action from management

Although our management is doing an excellent job with the building up of O/G assets, they have failed with the Fausse Point project.

As the F.P. project is the maker or breaker of our company, this issue needs to be addressed without any further delays by our management.

Perhaps the problem with the F.P. project lays with the non performance of GGP the operator. If this is the case, than action has to be taken to rectify the problem, if any.

As shareholders of VIL we need results, and we can force management to take action under the provisions of the Corporations Act of 2001.

Section 249D of the Act provides shareholders with the right to have an extraordinary general meeting called by the company to discuss resolutions put up by shareholders. This can happen if 100 shareholders are prepared to call the meeting.

Also, Section 249P of the Act provides shareholders with the right to include shareholders' statements (paid by the company) explaining why the general meeting is being called.

First and foremost, I suggest that we write to our management and ask for an honest and detailed update of the F.P. project without any further delays, and to outline the company's plan to develop this project. We should also mention that if shareholders do not get a satisfactory update, sections 249D and 249P will be considered.


Suggestions and feed back will be appreciated.