VRE - View Resources

[MS+Tradesim]

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]

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]

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]

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]

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]

It would appear there is no end in sight, Ferriers have extended the DOCA's until the 31st January 2010.

 

[Squawkbox]

Has anybody any news about what transpired at yesterday's creditors' meeting? I cannot extract any response from Ferriers.

 

[Squawkbox]

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]

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]

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]

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]

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]

*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]

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]

FH advised this week that a creditors' meeting is planned to take place later this month.

 

[Aussiejeff]

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 ....

 

[jonojpsg]

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??

 

[springhill]

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.