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Think well see more coming over to solg imho
Wise move imho ladinlax
ladinlax, question: you knew the bid would fail and that the offer would be rescinded, so why did you accept the offer? Surely, you could simply have sold your shares in the market whilst they still attracted the bid premium?
In any event, you've made the right decision by buying more shares here.
As one of the small shareholders with 2000 shares after the consolidation that took place a while back, I voted to accept the generous SOLG offer, why wouldn't I? I knew that the main majority holders would have the real say in the outcome, but thought no would make my voice heard. I wish I hadn't! I had to pledge the shares when I voted and only received them back in my account yesterday. So, I have watched the share price fall, unable to sell until last night. I used all the money from the sale to purchase SOLG this morning to add to my main holding.
Some proper debate. lovely
I always feel for the little person in all of this. Those small shareholders can sometimes get trampled when they misread the signs. Let's hope CGP management stop behaving like dokcheads and get something back for their small shareholders
CD, we started the fight , and lost. And what has them selling shares got to do with us? It's their business, they can do with it what they want. In fact, you should be grateful they've been selling - their direct holding becomes less relevant as a result. You should also be grateful their attack on our governance has led to us having a much better balanced board. And the fact that a successful offer would have seen us being considerably diluted on our many other valuable assets, is a lucky escape and represents another favour they did us.
I carry no torch for CGP, but I can see things for what they are and therefore, no, I'm not kidding.
I must admit I'm not sure I understand the animus towards CGP. Sure, they appear to be in trouble and yes, they have said some things which have been uncomfortable or, have stretched the truth - as did NM.
But the fact is, we launched a hostile bid for them, not the other way around. They defended themselves in a manner which was to be expected. Their board had no intention of doing a deal with NM and neither did their shareholders, which is entirely their right. Frankly, they did us an enormous favour.
It would be so much better if we had a constructive relationship with them, but it appears the personalities and history involved will never allow that. Our reaction to them appears, at least to me, to be a sign of our own insecurity and is therefore a weakness.
They will plough their own furrow, as is the right of every independent company, and it's to be hoped we can put this behind us and get on with doing what we do best - finding copper and gold.
CGP up for sale...this statement is on their website right up to date...
"Top 10 Reasons to Invest in Cornerstone"
"1) Cascabel is a world class, Tier 1 asset that has been endorsed by BHP, Newcrest and Franco-Nevada
2) Opportunity for new investors in Cornerstone to buy in at ~C$6.04 which represents a ~30% discount
to the ~C$8.60/CGP share that Cornerstone’s top 3 shareholders acquired their shares at
3) BHP’s cost base of ~33p implies ~C$11/CGP share (1) – BHP is restricted until October 19, 2020
4) Newcrest’s block purchase in December 2018 at 40p implies ~C$13/CGP share (1)
5) 15% carried interest in Cascabel – free ride until completion of a bankable feasibility study
– SolGold must fund 100% of expenditures through to feasibility
– No dilution for Cornerstone vs. onerous Franco-Nevada royalty (SolGold solely liable)
– Cornerstone only pays back spend after production is achieved from 90% of Cascabel earnings at LIBOR + 2%
6) Precedent transactions average of US$0.07/lb Cu Eq. implies ~C$18/CGP share on Alpala alone (1)
7) Cornerstone’s interest in Cascabel provides an attractive opportunity for a potential acquirer to secure a strategic position superior to any other SolGold shareholder
8) No one has a right of first refusal on Cornerstone
9) No value ascribed to ENAMI Strategic Exploration Alliance, 12.5% carried interest in Bramaderos and properties subject to farm-in agreements with Newcrest (Caña Brava & Miocene)
10) Very high management and insider ownership ensures ultimate alignment of shareholder interests"
Item 7 is saying "please come and buy us, because otherwise we'll have to issue equity at a penal rate well below the $13 we should be valued at, or sell our Solgold shares well below the £2 a share they're likely to be bought out at...
And this may be why...
Loss for 6 months to June 30 of $3.056m had to be funded by $4.527m sales of SOLG shares...
Seem pretty desperate...this may be why...?
"The Company as at June 30, 2020, had cash balances of $2,653,936 (December 31, 2019 - $851,780) and current liabilities of $548,364 (December 31, 2019 - $962,178). To the extent that the Company does not believe it has sufficient liquidity to meet its current obligations, the Board of Directors of Cornerstone (the “Board of Directors”) considers securing additional funds through equity, partnering transactions or sale of assets. All the Company’s financial liabilities are normally paid within 30 days and are subject to normal trade terms. The Company has no source of operating cash flow to fund its exploration and
4
development projects. Funding for projects requires equity financing or partner funding. The Company has limited financial resources and there is no assurance that funding will always be available to allow the Company to fulfill its obligations on existing or future exploration projects."
This is another good reason to delay publication of the PFS as any substantial increase in value will also benefit CGP and as they haven’t got our fantastic portfolio of regional targets they are very much a “one trick pony” totally reliant on Alpala so what better way to turn the screw a bit more than delaying the PFS whilst at the same time pursuing the “shock and awe” drilling strategy on the regionals. Result - Solgs SP continues to rise and CGP’s withers on the vine! What’s not to like about that :)
Opened at $5.87...fell to $5.21...up to $5.89...back to $5.45...lowest for six weeks...
CGP down over 6% today and almost 11% since the SOLG offer expired...
I wonder what their loyal...sorry deluded, shareholders think...
Also SOLG up 42% and CGP down 12% since 29 September...
GOOD!