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VRE - View Resources

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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.
 

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
 
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
 
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...


AJ
Click to expand...

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...
 
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?
 
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.
Click to expand...

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."
 

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

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

... 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
 
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.

Fingers X'ed...


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