I have sat back and read all the negative, unsubstantiated drivel posted here on HC in the last 3 weeks. Is it just me or is it a mere coincidence that in this period there appears to be a whole new negative campaign of predominately new comers (with no holdings/new handles) that has come onto the VAN HC thread? Timing? Mischief? Best interests?
The mods will probably take me down if my above suspicion’s are correct ……So lets peel back one onion layer very quickly on why this is IMO one of the most absurd, outlandish, unsubstantiated, and spurious claims I have seen in 40 years of business and practice.
Firstly the ASX DAU announcement appears to not detail in full what was actually served upon Vango; DAU claims $21m for K2. VAN states that the writ served is for just 4.1% interest in K2.If this is correct than K2 is being valued by DAU at $21m for just 4.1% (4100 Oz)! This would give VAN’s total average value of K2 (JORC at 100,000 OZ) according to DAU at $512m!!! . I am sure VAN would have no argument in paying anyone $21m if VAN could realise $512m for just K2 alone
Furthermore……”proceedings also include a claim for unpaid royalty payments and milestone payments arising from the Plutonic Dome Purchase and Sale Agreement “(PSA)….this is THE absurd… to my knowledge the PSA has never been in dispute!!! And has nothing to do with BTS!! So DAU are, IMO disputing an non-disputable agreement?? Go figure! Notwithstanding it is abundantly clear in the PSA (and the terminated BTS) document that royalties and milestone payments are only due and payable upon production volumes being reached, which to my annoyance has NOT happened yet. Both parties cannot claim anything until this condition is met.
So to all ‘new comers’:
- Why did DAU move away from world-class litigation lawyers in Mallesons (letter of Demand Feb 2020) to Bennett+co from Perth?
- If the claim had any merit why hasn’t DAU’s share price increased? ($21m would equate to 4 X its current MC)
- Where is DAU’s legal war chest coming from? … the repayment of the unsecured loan of $500k from Aurigin Foods, reduction in executive wages, reduction in rent ( in the building that one of the directors own) , Credo mine, Ruby fields..yes I agree Eagle Bob all BS as it isn’t going to happen. Then there is the very strong possibility that VAN’s legal costs that will be ordered against DAU for such an absurd an outlandish spurious claim.
A quote from Isaac Asimov seems to be relevant here:"The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, ..."
