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It is adorable how you think an absence of precedent still allows for SM being right. Please read carefully what he said, and what I'm rubbishing: that the board of Solgold have deliberately suppressed the share price not to fill their nose bags. Not to make them more appealing for sale. But so that Maxit look like they've done a better job. Read that a few times and tell me, hand on heart, that that is exactly what you believe is happening here. If you don't, and you think it sounds crazy, you're with me.
Let me put it to you another way 1981.
Who brought Caldwell and Vujcic on board? CGP
Who are CGP heavily involved with? Maxit
Why are Maxit involved when SOLG had engaged Citi? You tell me.
The fact of the matter is that the SP gets walked down from 40p to 12p over 6-8 months. The merger gets announced and any directors and personnel with links to BHP get potted. Cazzubbo, Marshall, O'Kane and Cashman. Maxit gets appointed right at the very bottom.
Dress it up how we like but that's what happened.
I'm not diverting 1981. This is all part of the same argument. You seem to be obsessed with precedents and something happening before to justify it happening again.
I'm trying to put a real time view of SOLG to you with the relevant questions.
I see you trying to move on Bozi. I get it. You can't defend SM's stupidity so you're now diverting. Nice one.
I think solg are probably preoccupied with trying to get themselves sold, at a guess. Very little news until the SR is released. But not (and I can believe I'm having to say this for the 10th time today!) NOT because the board are trying to keep the SP low to make Maxit look better!! Ha! Ffs... Don't be as thick as SM.
So 1981, with that it mind tell me why SOLG won't announce a plan to drill Helipuerto? Surely you'd agree it makes sense to drill test this property with a view to feeding into the strategic review?
We also have $50m for Cascabel and no work streams. So are we saying we're going to sink $80m on G&A and there's nothing suspicious about that at all?
Just give me one link to one reputable source that says SM's crazy theory has happened even once, and I'll accept it's a possibility. Otherwise he's wrong and you've all jumped on me for calling him out.
Bozi
If there is no precedent, it's not happening here. Solg management might be a bit bumbling, but they are not risking prison to boost Maxit's bragging rights.
I'd describe solgold's management as poor- would you disagree?
I don't think solg management has a trick up it's sleeve to double the sp.
SM's statement is still total horsesh** . The board here are not keeping the SP down so that Maxit can claim to have done a better job.
1981, there was a great deal of suspicion surrounding BCN.
Personally, I do not believe this is happening here, but I'm afraid you're not right to say it's never occurred.
1981 - why does there need to be a precedent for SM to be justified?
How else would you describe the management of SolGold since 1 Apr 2022?
What options do you think SolGold management has to improve the share price by 50-100% from here not including a bid for the company?
Your answers to those questions might assist your thinking.
Bought back in here this week, with what I consider to be a reasonable amount, I can’t see any option but a buy out. In terms of going mining SOLG barely has the funding for a pick n shovel let alone building a mine. It’s a sitting duck at this price !
GLA Saints
Bozi ,O/T have a read on the link vii has posted on sml well worth a read
Lovely stuff, Bozi, but still not what SM claimed. Maybe he can help you out (although he's probably realised how stupid he sounded and has gone to ground). Where is the suggestion that the Board of Mariana Resources withheld news to keep their share price low, so that the consultant financiers acting for them could claim to have done a better job? Reminder: that's SM's claim with respect to Solgold. That's what I take issue with. That's what you've been unable to substantiate. If you have evidence that any company ever, Mariana Resources included, has done this, then I'll congratulate SM on his clear insight. But if you can't, you have to conclude that I'm right and he was talking out of his a***
Crickey Bozi ,I remember that one aswell
Mariana Resources hardly went for the big premium many hoped for and their MD took a job with the Sandstorm.
What will be your reason for rubbishing that one, 1981?
Lots of green posts I see today ,am not the only one who thinks there's something not quite right with you and your comments ,if everyone filters you then you can talk to yourself
Correct Orthern. That's how it works with these guys.
If it's not impossible, name another company where the sp has been held down deliberately by the company's own BoD in order to allow a banker they've instructed greater bragging rights. This was SMs claim, which is what I'm calling out.
It's unlikely, but not impossible.
With respect, that's not what SM described, is it?
Solg are not aiming for a management buy out, and SM claimed it was so that Maxit could claim victory, not a cheap buy out.
1981, actually it has happened. During the '80s and '90s it was a ruse employed by managers as a prelude to them leading an mbo. Both private equity and managers made fortunes in the process. Eventually the market woke up and it's far less common nowadays.
Agreed, Orthern, so SMs rubbish about BoD deliberate SP suppression is just as thick as it sounds.
That 16p placement is gonna be what Maxit or anyone else measures any outcome against… that was a cut price placement level that illustrated quite well, the lack of interested parties out there for Solgold these days…
Even IF Maxit could engineer a triple priced buyout from here, it would only see a 48p final price… they will see that as a fantastic achievement… a sale at triple the price…… but for long term holders, it’s quite a painful lesson in the hype of an asset, against reality, and shows how poorly our asset has been handled over the years by our management…. I think I’ll now be quite happy/relieved to exit if we ever get to mid 30s again.
Hang on, Bozi, wtf are you going on about?! In response to SMs wayward brain fart, I asked for a company where the board of directors has been shown to be holding down its own share price. Not to attract a bid. He suggested that they were keeping it down, by failing to release news about regionals, so that Maxit could claim they had done a better job, by getting a sale from a SP of 16p, rather than a 50% gain from 40p or similar. Which of the companies you have listed had a BoD that was keeping the sp low in order to flatter a banker? Because if none of them have been shown to have done that, you haven't answered my question, and SMs thoughtless point remains thick af: my original point.
Who's being deliberately thick, 1981?
Noront and Turquoise Hill had Wyloo and Rio Tinto as largest shareholders respectively.
Are you going to be deliberately thick and insult my intelligence by suggesting they weren't influencing those companies to creep into control?
With Noront it's fair to say BHP spotted this and bid Wyloo up. With Turquoise Hill Rio made their paltry offer before the same happened, which was initially rejected by the rest of the TH shareholders.
The point remains. If you don't want to be taken over you do everything in your power to increase the share price. If you do then you put on your Sunday best and that means a bit of short term pain for shareholders.
I certainly won't join you countering that other point. You can guarantee that Maxit will feast off whatever gain is eventually made from the 16p SP when the merger and strategic review was announced. Even if its only 50/100/150%, they'll tell the world they sold SolGold. That's how pretenders like Sangha get their reputations.
Bozi, don't be thick on purpose, it is not becoming. I asked for a company that had deliberately suppressed it's share price in order to claim victory when they land a middling bid. Where's the evidence that any of these companies did this? I'll wait! But you'll never admit SMs original statement was horses***, will you?
SMs other point, which I was countering, was that there was a deliberate lack of news to keep the share price down so that Maxit could claim a 300% bid. Come on, join me in calling this out for the nonsense it was.