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If you do understand fully, add, there will be a bid soon and I'll be left embarrassed. But I don't think there will be, so I'll remain correct. Do you have a date in mind when you'll realise I was correct? Dec '23 is fine :)
"But, but... There will be a bid, and soon... Because I really want there to be... And, and... A man paid to make it look like there will be a bid soon implies there will be..."
There has not been any positive sounds coming from any of our team… it’s all Irwin and Sangha.. being on the inside, doesn’t stop you from PR and promotion regarding any positive up coming near term events as long as you don’t reveal market sensitive details….
SH, sorry, you've really not grasped what's going on here and you most certainly do not understand the role of a retained adviser and specifically, Sangha and Maxit.
Thanks Pad for your feedback. Nothing like describing other humans as an infestation :)
If you were a major that saw a predicted structural deficit, would you rush to mine sufficient metal to ensure the deficit never occurred, and keep supply healthy and prices low? Or would you ensure you had scalable projects in the pipeline, but delay production until buyers were desperate and willing to triple your margins?
BHP aren't exploring Ecuador themselves as some kind of elaborate bluff. They expect to find resources all over the mountains. And if they do, they don't need cascabel.
They won't be rushed, and neither will anyone else.
He can swear about existing shareholders until he passes out. He still needs a buyer. Until he secures one, or doesn't and admits defeat, it's just the bluster I keep having to remind you that it is.
SH, put Irwin to one side, what do you make of Sangha's comments and his pivotal role in the future direction of the company? Bear in mind, he has been appointed by the company and is not some lone voice shouting from the sidelines.
No I didn't. I said if there was no "corporate action", which as stated in my last post can mean 3 or more things.
In your own words, "try reading".
SharketMare you said it at 09.39 am this morning.
Last paragraph of your post.
We are now told that there is a total change in the direction of the company, and cost control is important leading to delays in DFs, etc. For God's sake, what was the previous set-up doing? Vote out the lot.
“They want a slight shortage to boost prices. Hence no rush”
What a load of unsubstantiated misinformation. We’ve seen this type of infestation many times in the past, particularly when big news is expected.
Then follow my advice from yesterday and stop writing to me- simple! The structural deficit of copper is predicted by banks, but majors know their assets and timelines. They want a slight shortage to boost prices. Hence no rush. :)
30p by close tomorrow I tell thee :))
Stack, no point bleating on about echo chambers as that's not going help you get out of this hole you've dug for yourself.
Answer the global issue of the impending copper shortage and explain to me why super majors are in no rush and can sit on their hands for 2 years. Also - please point out all the other Tier 1 assets that are sitting on the shelf awaiting a buyer.
Your trouble is that when you get found out for writing spurious nonsense, you just avoid and return to the mantra of echo chambers.
Like I said a day or so ago you're floundering and your responses weaker by the minute.
So does it also mean you wouldn't buy more shares until a RNS was released saying
"The Board has received an approach which may lead to a bid..." and the SP is already 30p...
Or SOLG announces a formal bid of 45p from XXX and the SP is already 50p...
Seriously...?
So does that mean you were holding for the PFS2 and the Porvenir PEA before any RNS on either was released?
So you must hold no shares? And you buy or sell after each RNS...?
So what did you do when AS resigned...when DC was sacked...etc etc...?
"Yet your telling everyone it means a sale and their is no other alternative."
Where have I said that? Corporate action could be a takeover, asset sale, or JV. The person advising on the strategic review's preferred outcome is that BHP and NCM end up owning none of Cascabel. You can continue to deny the reality of the situation all you want, but everything that has happened over the last 6 weeks points to either a takeover or a sale of Cascabel.
Stackhigh - you're clearly just a wind up merchant. It's not possible for Solgold to sit on Cascabel for 1-2 years and cease to progress it any further. Not going to bother responding to you anymore.
Fort, you're not saying anything the echo chamber hasn't already heard over and over. I'm saying there won't be a bid for solg before AGM 2023. Only one way to find out who is right, and I've said that I will offer apologies and eat humble pie if it sells before. But it won't, and each day that I'm right will annoy you. I get that. See you tomorrow when I'll still be correct :)
Goldman sachs forecasts a huge copper shortage over the horizon. BHP and many other miners are scrambling around trying to capture as much copper exposure / resource as they can. If they don't get enough of it, then they'll miss out on the copper boom that is coming.
To imply that there is 'no rush' is nonsense. Tier 1 projects are rare. They never ever end up being stuck on the shelf!
Your theory of 'no rush' or just sit on hands for 2 years is crazy. Cascabel is a 5 year build minimum! Sit on their hands for too long and they'll miss the boat on the copper boom in prices.
You remind me of someone who once told me there was no rush to buy a house. I ignored the tool and bought. He sat on his hands and rented. Two years later he was paying double. I was 100% up on my purchase.
Time is not always on the buyers side. You do seem a tad naive to broader market metrics. It's not all about SOLG... it's about bolstering resources for many super majors ahead of what is expected to be a heavy volume period for metals especially when China exits zero covid policy soon.
SharketMare nobody knows what the strategic review will conclude.
Yet your telling everyone it means a sale and their is no other alternative.
Ask yourself one question.
How could a sale come about.
Let's examine an agreed bid first.
It means that all the main holders of Solgold shares must agree a price to sell. That includes BHP and NCM who don't want to sell their stake and if they did would demand a premium.
This is what a diverse book does when no controlling holder can dictate terms.
Next a hostile bid.
I really don't need to answer that or we would have had one by now.
But put simply it means overpaying to acquire Solgold.
We have no idea what is occurring until we get a proper RNS announcement.
@orthern. Or.... SOLG has nearly £100m in the bank to continue drilling.
I get that most are annoyed/ frustrated at the distressed share price, I am too but don't think it is as black and white as we sell all ASAP or we are doomed!!
I would love for us to Sell SOLG at fair price, so anywhere around the 70-80p mark estimated for Cascabel. However a big part of me would be gutted that (at a guess) £50-100m has been sunk over the years in other tenants and various back office costs for non Cascabel so why would we want to sell all of Solg at coat price for just one of many assets.
The tenements in themselves are worth money, if further drilling discovers more assets then SOLG gets back to being an explorer
I'm certainly no M&A expert, or legal expert but if I were SOLG I would setup a spin off company for discovery, issuing new shares to existing shareholders with pretty much zero value. Sell all of Solg to minimise tax implications of just selling part (IE Cascabel). If buyer attribute no value to other tenements, then fair enough, they don't want them so as part of the sale transfer tenants to spun out company... Then problem of funding arises for drilling so buyer loans SOLG £50m to continue drilling with a clause that states they have first refusal on any discovery.
Probably cloud cuckoo land stuff and expect people to rip to shreds, but not heard anybody really talk strategy beyond the next few weeks / months here apart from take to production/ joint venture and surely something along these lines is feasible?
I'm clearly a bit more patient. I invested early in the hopes of finding good assets and moving them on. I'll hang around for that, thanks. But I'm in no rush: I work for an income- this is a nest egg, and one that might hatch one day. Sp up, sp down, I'll hold in for a payday. But it won't be this year or next, I'm afraid. :)
I never thought that 7 weeks on since the merger announcement we would still be waiting for the CGP vote to be put forward.. I’m no corporate expert, but this feels like it’s dragging out to me.
Stackhigh. Maybe, but that runs the risk of 1) someone else bidding and them missing out 2) the price of copper recovering and passing recent highs (which pretty much all forecasts point to happening), meaning the asset/company will be more expensive to purchase.
If you hold 200k shares here (which I doubt, to be honest), what do you see happening? And why are you continuing to hold given that the company has 1) stopped all further work on Cascabel 2) not laid out any plans for further drilling across the tenements 3) started the process of dismantling the business?
Given the 3 points above, if you seriously think no corporate action is on the horizon, I would be looking to sell up and fast, because if it doesn't come we are f*cked. There is no plan B - or if there is the company hasn't told us what it is.
True, SM. But this will be just as true in 2 years as today. So no one will rush to bid
Orthern, yes that is a risk for sure. Part of me wonders whether letting them get a foot in the door at 17p was a quid-pro-quo. Take a chunk at 17p, then bid for the lot a 45p. If someone counters then you make a lump on your 17p investment, if they don't you get Cascabel etc for a song?