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Good afternoon Earthling, when we had the king of kings ( or something like that title ) debate, in which we came second, if I remember correctly, It was confirmed that even with Covid19, we were on course to deliver PFS by 30th September.
ToS, it's not just that BHP would be released, it's that any other interested parties (Barrick, AAL, Chinese etc) will be forced to show their hand too. Once that door is opened, it can't be closed again.
it's unusual for a major to make a reasonable bid before PFS at least, especially with the costs involved in developing such a big mine, thus its unlikely we will get a bid before this IMO.
They usually end up owning most of the asset before this time through dilution, which NM had avoided largely and why NCM are so cheesed off not getting the chance to do what they have over at GGP for instance.
If the Franco funding comes before the PFS then I would assume NM does indeed intend to go to production.
Not sure exactly when the PFS is due? last quarter this year I believe?
Things could get very interesting from October when BHP are freed up and if it coincides with the PFS, I don't think this would be a coincidence. If we do get Franco deal I would say the chances of a major or 2 getting their hands on it reduce significantly.
Separately, positive results from the regionals from now until then should also give us a boost.
Conoldrake, they used 1400 for gold in their report just look at the eye-watering amount of gold, silver copper we have
The increase in Measured and Indicated Resources, which contains almost 22 million ounces of gold and 92 million ounces of silver as a by-product, to about 10 million tonnes of copper, coupled with favourable metallurgy and concentrate quality provides a robust platform on which to base our forthcoming PFS.
Guys excellent discussion, let me expand a bit. NM was recently asked in a webinar, if he had received any offers, he didn't say no, he said you wouldn't expect me to answer that. So offers may have been made, and if they have, they would have been offers above the share price at the time. No use speculating how much and when, because we will never find out. There are many reasons that NM can use not to disclose this to the wider community. First he has to act in the best interests of shareholders, and if it's low ball, then no need to make public, as in the best interest of shareholders. Second, things are confidential at the stage of an offer, due diligence has to be undertaken, to understand what they are purchasing and at what price, and subject the proposition to the proper level of scrutiny, again at this stage, no one gets informed. This all takes time. If we got an offer of say a pound a share, then NM and the board, would have to make this known, as they otherwise may face litigation, on wherever withholding was in the best interests of shareholders, it's not as neat as some people believe.
HI Shippy, I have emailed Karl as well, a long and detailed email to show support but also to highlight how the ambition to become a producer has resulted in more damage then shareholder value so far. I am not expecting a response actually, I would just be happy to see SOLG trying to be more forthcoming and collaborative so that we can all finally get some value out of our investment.
Have held stock for sooo long bought from 3p to 40p never sold any. Now for the first time (and I have moaned before) I am getting concerned. I have never seen a period like we have now where Gold stocks are booming.... They said in the 90's Tech Boom, that A High Tide Floats All ships... But Solg hasn't moved (with all its prospects). So what would happen if say the gold market dipped ,would Solg Drop back dramatically to its former lows or would it remain stable??
Iceberg..... 35p is derisory, and yes, they would be wasting their time. However..... 35p is a 50% premium to the current SP. See my post below... Solg board would be obliged under the regulations to allow shareholders to decide upon the merits of this.
Miagi, as per the notes from TOS, they wouldn't be obliged to unless the news had leaked or the offer was intended to be firm i.e a reasonable expectation that the offer would be official. Of course there is nothing against the company making the offer, leaking it so that it does have to be made public.
CD, as soon as NCM make an offer, assuming they do, BHP will be released from their agreement - the 15th of October then becomes irrelevant. Once that ball is set in motion, there is no coming back from it - which is why we haven't seen a bid yet (that one's for you Quady :) ).
2.2 WHEN AN ANNOUNCEMENT IS REQUIRED An announcement is required: (a) when a firm intention to make an offer is notified to the board of the offeree company by or on behalf of an offeror, irrespective of the attitude of the board to the offer; (b) immediately upon an acquisition of any interest in shares which gives rise to an obligation to make an offer under Rule 9.1. The announcement that an obligation has been incurred should not be delayed while full information is being obtained; additional information can be the subject of a later supplementary announcement; (c) when, following an approach by or on behalf of a potential offeror to the board of the offeree company, the offeree company is the subject of rumour and speculation or there is an untoward movement in its share price; (d) when, after a potential offeror first actively considers an offer but before an approach has been made to the board of the offeree company, the offeree company is the subject of rumour and speculation or there is an untoward movement in its share price and there are reasonable grounds for concluding that it is the potential offeror’s actions (whether through inadequate security or otherwise) which have led to the situation; (e) when negotiations or discussions relating to a possible offer are about to be extended to include more than a very restricted number of people (outside those who need to know in the parties concerned and their immediate advisers); or 12.9.16
RULE 2 CONTINUED (f) when a purchaser is being sought for an interest, or interests, in shares carrying in aggregate 30% or more of the voting rights of a company or when the board of a company is seeking one or more potential offerors, and: (i) the company is the subject of rumour and speculation or there is an untoward movement in its share price; or (ii) the number of potential purchasers or offerors approached is about to be increased to include more than a very restricted number of people. NOTES ON RULE 2.2 1. Panel to be consulted (a) Whether or not a movement in the share price of a potential offeree
Iceberg, theoretically say NCM offered 60p, which is starting to get towards acceptable and many on here would take it; would NM not then be obliged, even if the offer were only informal, to announce it to the market as part of his fiduciary duty to shareholders? I suppose if an offer came in for a decent amount, it would be of the formal variety anyway, so it's all moot...
Some extracts...... 3. The board of an offeree company must act in the interests of the company as a whole and must not deny the holders of securities the opportunity to decide on the merits of the bid.
NCM are no different to SOLG. SOLG made their offer to CGP shareholders and it would never have seen the light of day if CGP main board holders had been engaged prior to the announcement of the offer made. NCM and NM clearly do not see eye to eye and we know that's due to NM wanting fair value and NCM wanting it all on the cheap.
So if NCM are to make an offer for SOLG then it will be to 'all' SOLG shareholders and first NM will hear about it is when the RNS pops up. That's the only way it will happen with NCM. Win win for them as it will trigger a number of events after that RNS lands. If it fails... so what... they will go again after the October 15th date assuming the takeover regs allows them to do so and within a 6 month timeframe. They know BHP will top their offer but they may have a choice after the October 15th date to collude with BHP in some way. Between NCM, BHP and CGP, they do have a decent 34%+ interest in SOLG which means any board votes upcoming via EGM will be a tight affair if on a 51% success total being the majority. The likes of Tiger and a few other PI's and a few ii's could make up the remaining 17%.
So it's all about what happens over the next 83 days im my opinion as after that, it's going to be bid war or auction between BHP, Barrick and possibly Chinese. Ironically, if the writing is on the wall (and it isn't quite that stright forward at the moment) then NM and Citi could engage with Barrick and BHP to name a few and see whether they are interested in making sensible offers. As I said before, I suspect BHP and NM might be in polite conversation now and again as do not see these two as being at odds with each other. BHP would be the Ecuadorian gov's favourite I imagine but Barrick would certainly be able to lay on a very fine photo group shop with all high officials. Goodie bags handed out of course! Ultimately it all comes down to any sale being passed by the Government of Ecuador. We know that much.