VRE - View Resources

[chops_a_must]

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]

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

 

[hangseng]

I love reading things like this:



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:



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.

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.

 

[The Ferret]

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]

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

 

[rico01]

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]

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]

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]

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 ?

 

[The Ferret]

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.

 

[jonojpsg]

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

 

[The Ferret]

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.....

 

[Pat]

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

 

[imaginator]

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.

 

[The Ferret]

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.

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?

 

[porkpie324]

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

 

[chops_a_must]

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]

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

 

[chops_a_must]

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.

 

[kransky]

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.