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Certainly no rush to jump back in here. Bottom draw for long term holders.
Gl
I just did, but Q will still claim he’s right ….. it’s his happy place
“The SolGold Board is committed to complying with the Code from mid-2022, including to Provision 18 that all Directors be subject to annual re-election commencing from the Company's 2022 AGM. The Company also intends to respect the principles of pre-emption as far as practicable to protect shareholders' pre-emption rights”
https://www.investegate.co.uk/solgold-plc/rns/quarterly-financial-report-and-md-a/202205130700033668L/
Nick is 100% up for re-election as he didn’t stand last year … if nothing changes he’s toast …. He will make sure something changes
Hi all,
As you know I'm not a corporate shenanigans expert by any means, but could someone provide the evidence that the entire bod are up for re-election please, as I'm struggling to find the proof of this actually being the case.............
I know folks have written that this indeed is fact, but where is the evidence of this being the case please.
R's
BN.c
DBW they can obey the code and make exemptions.
That's what happened last time.
Damers …. Impossible, we’re going to production because the company said so …… amazing that someone who claims to listen to everything the company says didn’t even realise the whole BOD was up for re-election at the end of the year
“The SolGold Board is committed to complying with the Code from mid-2022, including to Provision 18 that all Directors be subject to annual re-election commencing from the Company's 2022 AGM. The Company also intends to respect the principles of pre-emption as far as practicable to protect shareholders' pre-emption rights”
I’d have thought that was fairly clear
Interesting article with Andy Taunton of SOLG in Equador - apologies if already posted previously..
https://www.bnamericas.com/en/interviews/solgold-ecuador-can-be-one-of-the-new-major-copper-producers
£1 - Cascabel
£1.50 - the lot.
No retreat - no surrender Solgers.
Sorry DBW you were not listening, he said that as part of a DGR presentation and not a Solgold presentation.
So he was talking about DGR's shares in Solgold.
Now do you think NM is going to sell DGR's holding in Solgold cheap. I can tell you I don't.
No bubble I have 40 years plus as an investor. I have never worked in mining.
But my career has been in engineering as a technical analyst, and in Finance.
Everyone needs to get behind the company. Twigger gave BHP a warning last year that if they want the company then do it properly and do not try and destabilise the board.
This para relevant today as it was then. The threat has never gone away.
“Ultimately, if a party wants control or to significantly influence the development of your company, the party should put forward an offer that results in all shareholders benefiting from a premium that reflects the value of achieving control or heightened influence,” Twigger said in the letter. END
Hence, I have laid into a number of negative posters recently and the main reason for this is that the negativity is being misdirected. SOLG are not in dire straits and it's not doom and gloom at all. We are under attack from two main holders who are trying to push us into the direction that they want for their own reasons. That's it. Simples.
So instead of the doom and gloom - start getting behind the company or you will hand it to these bullies for low ball money.
Full article below
https://www.miningnewspro.com/En/News/617000/BHP-admonished-for-meddling-with-SolGold-board
“It has come to my attention in recent weeks that one of SolGold’s significant shareholders, BHP Group Ltd., has been actively canvassing certain shareholders and members of the board” ahead of an upcoming meeting, Chairman Liam Twigger said in a letter to investors on Wednesday.
He said that putting the entire board up for re-election next month would “destabilize” SolGold and undermine the process to find a new chief executive.
As SolGold’s biggest shareholder, BHP has long been seen as a likely buyer for the company, yet the relationship has not always been smooth. Today’s barb from Twigger is likely to flare those tensions, with the chairman suggesting that if BHP wants to influence the business, it should make an offer to buy it.
“Ultimately, if a party wants control or to significantly influence the development of your company, the party should put forward an offer that results in all shareholders benefiting from a premium that reflects the value of achieving control or heightened influence,” Twigger said in the letter.
A spokesman for BHP declined to comment."
Bubble some people on here say we should listen to the company….. well Nick Mather has recently said out loud that the plan is to sell to a major ….. I was listening
Welcome Bubblé ;o]
Fortissimo very well put my friend post recommended in Mather we trust one way or another his connections with NC/BHP will see this through to a sale maybe just cascabel let's see , interesting you say 40yrs experience in exploration and mining Quady did you work in the industry ?,I admit I know little only what the more experienced people on this board the past 10yrs I've been here have posted which is very welcoming and I thank them all
Thanks Bnc, finally a bit of clarity on what happened.
Basically Bhp have until December to get on board or we fund elsewhere.
I know one thing I wouldn’t want to be out of this over the weekend!!!
Correct BNC. What crisis, you can tell who the people on here are that don't understand Solgold.
They have these common attributes.
1) They never listen to the company.
2) They make up things and say things like the company would never say that.
3) They don't understand funding models and are always saying we can't fund Cascabel because no one will give us the funding.
4) They haven't a clue about engineering, and the different levels of design, and what transpires.
5) They don't understand that companies like BHP buy in expertise from Civil engineering companies, as they are the experts and in engineering methods always evolving and practices as well, and we will do the same.
6) Lastly and this is the biggest giveaway that they don't know what they are talking about.
" Do you think BHP will let Solgold become a producer".
This is perhaps the biggest and most ridiculous saying.
Solgold is the company, we can defend and with the diverse book, we decide if we sell and for how much, and companies with stakes in Solgold know this too.
So if a full value bid is not presented, we go to production knowing full well, we have invested in a tier one mining company that will grow as other projects come on line funded by Cascabel when up and running, and one with good growth and good dividend prospects.
The people on here that don't understand this, don't look at the long term prospects of Solgold and get frustrated why they haven't got the short term gains that they wrongly expect.
I have been doing this for over 40 years, and seen it time and time again.
BNC never did
Certainly dont sound as much of a "crisis" as we've been lead to believe does it?!?
R's
BN.c
Fortissimo
Yep and with all directors up for re-election in December (and every year from now on ) something has to give soon. Mather knows he’s gone in December hence his blatant attempt to put the for sale board up under his role with DGR.
I’m totally convinced Mather has a plan and love him or loathe him his interests are aligned with ours and BHP’s most certainly are not.
Wonder what will be the trigger ?
Between himself and CGP they have over 20% so they could easily open the door to a player who would then become the biggest holder. He may know his days are numbered but still holds plenty of cards
One last point on Nick Mather, who we all owe so much too.
I think I am correct in saying he doesn't have to be put up for election this December.
So he can retain his position, but should he be selected for election. Us PI's should all return him, as ultimately this gets us a decent payday.
Thanks BnC. This para basically nails it for me and pretty much what I've been banging on about.
"BHP and Newcrest have a view on how we should be raising capital funding. Other shareholders have a different view on that. And we need to work through what’s best for all typical shareholders. But we have time,” Mr Cuzzubbo said.
There are a few on this BB that have sold out or reduced and have been attempting to paint a very different picture to suit their trading positions. The reality is, and as it was before ... an issue of how to raise cash fairly without dilution on a large scale.
The only reason why NCM and BHP would not have the same view as other shareholders, is when it comes to royalty or stream finance. We know this as per the Franco deal.
So that's it. Talk of 'failure' to raise cash etc sounds like SOLG is unattractive and there's a problem with the assets or something is not right. When in reality it just comes down to the fact that two major shareholders don't like a royalty tap and majority of shareholders don't like hefty equity dilution. Nothing to do at all with SOLG assets or attractiveness - in fact you could say BHP and NCM's actions actually prove that they are very very interested in the asset.
A rights issue to raise funds would be the fairest way forwards as rewards 'holders' and penalises those on the sidelines. However, that runs the risk of the underwriter doing deals on what will likely be surplus stock as rights get forward sold by most pi's.
I'm guessing but if the structure was $100m via Boliden and $40m via equity raise, then NCM and BHP will want $140m via equity raise and their stake naturally raised. Is there a compromise to do $75m equity raise and $75m royalty?? Darryl alluded to the 'structure' of the finance being the issue so that's my view. If NCM and BHP are 100% against any royalty portion at all, then I can't see how they feel it's fair for them to impress their combined 27% stake onto the majority of 73%!!! At end of the day, they have to accept that they don't run the business and they don't own the business.
As for all the dire straits comments by Sean, Bozi et all... it's nothing of the kind but might suit your trading. Poor show!
It's always been about NCM and BHP as seen by their active motions to get other removed and other directors. Incidentally... they've achieved that job although Mather still on Board and in control.... until Dec I imagine.
Negativity simply empowers BHP and NCM who are the blockers here. The reason for the funding failure. Get behind your company, support them and fight!
Thank you BNC exactly what Solgold have been saying all along. We can fund this and it's not a problem.
We are not going to let BHP or NCM run the show.
Solgold are in charge.
For the people that have panicked, this should be reassuring, we carry on with plan A. We get plan B only on our terms of a full value bid. Because we can and will go to production.
Mr Cuzzubbo said that, despite the ongoing speculation about potential bids, his focus remained on the development of the company’s Cascabel tenement group.
“I’m not worried about getting funding through the definitive feasibility study. I’ve had multiple calls with investors. I’m not worried about it. And DFS, by the way, and the bankable feasibility study, that then opens up offtake options and funding related to that as well. So you get to that point, it opens up other options,” he said
Now that is very encouraging and reminds me why I top up for the long term and hold
Have a great weekend all LT genuine holders
ONWARDS AND UPWARDS
“When you talk to people they always ask him about the acquisition angle. But our primary focus is to optimise Cascabel and derisk it. That’s how you build value.”
Couldn't agree more!
Have a lovely relaxing weekend all.
:)
https://www.theaustralian.com.au/business/mining-energy/solgold-expansion-plans-wont-cop-capital-issues-says-darrly-cuzzubbo/news-story/ebec28b759b6d97a2bd31e41cc067326
its a subs deal..........
but here's some interesting info I feel............
SLOG expansion plans won’t cop capital issues, says DC
SolGold boss Darryl Cuzzubbo says the in-demand copper hopeful has enough cash to get through at least the end of the year, playing down the impact of a stalled capital raising effort on the company’s future.
Shares in London-listed SolGold dipped sharply last week amid rumours some of the company’s shareholders had baulked at proposed capital raising, aimed at funding the next round of work at SolGold’s copper project in Ecuador.
Speaking on the sidelines of Kalgoorlie’s annual Diggers and Dealers conference on Wednesday, Mr Cuzzubbo confirmed the company had “tested the market” on a raising, but had not gone ahead amid tension between shareholder groups over the structure.
SolGold has had somewhat a fractious relationship with its two biggest shareholders – BHP & Newcrest Mining, who each control about 13.5 per cent of the company – for much of the last two years after a falling out over the debt-focused funding strategy of former boss Nicholas Mather.
Mr Mather also remains a major shareholder, partly through DGR Global, and the company also has a number of activist funds on its register.
“BHP and Newcrest have a view on how we should be raising capital funding. Other shareholders have a different view on that. And we need to work through what’s best for all typical shareholders. But we have time,” Mr Cuzzubbo said.
Mr Cuzzubbo said SolGold had about $26m in the bank, enough to get the company through until the end of the year, but acknowledged the company would prefer to head to the market sooner rather than later.
SolGold is chasing big copper and gold targets in Ecuador and has been the subject of ongoing takeover speculation after both BHP and Newcrest took substantial equity positions in the company a few years ago.
Mr Cuzzubbo said that, despite the ongoing speculation about potential bids, his focus remained on the development of the company’s Cascabel tenement group.
“I’m not worried about getting funding through the definitive feasibility study. I’ve had multiple calls with investors. I’m not worried about it. And DFS, by the way, and the bankable feasibility study, that then opens up offtake options and funding related to that as well. So you get to that point, it opens up other options,” he said.
“When you talk to people they always ask him about the acquisition angle. But our primary focus is to optimise Cascabel and derisk it. That’s how you build value.”
Last couple of paragraphs are interesting I beleive ;o]
R's
bn.c