The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Addicknt I think you misunderstand me.
It's not about what is my desired outcome.
It's what is the most likely outcome.
I would love for us to be bought out for 2 pounds a share.
But that's not how these things work.
Let's hope so novice I'd like that very much.
Q, you now appear to accept that we cannot take this to production ourselves and are now of the opinion that we will end up entering into a jv - which I don't deny is a possibility, albeit one that has zero appeal for me.
The one thing which is not clear to me is why you think this is a good idea and how it delivers what our new management team and their supporters have stated is their intention.
A while back I laid out what the financial implications of a jv may look like, both in terms of both the short and long terms and concluded it wouldn't make any sense at all. I also recall asking you to outline why you thought it was a good idea and how the financials may work...you didn't reply.
As far as I can see, a jv would not deliver what Sangha and co want and therefore I struggle to see why they'd pursue one.
I understand why you're hanging your hat on a jv, but I simply cannot understand why you believe it's the best route to follow.
I agree and believe Nick Mather is now in alignment with what the Canadians seek as opposed to his former insistence on achieving 'top dollar', and this may have been a result of the unsuccessful July raising where it became undeniable once and for all that the rift between the Cornerstone bloc and his own was simply enabling BHP to call the shots. Something had to give, and that was the Nick Mather bloc throwing its weight behind Cornerstone. Perhaps the plan is for Jiangxi to make a Board-backed bid, which will force BHP to decide how badly it wants Cascabel. Of course it's better if there's competitive bidding, but I'm prepared for the possibility that we will have to take a price that the Chinese will be very happy with. I just hope whatever the outcome is, that it is months rather than years away now.
Evening all. Firstly belated Christmas and New Years wishes to all. Has a date been given for the strategic review publication?
GLA
DK
Scrat we all want a payday it's just going to take a bit more time.
Quady .. I want a payday. Sell the lot to a strategic investor.
Lived too long on the promise of strawberries tomorrow.
I've said all along...the strategic review is a smokescreen...
I sincerely hope you are all fully loaded or you could miss out on a bumper payday...it could happen any day after tomorrow...
And just to remind you...Jiangxi is owned by the Chinese government for whom copper is a strategic metal...
Although on a smaller scale, Shanta gold did recently have interest declared and discussions kicked off which triggered takeover rules announcement. Two of the bidders or interested parties were chinese. In the end nothing came of it, but the point here is that the chinese do not seem bothered one bit about making bids first. That all said, SOLG is different in that should an offer be tabled then bulk of people out there (chinese included) expect to see BHP (and or NCM) put up a counter bid or make the transaction a tricky one. FWIIW, I think BHP have made their mind up and gone with Oz Minerals. I don't think they will get into a counter bid foray with the chinese but I do think they will push them to pay fair price.
After what's transpired of late with Lasso et al, I think the chinese are favourites. But I wouldn't rule out Anglo American or Fortesque.
https://www.proactiveinvestors.co.uk/companies/news/995784/shanta-gold-says-yintai-bid-approach-is-for-cash-995784.html
Why would anyone want to buy Solgold.
If anyone attempted it, then they would need to overpay for something they don't want.
What people want is ENSA.
So the way to get ENSA isn't to buy Solgold and get into a bidding war.
The way to get ENSA is to JV Cascabel.
Novice the ship is about to sail here gla
6%*
I think Jiangxi are most likely to make an offer for the company. Why would they bother investing in a company as riddled with turmoil as Solgold if they didn't plan on taking the lot? It's not like owning 12% of Cascabel for a payout in 2030 is the motive given we've given up advancing it.
The question is whether their offer will be acceptable to Mather. If not, your solution comes in to play Bozi and Jiangxi can decide whether they are happy to stump up the cash for just Cascabel.
My inner pessimist shares your fears Bozi, but now is the time to strike as dollar strength will recede, precious metals are due a breakout, Russia / Ukraine will be resolved by spring, inflation will drop and rate rise fears will dissipate.... then the rebound is on and any chance of taking this out relatively cheap is gone for good. My guess, and let's face it, it is a guess is that based on my working assumption above, first bid will land before the end of the month as the suitors must know this. Even if not, I'm holding as the direction of travel is locked in and the world needs what we have. Let's hope for a strong week all. C
Just thinking aloud.
BHP doesn't want to be the first off the mark. They want to join the fray late and they can afford to do so with a production profile from Oz Minerals.
Jiangxi may be more inclined to make a move but they'll be wary of being stalked by BHP.
Nobody else really matters because, as far as we know, nobody is buying open market, something they simply would have to do to attain parity at about 10-12%.
Indeed.
There is a tide in the affairs of men
Which, taken at the flood, leads on to fortune;
Omitted, all the voyage of their life
Is bound in shallows and in miseries.
On such a full sea are we now afloat;
And we must take the current when it serves,
Or lose our ventures.
.. And not take a screen shot as we pass 46p.
Been there. Done that.
So DBW, who is going to put an acceptable proposal to the SOLG board of directors to effectively start the bidding?
I ask that question seriously because that is the only development which is going to render the strategic review obsolete before it is completed.
I wonder if we might see it the other way. Everyone keeps their cards close to their chest, forcing the company to announce that a strategic review hasn't yielded any proposals the board consider acceptable. The share price halves, is sold off further by PIs and then 3-6 months later we see some action - probably in H2 23.
This is my fear. I hope it doesn't come to pass.
Dry powder my be a necessity here.
China finally reopening today will also be a high tide that raises all ships tomorrow onwards so should see a decent 10% plus rise ;))
This feels like a smokescreen to me
There will be no strategic update….. simply wake up one day to a press release and it’ll be too late for any further speculation.
We now have a secure BOD dominated by directors with serious skin in the game looking for a takeover maximising returns for all shareholders.
JV or production a thing of the past .
DBW
Bogota,yes not so sure we here anything Monday but who knows!,more like NM favourite day Thursday :):):)
Yes that might happen soon mastermiester
I was just re-reading the company update RNS and wanted to get views on this line:
"Cornerstone Transaction
The Transaction is anticipated to close following customary regulatory approvals and a special meeting of Cornerstone shareholders to approve the Transaction. The Transaction provides SolGold with the opportunity to sell the 157.1 million SolGold shares held by Cornerstone to strategic investors before the closing of the Transaction."
There has been talk (on this BB boards) of Solg putting these shares into treasury, which may still happen - and presumably they could sell to a strategic investor at a later date. However the wording in the note states opportunity to sell to a strategic investor BEFORE the closing of the transaction. If this is the case, expect news this coming week...
Cheer up novice.
Lmao
Bubble - up on fairly decent volume...bodes well for 2pm London time on Monday when Virtual Cornerstone meeting will be held