I'm still scratching my head here.
I'm thinking how a company with 20000 shareholders, that knowing if they didn't support the SPP, the company would go into VA.
They were told that in writing yet could not raise the $10m needed.....so sad.
If all the shareholders put in $1000 VCR would raise $20m
If half of them put in $1000 it would raise $10m
If 2000 shareholders put in $5000 it would raise $10m
If what people are saying now and want to contribute $10000, then you would need only 1000 shareholders to raise the $10m
The administrator no doubt looked at this past and present scenarios and he will take all of this into his consideration.
His first priority and why he was appointed would have been to have an orderly break up of who was owed what.
The entitlements to employees will be a priority and even though the company might be sold they will have to be paid out as whoever buys the asset will not want to be liable.
He has a tough decision to make as in this environment employees need to be protected more than shareholders for the simple reason that shareholders have a choice..buy or sell.
The other problems are that shareholders with a holding of 100000 shares or less which equates to $8000 or under will not want to shell out another $5000 plus
This is why i suspect the first SPP failed.
VCR has too many small holdings.
Then the other question is, is $10m enough.
I have my doubts.
The VA will no doubt look at all this and put it in the too hard basket i'm afraid and sell VCR, pay the entitlements and congratulate himself on a job well done.
And his job will be done.
In hindsight the board should have took the offer for capitalisation last year...they didn't
Shareholders should have dug deep...they didn't
Posters on here should have been more sympathetic to how hard it is to run a company such as VCR instead of continually complaining and undermining...they didn't
What will be will be.
VCR
ventracor limited
