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.
DBW do you have the meeting ID?
Thank you, DBW!
Fellow Solgers, how do we access the AGM tomorrow? Thank you for the help!
Five fingers doesn’t make sense. Count again. It’s all fun and games. I’m hoping NMs free lunch, so to speak, will come to an end soon. Bring on the takeover battle, inshallah.
Oh well Bob you know best ,think we should all follow your opinions ,anyway I'll stick with mine till payday here ,ooh and I've got five fingers to play with merry Xmas
You too Bob, try not to shoot your other foot before the 25th so you can still hop about over Xmas.
I'm sure the Board will scour the voting to see which way Bob Muckle has voted and then shet themselves...
Thanks for your passing visit...
See you in the New year...or probably not if we're bouht...
Just want to clear this up. Hopefully no one cares, however Im voting Against Ordinary Resolution # 2, Abstain from #4, #6 & #8. And FOR all other resolutions. I just want to send a message to the board that the small PIs aren't impressed with the current share price and for the $h-it show that has been the past 5 years. French translation my @rse.
Dont stress, all will be passed. Redknight1 rates himself as a demigod. Keep fingering yourself over "MMs bidding for (x)k and firm bids for (x) shares. Go enjoy life, outside of watching 1p moves.
Have fun ladies. 2023 surely will be a good year.
"SolGold may elect to pay up to 20% of the consideration in cash, in which case the cash would be pro rated among all Cornerstone shareholders and the number of SolGold Shares issuable to Cornerstone shareholders would be reduced. Upon completion of the Transaction, if SolGold elects not to pay any portion of the consideration in cash, existing SolGold and Cornerstone shareholders are expected to own approximately 80% and 20% of the combined entity (the "Combined Group"), respectively, on a fully diluted in-the-money basis which is consistent with the current effective exposure of approximately 80/20 to the Cascabel Project prior to the Transaction."
down to 16p but only 50k sales vs 240k buys! MM’s up to their usual tricks again shaking those Trees which really p£sses me off but they can E££ Orf if they think I’m selling any of my stock !
Any leaks before AGM tomorrow anyone??:):)
So I was right then? There's a chance that some CGP holders might want only 80% take up and the other 20% in cash??
On that basis, and assuming around 550m news shares, that would result in 110m (approx shares) being paid at around 17p a share. So that's just over $20m. On that scenario, we'd only have around $15m cash left assuming burn through rate modest and $50m SR is for ENSA alone.
$15m would be enough of some exploration but not much.
I'm beginning to wonder if Maxit have in effect already sold the 23m shares the took on to other interested investors. Might explain the 2 x 12m share blocks a few days ago. In effect they underwritten placement possibility to meet TSX rules and obligations due to the 20% cash requirements on merger deal.
Nothing major to worry about, just mechanics of funding/money washing through. But we won't know until post Merger how much cash we have left from the recent raise which is probably why we've been pegged at 16p. The shorter involved will be more than happy to close out issue of new shares issuing they are CGP holders. So they instantly secure their cash beyond the standard 20% offer.
Not sure there is any other way SOLG could have avoided this but they have effectively thrown the share price to the wolves for now until Merger deal concluded. Again, another example of poor work by Maxit I'm afraid. I'm not too impressed with them at the moment. Weak equity issue and weak pre merger management. Still... no doubt suits them! Volume died down considerably now so we must assume that all are 'positioned' awaiting outcome of the next 2 weeks.
That depends on one's outlook for the strategic review, Addicknt.
A cash consideration gives them surety. Who's to say they won't get a chance to buy more SOLG on the open market cheaper than the price of the SOLG stock issued?
Swings and roundabouts.
Sorry, Fort I got this slightly wrong. It seems the mechanism is that we pay CGP 20% and they then pro-rate that to the shareholders who want it. I guess this simplifies matters, but the effect is the same. I assume any cash left over will then be acquired by us upon completion.
So let's assume 20% paid in cash. How much is that?
1) No they cannot opt for a 100% cash payment.
2) I broadly agree that it doesn't make sense to offer any cash, but this is a sweetener. If I were a CGP holder and given what's going on, I wouldn't want any cash.
Ok, so basically CGP holders have not choice at all in the matter and must take the merger shares. They cannot opt for a cash payment?? SOLG might (if they decide) effectively buy back 20% of the shares and give CGP holders cash that is no more than 20% of the total issued merger shares.
I might be being a bit blunt here, but why would SOLG elect to reduce shares in issue in exchange for cash that they have just raised through a share issue??? Seems a bit silly to me. Perhaps it's a safety net against any bid action before merger (fat chance!).
Fort, the 20% relates to an individuals holdings i.e you'd still have to take 80% in shares.
Assuming it was the full 20% cash payout, what's the total cash outlay based on that then?
Think it’s only up to 20% cash
So CGP holders have no choice but to take up the merger SOLG shares?? I thought CGP holders had a choice. How can SOLG elect to pay some CGP holders in cash?? Surely that's not up to SOLG? Wouldn't that leave some CGP holders in doubts of whether they are getting SOLG shares or Cash? Seems a bit unbalanced.
we will be millionaires rodney !! happy crimbo to one and all !! gla
It's at SOLGs behest...
"SolGold may elect to pay up to 20% of the consideration in cash"
I recall a poster a while ago highlighting that the SOLG / CGP merger is on a CASH basis or Share basis, eg CGP holders can elect to take cash instead of SOLG shares.
Assuming this is correct, does anyone have an idea on roughly the known take up of SOLG shares via known CGP holders Irwin et al vs the unknowns.
Could SOLG end up paying out $25m+ in cash to CGP holders disinterested in the SOLG merger shares?
I guess it's this unknown that is keeping the sp in check as likely that post merger and cash outcome, another placing will be required if they are to commence exploration as indicated.