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VRE - View Resources

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Just confirmed, all manual:

If VRE is re-instated customers will have to apply to have the shares moved back from issuer to their broker's account. You will receive further instruction from the share registry outlining the course of action to be taken regarding this stock.

Well anyway not like I need to stress - at the moment it looks very unlikely that VRE will be re-instated anytime soon... Nothing left to do now but wait...
 
There is a new circular from ferrier hogson admistrators but here is the bottom line

Shareholders rights as a creditor and voting rights at creditor meetings

Ultimately creditors will be asked to decide the future of the Group companies, including whether the company ought to be wound up or whether it ought to execute a DOCA, or otherwise. This will be done at the reconvened second meeting of creditors which is scheduled to be convened on or before 25 July 2008.
Given the Administrators’ view that it is unlikely that the directors breached their duties for continuous disclosure and as such it is unlikely that shareholders will have any valid claims against VRE, for the purposes of the upcoming second adjourned meeting of creditors scheduled to be convened on or before 25 July 2008, shareholders’ claims will be marked “objected to” by the Administrators. Accordingly, shareholders will only be entitled to vote for a nominal amount at the meeting.
In the event that VRE enters into a DOCA or is placed into liquidation and a dividend is to be distributed, the Administrators will call formally for Proofs of Debt. At this time, shareholders’ claims will be formally adjudicated upon based on the specific information provided by the claimant at the time.
Suspension of shares
The company’s shares are currently suspended from trading and will continue to be suspended pending the outcome of the administration. The Act prohibits a transfer of shares or an alteration in the status of members during the Administration period except with the Administrators’ consent or leave of the Court
 


At least the Directors appear to have acted properly and there is now more hope that the figures and projections upon which they had relied may be substantiated in the course of due diligence. The company's major shareholders had been supportive previously as had Fat Profits and, as a quite substantial shareholder, I feel there to be a fair chance that Management can yet absolve themselves and be valuable in contributing to the efforts to reconstruct the company. Gold is enjoying a comeback and the company's nickel interests should be improving their output as the months go by. LST is cashed up (although subject to a takeover bid) and Mincor has a large stack of cash.
 
Hmmm. Well the second report is out from ferrier hogson admistrators……… And there is some interesting reading in there….
 
cookiedude said:
Hmmm. Well the second report is out from ferrier hogson admistrators……… And there is some interesting reading in there….
Click to expand...
Links?... Any paraphrasing? ... Anything at all to back this up?...

Or are you just talking ****?...
 
cookiedude said:
Hmmm. Well the second report is out from ferrier hogson admistrators……… And there is some interesting reading in there….
Click to expand...

Hmmmm...... indeed. Now, in layman's terms, if the proposed DOCA (restructure of VRE and re-cap) gets up, where does that leave us ordinary shareholders? Would our existing frozen shares be re-turned to trading status?

There is no mention of "shareholders" in the whole blurb - apart from a small reference to shareholders needing to formally approve sale of View Gold assets?

At least there appears to be hope. I HOPE I'm not barking up the wrong tree here!! :dunno:


AJ
 
From my interpretation of the report the DOCA and ultimate relisting would be a company shell of no assets, other than tax losses tax losses, after the sale of both View Gold and View Nickle. If this is true don't expect any more than a relist share price of 1 cent.
Please correct me if I'm wrong!
 
All should be decided today? If I am not mistaken the meeting should be taking place about now… Or soon.
 
I just rang Ferrier Hodgson, the administrators. DOCA was accepted. The details will be published here, probably over the weekend:

http://www.ferrierhodgson.com.au/caseprofiles/details.cfm?objectID=55

Upshot is the gold equipment and tenements will probably be sold and some new shares issued to pay out creditors. Nickel assets should be retained. Company will relist at some stage with no share consolidation so all shares remain.

It was a quick conversation and I may have some details incorrect. Will see when documents released, but seems like some light is in the distance.
 


Thanks for the update, mate. I certainly got the impression reading the DOCA that the nickel assets were NOT being sold off ... yet! As I remember, all references to asset sales in the DOCA were for View Gold - not View Nickel.

Fingers x'ed for relisting - maybe a small Xmas gift?

AJ
 

No news published as yet, but this sounds hopeful!

Iwonder what MCR values VRE's nickel interests now? No recent news of progress at the joint venture.
 
It's starting to look like we won't see the docs this weekend. Very annoying.

I'm certainly hoping the JV is full steam ahead. That will resurrect something from this debacle for us.
 
... The outstanding ordinary shares in View Resources will be subject to a 100 to 1 consolidation ...
 
cookiedude said:
... The outstanding ordinary shares in View Resources will be subject to a 100 to 1 consolidation ...
Click to expand...

That was proposed under the EROC DOCA proposal dated 17/7 but I didn't see it in the AARI DOCA proposal that was actually recommended and accepted.

Ps. Although they haven't added any extra documentation, Ferrier Hodgson have updated the page with the following:

Current Status of Administrations & actions required by Creditors

At the reconvened second meetings of creditors of each of the above companies, held on 25 July 2008, the creditors of each company voted to approve AARI’s DOCA proposal. The key terms of this DOCA are outlined in the Second Administrators’ Report to Creditors dated 16 July 2008.

Next milestone and estimated timetable

Execution of the DOCA by 15 August 2008.

Likely outcome for creditors and timetable

AARI’s DOCA proposals provide that View Resources Limited’s and View Nickel Pty Ltd’s creditors will receive a dividend of 100 cents in the dollar plus statutory interest within 180 days of execution of the DOCA. The dividend for View Gold Pty Ltd’s creditors is unknown at this stage as it will ultimately depend upon the realisation of View Gold Pty Ltd’s assets. Under AARI’s DOCA proposal the Deed Administrators have 180 days to finalise the sale of View Gold Pty Ltd’s assets and thus any dividend payable to View Gold Pty Ltd’s creditors is anticipated to be paid within 180 days of execution of the DOCA. Please refer to the Administrators’ Second Reports to Creditors dated 16 July 2008 for full details of AARI’s DOCA.

http://www.ferrierhodgson.com.au/caseprofiles/details.cfm?objectID=55
 
MS+Tradesim said:
That was proposed under the EROC DOCA proposal dated 17/7 but I didn't see it in the AARI DOCA proposal that was actually recommended and accepted.
Click to expand...

Me neither. I could find no reference to ordinary shareholders or any proposed consolidation that would affect ordinary shareholders in the DOCA just approved. Guess we have to wait and see.....

Still, it is a small comfort to know the DOCA has been agreed to by all involved parties. So let's hope us ordinary folk don't get dudded further in the ensuing restructure and relisting process!

AJ
 
Here's a bit more DOCA "clarification" for shareholders listing the next major steps in VRE's possible relisting (or liquidation if that fails) after the proposed Aug 15th signing of the DOCA.

Note the reference to possible shareholder dilution as a result of options being issued under the terms of the DOCA (nothing about a 100:1 reduction!). Also I note the option of liquidation (which is still very much possible if a number of issues subsequent to the signing of the DOCA are not met) which still indicates a "possible" return to shareholders under that scenario.

We live in hope.....

AJ
 

Attachments

  • VRE DOCA Info.jpg
    80 KB · Views: 157
Does anyone know whether the DOCA was signed within yesterday's dead
line?

The large fall in gold and commodity prices recently bodes ill for the sale of View's gold interests.

 
Good news! I have today received confirmation from the administrators that the DOCA was safely signed within last Friday's deadline.

Fingers crossed for the next step, whatever that might be!



 
Squawkbox said:
Good news! I have today received confirmation from the administrators that the DOCA was safely signed within last Friday's deadline.

Fingers crossed for the next step, whatever that might be!



Click to expand...

Hi Squawkbox.

Thanks for the update. One more step in a long line of steps.... 5 more in fact.

According to the "steps" outlined in the DOCA itself, shareholder approval is now required for the process to proceed.

See my post #377 (above) which includes DOCA detail regarding the next steps needed for re-listing of the company to be realised.



Aussiejeff
 
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