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if shareholders get handed out rotten eggs then he'd be pelted with them right now.
Give them golden eggs and they are happy. Crack on Scott.
if it's getting sold then he won't be full-time for long hopefully!
Nest feathering to be expected but 30m shares was way too much and has now turned a large amount of investors against him and others which means he has to perform miracles going forwards or else he's going to get slaughtered.
The honeymoon period is soon ending for the cgp boys. Time for results as accountability rises 10 fold when awarding yourself disproportional value to fellow shareholders..
What's the betting his salary is 'reviewed' upwards now that he's full-time?
Hi DM
I feel sorry for him now (almost)€200k almost half of what Fawzi was on
Apologies DM...the site I referenced was clearly out of date...
yeah but the lower the take out price or JV value, the more shares they need right...
Sorry but Irwin's talking nonsense (not for first time). Scott already had 19million reasons total the SOLG job and in the top role ensure he was able to drive the train for the rest of his buddies being Bob, Irwin et al. So do me a favour Warren... pull the other one. Maxit and Bob and doing the tough stuff, Scott just needs to dish out the p45's and visit Ecuador a few more times a year than anyone else cares to.
Scott has delivered ZERO so far. He's been in the position for months and months. Delivered shareholders an all time low share price, weaker royalty deal to last deal although let's put that down to Maxit. Pushed back PFS2 and Porvenir updates. Delivered ZERO operational news. On the whole let's face it... he's done farq all!
Where's the exploration that was promised? Where's the results from the SR? The list goes on.
30m shares could have got us 10 to 20 holes drilled on Rio for goodness sake.
Orthern, never a truer word!
Bonuses or rewards for simply carrying out your role, not for achieving have become the norm in the corporate world..
If our managements pay was linked to their performance over the last few years, they would be busking in the streets or painting pavements to make ends meet.
Like I said I meant
Addinct
Looked I said jobs for the boys?
My point is if we all get a decent pay off I’m sure our current outrage will lessen
DBW, he's going to have to pull a very large rabbit out of the hat to justify this award. Putting to one side the principle, I'm staggered at the exercise price - frankly, it's appalling and sends a very poor message. And even worse, we've got more to come as they re-write the long term incentive plan, which you can absolutely guarantee will be more generous than the existing one.
I've always been opposed to option arrangements and have a slightly old fashioned view that executives get paid to do their job to the best of their abilities; so, are we to assume unless someone gets a vast amount of shareholders money they will not do their best? If that's the case they shouldn't be in the job.
Agreed but I think the (near enough) 19m shares he already had would have been pretty good motivation. Having said that if he gets the price moving north it’ll be easier to swallow as we all benefit …. Still smacks a little of jobs for the boys
Dbw. WI has a good point
Here’s Irwin’s take on Scott Caldwell’s options
“Nobody would take the thankless job of cleaning up SolGold for his base salary. Having options makes sure he is fully motivated for success and his interests are aligned with ours.”
Quite simply because they are not the only show in town and a good corporate financier will persuade them of that fact.
addicknt,
Not sure how you can make the Chinese think they are not the only show in town? Let's face it... no one can take them on and win unless it involves a silly bid which they think over values the opportunity. Not sure any bid under 400p would over value Alpala on a 50 year outlook and copper at 4 x today's price levels but that's all pie I the sky and who knows we might be flying around in helium powered personal jet packs or flying cars in 20 years with copper looking like a metal best suited to restoring electric vintage cars!
We live in the here and now and the good news (banking crisis aside) is that numbers should improve as we lower inflation and see end of interest rate rises. All interested parties will be fully aware that the window of opportunity closes this year. Next year, interest rates are coming down, debt cheaper, growth returns, inflation back to 3% levels asset prices start to climb.
Not many Tier 1 mines out there with the classy metal mix that Alpala has in place.
Not much to see here today by looks of it, so have a good day all.
Fort, I agree with all of that and also that the Chinese are the front-runners - despite the fact I loathe their malign influence on the world. However, if I were an advisor I would most certainly seek to avoid giving them the impression they're the only show in town, regardless of my previous relationships with them.
addicknt, I thought is was public knowledge that Ecuador are in talks with the chinese over finalising an historic and first ever free trade deal like those already in other South American countries??
I agree that land purchases and other red tape stuff is likely required before anyone taking over the keys etc but I think you need to step it up a level to the 'top' and assume that any chinese talks with Ecuador would involve a $6bln (full cost) mine investment. If the Chinese arena the mix, then it not only involves building the mine but all the infrastructure like pipelines, hydro, roads, tailings and so on. Just what the Chinese are good at.
So if a Chinese Ecuador trade deal gets signed in a months time or two, then perhaps the dominos begin to fall after that key event? Maxit and Bob have such a long and proven relationship with the Chinese it's hard to think that they are not in prime position right now especially after that signal to market via the $36m placing.
This is going to be fun. Twiggy v BHP fight 2. Twiggy currently the undisputed champion having Ko'd BHP in the 4th round in last bout.
Copper and Nickel soon to be in very high demand. Only problem for this dinosaur like market is that for decades the hedge funds have used Dr Copper as a hedge for their bets. Using it as a barometer of weather weights on equities are bullish or bearish. Problem is... Copper is now a high demand metal and not appropriate anymore for that kind of hedge. But the hedge funds are slow and reluctant to change their ways after decades and decades of playing the same game. That's what is suppressing copper right now... some old school hedge system tool. Bonkers and yet again just another example of a market that is incapable of seeing the future and pricing that in.
let's assume Maxit/Citi have received a number of informal approaches from companies wishing to do an 'off-market' deal i.e 'give us exclusivity and we're here to do a deal.'
Quite obviously this would not be the most effective way to maximise value, so the response has been 'thank you for your interest, but we're currently examining a number of options and if we conclude a sale is the best route forward we'll be in touch'. As a negotiating tactic this makes complete sense. We know we're going to sell, but play hard to get.
Up until fairly recently BHP held all the cards, but this has now changed and we are in the position to be able to do what many of us have hoped for, which is to sell the company/Cascabel via an auction process once the SR has concluded.
Now the unpopular comment: if I were a buyer I'd want to see the various licences in place before offering. Indeed, if I were selling I'd recognise that this is as an essential value-enhancing step and would hold back until I've got them. As we know, we're in detailed conversations with the authorities, who've been making all the right noises, but we do need the signature on the dotted line.
SM, no, that's not how these things work and my take on Irwin's comment is that he was stating the obvious i.e lots of DD WILL be required once we enter formal discussions.
Fort, I agree with your last paragraph but don't believe we are near that stage yet. We've been given the timetable for the SR and whilst it would be great to think we're closer to the completion of the process than we've been told, on this occasion I'm inclined to believe they were not trying to fudge matters - but who really knows?
The one caveat to my thinking is the question of why the company rushed out the statement about his options without first having worked out the detail and why did they suddenly decide to appoint him full-time? I suggested yesterday that a cynical view could be that his appointment was solely so he could receive options - I hope I'm wrong, but wouldn't be surprised if I'm not.
https://www.kitco.com/news/2023-03-17/Top-10-largest-copper-mining-companies-in-2022-report.html
Or Jiangxi, Fortescue, Barrick, etc etc
They've already done all that Colonel...the next relevant RNS will be to announce an approach or a bid...
After all Bob has been working on that for 6 months or so...