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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.
Looks like corporate governance changes indicate NM serious in developing Solg into an Independent miner and not an explore and sell company. These announcements will be of more concern to BHP and Newcrest than all the other background noise made in the past. Starting to think past takeover and to long term development and a much brighter and wealthier future. With Gold above$2020 oz, silver above $26 oz and copper looking to be the prize for the new alternative tech future, things looking great from here, except for that nagging technicality the share price, perhaps that’s another piece of the jigsaw that will fall into place soon.
This has very little to do with cornerstone and everything to do with preparing for the bigger finance talks. If involving debt like CB's and senior loans, certain 'governance' requirements are a must otherwise you'll simply not gain access to these debt markets. And yes DBW... moving to FTSE350 would certainly open up several doors when it comes to dent and any future capital raises required. SXX also moved to the main market ahead of their main funding rounds. But that's where the SXX comparison ends!
“ As a growth-focussed Company with a standard listing on the London Stock Exchange, SolGold currently reports to the Quoted Companies Alliance Corporate Governance Code. However, in appointing the abovementioned proxy advisers, the Board has committed to starting a process of ultimately moving to compliance with the more robust UK Corporate Governance Code.”