Following on from the above comment, I suspect this VIC...

Spot on, it boils down to the information we don't have from that Vic October Ann.  Right now the key issue is lack of a geological report because it would appear the payments to Everblu (as per that Ann) were reported somewhat.  So it is what is in the 'missing documents' that only the ASX has that matters.  It may not be as bad as HDY on the 'hiding the money trail' front given they got greedier as time went by and ultimately ended up with the HDY arrangement (as the VIC acquisition happened a lot earlier in 2017)t.

Following on from the above comment, I suspect this VIC acquisition the ASX stopped, i.e. the one in Sept, I suspect had the hallmarks of the HDY type arrangement.  The fact it didn't go ahead is probably the only saving grace here but because the BOD are likely to have IMO something similar in Sept for VIC (as for HDY) is the issue IMO (and yes I am speculating as we don' know the acquisition terms for Sept 2018 and who from but obviously it not proceeding clearly implies it involved related parties and I suspect one of those related parties had the asset that was to be acquire).  If this were to relist again, I suspect they would use VIC to send out a further message to other ASX companies (after HDY) with a fine of some type (assuming the 2017 acquisition for VIC wasn't as blatant hiding of monies as and terms with related parties as occurred with HDY) and I am not sure what they can do with the Directors if they decide it can trade (i.e. suspension of Directors????????).

But my gut feel is it will be delisted as I suspect the hidden info the ASX has probably gives them enough of a reason to delist them. 

The only thing I suspect might, and I use the term might loosely, save VIC is a SH meeting been called and the BOD been removed and the arrangement with Everblu terminated (that monthly fee) but that will need to be done in the now immediately.  As long as the BOD remains and is similar to HDY the ASX wants blood, but as usual teh SH will ultimately suffer as the BOD has already bled VIC to an extent (and moreso HDY) without any payback. Been delisted means the BOD keep their dough to play another day and ASIC IMO will do nothing.  Allowing VIC to relist on certain conditions with a SH vote required on those conditions by the ASX (which for example include ditching the BOD) is the best SH can hope for here.  As I said I suspect delisting, but if the ASX decides to make an example of VIC for allowing it to relist I doubt that would happen in the next 3 months (which then puts into play VIC's ability to remain as an ongoing concern in any event given its finances and lack of ability IMO to get more monies through a CR given the total lack of trust in management her and rightly so.

All IMO IMO IMO and for avoidance of doubt I am speculating above.