We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Jerry it clearly gives examples in the link, I asked you to read, what is material? You would have to twist the meaning and pull it out of shape, so that it was not able to be seen for what it was. A drill hole, by no stretch of the imagination, can be deemed to be material.
Jerry
It is NOT a requirement to release individual drill results!
Rs
BN c
Maybe some should stick to GGP.
So if you withhold material information, and I would suggest that all drill results are material, for a company the size of Solgold, and therefore are price sensitive, you are making every single one of the people who know about the drill results, insiders. That is because the information is price sensitive, specific and non public. So all the management and board of Solgold, the assaying company staff, the drillers or drilling company and all the other people in the loop of information being conveyed. Every company would want this information released as quickly as possible to stop leaks, false markets and people breaking the law whether they know they were or not. There are times when people are required and happy to sign up to be made insiders, often when there is a deal to be announced that requires financing or a share placing. In the normal course of events this is rare and not something that companies desire.
Maybe Solgold manage their business differently to most.
Good evening Jerry, Some light reading for you on RNS's. It clearly says, that as long as the information remains confidential, it does not have to be issued in an RNS. They can release it any time they choose. Enjoy the read.
https://www.sharesmagazine.co.uk/article/understanding-the-different-types-of-stock-market-announcements
What a strange insult Jerry, I am not a lawyer, and I doubt you are, what has insider trading laws, got to do with reporting of drill holes. We report material differences that would have a positive or adverse effect on the share price. The market is aware of our funding position, and possible raising of cash . They do not need to know every time we drill a hole.
Quady I really don’t think you understand the insider trading laws and reporting requirements of companies listed on the main market. Either that or you are being intentionally obnoxious.
Go the Windies!!!
Correct, because it is non material, at that point, it's a question of not knowing if it's economical to develop. One hole does not make a mine. So immaterial.
Because it’s not material to them or their shareholders.
Autocorrect Jerry, yes reporting rules on aim are different, as when on AIM, reporting is more relaxed. However Shell and BP are not on AIM, and they don't need to report drilling well, by well.
I hope you bought (not brought) in quady.
Solgold were on aim then. Maybe their rules are different?
Sorry Jerry, they are not material, I brought in when shares were 4.6 pence and we had around 600 million shares in issue, even then not all drill results released, and not just a question of releasing them in batches. They were put into later presentations, but no RNS ever released.
The question of releasing drill results is a question of materiality. For BHP or shell it can probably be deemed immaterial due to their size. For a company with a market cap of £400m and no production or income, I would argue that all drill results would be material and therefore should be released ASAP.
There always does seem to be a way of getting round releasing poor drill results - it usually goes along the lines of: "we waiting to release them as a batch". The opposite happens when they hit the motherload of course - that gets individually RNS'd and toute de suite!
With ref to the O&G sector I think that if they are doing a single wildcat drill then there's no getting around releasing the results for that. If it's a multi-well campaign where the wells or of smaller impact then they can present them or not as they see fit.
My guess is that if either Porvenir or La Hueca hit some serious mineralisation, then we will hear about it sooner rather than later, even before the assays are back. If we don't, then I expect radio silence until we do :)
Well... say Apple are working on a new product. they create 20 new bits of technology, each of which are groundbreaking and need patenting. would you expect them to do a rns for each one?
I bow to the superior knowledge and experience here.... but have to confess, I find it absolutely astonishing that drilling results are not perceived to be price sensitive information for an exploration company.
Good afternoon, that's correct DarrenBuffer, I have invested in oil and gas for years, they are not deemed market sensitive information.
if it's anything like oil, which I assume it is, they do not have to disclose individual drill results.