VRE - View Resources

[Aussiejeff]

.........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]

"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]

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]

The whole thing stinks, and because it stinks, it'll take longer to remove the smell, months longer, if they can.

 

[spartn]

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]

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]

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]

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]

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]

I believe there has been an adjournment of the 2nd creditors' meeting and that Ferrier's website will be updated soon.

 

[binstrokein]

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]

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]

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]

Yeah I had the same problem, no VRE on my brokers account! Its like disappeared along with my money; what should we do?

 

[cookiedude]

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]

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]

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]

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]

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]

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.