes with upside potential.
> 
> Chartwise still at the bottom of a recovery, suprised this gold stock hasnt run yet.




Welcome aboard DJ_420, the only real reason that it hasn't run any further is the constant 500k sell orders over the past couple of days, if that sell volume wasn't there it would have run much harder.  But as everyone would know once that volume starts to dry up and the buy pressure is still building that is when the explosive upside move will begin.

The catalyst for this will be the updated broker reports and I have no doubt we won't have to wait too much longer for some new research reports now that we know production and costs are on schedule.


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## barrett (25 January 2008)

This one has been a long time personal holding of Fat Prophets..

Thanks for the great fundamental analysis you did Mick.. 
They may not be an obvious takeover target yet.. but that's OK as they can get on with production on their own, and they're a value investment in the gold sector.. and those are mighty hard to find.  

With the cash flow and the infra sorted, any kind of discovery or local acquisition should lead to a major re-rating, like w Dioro.

My only remaining question would be on management, I'm not familiar with that aspect, anyone had a chat with MD Tim Gooch lately?
cheers


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## mick2006 (25 January 2008)

Looks like a few weak holders want to get out before the long weekend, may present a good entry point/top up point for those who want to gain a cheaper entry.

Expect the markets to remain firm in the US tonight given the massive boost provided by the Microsoft profit upgrade, meaning the rally may continue on the ASX early next week.


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## porkpie324 (25 January 2008)

Browsing through the Dec quarterly the receipts were  22.8 mil with production costs at 19.5 mil & admin at 1.5mil. Now these figures will improve as production ramps up but I feel in this current market until this happens the SP won't do to much.prkpie


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## mick2006 (29 January 2008)

Looks like VRE is being held back by the overall market weakness today, given the large rise in gold over the last few days and the recent quarterly confirming they are on target to meet production of 120,000 oz's per annum its surprising that it hasn't moved a little further up.


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## moneymajix (30 January 2008)

From the Inside Trader

29 January

During this volatile time, this week we have decided on an unhedged gold producer with no debt. They are on track to be cash flow positive this year with a target production of 120,000 oz's per annum.

This stock appears to be oversold and we can see smart money entering this stock right now.


18.5c.


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## mick2006 (30 January 2008)

VRE is certainly a favourite gold junior of several brokers/tip sheets, seems to be having trouble breaking above that 19.5c mark at the moment, might need some exploration news or a record production month/profits to break higher, but at least it has started its climb higher after the recent sell off.


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## Aussiejeff (2 February 2008)

porkpie324 said:


> Browsing through the Dec quarterly the receipts were  22.8 mil with production costs at 19.5 mil & admin at 1.5mil. Now these figures will improve as production ramps up but I feel in this current market until this happens the SP won't do to much.prkpie




You could be right.

BTW, does anyone know what the "number of conditions" are referring to in the HOA for VRE to sell it's 30% of Carnilya Hill to MCR? Would these be "defeating" conditions that have the potential to block the deal from going through? I've had a look at some of both companies' announcements on the deal, but can find nothing that actually specifies what these "conditions" might be. 

I also don't see any proposed date of settlement of the cash deal either. Might it be this month or next month? Who knows? It would be nice to have a settlement date to work to! I don't see "real" money coming back into the stock until the actual settlement of that first $22 million is announced as having occured. From that day on, VRE will be out of what I perceive to be a looming short term cash flow problem. But ONLY if the deal actually proceeds. Can it fall over before settlement? Fingers crossed it all goes smoothly...


AJ


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## Aussiejeff (2 February 2008)

I found this in the Quarterly Report 31/10/07:

"As a result of the delays experienced the Company has entered into an agreement with its banker to undertake a review over a four month period . The combination of the introduction of the Discovery resource, the larger cutback of the Central pit and the previous delays in project ramp-up mean that the original Life of Mine Plan and Base Case Model agreed with View’s bankers no longer fully reflects View’s current position. As a result, View is working with its bankers to agree an updated Life of Mine Plan and Base Case Model. As part of this process, *View’s bankers have the right to conduct a review of the facility and, on 28 February 2008 at their discretion, to request changes to the loan facility or to demand repayment of the facility*."

Hmmm. In that case, I hope the MCR deal is settled well before 28 Feb 2008. Unfortunately, the delay in getting up to higher production in a shorter timeframe has lead to VRE being in a cash squeeze situation (at end of Feb), just before the Bronzewing production levels will get to a point where the debt would be fully covered anyway (around March/Apr). Hopefully the bankers are lenient folk if the MCR deal falters...

AJ


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## porkpie324 (2 February 2008)

Sometimes  caution is needed when reading brokers recomendations, now I'm not saying don't take into account what they write, but just remrmber BMA gold brokers raved over this gold miner especially Fat Prophets, then one day BMA announced the mine was'nt viable, the shares were suspended and the rest is history, porkpie


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## The Ferret (3 February 2008)

Greetings to all on thread.

There is little doubt that VRE has been out of market favour for some time, due obviously to the BW issues.

As a holder of options in VRE I have been watching the market depth over the past 7 months very closely, as well as company progress/announcements etc. It's obvious that recently there has been some renewed interest in VRE as they sort out BW. There is great deal more buying pressure and the buyers now outnumber sellers. Frustratingly, there are still some holders selling the stock down which is taking a lot of steam out of the buying pressure. This situation is improving however.

I believe that the market is still waiting for some confirmation that the BW and cash issues are resolved. Selling CH stake to MCR will resolve the debt issue and will greatly assist in moving BW to cash positive. I believe that once VRE announce that BW is cash + there will be a re-rating of sorts. Also, once they achieve a 30k oz qtr this will also assist the SP greatly. We already know that January will not achieve the 10k oz target due to ore scheduling, so the Feb result will be important. IMO, once they achieve a successful qtr and the project becomes cash+ then the SP will make some very solid gains. In the interim the SP should react well to news that the CH sale has settled and that they have closed out all debt.

It’s been a long and difficult 8 months for VRE holders….. but the clouds are parting and sunny days are almost here. I cant wait.


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## Bushman (6 February 2008)

The Ferret said:


> It’s been a long and difficult 8 months for VRE holders….. but the clouds are parting and sunny days are almost here. I cant wait.




Few more clouds on the horizon Ferret. 

Ann today that January 2008 production of 6,500 oz will fall short of 10,000 oz and that quarterly forecast will suffer. 

This management group are either wildly optimisitic or incompetent. Honestly. 

But they are reviewing the operation today so it sounds like it will be blip rather than an endemic issue.


----------



## jaffa (6 February 2008)

It has been a long year or so.

Today's announcement does not provide much additional comfort. The result from Bronzewing looking well below plan. Perhaps concerningly it seems to be due to grade not throughput. Outlook for the quarter downgraded.

SP on the way down.....

Look to be taking a variety of tough steps.

Jaffa


----------



## MS+Tradesim (6 February 2008)

They also said the Carnilya Hill sale is close to completion. If that finalises fine, it will sort out their cashflow.


----------



## treefrog (6 February 2008)

jaffa said:


> It has been a long year or so.
> 
> Today's announcement does not provide much additional comfort. The result from Bronzewing looking well below plan. Perhaps concerningly it seems to be due to grade not throughput. Outlook for the quarter downgraded.
> 
> ...




*Management is working to understand and resolve the grade short-fall*.
this bit where directors effectively say we don't know why and we will have to think about it is major worry - akin so admitting we don't know what we are doing yet but hope to find out


----------



## YOUNG_TRADER (6 February 2008)

Whilst this news is dissappointing, ie that the production for January was 40% below expectations it is not lethal,

Why? 



YOUNG_TRADER said:


> Like I said the 2 best parts for me given their a gold producer is
> 
> 1. NO HEDGING =
> 
> 2. NO DEBT =




So because there is no hedging, the company does not have to actually meet a specified production figure to satisfy hedging delivery requirments (although it is preferable obviously that the company beats forecasts)

The no hedging combined with the no debt (via the Carnilya sale) means that the company has the luxury of being able to cope with teething problems unlike companies like BMO, ARX, CRS GTM Sons Gwalia and so on


----------



## YOUNG_TRADER (6 February 2008)

Technically speaking 14c has always provided a very very strong support level for the last 4-5years

Hence I think that VRE will bounce off this low level once the panic settles,

I wouldn't be surprised to see some sort of commentary from Fat prophets to calm the mkt re View


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## MS+Tradesim (6 February 2008)

YT, I completely agree with you on the fundamentals.

SP-wise though, I don't know. In the current volatility and nervousness, fear and panic rule. Anything sniffing of negativity will be met with exaggerated sell-offs. I am holding but I don't know about a quick recovery.


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## jaffa (6 February 2008)

Young trader,

Don't disagree but we are down to 13cents SP.

This is not so good although I think I might take some.

This slide looks to me to be an overreaction to the announcement.

jaffa


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## Bushman (6 February 2008)

jaffa said:


> Young trader,
> 
> Don't disagree but we are down to 13cents SP.
> 
> ...




Yep I agree it is an overreaction. From a look of the last qrt, they have a JORC of 896k oz supporting the original 5 year mine life and plenty of exploration upside which will be fully funded by the $25m they get from the nickel asset sale. 

They had issues with the ore mix in November as well and missed the 10,000 oz. However in Dec they were able to rectify this and get production up to 10k oz plus. 

I sold out in December due to the consistent selling of VRE. Looks like there will be some good times to get on board as the sp gets shot down from teething problems. Look at PSV - it was nailed down to 10c due to production issues. What happened next - take over at 20 cps. That alone should cap the sp at the historical floor in the short to medium term.


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## porkpie324 (6 February 2008)

I think the news was terrible, the whole mine is now in question, as for Fat Prophets making some sort of announcement be weary, they made a number of announcements on BMA gold which closed its mine due to similar reasons, porkpie


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## treefrog (6 February 2008)

YOUNG_TRADER said:


> Technically speaking 14c has always provided a very very strong support level for the last 4-5years
> 
> Hence I think that VRE will bounce off this low level once the panic settles,
> 
> I wouldn't be surprised to see some sort of commentary from Fat prophets to calm the mkt re View




may pull up at 14c support YT but it was already near that as part of recent downtrend - add bad news at that point it usually means the next support level -in this case the 5yr low at 10c
however the falling wedge pattern indicates a potential nice break north sometime soon


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## moneymajix (7 February 2008)

*URGENT

VIEW RESOURCES LIMITED: REQUEST FOR TRADING HALT*

Pursuant to Listing Rule 17.1, the Company requests a trading halt from opening of
business Thursday 7th February 2008, pending a review of production and cash flow
forecasts at Bronzewing and the release of an announcement.

The Company is not aware of any reason why the trading halt should not be granted.
Thank you for you assistance.


13c.


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## Aussiejeff (7 February 2008)

moneymajix said:


> *URGENT
> 
> VIEW RESOURCES LIMITED: REQUEST FOR TRADING HALT*
> 
> ...




No surprise there. I guess the company wants to stem the SP bleeding that would occur today and tomorrow while they cobble together something that might resemble a "rescue" plan to resurrect the SP. 



AJ


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## Goldmann (7 February 2008)

are their any takers on people buying this at higher than 24.5c?  or am I "THE BIGGEST LOSER"...

also got some at 16c a month or so back, which brought my average price down - certianly didnt expect to see it at sub 14c.

arghhhhh 

alternativley i am thinking of selling some on ebay over the weekend!


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## porkpie324 (7 February 2008)

Thats one of the reasons to be careful when buying into a mining company where the mine does'nt have a history. Anyway why risk buying into an unknown entity when at this stage of the market there's good companies going cheap like IGO,MCR,SMY and preobably a lot more.porkpie


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## richmoneymagnet (7 February 2008)

Wow looking really cheap at the moment.
What is it now, forward looking PE of 1?
Amazing, too bad its on trading halt could get some more.


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## So_Cynical (7 February 2008)

Lucky i never moved VRE from the watchlist to the "shares i want list"
View was doing ok too.

GL to those holding


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## treefrog (7 February 2008)

putting the fib across the daily chart last ABC (26,14,20) pattern gives first target of 13  - hello! next is 8 which seems to pretty much be the all time low - guess when an established goldie sells a goldmine to a nickle producer, the goldie just might have a good reason for selling
what is poet Robert Frost's famous line "take care to sell your horse before he dies" - was hard to pick this horse was off colour


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## cookiedude (8 February 2008)

So has everyone written this company off? 0.13 was very tempting – any predictions about SP on Monday?


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## kgee (8 February 2008)

YOUNG_TRADER said:


> I wouldn't be surprised to see some sort of commentary from Fat prophets to calm the mkt re View




Just like they did with BMO ? ( 2 days before the creditors came in) and Perseverance PSV ?
Have they had any success with Gold miners I know they"ve been saying Gold would hit $1000 for a couple of years but other than that I can't recall too many successes


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## porkpie324 (8 February 2008)

Hooray somebody else is looking outside the square, and yep I've written them off until there's some concrete evidence of production, and yep Fat Prophets will probably make an announcement just to flick off their holding as they did with BMO.porkpie


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## wildmanchris (8 February 2008)

In all fairness they called Mundo at about 25 cents or something - currently 85 and look good for production in March.


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## happytown (8 February 2008)

major vre ann out,

voluntary administration by resolution of the board,

looking at restructuring options and financial position of the co and its subsidiaries

securities placed in suspension

cheers


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## YOUNG_TRADER (8 February 2008)

How the **** is this possible?

The company closed out its hedge books and once it got the $25m from MCR for Carnilya would have had no debts and net $8.5m cash as per all the company presentations

If the directors have lied they should go to jail,

Either way these scumbags should go to jail!

I can't believe how they can go from being so positive, we've turned a corner to this,


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## rico01 (8 February 2008)

Well there has been no announcement that  THE 'Carnilya hill' deal is not going through, so they still should be going to recive $22 million soon or have they forgotten to tell us something


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## porkpie324 (8 February 2008)

And who was that said that VRE is strongly tipped by brokers, yeh right just as long as takes to flick their holdings and the directors. porkpie


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## Bushman (8 February 2008)

Look it is not great news but remember the notice said 'voluntary administration', not liquidation. 

Having said that, how the directors went from hunky dory in December quarter to not meeting 30k oz to voluntary administration? Something reeks here. 

Good luck to the holders.


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## Macronomics (8 February 2008)

Thats right...but seriously - WHAT THE F*&$  happened...
this seems like a clear case of Deception to the market!

I'm a shareholder and regardless of the problems VRE was having, We have received no indication as what has led to this situation! 
Its like Sons on Gwalia... One day Hunky dory and the other day Doom and Gloom.

The directors better have a great reason!
I hope I getback atleast a  or three


:


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## rico01 (8 February 2008)

In MCR's latest report they say they have cash and receivables of $150.46 million creditors and accruals of $64.27 million to give a net working capital of$ 86.19 million, so there's no reason to think the Carnilya Hill deal won't go through.

We just have to be patient I Hope


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## JTLP (8 February 2008)

LOL do you guys understand Voluntary Administration?

It's designed so that VRE can re-coup and get themselves back to a cash ready position. If this fails, then they will look to recoup losses to shareholders and creditors.

I dont hold but just wanted to ease some pain...it's not over yet.

Maybe this voluntary admin came through due to the fact that they had no received the money from the Carnilya Hill sale?

Im hoping for the holders sake that they inform them that this is what has happened...a delayed settlement then back on with business...

JTLP


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## MS+Tradesim (8 February 2008)

JTLP,

That's what I'm thinking. They had to do something with their finances by the end of this month. Maybe the CH settlement was going to take longer and with lower cashflow from Au they were facing a temporary finance problem. 

Well, we'll see soon.


----------



## prawn_86 (8 February 2008)

Hopefully for the holders sake they do get back on track, and it doesnt take too long. I can remember other situations like this where it dragged out for months


----------



## mick2006 (8 February 2008)

I can see a few directors ending up in jail over this mess, its plain obvious that they have broken ASX disclosure rules.

I wouldn't worry longer term about getting your funds back, with the Carnilya Hill sale and the value of the plant and surrounding exploration tennements, I'm sure their will be a bidding war for the processing plant.  

You have to wonder about Fat Prophets and a few of the brokerage houses that were still plugging the company even this week, looks like even they were kept out of the loop.


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## mr_fred (8 February 2008)

I can't F$cking believe it!

That quarterly was as peachy as scarlet yohansens butt, and within a week, we go into administration. Where is the integrity? Why didn't they trading halt the stock right after the update? Wheres ASIC, this is unbelievable. Send those bastards to jail.

Was holding $30,000 worth. 

Fred


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## jaffa (8 February 2008)

MS+Tradesim     

I reckon you have hit the nail on the head. They have a short term liquidity problem - a little credit crises!!!!

Nonetheless, if I was a director I would be very nervous given the gap between the most recent market update and this shambles. If the voluntary administration does not get them out of the woods they will have some explaining to do.

Jaffa


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## MS+Tradesim (8 February 2008)

I think their disclosure is shocking too. The quarterly was released late January. They knew there were production issues then. They should have been upfront straight off the bat. 

I'm not worried about my money but management have *big* explaining to do.


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## moneymajix (8 February 2008)

From HC forum, from Fat Prophets

*
Mid-Week Alert - View Resources (VRE) *
View Resources has announced today that it has voluntarily appointed administrators to the company, being Darren Weaver and Andrew Saker of firm Ferrier Hodgson. 

We spoke with the administrators this afternoon but at this stage they are making no official comment. They did say that they are working with View's management and board on refinancing options for the company and hope to make an announcement within the next few days. 

All of this follows our most recent coverage of the company in this week's Mining report where we highlighted the company's disappointing January production month at its Bronzewing gold mine in Western Australia. 

Today's news is both disappointing and concerning from Fat Prophets' perspective. 

The basis of our most recent analysis was the company's December 2007 quarter production report that was released just 14 days ago (on January 25). In it, the View board commented that operationally things had improved significantly during the December quarter, primarily due to strong production during the month of December. 

With respect to our company outlook, we reiterated the caveat that the company had to demonstrate SUSTAINED improvement with respect to its Bronzewing operations in order to regain market credibility, but that the company seemed well on track to achieving this. 

View commented on January 25 in its quarterly report that gold production during the month of January would fall below its 10,000 ounce target, but that was not of major concern as overall March quarter production would still be in line with forecasts (i.e. 30,000 ounces for the quarter). 

Yet just 12 days later on Wednesday of this week (February 6), View announced that gold production had in fact fallen SUBSTANTIALLY below par (6,500 ounces instead of the budgeted 10,000 ounces) for the month of January. 

We assume that on the date of the December quarterly's release (January 25, less than a week before the month's end) that View must have had some idea of the looming production shortfall for the month of January, but instead gave no indication. 

This is most concerning to us, as we can only base our analysis for Members on the quality and accuracy of the information provided by the company, not only to us but the market as a whole. 

We will await developments and report them as they happen, but to say that we are disappointed at this stage is to put things mildly. In reality, we are incensed with proceedings as they have transpired. 

We await further comment from the company and administrators with great interest.


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## Miner (8 February 2008)

moneymajix said:


> From HC forum, from Fat Prophets
> 
> *
> Mid-Week Alert - View Resources (VRE) *
> ...





Thanks Money Magix for publishing this FP report.
FP just proved how useless their forecasting and always covered by hypes of good results and never disclose the failures. But that is my opinion as many of us have taken advantage of their punted prediction and are must be happy chappy.


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## Bushman (8 February 2008)

moneymajix said:


> We assume that on the date of the December quarterly's release (January 25, less than a week before the month's end) that View must have had some idea of the looming production shortfall for the month of January, but instead gave no indication.




Serious allegation being made by FP. Something that will be tested in court at some stage if it all goes pear shaped. 

They are right they - they must have known they would fall short on the 25 January unless they were expecting to recover 5k oz plus in the last 6 days of January. Very, very odd.... 

Anyway I too think it is a 'mini credit crunch' as both VRE and MCR have repeatedly noted 'conditions' on the Carnilya sale. So I am assuming a 'condition' has been breached, either throwing the $22.5m sale in doubt or delaying settlement until these 'conditions' are met. So no $22.5m means no repayment of $14m debt to bankers means short term insolvency. 

CEO's head will roll for this...


----------



## jaffa (8 February 2008)

Perhaps more than the CEO in trouble.

There is a Board in place who are meant to be taking care of shareholders interests.

If it proves to be the case that the information that was released through January was not appropriately disclosive or misleading they have some explaining to do!!! 

jaffa


----------



## richmoneymagnet (8 February 2008)

oh sh*t,

I was supposed to retire on this stock Im freaking
nowwjhat so i do? hope and pray
scared sh**less


----------



## jonojpsg (8 February 2008)

Hey all, totally agree with all comments made so far...unbelievable really 

Can someone explain to me though what voluntary administration is though?  In particular with relation to a previous holding I had in Tassal, who went into voluntary admin, I lost my holding, then six months later they come out of voluntary admin, relist on the market and are now worth 4 times what they were then???  How is this possible, that my holdings can disappear then essentially reappear in someone elses pockets???

Would really appreciate someone's informed opinion of this, just so I know if the same thing is likely to happen here.


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## cookiedude (8 February 2008)

Something is telling me that the "Sale of Carnilya Hill" is not as imminent as they want us to believe...


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## treefrog (8 February 2008)

treefrog said:


> *Management is working to understand and resolve the grade short-fall*.
> this bit where directors effectively say we don't know why and we will have to think about it is major worry - akin so admitting we don't know what we are doing yet but hope to find out




as I said two days ago I felt this wording cast a shadow over management competance - I think with so many new smalls around these days there just isn't enough people who know what they are on about.

and pursuing this aspect it is probable that management realize this and have erred on the side of caution - which incidently they are bound by law to do - and have called in some help

there are huge penalties these days for trading while insolvent and that may be all it is - waiting for the cheque from MCR, it hasn't  bobbed yet and then this low production number, what would you do as an inexperienced director - take precautions??

to all ASF members holding I feel really sorry - particularly if you have been silly and are top heavy in these

At this point I tend to lean on the probably just temporary side - don't jump out that window yet!


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## porkpie324 (8 February 2008)

According to MCR the Carnilya Hill operation is expected to produce 5000 tons of Nickel per year thats bout $150mil, there MCR figures which are generally conservative, thats without further resource updates. Now to buy the balance of the operation for 25 mil Mcr must have thought it was xmas. I think in hindsight the writing was on the wall then for VRE, it was a fire sale. Now that announcement plus VRE directors upbeat opinion of the gold operation is what drew my attention to them. thank goodness because of present general market conditions I held off buying them.porkpie


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## eddyeagle (8 February 2008)

The whole situation stinks and it seems that FP were as oblivious to the issues as the rest of the shareholders! Unbelievable that things can go downhill so quickly! Hopefully they can turn things around! Reminds you of the importance of DIVERSIFICATION!


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## Pat (8 February 2008)

eddyeagle said:


> DIVERSIFICATION!



And risk management! 
After all VRE is a speccie. 

Wonder what will come of this, and how long this will take to sort out?


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## TMM (9 February 2008)

A definition of Voluntary Administration:
Voluntary Administration is a mechanism for companies in financial distress to obtain some breathing space from its creditors.

The purpose is to allow the company to avoid liquidation and to have the company administered in such a way that maximizes the chances of the company and its business continuing; or if it can't continue, to allow a better return for the company's creditors and shareholders than would result from the liquidation of the company.


----------



## TMM (9 February 2008)

Came across a useful document that clarifies what options are available when a company goes into Voluntary Administration. Here is the link - hope you find it of value:
http://www.millerharris.com.au/articles/article04.pdf

At this stage it may not be the end of the company, just a means to sort out its financial affairs. Let's hope it all works out to the benefit of shareholders


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## jama_kj (9 February 2008)

Very disappointing and I feel for all holders. Hopefully it is just a short term liquidity problem that can be solved with the sale of C Hill. I was very lucky and sold my shares for a slight profit last Friday, despite the qtrly not showing any sign of such problems, an absolute stroke of luck on my part.

Good luck holders.


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## chops_a_must (9 February 2008)

YOUNG_TRADER said:


> How the **** is this possible?
> 
> The company closed out its hedge books and once it got the $25m from MCR for Carnilya would have had no debts and net $8.5m cash as per all the company presentations
> 
> ...






chops_a_must said:


> Yeah, the management have some serious explaining to do.
> 
> They have been lying on the phone, at their AGM and in their previous announcements. This is going on that ever increasing scrap heap.




I repeat what I said in October.

If you invested in this, without heeding the warnings, you have no-one to blame but yourself. The optimism I've read on this thread since coming back is insane.

The fundamentals were kaput for a long time, the mine is a complete dud.  The main ore body was meant to be reached late November and early December. Due to stoping problems it took a long time to reach it, and in the end, it's obviously what cost them. They can't get to what they think is there, and what they can get isn't what they expected.

I had been invested/ trading in this for a long time, have followed it for well over a year. I would never have touched this since I sold, and tried to get other people to see the problems. On another site, I said the breakdown target was below 0. Looks like I may be right.

Even if they clear their debt right now, they don't have anything to keep them from being insolvent in the very near future.

The only hope would be to sell the plant, or lease it. CRE have been mooted to have wanted to use the plant for some time.

And I wont be investing in gold companies in this region ever... unless it is totally compelling, because a lot of the mines in the region are bordering breaching environmental regulations anyway. Which is another big problem.

Cheers,
Chops.

P.S. and yes, the management should go to jail. There has been insider trading right from the top, if you go back through the announcements and charts, you will see. And if they do get convicted in these matters, I may get some more money.


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## jman2007 (10 February 2008)

Dear oh dear...

What a sorry mess this company seems to have got themselves into.

Looking at their past announcements the Directors seem to have done a good job at fooling everyone, including the Market, private investors and analysts.  If this is indeed a case of market deception, then the repercussions will be severe.

This whole operation now appears to be have been very high risk from the beginning, and the financial model so sensitive and tightly balanced, that any slight fall in productivity would have disastrous effects.  From what I can gather, the cutback in the existing open pit was chasing supergene enriched Au in the oxide layer, and various lodes were interpreted to plunge steeply and continue at depth.  Who knows why the Jan grades were so disappointing?...perhaps these ore-bodies pinched out at depth, or as Chops said "They can't get to what they think is there, and what they can get isn't what they expected."... might sum it up nicely.

I think if you read the Jan quaterly between the lines it is clear that they were in trouble imo.  They knew that operating costs were going through the roof in December, and the stripping through July-Sept wasn't even able to keep up with the mill.  Let me tell you, if you have a 2.5Mtpa mill not running at capacity you are going to pay for it in the a$$e sooner or later. They kept feeding the market tit-bits of information talking about their fanatstic monthly gold production to keep the market interested, but they probably already knew costs were way out of control, and that they had bought a lemon of a project.

Yes the enthusiasm on this thread while well-meaning was probably completely without basis. Investing in companies with no previous track record of production, is damn risky.  If more poeple had abided by this rather than debate the finer points of the chart then we might not have so many upset investors on our hands.

A good example of a current high-cost production is the Barrick Mill at Granny Smiths, utilising ore from Wallaby underground.  Wallaby is a world-class resource with a multi-million ounce resource, and the Granny's Mill is a 3Mtpa job, in good knick too I might add. The only problem is, during the last quater of 2007, operating costs were close to $700/oz, making it one of the most expensive operations in Australasia.  But a company the size of Barrrick is able to contain and cushion these operating costs, a company the size of VRE?...no way, a dead duck.

Well good luck to all holders.

jman


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## Sean K (10 February 2008)

jman2007 said:


> If more poeple had abided by this rather than debate the finer points of the chart then we might not have so many upset investors on our hands.



Actually jman, the chart is the only thing that stopped me from buying. If it was such a good investment why had it been going down for yonks. Oh, because it was a turkey, far different from the 'fundamental' view of the management.


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## Electra (10 February 2008)

chops_a_must said:


> I repeat what I said in October.
> 
> If you invested in this, without heeding the warnings, you have no-one to blame but yourself. The optimism I've read on this thread since coming back is insane.
> 
> ...




Chops,

While I appreciate your contribution to this thread in trying valiantly to provide an objective balance to one-eyed optimism here and the same on another forum - and for that matter, am appalled by the attacks on your character by some of the less mature posters there - I have to correct a few comments in your post here.

Noone in the region has anything that would truck to BW.  Leasing the plant in-situ cannot possibly be an option.  The sale of the plant may be an option but I am not aware of anyone in Australia requiring a plant this size for gold - maybe CDU could use the front end crushing / grinding but that's it.

CRE are located near Laverton, a few hunderd km away - I don't know where you got your info from that they would be interested as they probably have an operations cashburn problem of their own and there is not the geographic synergy you imply.

Another statement I have to take issue with is that other operators in the region (who?) are close to being out of compliance with their environmental requirements.  That would be a list including Thunderbox (Norilsk), Grannys (Barrick), Plutonic (Barrick), Sunrise (Anglo), Lawlers (Barrick) and Agnew (Goldfields) and CRE - I would be very surprised if these international companies and CRE are not fully aware of their environmental compliance requirements and meeting or exceeding them.  Please elaborate on this claim.


----------



## General Grievous (10 February 2008)

Electra said:


> Chops,
> 
> While I appreciate your contribution to this thread in trying valiantly to provide an objective balance to one-eyed optimism here and the same on another forum - and for that matter, am appalled by the attacks on your character by some of the less mature posters there - I have to correct a few comments in your post here.
> 
> ...




The Thunderbox environmental compliance is well regarded by the govt actually. If the company wants something (i.e. clearing/disturbing ground permit,) it is generally approved within days due to the good historical track record.

Plus, there is another Au mill sitting there waiting to be sold once the dust settles from the takeover....


----------



## chops_a_must (10 February 2008)

Electra said:


> Chops,
> 
> While I appreciate your contribution to this thread in trying valiantly to provide an objective balance to one-eyed optimism here and the same on another forum - and for that matter, am appalled by the attacks on your character by some of the less mature posters there - I have to correct a few comments in your post here.
> 
> ...




I had heard about CRE perhaps wanting to use the mill from a CRE worker, the same who gave me the info about the problems at bronzewing. I wouldn't have been relying on that as a holder though, because if they wanted it, they would have used it by now.

The environmental compliance problems are in relation to the South African companies you have there. They are fully aware of the environmental complicance requirements, but know they wont have their licenses revoked. It's totally contemptuous, their attitudes. But given the Magellan fiasco, they feel they can get away with almost anything without adverse consequences. (Just like BHP spilling lead from port storage whilst exporting from Cannington) Huge turnover in OH&S and Environmental officers from these mines. I guess they realise people don't like being sand blasted after all.


----------



## cookiedude (10 February 2008)

Being that this is the first stock I am actively watching / monitoring that went into Halt then Suspension (voluntarily or not) - can the shareholders expect to see a cent back if things go pear shape?

For example: Lets assume the company goes into liquidation, it is my understanding that the priority is: employees & creditors - after which come shareholders? - If so what can shareholders expect? (If anything at all?)

Anyway good luck to those holding.


----------



## treefrog (10 February 2008)

kennas said:


> Actually jman, the chart is the only thing that stopped me from buying. If it was such a good investment why had it been going down for yonks. Oh, because it was a turkey, far different from the 'fundamental' view of the management.



I agree fully - I also was prepared to hop aboard when the chart turned.
What had me interested in this as a penny stock was the hype (including fat prophets) that was generally in the market and the co reporting
for the record, I trade on a combination of fundamentals, co ann. and basic charts. and what the basic charts said was extremely simple and very very obvious - I am in a solid downtrend, and there is no indication that you should buy since the uptrend broke in july.
In fact daily a significant increase in volume since Oct 07 confirmed down was locked in "until further notice"

nice chart here confirming all this but 10% over site posting limit


----------



## jman2007 (10 February 2008)

kennas said:


> Actually jman, the chart is the only thing that stopped me from buying. If it was such a good investment why had it been going down for yonks. Oh, because it was a turkey, far different from the 'fundamental' view of the management.




Well my point being that a lot of people seemed to have looked at the chart in isolation and drew a much different conclusion than yourself, that 14-15c was a "really cheap entry" (or words to that effect) and the sp must surely "head north again".  A combination of piecing together various statements from the company (sure, not always an easy thing to do) and the chart performance may have provided a much stronger suggestion that all was not well here.

jman


----------



## Goldmann (10 February 2008)

Hindsight is a wonderful thing, and of all of the experts, I'm not too sure anyone saw this coming...

At the end of the day, alot of people have been watching this for a long time, especially with FP pumping it up at most opportunities... I for one saw that once they managed to show that they could actually produce 10,000 a month - then perhaps they had turned the corner (and at not a bad time with Gold at record highs)... a high number of people would of bought around the 18-19c mark after the market downturn when these 'positive' figures were released around aussie day... in hindsight (again a wonderful thing) I guess waiting for a quarterly return of 30,000 achieved first might of been the way to go... 

Anyway - the risk with these speccies has been mentioned... alot of people jump on these type of companies for the possible higher returns when they actually 'kick'. if you want your standard 8 - 10% per annum pick BHP, a bank or another 'blue chip' - but if you want the opportunity to pick a winner (or let Fat Prophets do it for you) - then surely you have to take it on the chin when one of them has a embolism and dies... you knew what you were getting into.

I live in the eternal optimism that they have frozen the securities because they have struck oil, and are just trying to get their permits in order!!! 

*abit of humour cant hurt at a time like this!  GL to all holders! May the force be with us...


----------



## jman2007 (10 February 2008)

Goldmann said:


> Hindsight is a wonderful thing, and of all of the experts, I'm not too sure anyone saw this coming...
> 
> At the end of the day, alot of people have been watching this for a long time, especially with FP pumping it up at most opportunities... I for one saw that once they managed to show that they could actually produce 10,000 a month - then perhaps they had turned the corner (and at not a bad time with Gold at record highs)... a high number of people would of bought around the 18-19c mark after the market downturn when these 'positive' figures were released around aussie day... in hindsight (again a wonderful thing) I guess waiting for a quarterly return of 30,000 achieved first might of been the way to go...
> 
> ...




Fair point Goldmann

Hindsight is a great thing, and FP do appear to have been promoting this stock heavily.  Investors have a right to feel aggrieved if they are paying a brokerage firm money to make the right choice for them, because these firms are supposed to know more than the average Joe.

It really makes me wonder about some of the individuals who are running mining companies these days, and I'm talking about former night club owners, self-made millionaires or whatever.  These are the kind of turkeys who revel in the deal-making, the speculative aspects of the market (and do very well out of it) and know how to raise funds, but know next to nothing about the day-to-day running of an operation (if it even interests them) which requires a cool, calm head and a thorough knowledge of the industry.

I say the next time the VRE turkeys poke their heads over the parapet they deserve to get em' shot off.

jman


----------



## cuttlefish (10 February 2008)

I haven't followed VRE and can understand the dissappointment of holders.  Looking through the reports I don't think its obvious that they were in serious trouble and the quarterly was quite upbeat.  The jan production announcement would definitely have been a warning bell given it implied a 3 million operating shortfall and they're only on 4 million cash at end of quarter, but with only a day of trading to digest the jan production announcement before the VA - which most smaller investors wouldn't get a chance to do because they're not glued to screens waiting for asx releases, they're earning a living elsewhere - it would be understandable that there'd be a lot of people getting caught short.  

The only possible lesson would be to include wide auto stops on any investment but when you see the stop farming that goes on with quality stocks even that has its risks.

That being said - I have no doubt that the company directors will be as upset about this as everyone else.  People don't spend time putting these projects together and bringing them on stream unless they're very committed and enthusiastic about achieving a positive outcome.  They will have been as dissappointed about the grade let down as everybody, and putting a company into administration is a difficult but sometimes necessary decision. 

As Goldmann has said above, this is why its known as the speculative end of the market, and is why the returns are so high when you get it right.


----------



## YOUNG_TRADER (11 February 2008)

cookiedude said:


> Being that this is the first stock I am actively watching / monitoring that went into Halt then Suspension (voluntarily or not) - can the shareholders expect to see a cent back if things go pear shape?
> 
> For example: Lets assume the company goes into liquidation, it is my understanding that the priority is: employees & creditors - after which come shareholders? - If so what can shareholders expect? (If anything at all?)
> 
> Anyway good luck to those holding.




Well if BMO re-cap is anything to go by I think we can expect sweet f#%* all back

I still am in disbelief that this company can go from bragging in its qtrly to this, heads must roll for this and ASIC better investigate

And to think VRE was un-hedged and going to be debt free, the only explanation is that there was no gold


----------



## dj_420 (11 February 2008)

YOUNG_TRADER said:


> Well if BMO re-cap is anything to go by I think we can expect sweet f#%* all back
> 
> I still am in disbelief that this company can go from bragging in its qtrly to this, heads must roll for this and ASIC better investigate
> 
> And to think VRE was un-hedged and going to be debt free, the only explanation is that there was no gold




I think the geology of the area was grossly mis-understood. The production rates were maintained at roughly the same levels but the grade of gold dropped throughout the processing cycle.

This to me indicates that the gold within the pit was of a far lower grade than indicated. They were supposed to be hitting a higher grade section apparantly when grades dropped right off.

I got in and out of this one within a couple of days around two weeks ago. The sentiment from the qtrly turned sour very very quickly from mgt point of view.


----------



## Bushman (11 February 2008)

MCR announcement out stating that the 'conditions' of sale of Carnilya Hill have not been met and hence the sale has been postponed for the moment. 

So it sounds like short term voluntary admin until the sale can proceed. So it can be inferred that MCR's actions, or lack of action in this case, has sent VRE into administration. A case of not putting all one's egg in the same basket. Also not sure then if all this speculation about the grades at the mine are correct. Guess we will have to wait for VRE's mgt to confirm or deny whether Bronzewing remains a going concern. 

Wish they would state what the bl**dy conditions are and which condition has been breached.


----------



## dj_420 (11 February 2008)

Bushman said:


> Also not sure then if all this speculation about the grades at the mine are correct.




I don't think so , looking back through the quarterly it states they had produced 25, 406 ounces without even breaking even. They had 9.5 million in operating costs and 9 million in revenues.

So it seems even if they had reached the 30, 000 ounce target it may have just broken even. The month of January saw a shortfall in gold produced due to a decline in the grade mined (not due to the amount of tonnes processed).

This to me indicates that the geology of the resource has not been identified correctly as they were supposed to be reducing costs and mining higher grade sections rather than increasing costs and mining lower grades than designed for.

IMO they had a high cash burn even before the shortfall, with the shortfall this would surely start to question the whole economics of the project.


----------



## oldblue (11 February 2008)

Could it be that some technicality hasn't been met and that MCR will now re-negotiate with the administrator?


----------



## gfresh (11 February 2008)

oldblue: of course that price wouldn't be a little less than $25m in liquidation sale ...  It would be nasty for VRE, but it would be smart business for MCR..

Who knows what the exact reason why the deal was delayed (and the breached conditions), but either way VRE shouldn't have been that close to the bone as to have to rely on this one deal for survival. Gold production can be a tough business even at the best of times..


----------



## captluthra (11 February 2008)

Hi Guys, I am new to this forum. 

Made substantial investments in VRE. 

I have recently migrated from NY and do not know whats gonna happen in this VRE fiasco. Could any one give an idea on what to expect. I did call the Lenny guy at the FP however he was not very helpful.

Regards.


----------



## Pat (11 February 2008)

captluthra said:


> Hi Guys, I am new to this forum.
> 
> Made substantial investments in VRE.
> 
> ...



I've been wondering this too. I've written off my $1900 lol! investment in VRE. I took a punt and slam, sock, pow!!!... bashed by batman.


----------



## jman2007 (11 February 2008)

dj_420 said:


> I think the geology of the area was grossly mis-understood. The production rates were maintained at roughly the same levels but the grade of gold dropped throughout the processing cycle.
> 
> This to me indicates that the gold within the pit was of a far lower grade than indicated. They were supposed to be hitting a higher grade section apparantly when grades dropped right off.
> 
> I got in and out of this one within a couple of days around two weeks ago. The sentiment from the qtrly turned sour very very quickly from mgt point of view.




I had a chat today about VRE with a work colleague of mine, who is himself a Director in several resource companies.  We were both of the opinion that there is a very strong case for Market Deception here.  With a robust grade control program in place, the chief Mine Geologist would have known that grades were a problem throughout January, possibly even in late December. I would also find it hard to believe that this information would not have been known by the Board by mid Jan at the latest.  Yet they chose not to release it until the last minute for reasons only they themselves will know.  Ultimately, the consequences, but not necessarily the root cause of the problem itself, must lie with them.

jman


----------



## Miner (12 February 2008)

I agree 100%.
But who will catch the thief ?
ASIC is just an utopian body who only react when there is hullah mullah in market and lot of publicity. Do you think they do not know? Consider now ASX is itself a commodity so ASIC is not an impartial spectator any more.

Regards


----------



## kransky (12 February 2008)

dj_420 said:


> I don't think so , looking back through the quarterly it states they had produced 25, 406 ounces without even breaking even. They had 9.5 million in operating costs and 9 million in revenues.
> 
> So it seems even if they had reached the 30, 000 ounce target it may have just broken even. The month of January saw a shortfall in gold produced due to a decline in the grade mined (not due to the amount of tonnes processed).




I disagree (but please correct me if you know i am wrong) but plants have a capacity based on the amount of ore they can take as input. So they have planned all along to produce 30k oz per month. This would have been based on the plant capacity and the average grade of the ore available.

So, if they were producing close to 30k oz per month then they must have had ore available that was around the correct grade. BUT they were not able to make the mine cash flow positive because they could not keep operating costs down.

If my take on this is correct (and i am not sure, its just how i look at it) then they should be able to continue trading once/if the sale goes through and they can get rid of their debt and then concentrate on the better high grade ore sources and forget about the low grade sources that have been hurting them.

What is critical now is the condition that is not being met in the nickel mine sale...


----------



## dj_420 (12 February 2008)

kransky said:


> I disagree (but please correct me if you know i am wrong) but plants have a capacity based on the amount of ore they can take as input. So they have planned all along to produce 30k oz per month. This would have been based on the plant capacity and the average grade of the ore available.
> 
> So, if they were producing close to 30k oz per month then they must have had ore available that was around the correct grade. BUT they were not able to make the mine cash flow positive because they could not keep operating costs down.
> 
> ...




I agree with all this, perhaps we mis-communicated. However I was under the belief they were already mining the higher grade material to lower costs. Which means that there has been a very bad interpretation on the actual contained resources in the deposit.

I understand that the plant design will only allow to process a maximum amount of ore regardless of contained gold grade. So if plant is operating at capacity and gold grade drops in the ore been processed final gold product at the other end of circuit is reduced.

What I thought had happened is that due to a reduction in the grade been mined we have seen a drop in ounces produced. This is more concerning to me than if we had processing issues in the plant. It seems that the higher grade reefs have already been mined and there is lower grade material left which places the project in doubt.


----------



## happytown (12 February 2008)

not privvy to the vre board and its decision-making, indeed * speaking only to VA generally*,

its usefulness has been alluded to above, there is at least one other (use): sub-ss 588H(5) and (6)

cheers


----------



## kamranb (13 February 2008)

happytown said:


> not privvy to the vre board and its decision-making, indeed * speaking only to VA generally*,
> 
> its usefulness has been alluded to above, there is at least one other (use): sub-ss 588H(5) and (6)
> 
> cheers




Looks like it that VRE is going to trade as normal soon!! Is that true? If yes, when and how much they r going to open for?


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## prawn_86 (13 February 2008)

kamranb said:


> Looks like it that VRE is going to trade as normal soon!! Is that true? If yes, when and how much they r going to open for?




Where did you get this information?

No one could possibly know what they would open for, as no information has been released to the public since yesterday...


----------



## kamranb (13 February 2008)

prawn_86 said:


> Where did you get this information?
> 
> No one could possibly know what they would open for, as no information has been released to the public since yesterday...




One of my friends who is also a shareholder (or i should say victim) in overseas emailed me and said that he read this article that VRE is going to re-open soon as soon as they come up with an agreement with their re-investor !! I don't know whats the go there anyway?


----------



## cookiedude (13 February 2008)

Was thinking it could be interesting to post how much $ people have invested and how much they are going to loose if VRE go pear shape. I personally bought 10,000 shares @ 0.13 cents (Yes - Everyone selling, I got to tempted to get in cheap - next day trading halt ). So potentially total lost = $1300.


----------



## jman2007 (14 February 2008)

cookiedude said:


> Was thinking it could be interesting to post how much $ people have invested and how much they are going to loose if VRE go pear shape. I personally bought 10,000 shares @ 0.13 cents (Yes - Everyone selling, I got to tempted to get in cheap - next day trading halt ). So potentially total lost = $1300.




I don't really see the point

Comparing who lost more than who isn't going to help people feel better about themselves. I'd be more interested in learning the truth behind this whole sordid affair, and seeing those responsible held accountable to the full extent of the law in the hope we can wipe out these kind of deceptive market practices.


----------



## F-P (14 February 2008)

I had about $20,000 in VRE purchased at an average of 29c during early 2007.  I sensed something was not quite right about September last year and sold it all at 30-31c.

Good luck to those who still have money there.  Management have some serious questions to answer!


----------



## The Ferret (14 February 2008)

Hmm. Not much left to say really. I agree with everyone else that questions need to be asked re;disclosure. Many question marks remain.

Personally, I have essentially resigned myself to losing entire holding, slightly under 100k. Best to accept that VRE is over, rather than cling to any hopes of revival. Despite the disclosure issues, we all knew the risks and anyone who claims that they had no idea VRE was sailing so close to the wind obviously were not reading the statements as they were released. I felt that this was going to be the last shot for VRE and that if they failed to meet next qtr target then BW would fall over. In saying that, however, I thought that the CH sale would see them through till end of this qtr, at least.

Important to learn lessons for next time and focus on whats going right elsewhere in portfolio. Doesn't make it any easier, but can help with feeling a bit better about choices made.


----------



## binstrokein (14 February 2008)

Unfortunately I hold this stock. The only positive I can see is that at least with the administrators in charge we will get to know the truth of the situation, and if there is any possibility of a way forward, it will be found. Once the truth is known, I can read again the company announcements and brokers reports and learn something of value, not only about market information and people, but myself.    

As was mentioned in a Marx Brothers film: The fat lady has not starting singing yet! No, but I just came from the final rehearsals, and she is sounding pretty good.


----------



## Goldmann (14 February 2008)

An excerpt of todays report from FP.

----------

In our two most recent reports on View Resources we highlighted that the company had been battered from pillar to post by problematic production issues at its Bronzewing gold project in Western Australia. Despite the company claiming that production was seemingly back on track, developments took a dramatic turn for the worse last week, with View announcing that it had gone into voluntary administration. There are a lot of unanswered questions in our mind that we hope the administrators and corporate regulators will pursue on behalf of View shareholders.

View Resources announced last week that it has voluntarily appointed administrators to the company, being Darren Weaver and Andrew Saker of firm Ferrier Hodgson.

We have spoken with the administrators and they said that they are working with View's management, board, creditors and major shareholders to undertake an urgent assessment of the Bronzewing gold project operations and possible refinancing options for the company.

We do not anticipate any formal announcement being made for a period of about three weeks, although numerous meetings will take place. So Members should not necessarily be concerned by an immediate lack of news.

We understand that the first meeting of creditors will be held in Perth on Wednesday 20 February. Following that, a proposal meeting will be held around mid-March, at which time creditors will decide the future of the company.

We also understand that proposed and then aborted sale of the company's 30% stake in the Carnilya Hill nickel joint venture will also be the subject of review by the administrators.

View's announcement on 6 February stated that the sale of the company's 30% stake in the Carnilya Hill project for $25 million was set for imminent conclusion, yet this was far from being the case. This sale would have generated immediate proceeds of $22.5 million that would have cleared any debt owing by the company.

Interestingly, the administrators intend continuing operations at the Bronzewing gold project with the ongoing assistance of management. It is not prudent for us to speculate on whether this is a positive future signal.

---

Administrators intend continuing operations at Bronzewing - perhaps not all is lost?  $100K ferret... that is no good - you should almost mount your own case against the 'dodgy' directors.

fingers crossed...


----------



## The Ferret (14 February 2008)

Goldmann said:


> Administrators intend continuing operations at Bronzewing - perhaps not all is lost?  $100K ferret... that is no good - you should almost mount your own case against the 'dodgy' directors.




I might have had a case had I bought, say, during Nov-Jan, but as I bought prior to this I would imagine that it may not be so easy. I remember a disclosure case with MXG where they compensated some shareholders, but only those who purchased after the disclosure/non-dsiclosure dates.


----------



## kamranb (14 February 2008)

Hi Goldmann. Thanks for opening up the case so good for us. 
So from what you saying we should wait until mid-march for an outcome? 




Goldmann said:


> An excerpt of todays report from FP.
> 
> ----------
> 
> ...


----------



## The Ferret (14 February 2008)

Kamranb I don't think we have any say in the matter.... what else can we do but wait??!?? If VRE is suspended from trading there is little that can be done. If it takes 6 months, then we wait 6 months.


----------



## kamranb (14 February 2008)

Yeah I guess you are right! Do you know by any chance that how long an stock can be suspended on asx before they take it off the market?


thank you


----------



## The Ferret (14 February 2008)

kamranb said:


> Yeah i guess you are right! do you know by any chance that how long an stock can be suspended on asx before they take it off the market?
> 
> 
> thank you




I'm not aware of any time limit.. I could be wrong but as long as it takes has always been my understanding. CMQ for example has been suspended from official quotation for 9 months with no end in sight, also in the hands of administrators.


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## Judd (14 February 2008)

Go to www.delisted.com.au which has a listed of suspended, delisted and such matters for a number of companies.


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## jman2007 (14 February 2008)

kamranb said:


> Yeah I guess you are right! Do you know by any chance that how long an stock can be suspended on asx before they take it off the market?
> 
> 
> thank you




If a stock is suspended it is automatically off the market.  By "off the market" my interpretation is that its securities can no longer be bought and sold during normal trading hours.  If you mean "delisted", that is another matter altogether.  It's future now lies in the hands of the administrators and whether or not they believe it can be turned into a profitable operation.

jman


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## Judd (15 February 2008)

When a company is suspended, its shares are simply not traded during "normal" hours or otherwise.  As an example ION has been suspended since 7/12/2004 and announcements about its future - or lack of it - are still placed on the ASX web site.  It is not delisted.  But you cannot buy or trade the shares - not that you would really wish to  do either.


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## Goldmann (15 February 2008)

Fat Prophets have spoken to the Administrators directly - so if they say we wont have an outcome until March - then I guess that is it... I do find it interesting that they are still running Bronzewing though...

In regards to the most recent comments: In my Position Summary on Commsec, it has VRE as lasted traded on 0.00 - with a 100% loss attributed to it... I get more depressed every time I look at it... So whether its suspended or whatever - it still means I stand to lose all the dough I had in this stock.

VRE = Very Rooted Equity


----------



## moneymajix (15 February 2008)

*Announcement*



VRE 2:10 PM   Board Response to ASX Letter 8


----------



## barrett (15 February 2008)

Goldmann said:


> Fat Prophets have spoken to the Administrators directly - so if they say we wont have an outcome until March - then I guess that is it... I do find it interesting that they are still running Bronzewing though...
> 
> In regards to the most recent comments: In my Position Summary on Commsec, it has VRE as lasted traded on 0.00 - with a 100% loss attributed to it... I get more depressed every time I look at it... So whether its suspended or whatever - it still means I stand to lose all the dough I had in this stock.
> 
> VRE = Very Rooted Equity




On commsuck any time there's more than a trading halt the price displays as zero. Don't stress..

What a keystone cops letter from the ASX. They completely missed the caveat in the last quarterly about January production, which then allowed VRE to wriggle out of answering their wide-ball questions.  Stranger still is that the VRE board made no use of the opportunity to try and exonerate themselves on either the production shortfall or the Carnilya sale.  The production shortfall I think remains a mystery even to them.  Maybe also the sale.


----------



## Goldmann (15 February 2008)

Agreed Barrett... I have more disdain for Gooch and Co after seeing their joke of a response... at the end of the day, why would they report that they wouldnt hit the 10K for the month, if they never made a committment (or external announcement/official forecast to the market) to do 10,000 a month.. the whole thing reeks... I wonder how many director owned stocks were sold in that period leading up to Feb...  DOGS! I am starting to think I should of taken my VRE investment to the Casino and rode it all on black for one spin.... at least I would of had a 50% chance... this was a hiding to nothing... 

Thanks for the info on Commsec. I wasnt aware of that one.


----------



## The Ferret (15 February 2008)

Goldmann said:


> I wonder how many director owned stocks were sold in that period leading up to Feb...  DOGS! .




Just on that point.... I had watched the market depth for VRE all day every day for months. I probably witnessed 90% of all trades execute between Sept until suspension. During January I was becoming very suspicious of certain trades. I actually commented to some people (not on this forum) about it, as the parcel sizes and patterns were obviously from a single source. Over the period of about 1.5 weeks I was actually waiting for a change in substantial holding form to be lodged. It never came.

Because of the identical large parcel sizes, and the pattern in which they were placed on market, I am convinced that a single shareholder was behind them. I would love to check out the share register before/after this period.


----------



## binstrokein (16 February 2008)

On the Ferrier Hodgson website, the circular to creditors of View Resources notes that they did a high level business review at the request of the major shareholder, IMC, which was completed on 27/12/07. Can anything be read into this?


----------



## hangseng (16 February 2008)

binstrokein said:


> On the Ferrier Hodgson website, the circular to creditors of View Resources notes that they did a high level business review at the request of the major shareholder, IMC, which was completed on 27/12/07. Can anything be read into this?




I smell serious insider trading and potential for major class action against the directors. Watch this space.

This is quite disgraceful at any level of thinking, all it would take is tracking of trades.


----------



## chops_a_must (16 February 2008)

hangseng said:


> I smell serious insider trading and potential for major class action against the directors. Watch this space.
> 
> This is quite disgraceful at any level of thinking, all it would take is tracking of trades.




I love reading things like this:



> The questions relating to the so-called January production all seem to presuppose that the Company has forecast to the market that production in January 2008 would be 10,000 ounces. *The Company HAS NOT MADE ANY SUCH FORECAST*. Consequently, the Company does not believe it is able to respond directly to the questions raised on this issue.




But from the announcement made on the 7th January, only a month before, in the announcement entitled, "BRONZEWING’S DECEMBER QUARTERLY GOLD PRODUCTION INCREASES 45% TO 25,400 OUNCES" this:



> 172,631 tonnes of ore at 1.96g/t were treated through the plant in December with an average recovery of over 93% as the processing facility moves towards its full rated capacity of 2.2 million tonnes per annum. With ore now being sourced consistently from four sources (two underground mines, the Calista and Discovery, and two open pit mines, the Central and Success) the optimum mix of fresh and oxide ore into the plant has generated this increasingly higher throughput rate. *Coupled with the high gold recovery View is confident that these key production statistics can be MAINTAINED going forward to consistently achieve THE FORECAST +10,000 ounces of gold PER MONTH.*




Whoops!! Doesn't look as though the board even knows or even reads its own announcements!!!

So for starters, we know, and hopefully the ASX knows, if not they need to read this, that the board are lying.

So anyone on that board has now signed a document that is for all intents and purposes, a blatant attempted deception. I believe if you do that in front of a judge, there are some serious charges? Perj?

I suggest Tim Gooch and the fellas learn how to read... and remember!

I'm also bemused at how they can say that knowing the figures after the 22nd January, they can't make a guess at total January figures, yet two weeks later they can safely make an assumption about the quarterly production. That's just rubbish.

In my mind they don't even attempt to answer question 6 in relation to point (V) (asx dates are wrong here), awareness of outsiders or insiders of administrators being called. I suppose record volume the day before that trading halt just doesn't say anything does it? Could be that they know they are stuffed when it comes to that.

Personally, I would like the ASX to go back a bit further. I remember the SP tanking about 15% in the space of an hour when it was above 50c, followed by a massive trading halt and cap raising. You can't tell me that mates or whatever weren't told about that. Was the primary reason I sold.

Bin, perhaps lmc thought VRE were cooking the books? There couldn't have been much reason to not do another cap raising if there wasn't something seriously wrong in regards to this.


----------



## kamranb (16 February 2008)

I read the report. yeah you are right.....
What do you guys see the chance of Deed of Company Arrangement for VRE?


----------



## hangseng (16 February 2008)

chops_a_must said:


> I love reading things like this:
> 
> 
> 
> ...




Your analysis of this is smack on chops. They openly now admit they knew they wouldn't meet those targets 2-3 weeks before the halt and they have the audacity to defend the defenceless in the press.

I love this:
*"Coupled with the high gold recovery View is confident that these key production statistics can be MAINTAINED going forward to consistently achieve THE FORECAST +10,000 ounces of gold PER MONTH."* They knew it wouldn't and yet they released that statement to the market.

Take them to the cleaners holders.


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## The Ferret (18 February 2008)

We shall wait and see what transpires. 

I was in the process of completing an ASX Trading Activity Complaint Form last week then decided against it for the time being. I was going to raise with the ASX the dates, parcels and trading patterns that stood out to me (and others who had closely followed VRE trade executions for some time), however I am certain that the ASX will be running the ruler over this anyway. 

I'm in two minds as to whether to lodge the form....I would like to believe that the Market Surveillance Analysts are good enough at what they do. Especially as VRE are in the **** anyway you would think that they would be going over this anyway..... surely.....


----------



## The Ferret (20 February 2008)

Investec appoints receivers & managers to mortgaged assets of VRE. They're not going to wait around obviously....


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## rico01 (20 February 2008)

The Ferret said:


> Investec appoints receivers & managers to mortgaged assets of VRE. They're not going to wait around obviously....




Somebody spell it out for me please? Will there be nothing left for the shareholders?......
  Or should we still have a litte hope!


----------



## The Ferret (20 February 2008)

rico01 said:


> Somebody spell it out for me please? Will there be nothing left for the shareholders?......
> Or should we still have a litte hope!




It's over rico, unless a white knight rides into town which I cant see happening. I just hope it does not take a loooong time for them to issue loss declarations for shareholders (for capital loss/tax purposes).


----------



## treefrog (20 February 2008)

rico01 said:


> Somebody spell it out for me please? Will there be nothing left for the shareholders?......
> Or should we still have a litte hope!




sorry rico - not a lot of hope - shareholders are the last in the money queue
just have to wait for news of real financial situation - sometimes they get a few cents in the dollar back
but as an indication book value from 07 report was 10c/share but VRE listed debt for then was $26m for 300m shares - or each share "owes" others 8.7c


----------



## kamranb (20 February 2008)

What you said  means we might get 8.7c for every share we had with VRE? do we need to lodge a complain with ASX or anything ?


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## The Ferret (20 February 2008)

kamranb said:


> What you said  means we might get 8.7c for every share we had with VRE? do we need to lodge a complain with ASX or anything ?




No it means...... exactly what jonojpsg says next! lol. In saying that however, those figures would have changed somewhat, but I really cant see any money coming. Besides, I own options so the game is up for me anyway. Even if I held VRE instead of VREO I would be writing it off.

Theres nothing that can be done .. or that you can do. Just have to wait now but I can assure you the game is up in my opinion. Wave by by to $$. Sorry.


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## jonojpsg (20 February 2008)

No, we get 10-8.7c = 1.3c per share!!  At least that's something though but it would have been nice to get the 10c


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## The Ferret (20 February 2008)

jonojpsg said:


> No, we get 10-8.7c = 1.3c per share!!  At least that's something though but it would have been nice to get the 10c




Yeah you're right actually... my previous post was off mark.... Must be getting sick of all this VRE stuff.....


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## Pat (20 February 2008)

yep, its all gone.... First time, lesson learn't. Don't forget about your pending orders.  F$%K!!!!!!


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## imaginator (20 February 2008)

now all the investors can say is "Cibai....."

But a few weeks ago I thought there was good news saying the SP should make a turnaround since they are unhedged.

I just closed my Comsec account. How do I know which stocks i have with the Share Registry?

Just wnana make sure I dont have any VRE.


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## The Ferret (20 February 2008)

imaginator said:


> now all the investors can say is "Cibai....."
> 
> But a few weeks ago I thought there was good news saying the SP should make a turnaround since they are unhedged.
> 
> ...




Don't you keep your CHESS statements that get sent out? The ones showing on/off balances for each stock with transactions etc? Besides... how could you close the account with broker sponsored holdings still there? Surely they would say something about transfering to another broker etc?


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## porkpie324 (20 February 2008)

VRE has turned out to be worse than BMA, but at least I wasn't caught with these but it was close though. It was the fire sale of Carnilya that gave me second thoughts. I think that MCR knew something was up, I wonder what they will pick up the balance for now. porkpie


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## chops_a_must (20 February 2008)

Instead of writing on a forum about it, what you guys need to be doing is getting to the creditors meeting, or at least sending a representative in an endeavour to halt the liquidation sale.

It is quite obvious that the view board misled the market, and didn't disclose necessary information, therefore you need to be thinking of the SGW result. i.e. shareholders will be granted the same status as creditors as they were misled.

Given the likelihood that some, if not all of the board members may, or at least should be facing criminal charges over this, you could well be given the same status as SGW holders have now.

The reason Investec have called in receivers immediately is undoubtedly because of this - to get rid of any assets and clear their own books before the criminal procedures can be carried out. I'm sure they are well aware of this, and will be looking to get the money back asap, as it will much be much harder to get that money off them later, if you do indeed end up in a similar situation to SGW holders.

Cheers,
Chops.


----------



## cookiedude (20 February 2008)

I just cannot believe how quickly things turned sour... Can't VRE sell something to get rid of their debt?


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## chops_a_must (20 February 2008)

cookiedude said:


> I just cannot believe how quickly things turned sour... Can't VRE sell something to get rid of their debt?




Yes they are selling something.

And it's going straight to the creditors.

They are bankrupt. Simple as that.


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## kransky (21 February 2008)

processing plant and the nickel project must be worth more than the 20M or so they owe.. 

with gold at record prices it just doesn't make sense.

Surely there were other avenues like selling % of project to a cashed up medium sized gold producer..

Seems like they want to put the assets on the market to create bargains for the vultures and don't care about trading out of the hole...

and we still don't know why the carilyna sale didn't go through.. conditions were not met my @ss. Someone tasted blood and they went for the jugular.


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## dj_420 (21 February 2008)

kransky said:


> processing plant and the nickel project must be worth more than the 20M or so they owe..
> 
> with gold at record prices it just doesn't make sense.
> 
> ...




For the processing plant to be worth anything, it needs to be in a location where other producers can use it. If the area has no significant deposits then it would be worth a lot less than what they paid for it.

Just IMO.


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## Aussiejeff (21 February 2008)

porkpie324 said:


> VRE has turned out to be worse than BMA, but at least I wasn't caught with these but it was close though. It was the fire sale of Carnilya that gave me second thoughts. *I think that MCR knew something was up, I wonder what they will pick up the balance for now*. porkpie




Peanuts?

No. They wouldn't have set VRE up for this now, would they? They wouldn't be unscrupulous with some inside information would they? Of course not...


AJ


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## porkpie324 (21 February 2008)

AJ, being an MCR shareholder and glad that I am I could'nt possibly comment on that issue.All I know is that as an MCR holder todate there has'nt been an a/n on the Carnilya Hill operation other than what the expected annual production  porkpie


----------



## chops_a_must (21 February 2008)

Aussiejeff said:


> Peanuts?
> 
> No. They wouldn't have set VRE up for this now, would they? They wouldn't be unscrupulous with some inside information would they? Of course not...
> 
> ...




I don't think it would have mattered anyway.

Bronzewing is being wound up by the looks as well. The sale just would have delayed the inevitable.

The money is better off in a company that has proven itself, rather than with one who has only burnt it.

And right now it's impossible to tell who did what that caused the breach of conditions etc. But one thing is for certain, in that MCR continues to look after its shareholders first and foremost, and they certainly aren't going to be a VRE charity...


----------



## binstrokein (22 February 2008)

Please forgive my ignorance on this issue, but I am finding it difficult to get my head around this. Any inpt would be appreciated.

Although the problem with the grades puts the profitability of the mine in doubt, I would of thought that the creditor, Investec bank, was only interested in getting its money back, which was last reported recently at 13 million. View had agreed to sell its share in CH, which would more than cover the debt. We still don’t know why it did not go through, however it didn’t. Now the creditors are placing the company in liquidation and it’s assets are to be sold. I assume it will get its money back when CH is sold, to the JV partner or someone else. 

Either way, getting its money back quickly would depend on the sale of this asset. Will they get their money back quicker this way, I would not of thought this would necessarily be the case. I understand that 28/2 was an important date because the creditors could accelerate repayments at their discretion from then. What I am asking is what is the motivation for the creditor to do this? On the face of it they are no better off taking this course of action, yet others are substantially worse of, while some will profit greatly.   

To proceed to liquidation after the first creditors meeting, for a relatively small debt, does not smell right, but if shareholders have been deceived, when will we know the truth? 

In conclusion, why would the creditor take this action in favour of other options that would give them the same result?


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## kransky (22 February 2008)

dj_420 said:


> For the processing plant to be worth anything, it needs to be in a location where other producers can use it. If the area has no significant deposits then it would be worth a lot less than what they paid for it.
> 
> Just IMO.




Yes i agree... so i have taken this from VRE's web site regarding the bronzewing site

"Centrally Located Mill for Custom Milling Opportunities- In addition to catering for View’s planned production; the excellent infrastructure at Bronzewing provides an opportunity to either acquire outright or to provide custom milling facilities for other potential mine developments in the district. In August 2005, View achieved in principal agreement to process ore from Korab Resources Melrose project and in October of the same year, View signed an option agreement with Audax Resources to acquire the Venus deposit. View subsequently signed an agreement with Great Australian Resources to acquire the Corboys deposit. A number of other potential third party feed opportunities exist within 50km of the Bronzewing mill that will benefit from the resumption of operations."


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## The Ferret (22 February 2008)

binstrokein said:


> Now the creditors are placing the company in liquidation and it’s assets are to be sold. I assume it will get its money back when CH is sold, to the JV partner or someone else.
> 
> In conclusion, why would the creditor take this action in favour of other options that would give them the same result?




Whilst it's likely, nothing has been announced re: liquidation. Investec are protecting their interests by appointing receiver/manager. They do have the power to sell/manage mortgaged assets, but they would be looking at all options I am sure. By taking control of the mortaged assets they get a seat at the table... the big seat.

Personally, I don't begrudge Investec trying to protect their position, regardless of outcome for others. I would be doing the same thing in the their position. It's not their job to look out for others or come to the best solution for everyone. All they care about is their 14m (and rightly so in my opinion). They need to look after their own investors and move to cover their position.


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## porkpie324 (22 February 2008)

Now 'Kransky', I think your onto something, and which company  is expanded it's range of minerals with both aquisitions and exploration, has the cash to do this and is already in a JV with VRE. Lets not forget the important issue, ie takes good care of it's shareholders(remember TYC, I do). Now I won't mention this Co, but it's there.porkpie


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## The Ferret (27 February 2008)

Bronzewing placed on care and maintenance so says new announcement.

Given VRE's position I believe thats code for "shut down, never to be re-opened". lol.


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## cookiedude (27 February 2008)

Gah. How is this progress? – Well this is just confirming everything we already knew / suspected – however until I see Liquidation anywhere I will still have 1% hope


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## porkpie324 (27 February 2008)

The best thing to do with VRE is stick em in the bottom draw and forget them, just as I did with BMA. porkpie


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## bliimp (29 February 2008)

porkpie324 said:


> The best thing to do with VRE is stick em in the bottom draw and forget them, just as I did with BMA. porkpie




If the worst ever comes to worst with VRE, and you need to trigger a capital gains loss for tax purposes prior to end of financial year (because receivers/administrators can be painstakingly slow) be aware that you can get rid of them via *deListed*

https://www.delisted.com.au/buyworthlessshares.aspx

I utilised them a few years back to get rid of my Pasminco shares (remember Pasminco ... the then world's biggest zinc miner ... that was subsequently reincarnated into Zinifex)


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## porkpie324 (1 March 2008)

Unfortunatly 'Bliimp' being a New Zealand trader, just as we do not suffer capitol gains tax we also cannot claim for losses either. But the other points will be worth taking note of, BMA are trading again now but at about 10% of the previous value. porkpie


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## cookiedude (5 March 2008)

Well another release today of “further progress”… The director has resigned… Yay or nay? Maybe there is a white knight around the corner?


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## Aussiejeff (5 March 2008)

cookiedude said:


> Well another release today of “further progress”… The director has resigned… Yay or nay? *Maybe there is a white knight around the corner?*




... or the _Grim Reaper_ ...

BTW where did you read that news? I can't find the announcement on the ASX's company announcements webpage..


AJ


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## cookiedude (5 March 2008)

04/03/2008 - Final Director`s Interest Notice:

On 22 February 2008, Mr Michael Ralston resigned as a director and company secretary of View Resources Limited...

http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00819691


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## Mercury (9 March 2008)

" http://au.quote.com/news/story.action?id=ABX066i1540 "


 " http://au.quote.com/news/story.action?id=ABX066i1540 "


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## Aussiejeff (9 March 2008)

Mercury said:


> " http://au.quote.com/news/story.action?id=ABX066i1540 "
> 
> 
> " http://au.quote.com/news/story.action?id=ABX066i1540 "




Shareholders will be excused for thinking "If only this rescue bid turns out to be true..... and the deal doesn't fall over at the last minute".

Frankly, I'll believe it when it happens.

Fingers X'ed...


AJ


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## Pat (10 March 2008)

Aussiejeff said:


> Shareholders will be excused for thinking "If only this rescue bid turns out to be true..... and the deal doesn't fall over at the last minute".
> 
> Frankly, I'll believe it when it happens.
> 
> ...



Might wanna tape those fingers, cos you may develop Arthritis keeping them crossed ................. Bugger!


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## robot (12 March 2008)

Announced today IMC to put up $19million Loan to assist restructure of company.  Investec debt to be paid out with balance of loan to fund Carnilya Hill development calls.  Restructure must be approved by stakeholders and subject to due dilligence.

Very encouraging "white knight" action by IMC and will surely save View Resources.  Loan will get View through hiatus until Carnilya Hill starts generating positive cash flow.

Most importantly it takes Investec off the scene totally.  They were only interested in selling assets off to get their money back.

IMC could become the majority shareholder after restructure you would anticipate.  This also would be good for the share price post return to trading with such backing from the Australian arm of this cashed up Asian corporate giant.

IMC are showing a lot of faith in Carnilya Hill primarily but they would still see a future for the Bronzewing gold mine tenement area as well.


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## Aussiejeff (12 March 2008)

robot said:


> Announced today IMC to put up $19million Loan to assist restructure of company.  Investec debt to be paid out with balance of loan to fund Carnilya Hill development calls.  Restructure must be approved by stakeholders and subject to due dilligence.
> 
> Very encouraging "white knight" action by IMC and will surely save View Resources.  Loan will get View through hiatus until Carnilya Hill starts generating positive cash flow.
> 
> ...




More on this here:

http://www.wabusinessnews.com.au/en-story/1/61379/IMC-gives-View-Resources-a-19m-lifeline

One wonders whether minor shareholders will be included in the "restructure" or will be wiped clean from the slate?

Hmmmm. My arthritic crossed fingers aren't twinging so bad at the moment - but they've fooled me before..... 

Important to note:

_"Ms Baker said *IMC may immediately demand repayment of the loan should a satisfactory due diligence or restructuring not be achieved*. Any proposed restructure will require the support of View's stakeholders". _

Let's hope the due diligence IS satisfatory this time and that the stakeholders support the rescue scheme!!

AJ


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## rico01 (12 March 2008)

Any life line is helpful
After looking at the ferrier hodgson website this was actually announced on the 7/3 so it's good to see there is a chance to see it relisted ;: "I HOPE"

1.
EXECUTIVE SUMMARY
Andrew Saker and Darren Weaver were appointed as Joint and Several Administrators of View Gold Pty Ltd (“View Gold”) on Friday, 8 February 2008, pursuant to Section 436A of the Corporations Act (“the Act”).
Furthermore, Andrew Saker and Darren Weaver were also appointed as Joint and Several Administrators to View Gold’s parent entity View Resources Ltd (“View Resources”) and its related entity View Nickel Pty Ltd (“View Nickel”) on Friday, 8 February 2008, pursuant to Section 436A of the Act. For the purposes of this report, View Gold, View Resources and View Nickel are collectively referred to as “the Group”.
Creditors ratified our appointment as Joint and Several Administrators of the Group at the first meeting of creditors held on Wednesday, 20 February 2008. A Committee of Creditors was formed for View Gold and View Resources. Given the composition of View Nickel’s creditors and its relationship with View Resources, creditors decided that no Committee would be formed for View Nickel.
Immediately following our appointment, we took control of the Group’s assets including View Gold’s assets and continued to carry on the Group’s business.
On Tuesday, 19 February 2008 the secured creditors Investec Bank (Australia) Limited (“IBAL”) and Investec Bank (UK) Limited (“IBUK”) exercised their rights to appoint Receivers and Managers over the entities View Resources and View Nickel. However, View Gold’s operations and assets were left under the control of the Administrators.
Following the appointment of Receivers and Managers to View Resources and View Nickel on Tuesday, 19 February 2008 and following the Joint and Several Administrators’ thorough assessment of the Group’s trading forecasts moving forward, the operations at View Gold’s Bronzewing Minesite were placed on care and maintenance by the Administrators.
Furthermore, after a meeting of View Resources’ Committee of Creditors and approval from the Committee on Wednesday, 27 February 2008, the Administrators of View Nickel signed a term sheet with a subsidiary of IMC Resources (Australia) Pty Ltd (“IMC”), Austral-Asia Resources and Infrastructural Investments Pty Ltd (“AARI”) to refinance the debts due to IBAL and IBUK and fund future cash calls in relation to the Carnilya Hill Joint Venture. The funding is subject to a number of conditions precedent including a due diligence review in relation to View Nickel’s interest in the Carnilya Hill Joint Venture. Documentation in relation to the funding is currently being negotiated. At present the funding has not been drawn down.
The second meeting of creditors of View Gold has been convened for Monday, 17 March 2008 and will be held at the Kings Hotel, 517 Hay Street (corner of Hay and Pier Streets), Perth, Western Australia at 2.30pm WST.
The Administrators are currently seeking expressions of interest for the purchase of View Gold’s assets and are also seeking expressions of interest for the possible restructure and recapitalisation of the Group. The Receivers and Managers are also currently seeking expressions of interest for the sale of View Nickel’s assets.
Page 6


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## Goldmann (13 March 2008)

Confirmation of all the above via ASX release today. Looks like a positive way forward...                                                            ...


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## jonojpsg (13 March 2008)

Here's hoping - can anyone shed light on the probability of existing shareholders retaining their stake in this?  It's just that I was in a similar situation with Tassal a few years back and "recapitalisation" sounds nastily like "ditch all the existing holders and get us some new ones"


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## The Ferret (13 March 2008)

This may provide a degree of hope....

http://kalgoorlie.thewest.com.au/Regionals.aspx?MenuID=246&ContentId=62535


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## The Ferret (14 March 2008)

Receivers and managers sent in by Investec now removed from VRE. VRE control now back in the hands on the board appointed administrators.


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## Aussiejeff (14 March 2008)

The Ferret said:


> Receivers and managers sent in by Investec now removed from VRE. VRE control now back in the hands on the board appointed administrators.




Yup. A small step in the right direction?

http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00823012

I also noted that the reporter in the WA article stated:

_"Receivers appointed by Investec to View Nickel recently advertised for expressions of interest in the Carnilya Hill stake. However, *it is understood that if Investec’s debts are cleared the receivers will be withdrawn from the group*". _

So, although no announcement has been made to the effect that Investec's debts HAVE been cleared, I wonder if that has actually transpired? Standby for further announcements I guess.


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## The Ferret (14 March 2008)

Aussiejeff said:


> Yup. A small step in the right direction?




Better than nothing thats for sure. Good news for shareholders... I hold options.. so, my money is gone.

Only hope for options holders is that IMC also holds a sh*tload. Hoping VRE may offer option holders new ones based on current holdings at a discount or something... but not holding my breath.


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## Aussiejeff (14 March 2008)

The Ferret said:


> Better than nothing thats for sure. Good news for shareholders... I hold options.. so, my money is gone.
> 
> Only hope for options holders is that IMC also holds a sh*tload. Hoping VRE may offer option holders new ones based on current holdings at a discount or something... but not holding my breath.




Fingers x'ed for yer, Ferret....

I (embarassingly) hold shares rather than options ($60,000 worth to my chagrin, bought rather too impetuously after their final *good* report - just before the trading halt and subsequent shyte hit the fan a few days later!) 

So, to see even a glimmer of hope at this stage is - ummm, ever-so-slightly uplifting after the past few weeks of having resigned myself to total loss. Getting ANYTHING back out of this fiasco after resigning oneself to a total loss would be like having a win on Lotto! I'd be happy with 1%. Anymore than that will be a bonus...

Good luck, shareholders... everything still x-ed.....


AJ


----------



## jonojpsg (14 March 2008)

Mate, $60000!  I feel for you - I too bought in just after latest "good news" release and just before the .... hit the fan   but only $7000.  Let's all hope that we can get something worthwhile out of it.


----------



## Goldmann (14 March 2008)

hahahaha.. its like that last release of "good news" as we are all calling it was a striking bit of bait that not too many of us could have refused...  I too doubled up after that last release of news... also highlights how misled we all were by the "PREVIOUS" management... feels good to say previous management - hopefully all of them still have some questions to answer...

I have a much wiser colleague here at work who says that i should of waited for a full quarter of "good results" before jumping in again.. but hey - it is a speccie, i knew the history and the risk.. i guess you cant win them all... 

All this makes you wonder why IMC didnt just take over the debt in the first place... perhaps an instituitional placement???


----------



## robot (14 March 2008)

IMC did not want to rescue the existing company structure and management. 

If you remember IMCs representatives on the board (Jyn Sim Baker and Gerrit de Nys) had to stand down in October because of conflict of interest on the $10.6m capital raising.  You might note they were never reinstated therefore had no say in the critical events and announcements leading up to administration.  IMC actually called in Ferrier Hodgson for an urgent review of the financial situation just before Christmas. The report  raised cause for alarm. Combined with the proposed sale of Carnilya Hill IMC forced the remaining directors to call in Ferrier Hodgson as Administrators. This would have been under threat of disclosing insolvent trading during January and particularly after January 31st of January.

If IMC just propped up the existing management / Board and working capital (again) Carnilya Hill would have been sold and with Bronzewing failing to meet expectations it would have possibly been just a short term fix again. 

IMC and the Administrators will now restructure and recapitalise View Resources with IMC having a controlling interest on the Board.  

It will be very interesting to see if IMC want to hang onto Bronzewing (and explore and develop the area) or sell it off to settle debts.  Given the current Gold price, they may get a suprisingly good price for the existing infrastucture, mines and tenements (even though Gooch and Co mucked it up).  View paid $9 million for it after Newmont bailed out when the gold margin made it unprofitable.  Costs of infrastructure and exploration and development have risen sharply but the gold price has doubled also. 

IMC could then choose to focus just on the potentially very profitable 30% interest in Carnilya Hill.


----------



## MS+Tradesim (15 March 2008)

Report by the administrators. Worth a read:

http://www.ferrierhodgson.com.au/download.cfm?section=case_profile&objectID=4236


----------



## Aussiejeff (16 March 2008)

MS+Tradesim said:


> Report by the administrators. Worth a read:
> 
> http://www.ferrierhodgson.com.au/download.cfm?section=case_profile&objectID=4236





Thanks for that! The following extract is pretty telling. 

------------------------------

_"Andrew Saker and Darren Weaver *first provided verbal solvency advice to the Group at a meeting held on 10 December 2007*. Following this meeting Ferrier Hodgson were approached on 11 December 2007 by the major shareholder of View Resources, IMC to complete a high level business review and were formally engaged to undertake this task on 18 December 2007. The high level business review report was completed on 27 December 2007 for use by IMC.

After recent production results had been prepared and after Board discussions regarding the proposed sale with Mincor, the Group sought additional verbal solvency advice from Andrew Saker and Darren Weaver on 6 February 2008. The financial position of the Group was also discussed with the major secured creditor.

In view of the Group’s current financial position, the directors’ view that the Group was likely to be or become insolvent shortly and the directors resolved to appoint Administrators to the Group. On Friday, 8 February 2008, Andrew Saker and Darren Weaver were appointed as Joint and Several Administrators of View Resources, View Gold and View Nickel."_

-------------------------

These bas#%^&* knew the potential insolvency situation all along - from 10th December infact - yet the company's only major announcement after that date (there were none in Dec) was on 10th Jan - a *glowing* upbeat report exclaiming _"Bronzewing produces 45% more gold for December quarter!"_. NOWHERE in that announcement is there the slightest hint of impending financial problems or production problems. 

If ASIC don't stomp on Gooch and Co. the system and disclosure laws sux. These morons shouldn't be allowed to get away with what they have so blatantly and PURPOSELY kept hidden from public shareholders. The circumstances were NOT unforeseen - at least by them. 

Grrrrr.....



AJ


----------



## treefrog (16 March 2008)

Aussiejeff said:


> Thanks for that! The following extract is pretty telling.
> 
> ------------------------------
> 
> ...




Jeff, methinks you and other shareholders should lodge formal complaints to ASIC along the lines of your post here - you can download a formal complaint form from the internet or they will mail one to you.

totally agree they should not be allowed to escape their obligations


----------



## Squawkbox (17 March 2008)

Does anybody know if the 2nd creditors' meeting is going ahead today and if this will be adjourned or whether any substantive information may be expected thereafter?


----------



## binstrokein (17 March 2008)

The second creditors meeting was delayed by 45 days. This was on the recommendation of the administrators.


----------



## Squawkbox (17 March 2008)

Thanks; I had received the same information, plus confirmation that the gold operations remained suspended in spite of the rise in the gold price to US$1030. Surely, the grades must be profitable at that price!


----------



## prawn_86 (17 March 2008)

Not profitable if there is not actually anything there.

From what I have heard that wouldn't surprise me


----------



## Squawkbox (17 March 2008)

.........but didn't they have any independent geologists producing the reserve/resource figures and grades??


----------



## Aussiejeff (27 March 2008)

Squawkbox said:


> .........but didn't they have any independent geologists producing the reserve/resource figures and grades??




It's interesting to see how MFS and CNP are going to be hit with class actions re: these companies failing to provide adequate updates to the market regarding their REAL (as opposed to IMAGINARY) operational & financial situations... I'm not sure whether that is the best way for shareholders to go yet with VRE. 

I guess after the next announcement (or two) we'll know which way the wind is blowing...


AJ


----------



## Jigalong (7 April 2008)

"I (embarassingly) hold shares rather than options ($60,000 worth to my chagrin, bought rather too impetuously after their final *good* report - just before the trading halt and subsequent shyte hit the fan a few days later!)"

AJ
I bought 26 grands worth the day before they went **** up, so you are not the only dummy around here! I thought they looked too good to be true - and they were.

Cheers,

Jigalong.


----------



## Squawkbox (11 April 2008)

I have just received a notification from the Administrators with regard to a Court Hearing due on 22nd April seeking Directions with regard to the handling of cash transfers between the View companies - any accountants out there who can throw any light as to where we are likely to stand - guess we shall not be able to assess the situation immediately?!


----------



## Pat (11 April 2008)

The whole thing stinks, and because it stinks, it'll take longer to remove the smell, months longer, if they can.


----------



## spartn (11 April 2008)

Squawkbox said:


> I have just received a notification from the Administrators with regard to a Court Hearing due on 22nd April seeking Directions with regard to the handling of cash transfers between the View companies - any accountants out there who can throw any light as to where we are likely to stand - guess we shall not be able to assess the situation immediately?!




Hi mayte.

You more than likely will have a case in contract.  But as far as i am concerned i personally am not sure. I am an accounant but this is more of a law issue, i would personally seek 'legal' advice.

Thanks

:viking:

Spartn


----------



## captluthra (29 April 2008)

Hi Guys,

I am new to Australia. Moved in from NY. Could some one please tell me as to what are the tax implications of losses made on stocks taransactions.

If I lost $30000, then caould that amount be written off?

Any help would be highly appreciated.

Sanjeev


----------



## Goldmann (1 May 2008)

im a touch confused with what is going on... this evening my portfolio changed (on COMMSEC) to show VRE as no longer a loss?  bizarre... i look for news but there is none... is this normal - perhaps it happens after close every night - i thought for a second it might be trading again (as i have taken it off my watch list and dont pay much attention)...

no real issue - just wondering why?


----------



## Goldmann (1 May 2008)

so did the meeting they refer to below happen today?

*Current Status of Administrations & actions required by Creditors*
The Administrators are working with the board and management of the companies to look at options for the possible restructure and / or recapitalisation of the companies. On Tuesday, 19 February 2008, the secured creditors of the companies exercised their rights to appoint Receivers and Managers to View Resources Ltd and View Nickel Pty Ltd. The Administrators are currently seeking expressions of interest for View Gold Pty Ltd’s assets, while the Receivers and Managers are seeking expressions of interest for View Nickel Pty Ltd’s assets. 

*Next milestone and estimated timetable*
Reconvened second meeting of creditors of the companies to be held on or around *Thursday, 1 May 2008. *

*Likely outcome for creditors and timetable*
Possible Deed of Company Arrangement proposal being put forward to creditors of the companies or the companies proceeding into liquidation.

ahhh this is still very


----------



## jonojpsg (2 May 2008)

Goldmann said:


> im a touch confused with what is going on... this evening my portfolio changed (on COMMSEC) to show VRE as no longer a loss?  bizarre... i look for news but there is none... is this normal - perhaps it happens after close every night - i thought for a second it might be trading again (as i have taken it off my watch list and dont pay much attention)...
> 
> no real issue - just wondering why?




Same here Goldmann, I saw that and jumped straight on to VRE to see what had happened.  Sadly nothing   Am still smarting from this loss but seeing some light at the end of the tunnel with the rest of my portfolio


----------



## Squawkbox (2 May 2008)

I believe there has been an adjournment of the 2nd creditors' meeting and that Ferrier's website will be updated soon.


----------



## binstrokein (7 May 2008)

The second meeting of creditors will now be held on or around 25 July 2008.
This long period of time with no information is frustrating. Still, no information is better than the information we have been feed in recent times.


----------



## cookiedude (14 May 2008)

Hmmmmm. VRE is no longer showing in my Portfolio - Any idea why that would be? Does anybody else have this problem? Should I contact my broker?


----------



## ba229 (14 May 2008)

It's gone from my portfolio too. Pretty much as I have felt about my money for some time now.

Everything is fine
Everything is fine
Everything is fine
Everything is fine
Ohhh wait, everything is not fine and it all happened very suddenly and not one of us board members saw it coming or notified the market.


----------



## richAndre (14 May 2008)

Yeah I had the same problem, no VRE on my brokers account! Its like disappeared along with my money; what should we do?


----------



## cookiedude (14 May 2008)

Your VRE holdings were moved out of sponsored holding status with us, to the Share Registry. Please contact the relevant Share Registry directly with regard to this matter... 

Can anyone elaborate why these have been moved?


----------



## Aussiejeff (15 May 2008)

cookiedude said:


> Your VRE holdings were moved out of sponsored holding status with us, to the Share Registry. Please contact the relevant Share Registry directly with regard to this matter...
> 
> Can anyone elaborate why these have been moved?




Can't say I'm all that surprised - what with the creditors meeting now deferred to end of July (and who knows - maybe/probably further extensions). Maybe the sponsors don't like to hold onto "dogs" for months on end. VRE is smelling like a dead rat right ATM.


AJ


----------



## cookiedude (15 May 2008)

Aussiejeff said:


> Can't say I'm all that surprised - what with the creditors meeting now deferred to end of July (and who knows - maybe/probably further extensions). Maybe the sponsors don't like to hold onto "dogs" for months on end. VRE is smelling like a dead rat right ATM.
> 
> 
> AJ




So if for some unexplained reason 6 months from now VRE were to trade again  would this be reflected in my sponsor's portfolio?


----------



## Aussiejeff (15 May 2008)

cookiedude said:


> So if for some unexplained reason 6 months from now VRE were to trade again  would this be reflected in my sponsor's portfolio?




Not sure about that. I contacted Commsec who told me my holding had been transferred back into Computershare (I should get the confirming letter today). I phoned Computershare and they advised my holding is now an issuer sponsored one, until VRE's trading situation is resolved (one way or another).

So I don't know whether my VRE holding would automatically re-instate to my Commsec CHESS sponsored portfolio listing - or whether it would need "manual" re-instatement to Commsec CHESS sponsorship. Anyway, plenty of time to ponder THAT question..... 


AJ


----------



## Squawkbox (15 May 2008)

I note that Lion Selection (LST) is now cashed up.  Perhaps (fingers crossed!) it is preparing to salvage its holding in VRE with a generous offer to enable a re-float.  Seems that LST aspires to be a gold miner - see this site.


----------



## Pat (15 May 2008)

Pat said:


> The whole thing stinks, and because it stinks, it'll take longer to remove the smell, months longer, if they can.



I'm starting to think they'll have to Tomato Sauce it. Any Seinfeld fan will understand.
I feel for anyone with some serious $$$ in VRE. So much loss in so little time.
I hope we see our monies back, but that's months away.... still.


----------



## cookiedude (16 May 2008)

Just confirmed, all manual:

If VRE is re-instated customers will have to apply to have the shares moved back from issuer to their broker's account. You will receive further instruction from the share registry outlining the course of action to be taken regarding this stock.

Well anyway not like I need to stress - at the moment it looks very unlikely that VRE will be re-instated anytime soon... Nothing left to do now but wait...


----------



## rico01 (23 May 2008)

There is a new circular from ferrier hogson admistrators but here is the bottom line

Shareholders rights as a creditor and voting rights at creditor meetings

Ultimately creditors will be asked to decide the future of the Group companies, including whether the company ought to be wound up or whether it ought to execute a DOCA, or otherwise. This will be done at the reconvened second meeting of creditors which is scheduled to be convened on or before 25 July 2008.
Given the Administrators’ view that it is unlikely that the directors breached their duties for continuous disclosure and as such it is unlikely that shareholders will have any valid claims against VRE, for the purposes of the upcoming second adjourned meeting of creditors scheduled to be convened on or before 25 July 2008, shareholders’ claims will be marked “objected to” by the Administrators. Accordingly, shareholders will only be entitled to vote for a nominal amount at the meeting.
In the event that VRE enters into a DOCA or is placed into liquidation and a dividend is to be distributed, the Administrators will call formally for Proofs of Debt. At this time, shareholders’ claims will be formally adjudicated upon based on the specific information provided by the claimant at the time.
Suspension of shares
The company’s shares are currently suspended from trading and will continue to be suspended pending the outcome of the administration. The Act prohibits a transfer of shares or an alteration in the status of members during the Administration period except with the Administrators’ consent or leave of the Court


----------



## Squawkbox (24 May 2008)

rico01 said:


> There is a new circular from ferrier hogson admistrators but here is the bottom line
> 
> Shareholders rights as a creditor and voting rights at creditor meetings
> 
> ...





At least the Directors appear to have acted properly and there is now more hope that the figures and projections upon which they had relied may be substantiated in the course of due diligence. The company's major shareholders had been supportive previously as had Fat Profits and, as a quite substantial shareholder, I feel there to be a fair chance that Management can yet absolve themselves and be valuable in contributing to the efforts to reconstruct the company. Gold is enjoying a comeback and the company's nickel interests should be improving their output as the months go by. LST is cashed up (although subject to a takeover bid) and Mincor has a large stack of cash.


----------



## cookiedude (21 July 2008)

Hmmm. Well the second report is out from ferrier hogson admistrators……… And there is some interesting reading in there….


----------



## chops_a_must (21 July 2008)

cookiedude said:


> Hmmm. Well the second report is out from ferrier hogson admistrators……… And there is some interesting reading in there….



Links?... Any paraphrasing? ... Anything at all to back this up?... 

Or are you just talking ****?...


----------



## cookiedude (21 July 2008)

Hey chops_a_must, here is a link:

http://www.ferrierhodgson.com.au/caseprofiles/details.cfm?objectID=55

Enjoy


----------



## Aussiejeff (21 July 2008)

cookiedude said:


> Hmmm. Well the second report is out from ferrier hogson admistrators……… And there is some interesting reading in there….




Hmmmm...... indeed. Now, in layman's terms, if the proposed DOCA (restructure of VRE and re-cap) gets up, where does that leave us ordinary shareholders?  Would our existing frozen shares be re-turned to trading status? 

There is no mention of "shareholders" in the whole blurb - apart from a small reference to shareholders needing to formally approve sale of View Gold assets?

At least there appears to be hope. I HOPE I'm not barking up the wrong tree here!! :dunno:


AJ


----------



## zoomy jeff (24 July 2008)

From my interpretation of the report the DOCA and ultimate relisting would be a company shell of no assets, other than tax losses tax losses, after the sale of both View Gold and View Nickle.  If this is true don't expect any more than a relist share price of 1 cent.
Please correct me if I'm wrong!


----------



## cookiedude (25 July 2008)

All should be decided today? If I am not mistaken the meeting should be taking place about now… Or soon.


----------



## MS+Tradesim (25 July 2008)

I just rang Ferrier Hodgson, the administrators. DOCA was accepted. The details will be published here, probably over the weekend:

http://www.ferrierhodgson.com.au/caseprofiles/details.cfm?objectID=55

Upshot is the gold equipment and tenements will probably be sold and some new shares issued to pay out creditors. Nickel assets should be retained. Company will relist at some stage with no share consolidation so all shares remain.

It was a quick conversation and I may have some details incorrect. Will see when documents released, but seems like some light is in the distance.


----------



## Aussiejeff (25 July 2008)

MS+Tradesim said:


> I just rang Ferrier Hodgson, the administrators. DOCA was accepted. The details will be published here, probably over the weekend:
> 
> http://www.ferrierhodgson.com.au/caseprofiles/details.cfm?objectID=55
> 
> ...





Thanks for the update, mate. I certainly got the impression reading the DOCA that the nickel assets were NOT being sold off ... yet! As I remember, all references to asset sales in the DOCA were for View Gold - not View Nickel.

Fingers x'ed for relisting - maybe a small Xmas gift?

AJ


----------



## Squawkbox (26 July 2008)

Aussiejeff said:


> Thanks for the update, mate. I certainly got the impression reading the DOCA that the nickel assets were NOT being sold off ... yet! As I remember, all references to asset sales in the DOCA were for View Gold - not View Nickel.
> 
> Fingers x'ed for relisting - maybe a small Xmas gift?
> 
> AJ




No news published as yet, but this sounds hopeful! 

Iwonder what MCR values VRE's nickel interests now? No recent news of progress at the joint venture.


----------



## MS+Tradesim (26 July 2008)

It's starting to look like we won't see the docs this weekend. Very annoying. 

I'm certainly hoping the JV is full steam ahead. That will resurrect something from this debacle for us.


----------



## cookiedude (30 July 2008)

... The outstanding ordinary shares in View Resources will be subject to a 100 to 1 consolidation ...


----------



## MS+Tradesim (30 July 2008)

cookiedude said:


> ... The outstanding ordinary shares in View Resources will be subject to a 100 to 1 consolidation ...




That was proposed under the EROC DOCA proposal dated 17/7 but I didn't see it in the AARI DOCA proposal that was actually recommended and accepted. 

Ps. Although they haven't added any extra documentation, Ferrier Hodgson have updated the page with the following:

*Current Status of Administrations & actions required by Creditors*

At the reconvened second meetings of creditors of each of the above companies, held on 25 July 2008, the creditors of each company voted to approve AARI’s DOCA proposal. The key terms of this DOCA are outlined in the Second Administrators’ Report to Creditors dated 16 July 2008.

*Next milestone and estimated timetable*

Execution of the DOCA by 15 August 2008. 

*Likely outcome for creditors and timetable*

AARI’s DOCA proposals provide that View Resources Limited’s and View Nickel Pty Ltd’s creditors will receive a dividend of 100 cents in the dollar plus statutory interest within 180 days of execution of the DOCA. The dividend for View Gold Pty Ltd’s creditors is unknown at this stage as it will ultimately depend upon the realisation of View Gold Pty Ltd’s assets. Under AARI’s DOCA proposal the Deed Administrators have 180 days to finalise the sale of View Gold Pty Ltd’s assets and thus any dividend payable to View Gold Pty Ltd’s creditors is anticipated to be paid within 180 days of execution of the DOCA. Please refer to the Administrators’ Second Reports to Creditors dated 16 July 2008 for full details of AARI’s DOCA.

http://www.ferrierhodgson.com.au/caseprofiles/details.cfm?objectID=55


----------



## Aussiejeff (31 July 2008)

MS+Tradesim said:


> That was proposed under the EROC DOCA proposal dated 17/7 but I didn't see it in the AARI DOCA proposal that was actually recommended and accepted.




Me neither. I could find no reference to ordinary shareholders or any proposed consolidation that would affect ordinary shareholders in the DOCA just approved. Guess we have to wait and see.....

Still, it is a small comfort to know the DOCA has been agreed to by all involved parties. So let's hope us ordinary folk don't get dudded further in the ensuing restructure and relisting process!

AJ


----------



## Aussiejeff (31 July 2008)

Here's a bit more DOCA "clarification" for shareholders listing the next major steps in VRE's possible relisting (or liquidation if that fails) after the proposed Aug 15th signing of the DOCA.

Note the reference to possible shareholder dilution as a result of options being issued under the terms of the DOCA (nothing about a 100:1 reduction!). Also I note the option of liquidation (which is still very much possible if a number of issues subsequent to the signing of the DOCA are not met) which still indicates a "possible" return to shareholders under that scenario.

We live in hope.....

AJ


----------



## Squawkbox (16 August 2008)

Does anyone know whether the DOCA was signed within yesterday's dead
line?

The large fall in gold and commodity prices recently bodes ill for the sale of View's gold interests.


----------



## Squawkbox (18 August 2008)

Good news!  I have today received confirmation from the administrators that the DOCA was safely signed within last Friday's deadline.

Fingers crossed for the next step, whatever that might be!


----------



## Aussiejeff (19 August 2008)

Squawkbox said:


> Good news!  I have today received confirmation from the administrators that the DOCA was safely signed within last Friday's deadline.
> 
> Fingers crossed for the next step, whatever that might be!




Hi Squawkbox.

Thanks for the update. One more step in a long line of steps.... 5 more in fact.

According to the "steps" outlined in the DOCA itself, shareholder approval is now required for the process to proceed. 

See my post #377 (above) which includes DOCA detail regarding the next steps needed for re-listing of the company to be realised. 



Aussiejeff


----------



## Aussiejeff (21 August 2008)

See latest update here:

http://www.ferrierhodgson.com.au/caseprofiles/details.cfm?objectID=55

------------------------------

Summary is as follows:


Current Status of Administrations & actions required by Creditors

The DOCA’s for the View Group were executed on 15 August 2008.

Next milestone and estimated timetable:

(a) Calling for Formal Proof of Debts which are due to be submitted by 10 September 2008 for all companies of the View Group.

(b) Realisation of View Gold Pty Ltd’s assets.

Likely outcome for creditors and timetable:

AARI’s DOCA proposals provide that View Resources Limited’s and View Nickel Pty Ltd’s creditors will receive a dividend of 100 cents in the dollar plus statutory interest within 180 days of execution of the DOCA. The dividend for View Gold Pty Ltd’s creditors is unknown at this stage as it will ultimately depend upon the realisation of View Gold Pty Ltd’s assets. Under AARI’s DOCA proposal the Deed Administrators have 180 days to finalise the sale of View Gold Pty Ltd’s assets and thus any dividend payable to View Gold Pty Ltd’s creditors is anticipated to be paid within 180 days of execution of the DOCA. Please refer to the Administrators’ Second Reports to Creditors dated 16 July 2008 for full details of AARI’s DOCA.

--------------------------------


Cheers,

aj


----------



## Goldmann (22 August 2008)

Aussiejeff said:


> See latest update here:
> 
> 
> AARI’s DOCA proposals provide that View Resources Limited’s and View Nickel Pty Ltd’s creditors will receive a dividend of 100 cents in the dollar plus statutory interest within 180 days of execution of the DOCA. The dividend for View Gold Pty Ltd’s creditors is unknown at this stage as it will ultimately depend upon the realisation of View Gold Pty Ltd’s assets. Under AARI’s DOCA proposal the Deed Administrators have 180 days to finalise the sale of View Gold Pty Ltd’s assets and thus any dividend payable to View Gold Pty Ltd’s creditors is anticipated to be paid within 180 days of execution of the DOCA. Please refer to the Administrators’ Second Reports to Creditors dated 16 July 2008 for full details of AARI’s DOCA.
> ...




This appears to be a long way off the average punter seeing a relisting or any cash... 180 days they have to finalise a sale of the gold assets, and i assume that all has to be done and dusted before (whats left of) the company can move forward in any way???


----------



## Squawkbox (6 October 2008)

ASX announcement today from Mincor - 

Massive sulphide intersection at Carnilya Hill.  

Hopefully the ramp up of production at Carnilya will be given priority in view of the high grade of ore at Carnilya compared with other Mincor mines, and that View Resources will have a sound base upon which to re-launch itself next Spring.

Does anyone know when View's shareholders may expect the next step to take place following the filing of creditors' claims last month?


----------



## MS+Tradesim (8 October 2008)

Squawkbox said:


> Does anyone know when View's shareholders may expect the next step to take place following the filing of creditors' claims last month?




I agree about CH - hopefully will allow us to salvage something from this fiasco. As for the next step, they are selling off View Gold's assets so that will take however long it takes. Not a very helpful answer I know but with current world conditions and the questionable value of some of View Gold's stuff, I would surprised if it was a quick hassle-free process.


----------



## Goldmann (8 October 2008)

MS+Tradesim said:


> I agree about CH - hopefully will allow us to salvage something from this fiasco. As for the next step, they are selling off View Gold's assets so that will take however long it takes. Not a very helpful answer I know but with current world conditions and the questionable value of some of View Gold's stuff, I would surprised if it was a quick hassle-free process.




of course the side to this mess is that when VRE collapse it was worth .13c.

say most of us would of held on thinking it would turn around... considering the fall gold had, plus the hammering small caps are getting now - i reckon VRE would be lucky to be worth .05c in todays terms anyway...

the only thing different now is that you would of had a chance to sell out before it got to there (but considering the loss i am sitting on with some of my other small caps now (MOL, LYC, DIO), i doubt i would of sold out anyway)...

just trying to give a glass half full in very tough times...


----------



## amazme (4 November 2008)

Just wondering if anyone has read any updates on this one. I havnt seen much from Ferrier since the last update posted back in Sept....


----------



## Aussiejeff (5 November 2008)

amazme said:


> Just wondering if anyone has read any updates on this one. I havnt seen much from Ferrier since the last update posted back in Sept....




Not likely to this year IMO.

These things have a habit of dragging on beyond "expected timeframes".

zzzzz....zzzz



aj


----------



## J.B.Nimble (6 November 2008)

Goldmann said:


> but considering the loss i am sitting on with some of my other small caps now (MOL, LYC, DIO), i doubt i would of sold out anyway)...




Don't fret over these - 
LYC will get there but what the price of their REO bundle will be in a recesssionary environment is anyone's guess - needs a couple of years post start up to reveal full potential. 
DIO is a sleeper which will activate on the current AUD/USD/POG. If the exchange rate collapse hasn't pushed them cash positive I will be shocked. 
MOL - what a mess, borrow a hundred thou and you've got a problem, borrow 100 mill and the bank has a problem... how did they ever get started on the development without all the funding lined up? Balls of Steel! These guys should end up taken over by a major and provided you were a relatively recent entrant you might make it out with something to show for your troubles...


----------



## Aussiejeff (11 December 2008)

Admins have around 2 months left to sell gold assets. Wouldn't you love to be a fly on the wall?

So, around mid Feb then we should know one way or t'other.


----------



## amazme (7 January 2009)

Well i actually found out some news regarding this stock. It seems AARI's intends to re-list VRE on the ASX by the end of February 2009.

It appears this is the expected outcome for VRE shareholders. As to what the price opens at/trades at is anyones guess in the current conditions

Fingers crossed!


----------



## jonojpsg (7 January 2009)

amazme said:


> Well i actually found out some news regarding this stock. It seems AARI's intends to re-list VRE on the ASX by the end of February 2009.
> 
> It appears this is the expected outcome for VRE shareholders. As to what the price opens at/trades at is anyones guess in the current conditions
> 
> Fingers crossed!




Yeehaaaa  Not that I'll hold my breath for it, but that is some good news amazme.  Added to the fact my portfolio has jumped by lots in the last few days and I'm a very happy chappy.


----------



## MS+Tradesim (7 January 2009)

jonojpsg said:


> Yeehaaaa  Not that I'll hold my breath for it, but that is some good news amazme.  Added to the fact my portfolio has jumped by lots in the last few days and I'm a very happy chappy.




That would be nice. I was going to call them today and see if they were progressing.


----------



## MS+Tradesim (20 January 2009)

amazme said:


> Well i actually found out some news regarding this stock. It seems AARI's intends to re-list VRE on the ASX by the end of February 2009.
> 
> It appears this is the expected outcome for VRE shareholders. As to what the price opens at/trades at is anyones guess in the current conditions
> 
> Fingers crossed!




I can now confirm this. Final offers have been received on View Gold's assets. Waiting on creditors to accept or not. If all goes well, AARI are indeed hoping to relist by end of Feb. The Carnilya Hill JV project is being maintained as an asset.


----------



## amazme (20 January 2009)

Glad you heard it aswell and confirmation too!

Still so many questions I have as to when in Feb and how its going to be re-listed esp in the current conditions etc etc. Time will tell


----------



## Aussiejeff (21 January 2009)

Yeah. It's hardly boom-time in NickelTown atm is it? Unfortunately, they probably couldn't have picked a worse time to relist if they had tried!


----------



## captluthra (23 January 2009)

*VRE - Whats the news*

Hi guys,

whats the latest on VRE. 

Any firm dates or any other relevent information

Thanx

Sanjeev


----------



## cookiedude (13 February 2009)

The news is... There is no news 

http://www.ferrierhodgson.com/Current Matters/Corporate Recovery Matters/View Resources Ltd.aspx


----------



## Squawkbox (18 February 2009)

Mincor's half year results have just been announced. 

These indicate that the Carnilya Hill operations are doing well (View 30% share) even when the nickel price is down. This holds out some hope that View will have a significant regular source of income to look forward to when it is relisted.

I understand that View's creditors are now considering the final offers received from potential purchasers of the company's gold assets. 

Does anyone know if there is any realistic prospect of View's creditors deciding to retain such assets under View's ownership (as gold continues to shine and fuel costs/operating overheads are low) on condition that the creditors can procure the allotment to themselves of sufficient shares in View in exchange for cancelling the sale of the company's gold assets?


----------



## amazme (27 February 2009)

Yeah interesting this one. Still havnt seen any official announcements regarding the relisting or plan going forward since the last release to the market in Aug 08.

I received news earlier this year stating it would be relisiting in Feb. I guess that now has been pushed out. Anyone heard anything further as to the delays in View?


----------



## MS+Tradesim (27 February 2009)

I haven't heard anything new but if you email Jamie Gunnis, he's been helpful and informative whenever I've contacted him. His details are on the page:
http://www.ferrierhodgson.com/Current Matters/Corporate Recovery Matters/View Resources Ltd.aspx


----------



## amazme (19 March 2009)

Found out some more news from Ferrier Hodgson regarding View. Im told that the DOCA period has expired and Ferrier are now seeking an extension of this to be able to sell the View Gold assets, then make a distribution to the creditors. If the extension isnt granted View will fall into liquidation. If the DOCA is extended they will continue selling the View Gold assets and then be able to make a distribution to the creditors. If his is then completed VRE will be relisted on the ASX.

Big ask in the climate. Im finally loosing hope on this now...


----------



## Aussiejeff (20 March 2009)

amazme said:


> Found out some more news from Ferrier Hodgson regarding View. Im told that the DOCA period has expired and Ferrier are now seeking an extension of this to be able to sell the View Gold assets, then make a distribution to the creditors. If the extension isnt granted View will fall into liquidation. If the DOCA is extended they will continue selling the View Gold assets and then be able to make a distribution to the creditors. If his is then completed VRE will be relisted on the ASX.
> 
> Big ask in the climate. Im finally loosing hope on this now...




Hope?

What's that?



IF anything comes of this drawn-out process, I'll be Monkey's bum.


aj


----------



## zoomy jeff (20 March 2009)

I just hope it is resolved one way or the other before July so i can claim my loss ($52,000).  Even in the current climate i have a profit excluding VRE which Iwould hate to pay tax on.


----------



## cookiedude (1 April 2009)

Sales Process

At the date of this report we had received three indicative offers for the plant and equipment and all mineral assets of View Gold. We have been liaising with these three parties for the past several weeks in order to attempt to finalise formal offers that can be put forward to Austral-Asia Resources and Infrastructural Resources Pty Ltd (“AARII”) (the secured creditor of the View Group) for consideration and if thought appropriate, acceptance of the same.

The formal offers are expected to be finalised and submitted to the Deed Administrators within the next seven days. However, given that none of these offers have yet been presented to us, we are not in a position to disclose the identities of the interested parties or the commercial terms of the expected offers.

Status of the View Group’s DOCA’s and Supreme Court Application

Each of the View Group’s DOCAs remains on foot. However, on 17 March 2009, a creditor of View Gold expressed concern over the status of the DOCAs given that certain key conditions precedent to completion of the DOCAs had not yet been satisfied. In view of the concerns raised, the Deed Administrators applied to the Supreme Court of Western Australia for orders pursuant to section 447A of the Corporations Act 2001 (Cth) confirming that the DOCAs remained on foot (“the Application”).  The orders sought in the Application were necessary to ensure, amongst other things, that the control of the View Group did not return to the hands of its directors (this being undesirable having regard to the obvious insolvency of the View Group) and that the Deed Administrators may proceed with the sale of View Gold’s assets in their capacities as Joint and Several Deed Administrators of View Gold.

The Application, which was heard on Tuesday, 24 March 2009, was successful and the Supreme Court of Western Australia confirmed that the View Group’s DOCAs remain on foot.

For further information regarding the current status of the View Group and the abovementioned Court orders, please refer to the Status Report to Creditors and Circular to Creditors published on 26 March 2009.
Next Milestone and Estimated Timetable:

    * Sale of View Gold Pty Ltd’s assets
    * Variation or termination of the View Group’s DOCA’s

Likely Outcome for Creditors and Timetable:

Given that View Gold’s assets have not been sold to date, no distribution to creditors of the View Group has occurred. We intend to progress the sale of View Gold’s assets as soon as practicable. We expect that a formal offer will be received within the next seven days and executed shortly thereafter, if approved by AARII. In the event that the offer is approved by AARII and accepted by the Deed Administrators, we will furnish creditors with further details regarding the offer, including the purchaser’s name, consideration payable and other key terms of the sale, as well as the dividend estimate (if any such dividend will be payable) to creditors of the View Group. Based upon the indicative offers that we have received to date, it is unlikely that unsecured creditors of View Gold Pty Ltd will receive any substantive dividend (if any dividend will in fact be payable).


----------



## Aussiejeff (2 April 2009)

cookiedude said:


> Likely Outcome for Creditors and Timetable:
> 
> Based upon the indicative offers that we have received to date, *it is unlikely that unsecured creditors of View Gold Pty Ltd will receive any substantive dividend (if any dividend will in fact be payable).*




That's the bottom line.

Unsecured = [size=+1]*0*[/size].

No mention of re-listing whatsoever. With the world-wide plummet in Nickel prices, that is no surprise, then. 

So, my bet is liquidation within 30 days. Or the process drags out till 30 Jun then liquidation anyway. Then the Chinese pick up the pieces.

Forget this puppy. All unsecured holdings remain worthless.

It died a l-o-o-o-n-g time ago.

R.I.P. VRE


----------



## jonojpsg (2 April 2009)

While I am in agreeance with you AJ, the statement does say *unsecured creditors of ViewGold* not View Group.  The idea was to ditch View Gold then relist View Group with nickel assets, was it not??  

I'm not going blue in the face over it anyway


----------



## Squawkbox (2 April 2009)

Perhaps we do not need to be overly negative on the state of the nickel price. The mine in which View has an interest is one of the most profitable in the portfolio of Mincor and is doing very nicely according to the most recent announcements by MCR.


----------



## MS+Tradesim (2 April 2009)

NAV have just entered an agreement to purchase the Bronzewing project and plant.

http://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=NAV&timeframe=D&period=W

As jono said, it is the unsecured creditors of View Gold (not View Nickel or View Resources) that are unlikely to receive any payout. So far as I know, the plan to keep the CH JV going and possibly relist with it is still on the cards. Haven't yet reconfirmed that.

I've written off my holdings here. Anything I get back will be an unexpected bonus.


----------



## Aussiejeff (2 April 2009)

jonojpsg said:


> While I am in agreeance with you AJ, the statement does say *unsecured creditors of ViewGold* not View Group.  The idea was to ditch View Gold then relist View Group with nickel assets, was it not??
> 
> *I'm not going blue in the face* over it anyway




Thanks for pointing that out jono. My bad.  Sorry for the mis-lead....

I've gone a bit red in the face after that doozy...............................


----------



## Squawkbox (2 April 2009)

I see that the offer price for View's gold assets is some 50% more than the minimum price being sought, so that leaves some room for cheer.


----------



## Squawkbox (2 May 2009)

ASX announcement by NAV confirms due diligence successfully completed. Could this be a first step towards something hopeful? Meanwhile, Mincor's recent report confirms that the CH mine in which VRE has a 30% interest has been doing very nicely.


----------



## Squawkbox (9 June 2009)

Great news to see the NAV Announcement today confirming that one of the major obstacles to the Bronzewing acquisition has been successfully negotiated.


----------



## Aussiejeff (2 July 2009)

...and it drags on....

Just phoned Ferrier Hodgson to find out the latest twist in the ongoing VRE saga, as I would have liked to write this pile of steaming *$hite* off this FY.

However, the current status as spoken to me by phone:

- The buyer (undisclosed) has not yet decided whether to liquidate or re-list. Of course, shareholdings remain frozen till then. *Grrr*

- Ferrier Hodgson are "pushing" the buyer for a final decision to be made by the end of July, but have not yet received any response (no surprise given how long this puppy has been dragging on...) *Grrr*

- It looks at this stage that un-secured creditors (ie small shareholders) appear unlikely to have any value attached to their holdings. Ferrier Hodgson spokesman says it is up to the buyer as to whether they will provide any "value" for current shareholders but at this stage appears unlikely. *Grrr*

So, there you have it.

Another month.

At least.

*Grrr*

:angry:


----------



## Aussiejeff (3 July 2009)

*Grrr*

Delay now extended out to end of August.

*Grrr*

VRE suspended from ASX.

How long is a piece of $tring?

*Grrr*


----------



## amazme (9 July 2009)

Aussiejeff said:


> *Grrr*
> 
> Delay now extended out to end of August.
> 
> ...




I keep trying to hold that tiny bit of hope here but it keeps being dashed!
I just refuse to give up completely until the writing is on the wall and the group goes into liquidation.

Whats another month hey...


----------



## Squawkbox (22 July 2009)

Ferrier advised me early this week that it now seems unlikely that View will be liquidated in view of the transaction to sell the gold assets to NAV proceeding smoothly to date.  

There was an encouraging quarterly report from MCR (Mincor) yesterday in which the 25% increase in production of ore tonnes from Carnilya over last quarter is described as excellent.

Let's keep our fingers crossed that the further exploration due to be conducted during this quarter at Carnilya has some additional nice surprises in store!


----------



## jonojpsg (22 July 2009)

Indeed!  Given what $10m for Bronzewing and 677t of Ni in concentrate for Jun qtr from Carnilya of which what 30% is VREs

 200t @$5k/t after costs?= $1m for the qtr seems like would make a viable income?  Can't remember all the details now of debt etc so maybe way off

Miitel* 383 1.72 7 6
Mariners 41,961 3.78 1,586 1,424
Redross 2,794 2.33 65 59
Otter Juan 30,653 4.06 1,244 1,157
McMahon 2,034 2.34 48 44
Coronet 6,015 2.17 130 121
*Carnilya Hill 23,379 3.18 743 677*

Here's hoping then for some return on those $$


----------



## zoomy jeff (31 July 2009)

NAV has recieved a further extention to settlement, it is now 30th Sept.

Navigator Resources Limited (“Navigator”, ASX: NAV) is pleased to advise the following
update to its intended acquisition of the Bronzewing Gold Project (“BWGP”).
The Company is now in receipt of two separate proposals for debt funding facilities for the
acquisition of BWGP, the terms of which are such that the Board of Directors and
management are re-evaluating the quantum of equity required to settle the acquisition in the
interests of obtaining the optimum debt/equity mix for shareholders. The Company’s
financing flexibility in relation to the purchase was further enhanced yesterday through the
approval of shareholders for an equity placement facility of up to 50 million shares.
Navigator has sought and received a 30 day extension to the acquisition timeline from the
Administrators of the BWGP to enable a full analysis of the various capital funding scenarios.
The Company expects that the determination of the BWGP financing mix will occur by 31
August 2009 with the final settlement by 30 September 2009


----------



## Squawkbox (20 August 2009)

An encouraging Annual report announcement by MCR today.

Let's hope for a detailed analysis of the latest Carnilya Hill output.


----------



## zoomy jeff (1 September 2009)

NAV have gone into a trading halt until Thursday 3rd Sep pending an announcement regarding the acquisition of Bronzewing!


----------



## MS+Tradesim (3 September 2009)

From NAV's ann this morning:

"BRONZEWING PURCHASE
The Directors of Navigator Resources Limited (“Navigator”) (ASX: NAV) are pleased to
announce that the Company has notified the Administrators that it is proceeding to
completion of the acquisition of the Bronzewing Gold Project by the end of
September 2009, after securing debt financing and broker firm equity funding
commitments."


----------



## amazme (3 September 2009)

MS+Tradesim said:


> From NAV's ann this morning:
> 
> "BRONZEWING PURCHASE
> The Directors of Navigator Resources Limited (“Navigator”) (ASX: NAV) are pleased to
> ...




I seen this today aswell. Im wondering what does this mean for those View shareholders now? I all but lost hope of anything in return from any sales or re-listing....


----------



## jonojpsg (3 September 2009)

I can't understand why there *wouldn't* be a return of some value to shareholders??  There wasn't that much debt hanging over VRE was there - can't remember offhand?  Surely the $10m from Bronzewing plus the cashflowfrom Carnilya Hill would be enough to put the company back on the books again?  

Pisses me off when I lose money in a way that looks like the insiders get looked after and the plebs get shafted  Same thing with other companies that get put in receivership then get relisted, eg Tassal.  

How is it justified that all the existing equity in a company can simply be wiped out, then the exact same assets get relisted, effectively resold, with new equity?  Surely if the assets have the value that enables them to be sold, then that value should get passed on to existing shareholders after debt has been paid?


----------



## amazme (3 September 2009)

jonojpsg said:


> I can't understand why there *wouldn't* be a return of some value to shareholders??  There wasn't that much debt hanging over VRE was there - can't remember offhand?  Surely the $10m from Bronzewing plus the cashflowfrom Carnilya Hill would be enough to put the company back on the books again?
> 
> Pisses me off when I lose money in a way that looks like the insiders get looked after and the plebs get shafted  Same thing with other companies that get put in receivership then get relisted, eg Tassal.
> 
> How is it justified that all the existing equity in a company can simply be wiped out, then the exact same assets get relisted, effectively resold, with new equity?  Surely if the assets have the value that enables them to be sold, then that value should get passed on to existing shareholders after debt has been paid?




Yeah agree with that! Your rite shareholders get very very little or no return when companies end up like this. I guess thats the risks involved in investing in any company on any stock exchange


----------



## zoomy jeff (4 September 2009)

Other than actually receiving the money at the end of September, this is the was I see it. I may be wrong in my facts and assumptions, so please correct me.

IMC Resources extended the funds in order to stave of Investec from forcing a liquidation.  They did so on the the following conditions.
1.  All Directors were to stand down.
2.  ASX would relist the company once the Administration was over.
3.  The rejection by MCR, due to certain conditions not being met, was legally binding.

In order for the company to be relisted an extraordinary meeting must be called in order to elect the Public Company required number of Directors.  Once this is done application to relist can be made.

As I see it IMC have always wanted to have shares in a listed company, not to take over it.  The loan they have contibuted cannot be converted to shares without the approval of shareholders.  

Running a bit blind on this but from information out of MCR reports July to August I would put VRE's proportion of profit before tax for the year at between $4M and $6.  This made with an extremely low Nickel price.  My believe that the current proven reserves would give VRE's value of Camilya at $35M with a lot of upside.

My sentiment for this company has now reverted to "Hold" for at least a little while and let the rabble sell at what will be initially an undervalued price.

This is my sentiment and I am offering no advise to others.


----------



## prawn_86 (4 September 2009)

I dont think you have much of a choice but to 'hold' because they are suspended. Too bad if you wanted to sell...


----------



## jonojpsg (4 September 2009)

prawn_86 said:


> I dont think you have much of a choice but to 'hold' because they are suspended. Too bad if you wanted to sell...




Yeah haha rub it in why don't you  I'm actually feeling like I *might * yet see something back from this debacle


----------



## zoomy jeff (4 September 2009)

prawn_86 said:


> I dont think you have much of a choice but to 'hold' because they are suspended. Too bad if you wanted to sell...




Dear Prawn, I would suggest you re read my thread i.e.

In order for the company to be relisted an extraordinary meeting must be called in order to elect the Public Company required number of Directors. Once this is done application to relist can be made.

Thank you


----------



## Squawkbox (8 September 2009)

Great news just out in Mincor's ASX announcement today - A large additional find at Carnilya Hill.  Hopefully, this will enhance the chances of a re-listing unless MCR makes a takeover offer first.


----------



## Squawkbox (8 September 2009)

Announcement by NAV today - its share price went up 30% and has been questrioned by ASX. 

Could this be a party reclaiming its interest in View's gold resources now that the price of gold and Navigators' calculations and funding success paint a much rosier picture than the one existing at the start of administration?


----------



## MS+Tradesim (1 October 2009)

NAV have paid for Bronzewing. Wrote to Ferrier Hodgson a week or two back but they didn't indicate anything useful...so nothing else to report yet.


----------



## amazme (1 October 2009)

MS+Tradesim said:


> NAV have paid for Bronzewing. Wrote to Ferrier Hodgson a week or two back but they didn't indicate anything useful...so nothing else to report yet.




I too was thinking of writing to them after this landmark was complete though. 
Maybe you'll get a response now that NAV have completed the purchase....


----------



## Squawkbox (2 October 2009)

Jamie Gunnis of Ferrier Hodgson replies to emails very promptly.  He indicated to me a couple of days ago that we may expect an update on Ferrirer Hodgson's website and a VRE announcement - but no indication as to how soon, so the suspense continues!


----------



## zoomy jeff (2 October 2009)

Squawkbox said:


> Jamie Gunnis of Ferrier Hodgson replies to emails very promptly.  He indicated to me a couple of days ago that we may expect an update on Ferrirer Hodgson's website and a VRE announcement - but no indication as to how soon, so the suspense continues!




For those that may wish to keep an eye on Ferrier Hodgson this is the page:
http://www.ferrierhodgson.com/en/Current Matters/Corporate Recovery Matters/View Resources Ltd.aspx

I have VRE set up in a Etrade Watchlist and the last announcement, June 2009, appeared in the news.

Christmas is very close so I hope you all have been good people!


----------



## lynne nette (12 October 2009)

*view resources*

What is the current situation?


----------



## MS+Tradesim (12 October 2009)

Shareholder update - but it doesn't tell us anything we don't know so not sure why it's called an update! 

http://www.ferrierhodgson.com/en/Current Matters/Corporate Recovery Matters/View Resources Ltd.aspx

View Gold is finished. Yet to see what will happen with View Nickel and View Resources (VRE - which was the listed parent entity).


----------



## quarky (13 October 2009)

*Re: BKP - Baraka Petroleum*



sagitar said:


> I won't duel on the issue but here's a chart to demonstrate my point. View Resources (VRE) was delisted and then relisted, although technical parameters were still valid.




*View Resources to be liquidated*
12-October-09 by Staff Reporters
The administrators of View Resources say they will liquidate the former gold miner as the $16 million from the sale of its Bronzewing mine is used to partly repay a secured loan facility. 

In an update today, administrator Ferrier Hodgson said the sale of the mine to Navigator Resources is now complete, with funds to repay a loan facility provided by Austral-Asia Resources and Infrastructure Investments Pty Ltd.

Austral-Asia has put forward a number of variations to View's deed of company arrangement, which is expected to expire at the end of this month, which will be up for the administrators and creditors deliberation, Ferrier Hodgson said.


----------



## MS+Tradesim (13 October 2009)

*Re: BKP - Baraka Petroleum*

That article is typical dodgy reporting where facts aren't checked.

Read the shareholder update. It does *NOT* say View Resources is being liquidated. They state quite clearly that View Gold (a wholly owned subsidiary) is anticipated to be liquidated and the fate of VRE (the parent company that we bought shares in) is yet to be determined. It is still possible that VRE will be liquidated but that is not yet decided. AARI are putting forward further variations to the DOCA to be considered by the administrators and creditors.

===============

VIEW RESOURCES LTD ACN 009 162 949
(Subject to Deed of Company Arrangement) (“View Resources”)
VIEW GOLD PTY LTD ACN 109 351 439
(Subject to Deed of Company Arrangement) (“View Gold”)
VIEW NICKEL PTY LTD ACN 102 771 871
(Subject to Deed of Company Arrangement) (“View Nickel”)
(Collectively the “View Group”)

UPDATE TO SHAREHOLDERS
I refer to the appointment of Darren Weaver and I as Joint and Several Administrators of the View Group on 8 February 2008 and to our subsequent appointment as Joint and Several Deed Administrators on 15 August 2008.
I herewith provide a further update to shareholders:

*Sale of Bronzewing*

As you would be aware, View Gold entered into a binding sale agreement with Navigator (Bronzewing) Pty Ltd (“Navigator”) on 1 April 2009 to sell View Gold’s Bronzewing assets including all tenements, infrastructure and associated agreements and environmental liabilities attached to the tenements for an amount of $16.0 million (“Purchase Price”).

The Purchase Price comprised of cash of $9.5 million and the assumption of the existing environmental liabilities of $4.2 million and additional environmental bond liabilities imposed by the Department of Mines and Petroleum of $2.3 million.

I confirm that all completion conditions of the sale were satisfied on 31 August 2009 and that remittance of cash proceeds of $9.5 million from Navigator to View Gold were paid on 30 September 2009.

Please note that the net cash proceeds from the sale of Bronzewing assets will be remitted in part payment to the proponent of the View Group DOCA, Austral–Asia Resources & Infrastructural Investments Pty Ltd (“AARII”) who provided the secured loan facility on behalf of the View Group subsequent to my appointment.

*Extension of the View Group’s Deeds of Company Arrangement*

I advise that the Deed Administrators and the proponent of the View Group’s Deeds of Company Arrangement (“DOCA’s”), AARII agreed on 28 August 2009 that the due date for the satisfaction of the “View Gold Distribution” condition of the View Group’s DOCA’s be extended from 31 August 2009 to 31 October 2009.

The Deed Administrators consider that this extension was in the best interests of creditors for the following reasons:
1. To allow AARII additional time to propose a variation to any or all of the View Group DOCA’s and:
(i) Where a variation is proposed, to allow the Deed Administrators time to convene a meeting of creditors to consider a resolution to vary any or all of the DOCA’s or alternatively reject the variation and place the View Group into liquidation; or
(ii) Where AARII indicates that they do not wish to proceed with a variation to any or all of the DOCA’s, the Deed Administrators will be required to prepare a report to creditors, convene and hold a meeting of creditors to consider a resolution to terminate any or all of the DOCA’s, at which time the View Group would proceed into liquidation.
2. To allow for the completion of the sale of View Gold’s assets to Navigator.
3. The Deed Administrators consider that the extension will not compromise any potential return to creditors of the View Group.

It is anticipated that a number of variations to the View Group’s DOCA’s will be put forward by AARII during October 2009 for the Deed Administrators’ and creditors’ deliberation.

*Further, it is anticipated that View Gold will be placed into liquidation*, following which we will be in a position to immediately apply to GEERS to have certain employee entitlements paid, subject to the terms and conditions of the GEERS scheme.

I will keep you apprised of further developments in due course.

Should you have any queries in relation to the above matters, please do not hesitate to contact either Derek Keir or Adrian Di Menna at this office on (08) 9214 1444.


----------



## amazme (13 October 2009)

*Re: BKP - Baraka Petroleum*



MS+Tradesim said:


> That article is typical dodgy reporting where facts aren't checked.
> 
> Read the shareholder update. It does *NOT* say View Resources is being liquidated. They state quite clearly that View Gold (a wholly owned subsidiary) is anticipated to be liquidated and the fate of VRE (the parent company that we bought shares in) is yet to be determined. It is still possible that VRE will be liquidated but that is not yet decided. AARI are putting forward further variations to the DOCA to be considered by the administrators and creditors.
> 
> ...




Well picked up. Maybe they got the company names mixed up. But your right there no where in the update that states VRE will be liquidated...
Still clinging to that glimmer of hope


----------



## zoomy jeff (13 October 2009)

Read paragraph 1 (11) "If AARI indicate  -------, at which time the VIEW GROUP would proceed int liquidation.


----------



## MS+Tradesim (13 October 2009)

zoomy jeff said:


> Read paragraph 1 (11) "If AARI indicate  -------, at which time the VIEW GROUP would proceed int liquidation.




Exactly. The fate of VRE is not yet determined. It could go either way. I've already written it off so if I get back anything it's just a bonus - I hope something can be rescued from this debacle but I'm not holding my breath.


----------



## zoomy jeff (22 October 2009)

From the administrators a few days ago,

At this stage we are currently reviewing the options under which View
Resources may re-list and the potential variation of View Resources Deed
of Company Arrangement by its proponent, AARII. We intend to issue a
report to creditors within the next fortnight and then convene a
creditors meeting for early November to consider and vote upon the
variation to the DOCA. Should the variation to the DOCA be approved by
creditors we will then be in a position to consider the potential
re-listing of View Resources shares which we would anticipate to occur
during late 2009 or early 2010.

Should you have any further queries, please do not hesitate to contact
me.

Regards,

Derek Keir | Senior Accountant
Ferrier Hodgson


----------



## zoomy jeff (5 November 2009)

Based on MCR's September quarterly I calculate that VRE proportion of the quarters income would be in excess off $1.7M operating surplus. 
Nth Kambalda Including 70% of Camilya 1,739 Tonnes
Camilya 70% of = 601
VRE is 30% = 257
MCR Operating suplus $11.47M
Minimun assumption 11.47/1739*257= $1.7m

Unfortunately MCR have several others grouped in the one, but Camilya is supposed to be a low cost high margin operation thus my "in excess off"

I wonder when we will hear further from Ferrier?


----------



## MS+Tradesim (11 November 2009)

I received an email reply from Ferrier Hodgson (the administrators). They're currently preparing the report to put to a creditor's meeting that will recommend liquidation of View Gold (subsidiary) and variation of the DOCAs for View Resources (the parent company) and View Nickel (subsidiary) allowing them to continue. Ultimately the creditors will decide if the whole group is liquidated or if we see a restructured entity list.


----------



## Squawkbox (19 November 2009)

Latest update from Ferriers is that there will be an announcement next week. There have been a few last moment changes to the DOCA's which has delayed the report to creditors.


----------



## zoomy jeff (2 December 2009)

It would appear there is no end in sight, Ferriers have extended the DOCA's until the 31st January 2010.


----------



## Squawkbox (13 January 2010)

Has anybody any news about what transpired at yesterday's creditors' meeting? I cannot extract any response from Ferriers.


----------



## Squawkbox (14 January 2010)

It would seem that interest in VRE has died on this forum. However, I note some reference to the latest developments on the HotCopper forum that may be of interest.


----------



## Buckfont (14 January 2010)

Thanku Squawk.I have done some filthy lucre on this and although not much I am filthy about it. Please could you explain what the HotCopper forum is about as I have not come across it before.


----------



## amazme (14 January 2010)

Squawkbox said:


> It would seem that interest in VRE has died on this forum. However, I note some reference to the latest developments on the HotCopper forum that may be of interest.




I don't think interest has died but hope lost. Most people are sick of seeing the standard update of DOCA delays for 3 months...

Don't forget theres been lots of people burned from this stock including me on this forum


----------



## MS+Tradesim (15 January 2010)

Reply I received this morning from FH:



> Creditors voted to extend the DOCA (which was in line with the Deed Administrators recommendation). This was the best outcome for creditors and shareholders.
> 
> The basic plan from here is to finalise the conditions of the DOCA (such as realising the nickel asset) and then hand control of the company over to the proponent who will then be responsible for the relisting of VRE as they see fit.




My interpretation: don't expect much if anything. After they sell their share of Carnilya Hill and AARI is repaid, the company will just be a shell.


----------



## Aussiejeff (27 May 2010)

UPDATE

Just spoke to Derek Keir (case contact) at Ferrier Hodgson re: VRE situation.

He advised that they are in the process of writing up an update report on the Administration progress. A copy should be up on their website next week sometime.

Essentially, it looks to be around September 2010 when the sale of assets and possible re-listing of View Resources shares will be finalised.

Tick, tock.....


----------



## Aussiejeff (2 June 2010)

*UPDATE*

Note the following clause in the Investors update reeased today by FH.



> 5. The Australian Securities Exchange (ASX) reconstruction related clauses are removed *given that AARII is not currently contemplating the relisting of VResources.*




Candle flame flickering down to almost snuffed.....


----------



## RAREARTH (30 October 2010)

Jamie Gunnis of FH has recently indicated that there are plans to re-list View and that news of progress on that front should be forthcoming by early in the New Year.  See the "HotCopper" website forum on VRE. 

There seems to be some light at the end of the tunnel. 

If there is some good news, it will hopefully co-incide with the rise of View's "successor" at Bronzewing, NAV, which is due to list its Cummins Range Rare Earths asset around that time and may meanwhile identify some Bronzewing scale finds at the Eagle and Woorana Prospects.  What I have lost on VRE I hope to recover with NAV.


----------



## RAREARTH (4 December 2010)

FH advised this week that a creditors' meeting is planned to take place later this month.


----------



## Aussiejeff (24 December 2010)

RAREARTH said:


> FH advised this week that a creditors' meeting is planned to take place later this month.




Read it and weep....

http://aspect.comsec.com.au/asxdata/20101224/pdf/01137685.pdf

Proposed re-listing under recap plan in new year (by 30 Jun 2011)

-  20:1 share consolidation
-  Issue price of 800,000,000 new shares to be at 0.5c per share.
= Massive dilution + massive write down of existing shareholder value.

LOL

My *300,000* shares last worth 13.0c ea ($39,000) now become *15,000* pitiful shares x 0.5c ea (worth a measley $75).

NICE!!

Oh well, it was only money. Pfffft. At least my wife's & my pensions will finally go up after year's of VRE in limbo, based on this massive reduction in our assessed financial assets. A small recompense I suppose. May as well keep holding. Who knows, in 2 years time VRE might have rocketed up to 2c each! 

Merry Xmas everyone ....


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## jonojpsg (8 January 2011)

*View Resources DOCA*

Hi everyone

Just wondering if anyone cares to comment on the following:

VRE suspended 2 years ago holding Bronzewing gold project (now NAV) and a 30% JV with MCR at Carnilya Hill (nickel).

Still in admin and hold JV interest still but according to info received they owe $40m+ to creditors???  Not sure where all that came from, it was certainly not that 2 years ago when they went into admin!!

Anyway, some brokers from Perth have put together an offer to recapitalise by reducing current shares by a factor of 20! then issuing another 800m!! at 0.5c to get $4m to keep running the company and relist - this will WIPE the debts and give them the JV interest as well as a couple of million in cash.

Basically it means current shareholders get nothing (my $6000 would be worth approx $20) - not really any different to if they liquidated.  BUT the cronies putting the offer together get to run the company for another year or two, take nice directors fees and the JV income which is around $4m a year.

I guess I just vote for it and hope that somehow the shareprice ends up at $10 some time in the future so I get something back for it??  If they liquidated though, surely the JV interest would attract a better amount than these cronies are offering the creditors??


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## springhill (7 August 2012)

MC - $23m
SP - 2.3c
Shares - 1.03b
Options - NQ
Cash - $2.5m

*Kyrgyzstan Coal Projects*
During the Quarter, the Company entered into an agreement to acquire an 80% interest in the Tuyuk-Kargasha, Kokkia and Min-Teke licenses in Central Kyrgyzstan (the Uzgen Basin Projects). The Uzgen Basin Projects have a Exploration Target1 of 501 to 700 million tonnes of thermal and coking coal and are located within 6 kilometres of the route of the proposed Trans-Asia railway.
The Company has engaged seven (7) drilling rigs for the 2012 field season. Earthmoving is progressing well and access tracks and first drill pads are nearing completion. Commencement of drilling is imminent.
During the Quarter, the Company entered into a conditional agreement to acquire interests in three prospective coking and thermal coal tenements (Tuyuk-Kargasha, Kokkia and Min-Teke) located in the Uzgen coal basin in Kyrgyzstan. The details of the Agreement can be found in the ASX announcement dated 18th June 2012.

Key Highlights of the Uzgen Basin Projects include:
• Three adjacent tenements covering an area of 9,763ha (97.6km²); with the Tuyuk-Kargasha and Kokkia tenements being contiguous.
• Almost all of the Project area is underlain by Jurassic sediments, the principal host of coal mineralisation in Kyrgyzstan.
• Outcropping coal can be found in all tenements, along with several small scale adits and open pits.
• The coal bearing formation is up to 250m thick. The formation contains around 50 layers of coal with individual layers up to 8.7m thick. These layers have been grouped into 4 main groups/seams. Interbedded waste layers are on the order of 0.1-0.3m thick.
• Four prospects have been delineated within the Tenements – Tuyuk, Kargasha, Kokkia and Min-Teke.
• Extensive exploration was completed on the Project in the Soviet era, including drilling of 60 cored drillholes at the Tuyuk and Kargasha Prospects for 28,920m, approximately 15,000 metres of trenching and adits and construction of a semi-industrial scale plant to test coking properties.

The Company has derived an Exploration Target for the Project of between 500 and 700 million tonnes of coal . The Exploration Target is based on the results of historical exploration (including drilling) carried out between 1941 and 1953 which is reported in Kashirin, Ibraimov and Karabalaev (1975)3 amongst other sources. The Company is about to commence a drilling and sampling programme which, if successful, may result in the definition of a JORC compliant resource for one or more of the Prospects contained within the Tenements. This drilling programme will also provide important detail on the quality of the coal present at the Project and will be used to validate the extensive drilling results from Soviet era exploration programmes.



*Carnilya Hill Joint Venture*
View Resources owns a 30% joint venture interest in the Carnilya Hill Joint Venture in Western Australia with Mincor Resources. Mincor Resources is the operator of the Carnilya Hill JV. The tenements covered by the Camilya Hill Joint Venture (JV) include Mining Licences M26/47, M26/48, M26/49 and M26/453.
During the Quarter, the Company received the final payments from the ore parcels treated in the March Quarter. All ore from Carnilya Hill is treated and the resultant concentrate acquired by BHP Billiton Nickel West Pty Ltd under an ore tolling and concentrate purchase agreement.
The Carnilya Hill site has been placed on care and maintenance during the quarter. The Joint Venture will incur nominal running costs to ensure the site is kept secure, safe and well maintained.
Exploration will continue on the tenements comprising the Joint Venture, managed by Mincor as the Operator of the Joint Venture. Results from exploration programmes will be released as they become available.
*
Regional Nickel Exploration*
The Company continues to carry out data compilation and target generation works on its granted tenement E39/1641 and application E39/1684 in the Eastern Goldfields region of Western Australia. The tenements are located near to Minara Resources’ Murrin Murrin mine and the NiWest operation currently under development by GME Resources Ltd and are believed to have potential for both nickel laterite and nickel sulphide mineralisation. The Company aims to commence exploration activities on the tenements shortly following a review of the historical data. In due course, the Company may consider spinning out its nickel interests into a new public vehicle listed on the ASX.


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