this is an absolute disgrace. my interpretation of the ann. 1....

this is an absolute disgrace.

my interpretation of the ann.

1. vpg has given its clearest indication to date that it WILL breach its debt covenants. so we are completely at the mercy of the banks as to whether vpg will survive or not. the banks are going to screw us painfully i believe.

2. the 90c nta value is going to be smashed. in typical vpg fashion, they refuse to give us an indication of a dollar figure, except to say it will be "significant"

so basically the rest of vcs and crownstone is a complete write-off, plus there will be other significant write-downs elsewhere.

3. the directors are going to give their buddies a 20% share of the company at bargain basement price. if that is not the biggest conflict of interest since rubicon i am amazed. since when were vpg's liquidity problems so severe that they can't come up with $78 million lousy dollars by september. what happened to the hundreds of millions they've raised from selling down assets so far?


i am completely shattered by this ann. i dumped my holding at 8.1 after she came out of pre open. i honestly thought vpg was a potential 50c stock in 12 months, but that has completely gone up in the air now. i'm sick of the little guys always getting screwed over by corrupt and incompetent directors, while the regulators sit there and do nothing.