on reflection

Halfway through the rights issue, I spoke to Greg Lee, and by his comments I honestly thought that there was some hope of our company moving forward. Unfortunately, I now realise that the same dribble was, and is still being paddled.

Greg Lee blamed GGP for the delay and failure of Fausse Point. I blame both GGP and VIL for their incompetency, and delaying this project for the past 3years and 3 months. Further, Greg Lee was having discussions with GGP regarding their 18% owernship of Fausse Point - what happened to these discussions !!!!!

The obvious silence by Greg Lee during and after the rights issue, demonstrates his total disregard for shareholders of whether they subscribed to the R/I or not. His sole interest was for his associates under the banner of underwriters.

Greg Lee made a point of backing the Fausse Point project, by claiming that he was investing $200,000 of his own funds. In fact, as confirmed on "Appendix 3Y" dated 27/11/2012, he only invested $30,000 and took up the R/I of $2,681.22 for a total of $32,681.22.

For the past 3 years, to co-incide with the AGM, an "Investor Presentation" was released to update VIL shareholders. Why did'nt our management bother to inform us with their progress !!!!

I am unable to comprehend why Mr.S.Russotti was appointed as chairperson of our company, when you consider that he did nothing with the Fausse Point project whilst holding a directorship at GGP. Also, it is customary for a chairperson to release an annual report of the company at the AGM, and have it chanelled through the ASX. What happened to the VIL update !!!!
Also, what is Mr.Mark Freeman (Other VIL director) providing to our company for his fee of $75,000 p.a.!!!!

I believe that VIL shareholders (including myself) have been too complacent, consequently, our directors are getting away without being accountable for their actions, with virtually being secretive due to lack of communication, and running our company as a private business.

It is time for our directors to listen to shareholders and keep us informed at all times. We should DEMAND for an immediate update about the Fausse Point project, and any other projects in the pipeline. I have sent away an email to Greg Lee and I implore you to do the same.
VIL is our company, and our directors are only paid employees.