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:
You will only have one login account. Registering with multiple accounts is not allowed. Any user found to have more than one account on this site will have all, and any future accounts suspended permanently.
Your email and password must only be used by you. If a post is made under your account, it will be considered that it was posted by yourself.
Your account nickname must not be the same, or contain, listed company names or board members' names.
While debating and discussion is fine, we will not tolerate; rudeness, swearing, insulting posts, personal attacks, or posts which are invasive of another's privacy.
You will not;
discuss illegal or criminal activities.
post any confidential or price sensitive information or that is not public knowledge.
post misleading or false statements regarding the share price and performance. Such posts are deemed as market abuse, and may be reported to the appropriate authorities.
post any private communication, or part thereof, from any other person, including from a member of the board of directors of a listed company. Such posts cannot be verified as true and could be deemed to be misleading.
post any personal details (e.g. email address or phone number).
post live price or level 2 updates.
publish content that is not your original work, or infringes the copyright or other rights of any third party.
post non-constructive, meaningless, one word (or short) non-sense posts.
post links to, or otherwise publish any content containing any form of advertising, promotion for goods and services, spam, or other unsolicited communication.
post any affiliate or referral links, or post anything asking for a referral.
post or otherwise publish any content unrelated to the board or the board's topic.
re-post premium share chat posts on regular share chat.
restrict or inhibit any other user from using the boards.
impersonate any person or entity, including any of our employees or representatives.
post or transmit any content that contains software viruses, files or code designed to interrupt, destroy or limit the functionality of this website or any computer software or equipment.
If you are going to post non-English, please also post an English translation of your post.
If you are going to post non-English, please also post an English translation of your post.
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 and Verified Members
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. 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.
Good morning Stocky, in agreement, I have posted many times, that I may be wrong, that this may be sold. But really, every time we get a RNS, that is informing, and regulatory in its nature, then it's a conspiracy. NM is bluffing. I can see the headline now. NM has cut his toenails, what further proof do you need, that this will be sold soon, after all, NM wouldn't want to turn up to a meeting with untidy toenails. I wouldn't want to be out of this over the weekend.
TBTT To be honest, with whats happened with SXX, I was worried with financing. But with today's commodity prices, that risk is now lowered in my opinion. I actually think NM has much more leverage in terms of building shareholder value (via financing or takeover). The other positive in the Ex-BHP HR appointment, is she should be able to tap into BHP's talent pool (and hopefully Newcrest)
So the latest thinking, is NM is strengthening the BOD, to bluff people, that he is taking it to production. Tell me Magoo, NM has been consistent in everything he has said, that we are going to production. That we are going to mine, the resource we have. What does NM have to do or say, to convince you, he is taking this to production. I can see in five years time, when the first concentrate, is on its way to the port, that your still be saying, ah wait a minute, the fact that he had taken it to production, is a bluff, and he plans to sell it. It's a serious question, what would convince you.
I agree with Czar this is a clear overview of developments internally nothing cryptic IMO. it is the sort of statement you get when the Building Society or Investment provider send you their AGM invite and notify you of board changes retirements of NED's etc. Quite settled with the message. GLA MFU
As a shareholder I am always happy for improved governance, who wouldn't be! If it makes it harder for CGP to complain then good (Their idea of throwing away the board for hand picked CGP people would seem silly and would certainly lead to SOLGS advisors, nomad quiting.) It makes it easier for funds and pensions to buy the shares and makes it easier for SOLG to fundraise. A little bit more costly, but these things don't cost a fortune. The employement of White and Case is the biggest thing for me. They are ruthless with a Capital R. The Goldman of the legal world. They will protect SOLG's rights in ecuador with everything and will make CGP's major shareholders think more than Twice about being difficult. It negates CGP's claim that SOLG is run by Nick, particularly with Brian going from the Chairman role and will add more legal clout to anybody if they wish to take CGP to court for not dealing with the takeover offer fairly.
DBW, I think they are finally getting some grown up corp governance. Probably been told that by some instos, who would like to buy but cant. FTSE350 will only come when/if they apply for premium listing and that will require some income. So thats not happening soon.
Extract - lets get our governness like BHP's and make them happy !
These initiatives are the culmination of an ongoing strategy commenced at the beginning of the year and include the appointment of Ms Nadine Dennison as the Company's Chief Human Resources Officer in February 2020, following her previous Senior HR role with BHP. The main focus of these work streams are as follows:
a) Board composition; independence, tenure and diversity;
b) Board and Executive performance and remuneration; and
Magoo247, I think you have it about right. No need to panic here, Tiger's should never panic anyway! LOL! This is a smoke and dagger's game now. But for SURE, we have the stuff in the ground, terra firma! We are more and more valuable every day so the stakes are higher as POG/S go skywards!
For me this isn't a great RNS nor is it desperation, it is simply Evolution! It sends the message that we are clearly (currently) evolving from an explorer/seller to a full blown miner and we need to evolve and improve the company structure along the way. Yes I agree that is probably at the behest of major shareholders but the important thing is we have listened and are doing something about it, I would be more worried if we were in denial and did nothing.
Yep, Copperpot, someone is desperate. And it is Nick Mather! Frankly, I'm getting worried about my holding here. Nick Mather is clearly desperate to cling on to being CEO of Solgold at almost any cost. The Colonel's theory about his words being a bluff to extract the highest possible takeover price from a bidder is clearly wrong. He's power-crazy and dreaming of building an empire. And as Addicknt has previously noted on this board, empire builders always fail. This company has got SXX written all over it. The CEO will drive it into the ground in pursuit of a financing scheme that could never work, and when failure is evident, a major will swoop in a buy it up for pennies. The question is, does he have enough support from the big shareholders? Or can they get rid of him?
I think this is all in line with NM's plan to production (and financing). To hire executives takes 3-6 months, so this was already in train before Cornerstone's request to change the board. I still don't know which is more beneficial (take over or production), but I don't think there is merit in sacking the board (unless solgold stuffs up financing, meeting his major milestones or run out of cash)
This has got nothing to do with Cornertone, this is not as you call it a desparate move, this is a class smoke a morrors move to 1. let everyone believe we're going to production 2. Set his ducks in a row, to ensure all in the company is tickety boo within the structure for a T/O 3. Increase share price IMO
I'm bewildered how this board can put a positive spin on this RNS. Reading between the lines, the RNS is an attempt to appease major shareholders, who presumably have indicated their displeasure at the way the company is currently being run. All in all, it is desperation measures. And it proves that a lot of what Cornerstone have been saying (e.g. the current board is stacked with NM's cronies) has at least some measure of truth behind it. As a side-note, these moves will also be very expensive (in a non-productive way) for the company. If a takeover isn't launched before October, I'd now put my money on Cornerstone's "sack the board" EGM motion succeeding. But I still reckon a takeover will likely happen before then.
A couple of extracts from corporate governance code. Think about Cornerstones “plans” when reading it.
Boards must continue to think comprehensively about their overall tasks and the implications of these for the roles of their individual members. Absolutely key in these endeavours are the leadership of the chairman of a board, the support given to and by the CEO, and the frankness and openness of mind with which issues are discussed and tackled by all directors. 3. Essential to the effective functioning of any board is dialogue which is both constructive and challenging. The problems arising from “groupthink” have been exposed in particular as a result of the financial crisis. One of the ways in which constructive debate can be encouraged is through having sufficient diversity on the board. This includes, but is not limited to, gender and race. Diverse board composition in these respects is not on its own a guarantee. Diversity is as much about differences of approach and experience, and it is very important in ensuring effective engagement with key stakeholders and in order to deliver the business strategy. 4. One of the key roles for the board includes establishing the culture, values and ethics of the company. It is important that the board sets the correct ‘tone from the top’. The directors should lead by example and ensure that good standards of behaviour permeate throughout all levels of the organisation. This will help prevent misconduct, unethical practices and support the delivery of long-term success.