Late on Friday last week the business (ASX code VMT) announced it had received a demand for immediate repayment of an unsecured loan of approximately $720,000.

The lender, fortunately, has since agreed to convert the loan and outstanding interest into 40.4 million VMT shares at two cents each.

The current VMT directors were re-elected at the AGM last week, but only by a margin of roughly 35 to 28 per cent.

In a statement afterwards, they said nothing new about recent operations and did not deal with a number of questions raised by the rebel shareholders.

Businessman Gerard Fitt, who leads the rebels, said a number of large shareholders who did not vote at the AGM are now leaning towards his group, which will have a second shot at sacking the current board at the extraordinary meeting on Tuesday (November 29).

Meanwhile, the Punter has been wondering if it now might, or might not, be time to buy Elders (ELD) shares.

The shares are trading repeatedly lower at new lows for the year, despite the recent annual results showing an underlying profit attributable to shareholders of $4.7 million.

That’s a big turnaround from the loss of $15.1m the previous year.

Three of the directors were in the market the day after the results were announced, buying big parcels of shares for themselves at 24c.

That’s positive. Also positive is the fact that its debt has reduced (thanks mainly to the Rural Bank sale) and its bank financing was simplified and extended by two years to June 2014 a few months ago.

Net tangible assets per share are put at 55c, which makes the shares at 24c look cheap.

On the other hand Elders hasn’t yet been able to get out of the forestry business, which cost it some $390m in write-offs during the year alone.

Also worrying is a 25pc drop in operating cash flow from the profitable rural services and automotive divisions, from $105m to $75m.

The Punter has decided to wait and watch ELD in the run up to its annual general meeting next month.

The Punter has no financial qualifications and no links to the financial services industry. He owns shares in a number of companies featured in this column.