Vast Resources Taking Legal Advice Over Atlas Conversion Notice; Shares Fall

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By Joe Hope

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Vast Resources PLC shares fell Wednesday after it said it is taking legal advice as Atlas Special Opportunities LLC has said a conversion notice it issued to Vast for $800,000 is valid.

Shares at 0758 GMT were down 0.17 pence, or 17%, at 0.88 pence.

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The AIM-listed mining company Monday said that it has repaid in full the outstanding bonds owed to Atlas, which would mean Atlas no longer has any conversion or right to call for issuance of Vast shares. However, Atlas issued a conversion notice for $800,000 the same day, which Atlas has claimed is valid, Vast said.

Vast said the 0,000 in question is part of a repayment to Atlas that was instructed on Friday, though Vast said a Swift confirmation for the repayment was only received on Monday.
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Vast said that while it is taking legal advice it has made no action in relation to the notice, and hasn’t made application for any related shares to be admitted to trading.

Write to Joe Hoppe at [email protected]

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Credit: www.marketwatch.com /

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