Unfortunately I did not react quick enough to dump my shares and thus still holding.
IMO VXL are beyond hope and much of any money raised in a RI would simply go into paying trade creditors (including director/staff termination payments) and Chimaera all of what I feel is money down the drain (particularly termination payment - CD's is 12 months pay - $371,000). Only a small amount of the cash ($7m) would go into plant improvements (I think they could stage the improvements and save some of this for working capital). As far as I can see the best solution is for VXL to go into liquidation and attempt (possibly via SER) to buy the company (in a fire sale) from the liquidator. This way the capital needed would minimized and be about $7m + the cost of buying the company from the liquidator (say $3m). Hopefully SER would be the only bidder (although the Asia Pacific customer for Uley graphite would be a useful partner in a fire sale bid). Ideally get Mencel and Whiteley on board and then attempt and potentially file a legal action for infringement of disclosure obligations on the old directors (and also Watson lawyers). I understand that aushed said that the SER board were meeting on this issue - can you let us know the outcome?
- Forums
- ASX - By Stock
- VXL
- Ann: Corporate Update
Ann: Corporate Update, page-38
-
- There are more pages in this discussion • 5 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Add VXL (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
SER
STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
David DeTata
Managing Director
SPONSORED BY The Market Online