On 24 October Vast Resources (VAST) held a GM where shareholders voted to allow it to issue more shares. But fear not, the chairman stated “ It should be stressed that there is no commitment at this time to issue the new equity share capital for which authority is sought, and it remains the policy of the Directors to minimise such issues.” That was deceptive as the company HAD to raise money this month to avoid going bust. Today, as I predicted, came the deeply discounted placing.
Last year Vast Resources (VAST) had to complete an emergency and deeply discounted fund raise in October as without it the auditors argued the company was insolvent and so refused to sign off on the books. Even post placing they flagged up a material uncertainty. So what of 2022?
Oh dear, oh dear. This looks awfully like 2021 all over again but can Vast Resources (VAST) manage to side step a rapidly advancing Fat Lady for a second year on the trot. In 2021 auditors refused to sign off accounts for the year to April 30 2021 as Vast was deemed insolvent. Only a massively discounted placing arranged at the last minute avoided a share suspension as accounts must be out by October 31. This year things look worse.
Before today, during 16 years when various executives have troughed it on a material scale, shareholders in Vast Resources (VAST) have witnessed a 99.96% share price decline. Today it will get worse as there is another bailout placing to fund operational failure and fat cat largesse, including a CEO on £227,000 a year. Everything about this latest disaster stinks.
