Such a misconception that Brewer was solely responsible for the demise of VEC
I had no investment in VEC but was intrigued with the Brewer phenomenon and how he was put on a pedestal, which in turn unravelled an intrinsic web of players (per se), most of which all pointed back to a group out of Western Australia, 34 Parliament Place, (West Perth) London boiler rooms, Cyprus, Romania, an abundance of BVI/Canary Island listed companies, African Royalty Company, 1620 Capital, Threebee Investments, Filmrim & Sanlan Private Wealth and the list goes on.
Not to forget the Brewer fan club that spruiked him unrelentlessly, the rampers and some of the largest holders enlightening everyone with "apparent"
very knowledgable and insightful postings and claiming to be just being a "mum/dad" investors
, the same large shareholders that were also relentless on the "bird" with their ramping.
The "usual" suspect HC rampers were out in force when Basset and Castledine entered the Top 20, they failed to indicate that they were paid a lot of "advisor" shares in the acquisition of the Maniema Project, or that Basset was also paid circa $37,000k for capital raising fees......
https://hotcopper.com.au/threads/ann-annual-report.3724860/page-11?post_id=35945852https://hotcopper.com.au/threads/ann-annual-report.3724860/page-12?post_id=35945969https://hotcopper.com.au/threads/ann-annual-report.3724860/page-13?post_id=35946572https://hotcopper.com.au/threads/ann-annual-report.3724860/page-15?post_id=35947157Brewer was only one director of the company, but bears the brunt of everyones loses? IMO, all the directors would be complicit in the "mess".
Never a mention of Castledine, (a director since 2009), or Hendricks , (a director since 2016) , Basset (a director since 2016) and Youlds that has been on the payroll since 2017 that all sat around the board table to make decisions as well as Brewer?
@Coffeebean or anyone else thinking of a "class action" - I assume that every ASX listed company takes out the same "Indemnify Insurance"
(taken from VEC's Annual Report)
The amount of shares "paid" to directors for acquisitions is another interesting subject.
For what is is worth and if you can bothered, some of my previous posts:
https://hotcopper.com.au/threads/fishing-for-nice-positives-about-vec.5182309/page-156?post_id=46083001https://hotcopper.com.au/threads/one-of-the-biggest-gold-runs-we-have-seen-and.5464191/page-10?post_id=45891234https://hotcopper.com.au/threads/fishing-for-nice-positives-about-vec.5182309/page-129?post_id=45502730https://hotcopper.com.au/threads/fishing-for-nice-positives-about-vec.5182309/page-129?post_id=45502730https://hotcopper.com.au/threads/fishing-for-nice-positives-about-vec.5182309/page-122?post_id=45332347https://hotcopper.com.au/threads/fishing-for-nice-positives-about-vec.5182309/page-108?post_id=45277450https://hotcopper.com.au/threads/ann-suspension-update.5343310/page-65?post_id=45000793https://hotcopper.com.au/threads/time-for-class-action.5433909/page-14?post_id=45258318Some upside I guess, the company has found enough cash to pay the other instalment of their listing fees to avoid the delisting process, although that would be little value but what it does do is make the company announce any material information going forward.
cheers
