shafted again, page-8

Wait, there is more...

The SPP will enable shareholders in VPE, irrespective of the size of their shareholding, to participate in offers to purchase up to $15,000.... at 30 cents each...

... as at record date of 4.00pm WST on 18 December 2009

So that is inviting every Tom, Dick and Harry to buy the minimum parcel at 31-32cps, then load up 50,000 shares

The dilution could end up being FAR GREATER THAN 15%! VPE could have more than 500mn shares at the end of this placement. On top of option holder, anyone with a substantial holding has also been rooted.

Since the 10 for 1 consolidation, the total issued capital was 191mn. Since then, here are all the placement:

13 Dec 2006 - Issue 48mn shares at 25c

20 Nov 2007 - Issued 32.5mn shares at 13c to investors + 26mn in the SPP

10 Jun 2008 - Placed 41.75mn shares at 22.5c to QGC

03 Dec 2008 - Placed 48mn shares at 14c

04 Dec 2009 - Placed 40mn shares at 30c + ???mn in the SPP

PS. No comparison to STX please! JK wouldn't know a profit if he runs into one! How someone can be paid millions over 20 years of unprofitable incompetence (and destroying over 80mn in shareholder equity) is beyond me.

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