Interesting response Poss....but let me correct you on one thing....the Cap city meetings with the Soph Investors were not organised that far in advance...in some cases the meetings were organised and arranged very close to the actual meeting dates.
It is of course easy to be wise in hindsight....except it was very obvious the SP was under considerable pressure and the Board knew it urgently needed a CR. The Board at Trevor's request should have requested a TH when the SP was tanking and sellers were strongly piling on...instead of waiting over a week or so for it to fall from around 3c to 1.8c.
The Market clearly was not moved by the 24M JDM and MOU announcement. I would say this is largely due to the fact that VRC has made many announcements over the last few years, that sadly have come to nothing.
Remember the Graphex MOU announcement in June when VRC said it "contemplates that within sixty days the parties will enter into a definitive offtake agreement" and "ngotiations are continuing with other parties for additional offtakesfor the Stage 1 Bunyu Project"...??
Then in late August VRC issued an ASX release saying " Graphex...has requested an extension of time to complete and sign the definitive offtake agreement contemplated under the LOI".....and guess what we have heard nothing since from VRC about Graphex.....with no other signed binding OFTA's from any other company's have been announced..
Is the Graphex OTA now dead?
Given the lack of any VRC update on this matter over the last 3.5 months...the Market certainly thinks the Graphex OTA is dead.
Similarly it was announced with great fanfare in early August that ZG was back in Production...which was terrific news"
Then in early September VRC issued another ASX announcement stating that "despite disruptions during recommissioning, ZG production is on trajectory to meet FY23 forecast graphite production of 8,000 – 9,000 tonnes".
And since that announcement there have been no further Production updates....and of course we assume we know why...Production ground to a halt.
So when you take this all into account along with other similar VRC announcements that to date haven't gone anywhere.....surely the VRC Board should have expected that the 24M JDM and MOU announcements wouldn't really have captured the Markets imagination and would have not have driven the SP north.
If the Board didn't know this would be the Market outcome with the JDM announcements...why didn't they know this?
And this is why VRC should have been better prepared with it's CR paperwork given you have stated Poss that it takes 3 weeks to get the paper work together and called a Trading Halt when the SP was riding high.
Instead VRC wasted the opportunity when the SP was around 2.7 -3c and sadly the rest is history....the SP has tanked now to 1.5c and shareholders have to put up with unnecessary and extreme share dilution.
(20min delay)