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Q- RK claims to have filtered and unfiltered me on numerous occasions. On one occasion I overstepped the mark but all the other times it's because he doesn't take well to being debated by someone who isn't going to succumb to such a career heavyweight.
I really don't want to make this about people, so let's leave this element here if we can.
It's all about SOLG achieving the best possible result for me, and by flogging everything lock stock and barrel in one single transaction, 3-5years before what is quite obviously going to be a copper boom and supercycle, is not very likely to be the best result for us all.
That's my view, and I've set out quite clearly why I think that's the case.
Whether RK is right or wrong who knows but would you agree Q that if someone comes along with an offer that is acceptable to the ' diverse ' book and that it turns out an entity was building a stake under the guise of some of those A trades all along you would look a little silly for your forthright thoughts ? Just a hypothetical proposition which I am sure you will shoot down but a question all the same
Red- I couldn't care less about your filter list and frankly I'd be surprised if anyone else cares either.
There's less than zero chance of a takeover battle and then IPO, but again you lack the self-awareness to recognise this.
I really don't know why you can't debate all the merits of all the options available to SOLG without letting your personality get in the way. It would make for a better bulletin board and you would receive infinitely more respect, which is of course what you're striving for.
This is hilarious...
I take it as a badge of honour that Quady hates me...
I don't hate him, I just think he's one of the saddest people I've ever encountered in my life.
And no Quady you're not unfiltered...I can't even bother to do that just to see what you're saying about me. I'd much rather you ranted at me and then got intensely frustrated when I don't respond.
I will be delighted for you when the takeover battle is over, because you say you bought many years ago for much lower than the present price. And I won't jump on the bandwago of saying yoiu were wrong when Solgold doesn't take Alpala to production.
Finally, by far the biggest reason for filtering people (ncluding Slug's multiple aliases) is racism, sexism, abuse, disgusting language and abuse towards people on here or people in the world, etc.
It just seems to me that the same people post often inane rubbish which I can't be bothered to read.
I refiltered Bozi because we would never agrre; his scenario won't happen; and it was taking up too much Board and time.
However, I totally respect him for his resilience and the well mannered way he made his case...until he started insulting...then its time to move on...
DBW, I'm not sure I completely agree with your analysis of the source of our problems. I'd argue that all the talk of being 'bigger than BHP' etc, demonstrated the board had totally lost sight of why it existed. Equally, it became detached from any form of reality.
Quady, you post with the condemnation of believing that other posters give a sheet about your views and predictions lolzzz.
Have a great Sunday and enjoy yourself, what is posted here makes no difference to the end result.
DBW I was on about Redknight.
Everyone on here knows you filtered me because I called you out on your unconditional support for Slug.
You even called him your friend and admitted to knowing him.
But was either too weak to call him out or didn't because you supported his views.
Tosh Q
I’ve filtered you several times and never because I thought you were right, but mostly because I thought you were a prize pillock.
Well done Bozi you have been filtered by Redknight at last.
He does this constantly when he realises he is talking rubbish and cannot back down.
I sussed him out ages ago.
He is a fantasist.
He may have held the positions he says he has.
But people should remember that you get people in those positions who are no good in the roles and move from position to position.
He certainly doesn't understand how trades work.
He doesn't understand why no bid has appeared having said a bid is imminent so many times over the years.
And when he blusters about tax.
He filters you, who is actually doing this and knows what you are talking about.
The man is a clown
He has filtered so many, he will soon be talking to himself.
Who knows he may filter himself, as he has changed position on Solgold so many times.
He filtered me when he suddenly realised he was posting in agreement with me. And when I pointed this out I got filtered.
The guy is a fraud and contradicts himself constantly and filters the people who point this out to him.
Well done Bozi, being filtered by Redknight shows everyone on this forum that you are correct on this issue.
Novice you make me laugh :):), onwards and upwards gla
Sorry Bozi. You fought your corner well, but I'm afraid I filtered you yesterday because it's a theoretical argument and I'm afraid it isnt going to happen...
But DBWs suggestion makes a great deal of sense...spinoff and IPO AFTER the battle is over.
Very well said DBW...youse da voice of reason on here man...
This is why it's difficult for anyone to take anything you say with an inch of credibility, and 800k shares is just more of the same.
Keep dreaming though ;)
All sounds good to me Bozi, 55p by this coming Friday nailed on IMHO :))
Compare that with the other outcome. SolGold sells itself whole, for say 85p. That puts 7p (£225m on the regionals).
X walks away with £425k cash and a position in the acquirer, assuming it's done on the same 50/50 basis.
Your final point is the pertinent one Add but for the record it was exactly the same with Atlantic Lithium last year.
As Rcgl2 says, the corporate action itself is straightforward. With ALL it was actually the rights issue they did with it that caused investors the most problems - because each broker took their own decision as to whether they allowed participation. But for investors, particularly those with holdings in ISAs and SIPPs, there certainly was no tax.
I'll set this out another way for people still unsure as to the benefits.
Say Investor X. Holds 1m SOLG shares on the record date.
Say SOLG do a distribution 1:10. X gets 100k shares in NewCo.
Then a bid arrives for SOLG (Cascabel). Say 78p but 50/50 cash and stock of the acquirer.
X pockets £390k and a number of shares in the acquirer.
Meanwhile, NewCo has a new board and management team appointed and moves at pace to get the company listed in London. Let's say they open at £25m valuation and raise another £25m in a fundraise, so £50m.
For arguments sake, the share capital is 320m (3.2bn SOLG fully diluted post merger /10) @8p gives us £25m. They then do another 250m shares at 10p and a couple of the big hitters plus Norges support it. The X takes another 150k shares at 10p in the raise and has 250k for at outlay of just £15k.
If NewCo does well and makes another discovery in say a post recession 2024/25 world, where does that SP go? 50p? 100p? At 50p X's £15k outlay is worth £125k and at 100p it's worth £250k.
If NewCo flops and X doesn't sell at any point his max liability is £15k, meaning he's still £375k up plus has the upside of the scrip from SOLGs acquirer.
How does this not make utter and complete sense?
Oops …. Phase
Morning Red
Virtually all of our problems over the last couple of years seem to have stemmed from the attempts of a couple of major shareholders to destabilise the company.
Since Nick stepped down as CEO we have seen value eroded here and more recently I’d say a lot of the damage was actually done from within, though that’s just my opinion. That problem has now been removed and we now appear to be working closely with people who know the sector inside out and how to extract maximum value for shareholders.
Having the Chinese on board is a massive bonus and brings another big player into the equation which I’ve always felt was essential, I personally believe they will add too this initial tranche .
We are entering a hugely exciting faze in this story and I think it’s never been more important to get behind the board and show our support at the upcoming AGM.
The market doesn’t seem to have cottoned on yet but it will soon and when it does this opportunity will be gone for all.
I think they probably felt they needed to mention all the options.
Personally I think the whole thing is a smokescreen.
If you simply put a For Sale board up you would look weak or desperate.
In my view it must be possible to structure such a spin off in a way that is palatable to all holders and doesn't have huge adverse tax consequences. It's not the most difficult transaction by some distance. As you have noted yourself RK, the licence packages are already held through discrete subsidiaries, which will have been done for a reason.
Also, if a spin off is such an undesirable possibility, why even mention it as one of the SR options? They could have just stated the otter items, which are pretty broad.
And lastly, given that the company is now valued almost entirely on Cascabel and the very large package of licences across Ecuador are valued at virtually nothing, why is everyone is such a rush to throw them away for nothing just to effect a quick payday for Cascabel? Surely it's a better out come for shareholders to sell Cascabel and retain our interest in everything else... Especially as Porvenir and the blocks adjacent to Warintza are included in that everything else. I can't imagine recent institutional investors like Norges would prefer seeing all the rest go for a peppercorn just to get a quick sale in the next few months.
RK, I was interested in your comments about tax liabilities in the event of a spin-off.
A couple of days ago I mentioned something almost identical happened at Sound Energy and shareholders were given 'free shares' in newco. There was no tax liability.
I suppose the argument is that because you already own the value of the new shares by virtue of your existing holdings in topco, at issue price no profit has been realised. Wild speculation pushed up the sp of the Sound spin-off and all sensible folk sold asap, at which point a CGT liability was incurred - although not for me as my shares were held in a SIPP.
I'm certainly no tax expert and may be barking up the wrong tree, but I do know shareholders weren't hit with a tax bill.
I don't know what the answer is here, but a piece of advice I used to give my clients was that you shouldn't let tax considerations dictate your strategy. If the deal is a good one, go for it.
Red, it's late so I'll just thank you for your latest views and say that I'm not in agreement that selling the company 'lock stock' is necessarily the right way to go.
I don't dispute that takeover bids may materialise, but you're digging yourself a hole with casual readers of this board with comments like "this won't go for less than NPV - 78p." You don't know that and you can't guarantee that.
Furthermore, you haven't offered an explanation for everyone not buying the stock like Billio if we're going to receive bids in excess of NPV potentially before the merger completes. But you take it upon yourself to lecture me.
As for your repeated claim that you're not ramping...that's most amusing. You do know that it doesn't matter how much you make a statement - it doesn't make that statement true. You can say it until you're blue in the face, but we all know you're ramping.
Your labelling of me desperate is interesting too. I am not the one that has £300,000+ invested in this stock with a recession on the horizon. Yes, I want the company to fully consider all options, and yes, I have a strong belief that a spin out can be made to work in some way or another for all shareholders whereas your bid scenario doesn't.
I know for sure that if NewCo listed promptly on a decent market with the likes of Jiangxi, BHP, Wyloo or Fortescue holding big positions the IPO would fly.
I'm also dismayed at your claims that I can't use links that help my arguments, but when you do it, it is research. There's really something to be said about your self-awareness
The same article states that underwriting fees are the main expense yet you try and list the cost of menial items like "printing". Give me strength.
I probably won't respond to any more of your points tomorrow. It's rather futile and the board has read enough of me. But I wish you well of course.
Cornerstone notice of special meeting is filed on Sedar, meeting date 9 Jan 2023... Not sure if that has already been posted here.
55p by end of this coming week mark my words