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Q, surely a sale has now moved from being a "possible" to being a "probable"?
I do however, agree that there are still many options, but it's the Irwin/Sangha thing which seals it for me.
Zoros we covered this. It was said by CGP not Solgold.
Sure I have said a sale of ENSA is possible now.
But its got to be a full value offer and that's the problem.
Otherwise we continue to production.
Zoros, not everyone ignored it, but you are right to re-emphasise it - it's of huge significance.
44% of the equity holders in CGP have entered into such an agreement, and bear in mind Irwin is not even a director, so was under no obligation to do so. We know all of these people have been agitating for a sale for a long time and for them to commit not to sell to anyone else clearly means they like what has been put on the table. You simply don't give away your freedom to sell in the open market unless what's being proposed meets your expectations.
When you combine this with DC's comments about other corporate events not being linked to the merger, or rather that something may be announced prior to the completion, you get a good understanding of what's going on.
As you say, Irwin wouldn't in a million years give away his rights if the story he was being told was "this is another step on the road to production". In fact, if that were the case, he's be all over Twitter arguing against the merger, and so would Sangha.
This has been the most interesting week we've had for years.
QUACK QUACK !!!
;))
Checked Solgold again, and The Australian, 16 hrs ago, 13.10.22 has a new preamble:
"Solgold's boss Darren Cuzzubbo told shareholders overnight on Wed, that MITSUI was ONE of a NUMBER of potential PARTNERS."
Now that’s news news lol
Atb
"Japan's Mitsui a possible rival for BHP & Newcrest in Solgold copper project."-The Australian, 13 Oct 2022.
"London-listed Solgold has confirmed the interest of some major players in the development of its Cascabel copper and gold project. Japan's commodities giant could emerge as a rival for BHP & Newcrest."
"Solgold is conducting a strategic review on Cascabel, regarded as one of the hottest emerging copper prospects around the world."
RCee att.
I noticed hardly anyone made a fuss over this when it was posted on Tuesday:
"....I signed a lock up. The merger moves us closer to a sale. Then we can all take our dough and reinvest in new opportunities of which there are many. ..." 11 Oct 2022, 23:24.
If a major insider can post like this, then all bets are off regarding production (thank God). It has renewed my hope that this 'fiasco' can be put out of its misery - hopefully sooner rather than later.
I'm assuming interested parties will want the PFS addendum these next few weeks to add to their dd and may possibly not bid until the DFS in 2023 even.
All - a lot better than waiting for the estimated production date of the Tandayama open pit feeder mine for Alpala in 2026!
The damp depressing fog over Solg is lifting - finally.
DC estimates current share value of Cascabel should be circa 80p+.
Add a premium and we're looking at: £1 approx.
Surely now Quades - you have to commit to a sale rather than any hope of production?
Z
A small change to them name would be fine.
SOLG
to
SOLD
I got 46 p on the way down
DC did talk about a name change to reflect our commodity
Maybe new name to reflect copper should be:
(Cu) All at the pub when we receive our spoils Ltd
Ok maybe too long
Sean, I will never forget that day mate.....SP jumped few baggers to circa 80p re speculation about the Solomon islands asset (where our name originated....) I even managed healthy trade that day which if memory serves me right ended at circa 50p.....:)
Bring that or even much less on.....
Fort - Can BHP and NCM jointly offer shares in their respective companies to acquire Solgold or Cascabel in full, and then create a joint venture between the two of the majors to share capex and risk and take it to production?
Let's hope for a stonking Morning Glory at 7am.
Some of you LTHs might not even remember what that feels like...
Thanks StukeyBlue.
I must admit I'm not sure if we're talking about the same thing or if you're coming at this from another angle.
Agree nothing is guaranteed, but it sounds quite likely from what Darryl said that they will sell the stock, and that SOLG can call the funds if necessary (this would appear to be a given).
Lets see what comes about.
Code 1 trade ONWARDS AND UPWARDS GLA ,see you 7am novice !!:):)
Looking very positive at last whilst all else is looking down and out. Have a good evening
Those ducks are getting louder and louder ;))
What's the significance of an 11 trade bubble?
1 is for an rns.
Cut out Christmas and two weeks in October so 9 weeks left, not long
Thanks Bozi for that clear explanation.
Stukey, I thought I read that the merger was to be completed 'late Q4'.
Bozi
I am on that page, but it was stressed yesterday the 'merger' was intended to be wrapped up quickly, and it was also suggested that CGP could sell their SOLG directly to a third party. Nothing guaranteed .
StukeyBlue- the more cash we can give them the fewer new SOLG shares will need to be printed, so it benefits us as SOLG shareholders.
Also, CGP have a holding of SOLG stock that can essentially be placed with new investors. It's basically a placing of existing shares. CGP receives the cash proceeds and loans them to SOLG.
SOLG would therefore have enough cash to settle CGP holders 20% cash 80% SOLG stock. However, SOLG won't want to do this if other funding avenues that are going to push the company on in 2023 don't yield something fruitful. In such a case CGP will get all stock amd SOLG will still take the proceeds of the placing for working capital.
So it boils down to can SOLG get a better deal for a sufficient level of finance for 2023 elsewhere. If they can, CGP will get cash. Of they can't, they won't.
Bozi
The reason for this statement about potential sale, is that for a company with very little cash, why include a clause to the effect they could pay 20% (circa £30m) in cash for CGP shares?
Without checking I'm pretty sure it's Porvenir that's nearest Lundin's ground. Once we get a PEA on that i think it's far to move it up the value curve.
I was just saying on the point generally. It was something i picked up from listening to yesterday's call this morning and whilst I'm favour of slimming down our portfolio, I've had to take the view that there's nothing to be gained until we can at least put some JORC figures on the licence in question.
Thst said though, if Cascabel is worth 78p to SOLG shareholders (and potentislly a little more besides) is it unrealistic to think Porvenir might be worth 22p to SOLG shareholders?
Just on the off-chance someone wants to star the bidding off at a quid...