Hi VYR
Thanks for the well thought out post. On face value, there is nothing to disagree with in it. And trust me, I really, really hope you’re correct and that it will be “different” this time around.
So here’s my negative, glass-half-empty point of view. I have history on my side. VMT has never delivered on any of its promises. Every quarterly or interim report has promised that next it will be better and it never is.
Over the years we have seen cash raisings which have decimated VMTs share prices from $1.40 tp $0.05 today. And all there is to show is photos of a fancy looking factory in Nanjing which is mostly empty.
As for the much lauded licence to manufacture scooters? If it was so unique, valuable and unattainable, someone would have taken over the company by now just to get access to it. With an SP at 0.05, this tells you precisely what that licence is worth and they’ll throw in a factory and a set of steak knives for that price.
As to what really gives me the heebie-jeebies today? The Haiyong debacle pretty much sums it up. Where around $2M was simply written off the books and not a squeak from anyone, merely that there was nothing to see there and we should just move along.
Here is what I wrote at the time : https://hotcopper.com.au/posts/16049325/single
As I keep saying, I desperately hope that I am wrong and that nothing would give me greater pleasure than to be proved so.
Sadly, I have history on my side. Even the guy who started Vmoto up has cashed out and left town for greener pastures.
