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Morning all....wonder if he will be one of the two nominated directors to our board !!
Pinot
:0)
Yep... I'm still no fan of the man personally but Irwin is right. It's time to pull the sticking plaster off in one go and stop wasting time and money putting off what is inevitable.
We've had 5 or 6 completely wasted years now. Fine if you are on a salary, not so great if you are a shareholder.
Get Cascabel sold asap.
It may not be the first choice of those who thought they'd be getting a £1.32 payout one day, but that is never going to happen now - ad the sale of Cascabel will be transformative, both for us poor bloody infantry and for the leaner meaner SOLG going forward.
Get it done.
Fort, yes, I would.
Fort, this entire BB is for shareholders to express their views on SOLG. Wanting to hear from an outfit who does this for a living makes a lot more sense than listening to the likes of you or me on here.
Latest from Irwin
“ obvious next step prepare Cascabel for sale. Had to be done, should have happened years ago”
Fairly unambiguous I’d say
"BTW, it'll be interesting to see if Berry make their views public."
Addicknt... for goodness sake... are you really interested in what some tin shed fund in the leafy suburbs think? What about Citi .... your advisors.... do not think they have advised well?? Perhaps we should have employed Berry street capital lol! They are a no one special and yet you want too hear their view?
DBW the fly in the ointment for years has been Cornerstone.
We were always forced to say "If you want to do business with me, my annoying little brother has to be involved."
Talk about off putting.
Sean... lots of good things to come here now so just ignore the negativity - it's been obvious what their game has been for yonks now. Just lately it's become more clear which is embarrassing for some. You can see they are rattled.
The ENSA issues had to be resolved at some point and this deal prevents an outsider from forcing control or gaining upper hand as minority holders can be a pain in the @rse.
It's a bit like GGP offering to buy a stake off NCM and then shortly after, farming it out to Wyloo at an increased value. Unfortunately for GGP, it didn't work out that way... more like Wyloo got 10%+ for the value of 5%.
Fort - why would we merge with Cornerstone to then farm 15% out with Mitsui?
Do you not realise how daft that sounds?
Not sure what you are so bitter about Bozi - again I can only assume that you sold recently on the expectation it was going lower.
And yes, I hate dilution - but frankly if it's part of the endgame and not to pay for endless drilling (and certainly not going into production) and simply keeping 800 people employed - then I will swallow it, because whatever short term dilution we see it will be worth it if it leads to a sale.
And if there is no sale mate, it won't be Comedy Central, because we are screwed. Finished. Right back to the 2p you all fondly remember. Without a sale we are nothing but a cash burning exercise.
The big boys have had enough - they've told us to merge prior to a sale. As long as they follow those orders, our management are now redundant and we are on a pre-ordained path to a sale. Not the outcome many LTHs would have wanted, but we've screwed things up so badly in recent years that this is the best we can hope for - and it's not a bad outcome.
There are no costs. Just CGP's share of the costs which of course they will not have to worry about now as they become SOLG shareholders. All these costs will no doubt be factored into the the sum a 'buyer' has to pay for a 15% stake or a 100% stake. SOLG can farm out 15% to Mitsui if they like in return for £X. That's when the 'costs' come back to SOLG.
If I deal was done with Mitsui for 15% then it's a kind of round a bout way of Mitsui taking out CGP but without the obvious issues involved.
SOLG's options in terms of ENSA have increased considerably post this deal. It's also very easy to finance when you have 100% as there are no risk elements of other partners involved.
Many dismissed Irwin being quiet. Now you know why.
He wouldn't sign up to the deal if he thought he was going to be diluted to heaven and back. He signed up as he knew a deal was or is being planned.
I expect things to move pretty fast from here on as no point playing delay games now. Lets get Rio, Anglo, Fortescue, BHP, Codelco and Barrick in an auction and see where that ends up.
Greatest copper/gold discovery in last few decades. Mmm.... they all want it the monster that is cascabel.
Presumably Zoros that debt will be forgiven.
So CGP shareholders get 15 of our SOLG shares for every one of theirs and no further obligations to pay for any costs accrued to date.
It's a good deal for someone and it ain't SOLG shareholders, who are the ones who have paid for everything every step of the way.
So Sean, after years of bemoaning the devil that is dilution, you are now all of a sudden fine with, because there's the premise that it leads to a sale.
I'd love to see your reaction if no sale materialised. That would be for the comedy channel.
Jezzoo, thanks for the explanation, it definitely seems like positive news.
Hellodolly:
To answer your question to me earlier, obviously I don't have all the answers but my take on it is because of Cuzzubbo's comment in the RNS,
I quote;
"Darryl Cuzzubbo, CEO and Managing Director of SolGold, stated: "It has been my view from the start that SolGold and Cornerstone are more valuable together than apart. This is an exciting value enhancing transaction for all stakeholders. This Transaction also sets the stage for a strategic review of the Combined Group as we methodically assess options that are in the best interest of our shareholders."
Also this :
Brooke Macdonald, President and CEO of Cornerstone, stated: "This merger transaction makes sense for both sets of shareholders. The merger allows our shareholders to maintain exposure to the world class Cascabel Project and is a step towards maximizing value. Having considered the landscape, we are convinced that combining forces with SolGold will unlock significant value for all shareholders. The strategic review for the combined group aligns with our views on the best path forward. Today represents a significant milestone for all Cornerstone stakeholders and I would like to thank them for their support over the years. "
Reading between the lines, I think they are saying they have paved the way for them to recoup their own value in SOLG, the rest of us benefiting is merely a consequence.
Just my take on it that's all.
"This is the beginning of the end game"
I think the above statement is bang on . How this will end for LTH is anyone's guess !
RK, doesn't it occur to you that the board has already thought about the issues you raise?
Indeed Sean
One of the biggest obstacles to M&A action has just been removed
Zoros what alternative did we have? We were hitting the buffers in weeks. The BoD had no plan or direction, tge SP was heading to 5p.
THe big boys have knocked our heads together and told us what we need to do prior to a sale. The old SOLG has run its course, up a blind alley. This is the beginning of the endgame whether we like it or not.
Well...what would I know....but is it possible that's where Matsui &Co come in, or is this nonsense?
So why would CGP support it...?
Because this way they get far more for their shares when a bid goes through...just look at their SP for the last year...they've been drifting into oblivion at a price less than half what Nick offered and a quarter what they valued the company at...
Of this transaction?
BDMinefinder- if you’re still on here this am, does CGP still foot the $400m bill they would otherwise have had to pay IF Solg went to production? Or do we as a joint enterprise now pay it (ie Solg).
Secondly someone worked out earlier that this will cost an extra 500m share dilution?
So is this a good deal guys?
Z
Theres no way I would vote for this deal.
The combined coimpany will need even more cash than before...
Miketrix thank you. I'm happy to listen to all views, right, wrong and those that are simply misguided. What isn't healthy, is posters being afraid to share views and information for fear of ridicule and those like myself, who often don't feel able to seek information and clarification for the same reason. GLA
I see a placing coming