It has to be said that our manangement has lost its way, and...

It has to be said that our manangement has lost its way, and besides wasting our hard earned capital, they have completely thrased the share price in the process.

Management incompetence is very real, and it appears that there is no end to it. If no action is taken by shareholders, we will end up with no company at all.

The mentality of the management has not changed or has ended, and we are going to get more of it. As stated by miki29 after he attended the AGM, "the board seems determined to continue seeking new opportunities".
The market update was nothing but "repeated rubbish" heralding delays and more delays.

From the very beginning, shareholders have been virtually promised that Fausse Point will be a company maker. Then it was established that Fausse Point was classed as non commercial due to some problems, but GGP the operator and the VIL management were still very confident. Further investigations showed that Fausse Point2 will be a success with additional new findings increasing its potential. The cost of the side drilling was 72% of approximately $1.3 million.

If management was so positive with with Fausse Point2, why did they use $1.2 million just to obtain 15% of Lyons Point (a comletely unknown project), instead of using these funds to process Fausse Point2 (a well investigated project and a hopeful company maker) with 72% holdings!!!

Our management should have adopted the old saying "a bird in hand is better than 2 in the bush".

Also, I find it rather puzzling and suspicious why the restucture of the new board was not discussed at the AGM the day before, and the very next day Andrew McIlwain and David Calcei (only just re-elected at the AGM) resigned, with Sam Russotti appointed as the new non executive chairman. VIL is a public company and in my opinion it is being run as a private family business.

Steps need to be taken to rescue our company. We as shareholders have the right and the power to replace the current board if their performance continue to falter. We can use the 2001 Corporations Act, sections 249D and 249P with absolutely no cost to shareholders.

Section 249D deals with the calling of a general meeting by our directors when requested by VIL shareholders (costs to be paid by the company).
i.e. the directors must call and arrange to hold a general meeting on the request of (A) shareholders (one or more shareholders) with at least 5% of total votes (number of shares) or (B) at least 100 shareholders regardless of the number of shares held by them.

Section 249P deals with shareholders requesting the company to give to all shareholders a statement provided by the shareholders making the request (statement must be limited to 1000 words) with costs paid by the company.

We as shareholders should stick together and do something for the survival of our company. All we need is just 100 shareholders (regardless of number of shares) (or) one or more shareholders with 81,970,428 shares (5% OF 1,639,408,563 shres).

However, before the above action is taken, I suggest that the board of directors is contacted in writing, and point out to them the action we are prepared to take, if our DEMANDS (not requests) are not met. I am prepared to write to the board on behalf of shareholders, unless someone else wants to do it.

This action can only be considered if there is enough support from you the shareholders.

If and when the board of directors is contacted, we should demand for a comprehensive release to the ASX with inclusions such as specific dates, available funds, full details about all projects, proposed developments etc, pointing out that we do not want a politicians reply, but an actual answer.

Your honest comments, suggestions and whatever will be appreciated. If you do not agree with me, I will not be offended.