the next step

Other than actually receiving the money at the end of September, this is the was I see it. I may be wrong in my facts and assumptions, so please correct me.

IMC Resources extended the funds in order to stave of Investec from forcing a liquidation. They did so on the the following conditions.
1. All Directors were to stand down.
2. ASX would relist the company once the Administration was over.
3. The rejection by MCR, due to certain conditions not being met, was legally binding.

In order for the company to be relisted an extraordinary meeting must be called in order to elect the Public Company required number of Directors. Once this is done application to relist can be made.

As I see it IMC have always wanted to have shares in a listed company, not to take over it. The loan they have contibuted cannot be converted to shares without the approval of shareholders.

Running a bit blind on this but from information out of MCR reports July to August I would put VRE's proportion of profit before tax for the year at between $4M and $6. This made with an extremely low Nickel price. My believe that the current proven reserves would give VRE's value of Camilya at $35M with a lot of upside.

My sentiment for this company has now reverted to "Hold" for at least a little while and let the rabble sell at what will be initially an undervalued price.

This is my sentiment and I am offering no advise to others.