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rcgl, agreed.
You didn't answer my question, why did BHP tolerate allowing Solgold to sell 180m shares to XiangJi, you say that XiangJi will want to add more and potentially bid for solgold but BHP won't tolerate this, surely it would have been better and maybe cheaper for BHP to just bid for the whole company before XiangJi bought their 6%, you say you're joining the dots but these dots and not joining up along with a few other things>
Puzzling Bogota...maybe it will show up afterhours...has happened a lot recently...
Add, exactly, but they will need to be bought out so they will still profit. What I meant was it's not like Osisko gives Solg $50m and only gets paid if Solg themselves take Cascabel to production, but otherwise walk away with nothing. Therefore it should not be seen as confirmation that Solg will take Cascabel to production.
I have a significant holding with HSBC Invest Direct and have notified them of my voting intentions
I also hold 10K of shares in certificated form and have heard nothing from the registrars enclosing details of the AGM and voting forms. There may be others like me who will be excluded from voting.
Anon …. Not praying for anything…. Just joining the dots
RK trade showed up on advfn Level 2
DBW you say BHP will not tolerate it, but why did they tolerate Solgold allowing XiangJi to get a foot in the door, if they really wanted it why not just bid before XiangJi were able to buy their 6% stake? Now that they are in the door surely that makes it more difficult ( diverse book haha) and probably more expensive for BHP if the 2 have to enter a bidding war. None of it makes sense and if I think you just see the narrative you are praying for.
I hope you're right and this does get sold soon but I just don't see it happening anytime soon, no reasons just my hunch from reading between the lines. I hope I'm wrong :)
rcgl, I'm pretty sure an acquirer would not want the royalty deals and, following negotiation, will be re-paid, which of course will be reflected in the price a buyer will pay for us.
No trasde shown on the Official LSE 'Trade Recap...nothing between 9.24.33 and 9.34.03
Hi Quady, in answer to your 8.53 post, the FNV and Osisko NSR agreements both contain essentially the same change of control and transfer provisions. If ownership of ENSA or the Solg holdco is transferred, or there is a change of control of Solgold, the transferee has to sign up to the same terms and conditions as per the NSR agreement. In other words the NSR attaches to Cascabel regardless of who owns it, and would be transferred to any buyer.
So there is the option to buy back 1/2 of the FNV NSR and 1/3 of the Osisko one... but the rest is perpetual. So yes both FNV and Osisko expect Cascabel to be taken to production, but it doesn't matter to them by whom. In fact it's probably better for them if a major buys Cascabel or Solg and gets everything ramped up as soon as possible. That's also presumably why BHP and NCM are so vocally against these NSR deals, because it gives away part of every and any shareholder's eventual returns regardless of who they are.
I guess an acquiror could just negotiate with the FNV and Osisko to terminate the NSRs by mutual consent, for a suitably large sum of cash... so the streamers still get paid one way or the other and hence why they are keen to advance funds now. Solg had already failed to get an equity raise done, doesn't want too much dilution and probably wants to poke BHP and NCM in the eye to trigger a bidding war, hence why they went for this form of financing imho.
Pathetic, hope someone breaks your nose you insignificant twat
Advfn feed
09:31:09 was time trade was marked
Bogotá
Can’t see this 4m trade yet …. Not normal feed
May show up late
Nice Pinot …. Everyone should do the same
Morning all....just completed my vote for the AGM. I have voted all resolutions i think this may be an important one and if i've voted it gives me every right to moan.
Pinot
:0)
Q, a few days ago I asked you to explain why you thought a jv was the way to go, but didn't get a reply. I wasn't interested in how it may happen, but specifically what the financial implications would look like i.e the value of the project and our share of it. And also how this would provide shareholders with the realisation of value which has been promised by our new management.
I note you are still referring to 'non-dilutive fund raising' - I assume you mean more royalty deals. Can you explain why a jv partner, who will most definitely be a global major, would accept royalty funding which gives away their revenue? Or are you suggesting we'd be happy to give a royalty on our minority stake, thus reducing even further the value to our shareholders? Of course, this implies a royalty funder would be happy to back a minority holder which, given the fact we'd have no control, strikes me as unlikely.
Seen an update from DBW on another BB...more detail later...
Obviously reduced proportional holdings for BHP/NCM to c12.5%
Jiangxi 6.26
Norges and Blackrock sub 3%
Scott Caldwell 18.6 million
Total 'over 3% 'friendlies' c33% including Valuestone and Berry Street
BHP/NCM 25%
Still time to vote to support the Resolutions
Bozi - his last couple of posts had led me to the same conclusion. Subtle trolling at its most blatant.
Solgold XIB Asset Management appears here as an individual fund bc over the 0.5 % UK threshold to report. Note I believe there is an offset long in CGP shares for the merger arbitrage. Last time I saw aggregate shorts= 4.5% and think a large part is arb
apart from my theory Jiangxi will buy CGP’s SOLG stake which was said to raise >$30mn in the form of a loan to SOLG, I am sure Maxit knows Jiangxi’s block trade price, AND J will probably top up in the open marketPlausible J goes to <30% in SOLG
in my eyes Juangxi will have a red carpet rolled out. Plus I insist in my speculation they will have CGP’s Solgold stake
Solgold shareholders who are diluted 7.3 % should buy stock to top up to keep stake intact by the same percentage. Stating the obvious. Trading a similar price as Jiangxi, Maxit and insiders price. Any index tracking fund -albeit small- will buy shares on admission date
#Solgold has 17 tradings days until the CGP merger vote, and in their filings it was clearly stated that CGP’s stake in $SOLG would be placed ahead of the merger. Jiangxi is happy with Solgold and Newco after Due dil. CGP is happy with $SOLG shares and so is Maxit
Solgold next step is to sell CGP’s $SOLG stake to Jiangxi post + due diligence So they go to +13 %. Hence why Maxit picks up stock as BHP and NCM left out. Specially post Maxit telling them to fk off. Jiangxi on the CGP print will create the price tension
We will see the financing runway cleared until almost 2024. I also still see the shares trade substantially above here > 30 p Likely trades eventually at a 30 % discount to NAV on this basis in the absence of a bid.
Anyone want to call 1981investor out as StackHigh yet...?
Quady, it simply isn't. Please stick to the facts. The bullet points that fall under the strategic review can be read in the RNS here. There no mention of hydroelectric bloody power. That comes under the section entitled "Project Advancement and Exploration".
http://ir.q4europe.com/Tools/newsArticleHTML.aspx?solutionID=3676&customerKey=Solgold&storyID=15619576
I would also note the incredibly wooly language used to describe these options. We are "rigorously reviewing all opportunities" and "investigating an expanded list of optimisation opportunities". This could be nothing more than sitting in a room and compiling the list of bullets that sit in the RNS. And most probably is.
I get the impression that not many on here have read through the CGP Circular, which, although it contains all the endlessly dull regulatory stuff, has some good info.
But the most important thing is the message and tone.
In effect, what it's saying is this: ' Despite Solg's previous hostile approach, we now agree that we are better together. We've had a consistent view of what should happen here and have managed to, in effect, construct a reverse takeover and we are now in the driving seat. Our opinion has always been that an exit is the way to create shareholder value and now we're in control, we intend to deliver it. Shareholders, this is an excellent deal for us and we urge you to accept it'.
Of course, I'm paraphrasing, but this is the message loud and clear.
Quady - that is not an answer.
Anyone can repeat the same 10 lines ad verbatim.
It wasn't really what I was looking for I'm afraid.