View Resources
Many are aware that I have followed VRE for quite a long period of time. Being a big supporter of the stock before being a long time dissenter as well. It looks as if View will now be put into receivership and shareholders face the prospect of getting nothing.
There are a few things I want to say about it, most I have said elsewhere. But first, the help of a chart:
The first thing that raised suspicions for me, and aside from the technicals, what prompted me to sell was the incident in the first white circle. News got out that a cap raising was in order, and the shares plunged close to 10%, before a trading halt was finally called. To me, that was the first sign that management were not doing the "righty". Aside from that, what did prompt me to eventually sell, was the break of support indicated by the horizontal line.
What I don't understand, is why people continued to buy all the way down? Even though nothing even resembled a reversal of trend. Especially on that last day, with volume through the roof. Didn't any of the buyers notice that, and think maybe something was up? Truly bizarre.
At one stage I even said the break down target was below 0 cents. I never truly believed it would get there:
But there was one lasting slap in the face to come, for shareholders:
I took the board's explanation apart after reading through some recent announcements.
This was posted by me on Aussie Stock Forums on the 16th of February:
(In response to Hangseng)
There are a few things I want to say about it, most I have said elsewhere. But first, the help of a chart:
The first thing that raised suspicions for me, and aside from the technicals, what prompted me to sell was the incident in the first white circle. News got out that a cap raising was in order, and the shares plunged close to 10%, before a trading halt was finally called. To me, that was the first sign that management were not doing the "righty". Aside from that, what did prompt me to eventually sell, was the break of support indicated by the horizontal line.
What I don't understand, is why people continued to buy all the way down? Even though nothing even resembled a reversal of trend. Especially on that last day, with volume through the roof. Didn't any of the buyers notice that, and think maybe something was up? Truly bizarre.
At one stage I even said the break down target was below 0 cents. I never truly believed it would get there:
But there was one lasting slap in the face to come, for shareholders:
I took the board's explanation apart after reading through some recent announcements.
This was posted by me on Aussie Stock Forums on the 16th of February:
(In response to Hangseng)
Originally Posted by hangseng
I smell serious insider trading and potential for major class action against the directors. Watch this space.
This is quite disgraceful at any level of thinking, all it would take is tracking of trades.
I love reading things like this:
And my remaining spiel:
I guess the moral of the story becomes, that if you don't trust management, if there is something not quite right about the way they do things, then it's best to be out. Following this principle I have been lucky enough to avoid the VRE disaster, and also the AED wreck.
I sincerely wish View holders the best of luck, and to make sure you follow every path to its end. The sooner this board is assigned oblivion, the better off our society will be.
But from the announcement made on the 7th January, only a month before, in the announcement entitled, "BRONZEWING’S DECEMBER QUARTERLY GOLD PRODUCTION INCREASES 45% TO 25,400 OUNCES" this:
The questions relating to the so-called January production all seem to presuppose that the Company has forecast to the market that production in January 2008 would be 10,000 ounces. The Company HAS NOT MADE ANY SUCH FORECAST. Consequently, the Company does not believe it is able to respond directly to the questions raised on this issue.
172,631 tonnes of ore at 1.96g/t were treated through the plant in December with an average recovery of over 93% as the processing facility moves towards its full rated capacity of 2.2 million tonnes per annum. With ore now being sourced consistently from four sources (two underground mines, the Calista and Discovery, and two open pit mines, the Central and Success) the optimum mix of fresh and oxide ore into the plant has generated this increasingly higher throughput rate. Coupled with the high gold recovery View is confident that these key production statistics can be MAINTAINED going forward to consistently achieve THE FORECAST +10,000 ounces of gold PER MONTH.
And my remaining spiel:
And today's post on ASF:
Whoops!! Doesn't look as though the board even knows or even reads its own announcements!!!
So for starters, we know, and hopefully the ASX knows, if not they need to read this, that the board are lying.
So anyone on that board has now signed a document that is for all intents and purposes, a blatant attempted deception. I believe if you do that in front of a judge, there are some serious charges? Perj?
I suggest Tim Gooch and the fellas learn how to read... and remember!
I'm also bemused at how they can say that knowing the figures after the 22nd January, they can't make a guess at total January figures, yet two weeks later they can safely make an assumption about the quarterly production. That's just rubbish.
In my mind they don't even attempt to answer question 6 in relation to point (V) (asx dates are wrong here), awareness of outsiders or insiders of administrators being called. I suppose record volume the day before that trading halt just doesn't say anything does it? Could be that they know they are stuffed when it comes to that....
Instead of writing on a forum about it, what you guys need to be doing is getting to the creditors meeting, or at least sending a representative in an endeavour to halt the liquidation sale.
It is quite obvious that the view board misled the market, and didn't disclose necessary information, therefore you need to be thinking of the SGW result. i.e. shareholders will be granted the same status as creditors as they were misled.
Given the likelihood that some, if not all of the board members may, or at least should be facing criminal charges over this, you could well be given the same status as SGW holders have now.
The reason Investec have called in receivers immediately is undoubtedly because of this - to get rid of any assets and clear their own books before the criminal procedures can be carried out. I'm sure they are well aware of this, and will be looking to get the money back asap, as it will much be much harder to get that money off them later, if you do indeed end up in a similar situation to SGW holders.
I guess the moral of the story becomes, that if you don't trust management, if there is something not quite right about the way they do things, then it's best to be out. Following this principle I have been lucky enough to avoid the VRE disaster, and also the AED wreck.
I sincerely wish View holders the best of luck, and to make sure you follow every path to its end. The sooner this board is assigned oblivion, the better off our society will be.
Yes... Likely... The easier, the better... All ingenious is simple.
Anonymous said... March 19, 2010 at 5:18 AM
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