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I am sure NM was not planning to resign before the AGM. If he were, he would have announced it before hand and the big boys would probably have abstained on that vote. I don't believe that the other directors forced him out. The long standing ones are his 'friends' and the new ones have not been in post long enough to want him gone and, anyway, they were all appointed by him. I am well aware boards 'gang up' to achieve the sacking of board members, including the CEO and chair, but I don' believe it happened in this case. I believe NM's attempt at conciliation failed and that he was told that "we will only provide funding if NM is gone". However, by voting him back in, it did give Solgold the opportunity for an orderly handover to a new CEO. If he had been voted out, he would have lost his job there and then. As for BlackRock voting with the three, that is unlikely. The voting against was roughly 45% of the 80% of shares which were voted, NOT the 100% of shares in issue. The shares of BHP, NCM and CGP add up to about 44%. As for Tiger's statement that Solgold does not have assets to secure loans to build the mine and take it to production. I am afraid that is not true. It has oodles of the stuff in the ground and banks would be able to lend against it probably as a consortium. Where the big boys would have the advantage is that they could probably arrange cheaper finance, which they would probably do if they owned the mine. (I was in banking almost all my working life.)
The problem that Solgold has is that it would be unlikely to be able to fund the other mines to production unless it has got one already producing.
Hey Sipp I guess I’ll never know now. Life is too short mate! I have never claimed to be the most savvy/knowledgeable poster on here ..... simply chose to share a couple of responses I’d gad from the company..... happy not to do so if that would lead to a better forum .
Worth noting that the only reason why Silver is falling today is due to the fact that Comex raised the margins, some brokers halted trading on the metals and IG as an example stopped opening new accounts along with other brokers. All these efforts are done purely to prevent retail investors gaining access to these markets.
It's criminal in my opinion and I hope IG and others realise that their actions will not be forgotten by the retail investor which they rely upon for a large chink of their profits.
DBW, first of all it would have been highly unusual to jump before the result was made public, but I think the main reason was what probably happened after the meeting. I rather suspect the chairman spent time having conversations with our main shareholders in the hope of finding a compromise...which was not forthcoming. This explains the delay.
You live in another decade. Today, we live in a time whereby the likes of central bankers or the Fed reserves etc simply instruct broker houses to either up margins or restrict trades on certain stocks if they don't like the way it's going. Several banks colluded on Libor and fiddled that for years. Baclays and Dubai post lehmans is another unmasking that went unattended. The list goes on. You have this idea that the markets are well run and regulated. That the likes of BHP and others play by the book.
Look at what's going on around you. It's time to wake up. The world's nothing like it what you are made to believe it is. The FCA have done virtually zero to counter some of the issues from lehmans days. Gold and Silver / comex is an absolute tacket and everyone knows it. The physical doesn't match the paper trades. So if you think Blackrock voting with BHP and NCM is fine. Then why do you think it a strange idea that Blackrock might trade SOLG in a way to contain price??
You need to open up your mind a bit. Billions are at stake here.
Your right, such a thing could never happen. I had a nightmare last night. It was about WorldCom, Enron, polypeck, bearings bank. It had people in it called Bernie Madoff, Robert Maxwell. Then I woke up,and was so relieved that it was just a bad dream.
With the future of silver on the up I wonder if some of the other targets get moved up the list Cisne Loja ( Green Rock ) and Salinas (Valle Rico ) are the only remaining tenements where they specify Silver as a target metal ( though I’m sure it occurs in most ) ..... be nice to get an update on the drilling plan Be nice to get anything lol
DBW, the whole point is that he had no intention of resigning - he was forced to by the board. The compromise was the NED role (the three month notice period was simply good housekeeping) Lafitte, you are absolutely right. The idea of collusion is simply laughable.
DBW, way back 15yrs ago SOLG aspired to being a "Copper Gold Exploration Co, " and ten years ago or so "integrated Gold and Copper discoverer, developer and miner" but for many years now "exploration co. focus on discovery definition and development" SO no change recently.
"development" is a non-specific term which allows for "getting the project proved up for sale" or "producing" or JV, Farm out/in, Royalties, offtakes etc. etc. ? (IMO a host of options) NO?
Well done Tiger, you have just earned a double award. Most uniformed poster and most clueless investor. Read what I said on BP. And then look at the levels I and Monte brought in at. I said with the transition to a green energy company, that it would be a bumpy ride, and that the dividend may be cut. But I look at the long term. You sound like a trader, and a pretty poor one at that. On the CFP, I can either trust you or Ingo. Difficult choice, but I am going with Ingo. This is my last post today, as lots to do, as have been putting things off.