Cujo,Good analysis of the situation. After pondering both sides...

Cujo,

Good analysis of the situation. After pondering both sides of the question carefully, I have reached the view that a shareholder coup is not the best way forward at the present time.

I particularly like your summary:

"The facts are this though,
Yes the board is overpaid.
Yes it is an excellent product.
Yes it takes an eternity to get to market.
Yes it is speculative.
Yes VCR is running short of money."

This sums up very succinctly where we are at. I remain unconvinced of the absolute necessity of the SPP in response to the last point (running short of money). However, I have decided to subscribe for the SPP anyway.


My logic is this - if the SPP succeeds, there will be massive dilution. Given the (relatively) large investment I've got in this company, in this event, I will want to be "on board". On the other hand, if the SPP fails, the price will likely drop further.

For this reason, buying on-market is likely to be a losing strategy at the moment - and may be the reason the price remains depressed. If one buys on-market, and the SPP fails, one's losses have just increased.

If the SPP succeeds, those that subscribe are looking for a recovery in the share price to the 30c-40c range (at least!) so the difference between buying at 8.1c in the SPP or at 7.3c on-market is not significant.

So - what's another $5k - I'm in. But very reluctantly.