VRE - View Resources

[Aussiejeff]

See latest update here:

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

------------------------------

Summary is as follows:


Current Status of Administrations & actions required by Creditors

The DOCA’s for the View Group were executed on 15 August 2008.

Next milestone and estimated timetable:

(a) Calling for Formal Proof of Debts which are due to be submitted by 10 September 2008 for all companies of the View Group.

(b) Realisation of View Gold Pty Ltd’s assets.

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.

--------------------------------


Cheers,

aj

 

[Goldmann]

See latest update here:


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.

--------------------------------


Cheers,

aj

This appears to be a long way off the average punter seeing a relisting or any cash... 180 days they have to finalise a sale of the gold assets, and i assume that all has to be done and dusted before (whats left of) the company can move forward in any way???

 

[Squawkbox]

ASX announcement today from Mincor -

Massive sulphide intersection at Carnilya Hill.

Hopefully the ramp up of production at Carnilya will be given priority in view of the high grade of ore at Carnilya compared with other Mincor mines, and that View Resources will have a sound base upon which to re-launch itself next Spring.

Does anyone know when View's shareholders may expect the next step to take place following the filing of creditors' claims last month?

 

[MS+Tradesim]

Does anyone know when View's shareholders may expect the next step to take place following the filing of creditors' claims last month?

I agree about CH - hopefully will allow us to salvage something from this fiasco. As for the next step, they are selling off View Gold's assets so that will take however long it takes. Not a very helpful answer I know but with current world conditions and the questionable value of some of View Gold's stuff, I would surprised if it was a quick hassle-free process.

 

[Goldmann]

I agree about CH - hopefully will allow us to salvage something from this fiasco. As for the next step, they are selling off View Gold's assets so that will take however long it takes. Not a very helpful answer I know but with current world conditions and the questionable value of some of View Gold's stuff, I would surprised if it was a quick hassle-free process.

of course the side to this mess is that when VRE collapse it was worth .13c.

say most of us would of held on thinking it would turn around... considering the fall gold had, plus the hammering small caps are getting now - i reckon VRE would be lucky to be worth .05c in todays terms anyway...

the only thing different now is that you would of had a chance to sell out before it got to there (but considering the loss i am sitting on with some of my other small caps now (MOL, LYC, DIO), i doubt i would of sold out anyway)...

just trying to give a glass half full in very tough times...

 

[amazme]

Just wondering if anyone has read any updates on this one. I havnt seen much from Ferrier since the last update posted back in Sept....

 

[Aussiejeff]

Just wondering if anyone has read any updates on this one. I havnt seen much from Ferrier since the last update posted back in Sept....

Not likely to this year IMO.

These things have a habit of dragging on beyond "expected timeframes".

zzzzz....zzzz



aj

 

[J.B.Nimble]

but considering the loss i am sitting on with some of my other small caps now (MOL, LYC, DIO), i doubt i would of sold out anyway)...

Don't fret over these -
LYC will get there but what the price of their REO bundle will be in a recesssionary environment is anyone's guess - needs a couple of years post start up to reveal full potential.
DIO is a sleeper which will activate on the current AUD/USD/POG. If the exchange rate collapse hasn't pushed them cash positive I will be shocked.
MOL - what a mess, borrow a hundred thou and you've got a problem, borrow 100 mill and the bank has a problem... how did they ever get started on the development without all the funding lined up? Balls of Steel! These guys should end up taken over by a major and provided you were a relatively recent entrant you might make it out with something to show for your troubles...

 

[Aussiejeff]

Admins have around 2 months left to sell gold assets. Wouldn't you love to be a fly on the wall?

So, around mid Feb then we should know one way or t'other.

 

[amazme]

Well i actually found out some news regarding this stock. It seems AARI's intends to re-list VRE on the ASX by the end of February 2009.

It appears this is the expected outcome for VRE shareholders. As to what the price opens at/trades at is anyones guess in the current conditions

Fingers crossed!

 

[jonojpsg]

Well i actually found out some news regarding this stock. It seems AARI's intends to re-list VRE on the ASX by the end of February 2009.

It appears this is the expected outcome for VRE shareholders. As to what the price opens at/trades at is anyones guess in the current conditions

Fingers crossed!

Yeehaaaa Not that I'll hold my breath for it, but that is some good news amazme. Added to the fact my portfolio has jumped by lots in the last few days and I'm a very happy chappy.

 

[MS+Tradesim]

Yeehaaaa Not that I'll hold my breath for it, but that is some good news amazme. Added to the fact my portfolio has jumped by lots in the last few days and I'm a very happy chappy.

That would be nice. I was going to call them today and see if they were progressing.

 

[MS+Tradesim]

Well i actually found out some news regarding this stock. It seems AARI's intends to re-list VRE on the ASX by the end of February 2009.

It appears this is the expected outcome for VRE shareholders. As to what the price opens at/trades at is anyones guess in the current conditions

Fingers crossed!

I can now confirm this. Final offers have been received on View Gold's assets. Waiting on creditors to accept or not. If all goes well, AARI are indeed hoping to relist by end of Feb. The Carnilya Hill JV project is being maintained as an asset.

 

[amazme]

Glad you heard it aswell and confirmation too!

Still so many questions I have as to when in Feb and how its going to be re-listed esp in the current conditions etc etc. Time will tell

 

[Aussiejeff]

Yeah. It's hardly boom-time in NickelTown atm is it? Unfortunately, they probably couldn't have picked a worse time to relist if they had tried!

 

[captluthra]

VRE - Whats the news

Hi guys,

whats the latest on VRE.

Any firm dates or any other relevent information

Thanx

Sanjeev

 

[cookiedude]

The news is... There is no news

http://www.ferrierhodgson.com/Current Matters/Corporate Recovery Matters/View Resources Ltd.aspx

 

[Squawkbox]

Mincor's half year results have just been announced.

These indicate that the Carnilya Hill operations are doing well (View 30% share) even when the nickel price is down. This holds out some hope that View will have a significant regular source of income to look forward to when it is relisted.

I understand that View's creditors are now considering the final offers received from potential purchasers of the company's gold assets.

Does anyone know if there is any realistic prospect of View's creditors deciding to retain such assets under View's ownership (as gold continues to shine and fuel costs/operating overheads are low) on condition that the creditors can procure the allotment to themselves of sufficient shares in View in exchange for cancelling the sale of the company's gold assets?

 

[amazme]

Yeah interesting this one. Still havnt seen any official announcements regarding the relisting or plan going forward since the last release to the market in Aug 08.

I received news earlier this year stating it would be relisiting in Feb. I guess that now has been pushed out. Anyone heard anything further as to the delays in View?

 

[MS+Tradesim]

I haven't heard anything new but if you email Jamie Gunnis, he's been helpful and informative whenever I've contacted him. His details are on the page:
http://www.ferrierhodgson.com/Current Matters/Corporate Recovery Matters/View Resources Ltd.aspx