VRE - View Resources

[amazme]

Found out some more news from Ferrier Hodgson regarding View. Im told that the DOCA period has expired and Ferrier are now seeking an extension of this to be able to sell the View Gold assets, then make a distribution to the creditors. If the extension isnt granted View will fall into liquidation. If the DOCA is extended they will continue selling the View Gold assets and then be able to make a distribution to the creditors. If his is then completed VRE will be relisted on the ASX.

Big ask in the climate. Im finally loosing hope on this now...

 

[Aussiejeff]

Found out some more news from Ferrier Hodgson regarding View. Im told that the DOCA period has expired and Ferrier are now seeking an extension of this to be able to sell the View Gold assets, then make a distribution to the creditors. If the extension isnt granted View will fall into liquidation. If the DOCA is extended they will continue selling the View Gold assets and then be able to make a distribution to the creditors. If his is then completed VRE will be relisted on the ASX.

Big ask in the climate. Im finally loosing hope on this now...

Hope?

What's that?



IF anything comes of this drawn-out process, I'll be Monkey's bum.


aj

 

[zoomy jeff]

I just hope it is resolved one way or the other before July so i can claim my loss ($52,000). Even in the current climate i have a profit excluding VRE which Iwould hate to pay tax on.

 

[cookiedude]

Sales Process

At the date of this report we had received three indicative offers for the plant and equipment and all mineral assets of View Gold. We have been liaising with these three parties for the past several weeks in order to attempt to finalise formal offers that can be put forward to Austral-Asia Resources and Infrastructural Resources Pty Ltd (“AARII”) (the secured creditor of the View Group) for consideration and if thought appropriate, acceptance of the same.

The formal offers are expected to be finalised and submitted to the Deed Administrators within the next seven days. However, given that none of these offers have yet been presented to us, we are not in a position to disclose the identities of the interested parties or the commercial terms of the expected offers.

Status of the View Group’s DOCA’s and Supreme Court Application

Each of the View Group’s DOCAs remains on foot. However, on 17 March 2009, a creditor of View Gold expressed concern over the status of the DOCAs given that certain key conditions precedent to completion of the DOCAs had not yet been satisfied. In view of the concerns raised, the Deed Administrators applied to the Supreme Court of Western Australia for orders pursuant to section 447A of the Corporations Act 2001 (Cth) confirming that the DOCAs remained on foot (“the Application”). The orders sought in the Application were necessary to ensure, amongst other things, that the control of the View Group did not return to the hands of its directors (this being undesirable having regard to the obvious insolvency of the View Group) and that the Deed Administrators may proceed with the sale of View Gold’s assets in their capacities as Joint and Several Deed Administrators of View Gold.

The Application, which was heard on Tuesday, 24 March 2009, was successful and the Supreme Court of Western Australia confirmed that the View Group’s DOCAs remain on foot.

For further information regarding the current status of the View Group and the abovementioned Court orders, please refer to the Status Report to Creditors and Circular to Creditors published on 26 March 2009.
Next Milestone and Estimated Timetable:

* Sale of View Gold Pty Ltd’s assets
* Variation or termination of the View Group’s DOCA’s

Likely Outcome for Creditors and Timetable:

Given that View Gold’s assets have not been sold to date, no distribution to creditors of the View Group has occurred. We intend to progress the sale of View Gold’s assets as soon as practicable. We expect that a formal offer will be received within the next seven days and executed shortly thereafter, if approved by AARII. In the event that the offer is approved by AARII and accepted by the Deed Administrators, we will furnish creditors with further details regarding the offer, including the purchaser’s name, consideration payable and other key terms of the sale, as well as the dividend estimate (if any such dividend will be payable) to creditors of the View Group. Based upon the indicative offers that we have received to date, it is unlikely that unsecured creditors of View Gold Pty Ltd will receive any substantive dividend (if any dividend will in fact be payable).

 

[Aussiejeff]

Likely Outcome for Creditors and Timetable:

Based upon the indicative offers that we have received to date, it is unlikely that unsecured creditors of View Gold Pty Ltd will receive any substantive dividend (if any dividend will in fact be payable).

That's the bottom line.

Unsecured = [size=+1]0[/size].

No mention of re-listing whatsoever. With the world-wide plummet in Nickel prices, that is no surprise, then.

So, my bet is liquidation within 30 days. Or the process drags out till 30 Jun then liquidation anyway. Then the Chinese pick up the pieces.

Forget this puppy. All unsecured holdings remain worthless.

It died a l-o-o-o-n-g time ago.

R.I.P. VRE

 

[jonojpsg]

While I am in agreeance with you AJ, the statement does say unsecured creditors of ViewGold not View Group. The idea was to ditch View Gold then relist View Group with nickel assets, was it not??

I'm not going blue in the face over it anyway

 

[Squawkbox]

Perhaps we do not need to be overly negative on the state of the nickel price. The mine in which View has an interest is one of the most profitable in the portfolio of Mincor and is doing very nicely according to the most recent announcements by MCR.

 

[MS+Tradesim]

NAV have just entered an agreement to purchase the Bronzewing project and plant.

http://www.asx.com.au/asx/statistics/announcements.do?by=asxCode&asxCode=NAV&timeframe=D&period=W

As jono said, it is the unsecured creditors of View Gold (not View Nickel or View Resources) that are unlikely to receive any payout. So far as I know, the plan to keep the CH JV going and possibly relist with it is still on the cards. Haven't yet reconfirmed that.

I've written off my holdings here. Anything I get back will be an unexpected bonus.

 

[Aussiejeff]

While I am in agreeance with you AJ, the statement does say unsecured creditors of ViewGold not View Group. The idea was to ditch View Gold then relist View Group with nickel assets, was it not??

I'm not going blue in the face over it anyway

Thanks for pointing that out jono. My bad. Sorry for the mis-lead....

I've gone a bit red in the face after that doozy...............................

 

[Squawkbox]

I see that the offer price for View's gold assets is some 50% more than the minimum price being sought, so that leaves some room for cheer.

 

[Squawkbox]

ASX announcement by NAV confirms due diligence successfully completed. Could this be a first step towards something hopeful? Meanwhile, Mincor's recent report confirms that the CH mine in which VRE has a 30% interest has been doing very nicely.

 

[Squawkbox]

Great news to see the NAV Announcement today confirming that one of the major obstacles to the Bronzewing acquisition has been successfully negotiated.

 

[Aussiejeff]

...and it drags on....

Just phoned Ferrier Hodgson to find out the latest twist in the ongoing VRE saga, as I would have liked to write this pile of steaming *$hite* off this FY.

However, the current status as spoken to me by phone:

- The buyer (undisclosed) has not yet decided whether to liquidate or re-list. Of course, shareholdings remain frozen till then. *Grrr*

- Ferrier Hodgson are "pushing" the buyer for a final decision to be made by the end of July, but have not yet received any response (no surprise given how long this puppy has been dragging on...) *Grrr*

- It looks at this stage that un-secured creditors (ie small shareholders) appear unlikely to have any value attached to their holdings. Ferrier Hodgson spokesman says it is up to the buyer as to whether they will provide any "value" for current shareholders but at this stage appears unlikely. *Grrr*

So, there you have it.

Another month.

At least.

*Grrr*

:angry:

 

[Aussiejeff]

*Grrr*

Delay now extended out to end of August.

*Grrr*

VRE suspended from ASX.

How long is a piece of $tring?

*Grrr*

 

[amazme]

*Grrr*

Delay now extended out to end of August.

*Grrr*

VRE suspended from ASX.

How long is a piece of $tring?

*Grrr*

I keep trying to hold that tiny bit of hope here but it keeps being dashed!
I just refuse to give up completely until the writing is on the wall and the group goes into liquidation.

Whats another month hey...

 

[Squawkbox]

Ferrier advised me early this week that it now seems unlikely that View will be liquidated in view of the transaction to sell the gold assets to NAV proceeding smoothly to date.

There was an encouraging quarterly report from MCR (Mincor) yesterday in which the 25% increase in production of ore tonnes from Carnilya over last quarter is described as excellent.

Let's keep our fingers crossed that the further exploration due to be conducted during this quarter at Carnilya has some additional nice surprises in store!

 

[jonojpsg]

Indeed! Given what $10m for Bronzewing and 677t of Ni in concentrate for Jun qtr from Carnilya of which what 30% is VREs

200t @$5k/t after costs?= $1m for the qtr seems like would make a viable income? Can't remember all the details now of debt etc so maybe way off

Miitel* 383 1.72 7 6
Mariners 41,961 3.78 1,586 1,424
Redross 2,794 2.33 65 59
Otter Juan 30,653 4.06 1,244 1,157
McMahon 2,034 2.34 48 44
Coronet 6,015 2.17 130 121
Carnilya Hill 23,379 3.18 743 677

Here's hoping then for some return on those $$

 

[zoomy jeff]

NAV has recieved a further extention to settlement, it is now 30th Sept.

Navigator Resources Limited (“Navigator”, ASX: NAV) is pleased to advise the following
update to its intended acquisition of the Bronzewing Gold Project (“BWGP”).
The Company is now in receipt of two separate proposals for debt funding facilities for the
acquisition of BWGP, the terms of which are such that the Board of Directors and
management are re-evaluating the quantum of equity required to settle the acquisition in the
interests of obtaining the optimum debt/equity mix for shareholders. The Company’s
financing flexibility in relation to the purchase was further enhanced yesterday through the
approval of shareholders for an equity placement facility of up to 50 million shares.
Navigator has sought and received a 30 day extension to the acquisition timeline from the
Administrators of the BWGP to enable a full analysis of the various capital funding scenarios.
The Company expects that the determination of the BWGP financing mix will occur by 31
August 2009 with the final settlement by 30 September 2009

 

[Squawkbox]

An encouraging Annual report announcement by MCR today.

Let's hope for a detailed analysis of the latest Carnilya Hill output.

 

[zoomy jeff]

NAV have gone into a trading halt until Thursday 3rd Sep pending an announcement regarding the acquisition of Bronzewing!