VRE - View Resources

[jman2007]

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]

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]

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]

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]

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]

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]

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?

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]

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]

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]

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.

 

[Judd]

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

 

[jman2007]

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

 

[Judd]

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.

 

[Goldmann]

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]

Announcement



VRE 2:10 PM Board Response to ASX Letter 8

 

[barrett]

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]

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]

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]

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]

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.