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No BM3121UK. It isn't Mather and Co.
You're digging a guy out here for paying himself a wage. Was he not allowed to take a salary and was that salary not allowed to increase upon the discovery of a potential tier 1 asset in Ecuador?
Please, show me any companies you know where management works for free and I'll be happy to buy them. Pretty damned close to the holy grail as we're likely to get.
As for taking a year to appoint Darryl... you have to take into account that the selection process took place with a Covid backdrop which will have impacted travel, face to face meetings and site visits. You just don't appoint a new CEO over Zoom. Add to this the fact the company has offices in Brisbane, London, Quito and taking into account the time difference challenges, it just wasn't a straight forward 6-8 process some expected.
Lets not forget we had the steady hand of Keith Marshall guiding the ship. This meant we could take our time over the next appointment. It's a complete non-issue.
I'm not sure what influence you think Mather is exerting now. He's a NED who has lost his closest supporters in Ward and Moller. He'll be alienated as far as the old guard vs new management is concerned. Yes he can vote with his and his indirect shares at meetings but he's likely to be outnumbered by BHP/NCM/CGP by roughly 2.5:1 on general matters where there's no agreement.
To assume he's pulling strings still now is pretty farfetched to me. The means to do so just aren't there. It's so easy for him to get out manoeuvred at every turn. His days as a NED are also numbered.
Time to look elsewhere. Time to look at our major shareholder that was making unsolicited approaches to our directors trying to exert influence last September/October, so much so the company penned a letter to shareholders.
The evidence is right in front of our noses.
A very possible scenario Fort.
For sure, BHP and Newcrest will not look after the interests of the PI’s.
I think the key for us lies with NM. His holding and past comments about not selling this cheaply, are what we have to rely on.
Something has to happen before the December AGM.
GLA
Fort, you'd be surprised by just how wrong your first couple of sentences are. Companies and their advisors fail to raise funds regularly. Most will go away, re-think and then succeed, some fail completely. We are in the first category.
I've reported it quady..
If you know anything about Newcrest you will know they won’t be buyers but sellers of Solgold.
They haven’t pleased their shareholders with asset purchases in the past two years. They have problems at wafi golpu, lihir and telfer and major expenditure at Cadia, red Chris, pretium and havieron. Their sp has halved and they are ultra conservative.
For these reasons I think their stake could be bought for about 45p.
addicknt
I don't think it's the BoD's / SOLG you should be having a pop at. There's no way on this planet that SOLG would have a fund raise lined up and then fail. These things don't happen because they are always talked through first and pre-approved - then the book runners and all involved get appointed to action it. It's my view that SOLG sought the two major shareholders agreement and parcipation in a fund raise. Terms were agreed. This week appears to be the week when it was going to the press. Then... out of no where the two big shareholders decided to pull out or try and renegotiated terms at the last minute, an underhand tactic no doubt. SOLG were forced to pull it and review options one of which might be Boliden or Franco again and we know that is likely to launch a low ball bid by the big two or one of them. Some say... bring it on... but the difference is a bid now is not as good as a bid in 7 months time post PFS update and some Porvenir PEA / MRE3 work. It's my view that the big two got together in May (as per media story) and decided this would be their plan. Choke off SOLG's funding plans toward DFS, make life hard, cause disruption at board level (tick) and rattle private investors with lower share price causing some to sell out or through fatigue to move on.
Then bang in a bid and present themselves as the white horse. Capable of rewarding shareholders now. Capable of moving Alpala forward faster and in a better way for Ecuador. Capable of accelerating the entire regional folio. Capable of funding it all. The great savours... coming in to save the day... oh but sorry we can only offer 40p a share. Take it or leave it. And if you don't take it, well... it doesn't look pretty does it.
That's a classic set up for a bid. Problem for NCM and BHP is that they don't hold enough stock to put someone like Barrack off from counter bidding. And just for the record, Irwin is quiet because I believe he signed a deal with SOLG to 'cooperate' which includes no public moaning and to be supportive.
A bid will come as the scene has been set. Fund raisers don't fail unless someone pulls out last minute and that could only be NCM and BHP. It was deliberate imho. All my opinion etc.
Spot on Jerry you can tell it's Slug.
Not telling him how, as even the most unintelligent poster on this forum might understand why he is so easy to identify.
Add, would you not put cgp on the list of friendlies?
I know they have been a bit flaky in the past(with some good reason)
I don't think it's particularly helpful to use words such as "demise" to explain our current situation, mainly because it isn't accurate.
The company attempted a fund raise. For whatever reason - pricing, structure, current shareholder objections, or simply a case of the investment bank leading the exercise getting it wrong (this happens more regularly than you would think), it failed. However, the company has explained it is now investigating many other options, and I'm absolutely certain this is a statement of fact.
It's clear we've suffered reputational damage and, from the sound of it, have upset certain shareholders - again. However, we are NOT holed beneath the water line. Other options exist and although they may not be the company's first choice, one assumes they'll raise the requisite cash.
We do not know how BHP/NCM regard this situation, but it would fair to assume that if they were not consulted they may be less than happy. However, does this mean they won't participate in a new cash raise and will attempt to starve us of cash? I don't think so.
We have two main institutional shareholders who will have no intention of letting BHP get away with such a tactic - why would they? And we can add Valuestone and importantly, Mather, to that list.
We'll get the money, just not in the way the management wanted.
I see this as a gross tactical error that may - hopefully, lead to a publicly stated change in strategy.
I'm far from being either impressed or happy about the events of this week, and it's done nothing to help my view of DC, however, we don't know the full picture, but I'm confident we will see some positive news over the next few months.
One plea to management: please give yourselves a good shake, get a grip on reality and deliver some value to shareholders. After all, that's the ONLY reason for your existence.
Bm , they are all at it.
DC first job was to help himself..
Why are you referring to BHP who might be exercising control. Surely, it is clear that the real culprits are Mather and his list of cohorts who have been exercising unlimited control over SOLG for the last decade or so. Mather has accumulated a vast fortune in shares over that period all the while he has been paid huge salaries.....starting at $350k, then $400k, then $600k and then arranged a $3million bonus in shares for a couple of years. Yes he has been forced to resign as CEO and only took a year to arrange a replacement....being one of three directors who selected the current one. Again, yes that this new fellow, who seems well credentialed, has a past history with BHP. Moller, Karl (past secretary of SOLG and all the other companies that Mather is master of until recently), together with the majority of other directors were all hand picked by Mather. It is not BHP or Newcrest or Cornerstone etc., or any of the other significant shareholders, it is Mather and cohorts who have recklessly and maliciously caused the demise of SOLG as it currently stands. Disgraceful behaviour and all while he was raking in the money each and every year. December's AGM must eliminate this festering sore from SOLG and only then will our company have an ability to rise from this hell we have been subject to decades.
“We believe the Board should represent the entire shareholder base and not only a select group who might be exercising control”
The above from Berry RNS seems to insinuate that BHP (I presume) are getting preferential treatment from Solg and yet we still have silence from other major SHs, especially Irwin who hasn’t commented on the board strategy for months . Why not if the way is being prepared for low bid ? Surely they would be incensed
But if BHP are favoured why is the fund raise not already a done deal , fait accompli ? The price asked maybe …
Comments welcome
Slug, I don’t think that NC want it at all. I am sure that if barrick or the Chinese wanted to start the bidding they could get the NC stake and be on par with Bhp in an instant.
Lunch , with all respect , I would suggest the past few years have been frustrating , it just gets worse from agm to agm.
Fortisimo, What you say makes sense but I got the impression from reading recent posts on this board that Solgold were looking to sell . If that impression is correct then no harm in upsetting BHP . If BHP and NCMs plan is to swallow Solgold cheaply then why are they waiting for "More time means more 'value' generated" Why not bid now . It is all very confusing and worrying that it may end in tears for comparatively late comers like me whose average cost is below the current price
Lisa FromBradford , one of the good guys or gals I suspect x
Or are you RK in disguise!
Why how much did you buy litho?
Last of the big spenders!
Novochoc - you said you were leaving for good.
We were all celebrating.
What happened - FOMO?
Z
Is that where SOLG are now? Answers on a postcard , but CD can have an A4 sheet , or two!
I still think it's gonna get exciting , I put another 2k in today.
Hello fruitbat… a mate of yours at Cantor?
Plonker
Agreed damers lots of experienced investors here who should have known better. Like I said yesterday someone is setting this up to scare as many PI’s as possible into selling, this will be transformational for many, anyway back to reading from afar ONWARDS AND UPWARDS
Hmmmm.......all those who took fright yesterday and off loaded must be sitting in their arm chairs thinking: maybe the wrong move.
So loads of PI's sold at 25p / 24p and I am sure a few sold for less after reading the de-ramping BS on here. The string of posts declaring Jason Ward had resigned was so ridiculous it was comedy gold.
King of the de-rampers: Red (resently off loaded a huge chunk of shares) response to the JW post was 'FFS' - suggesting that the post was fact. I would not be surprised if I receive a convoluted reply stating that: 'the Red one would never partake in such rhetoric' - nonsense my friend.
So, the SP is not much lower than 3 days ago (Wed +5% /Thu -9% / Fri +3%) which is approx 1% down (FA).
Many have stated on this BB that what happens is the PI's take fright, the II's in turn snap up the cheap shares before the rocket is launched - it's all being played out before our eyes, but this PI is not for turning.
Just to recap on the last few days news: an employee has left the Company. This employee may have been the linchpin in a failed equity raise - that's it.
So, we still have ALL the resources / we have new and highly skilled professionals joining the Exec team / the value of our resources is ever increasing (making low ball bids more difficult), etc.
Too many are guilty of falling into the snares left by the majors who's ONLY goal is to acquire SOLG for FA.
NOTHING HAS CHANGED.
£1 Cascabel
£1.50 the lot.
De-rampers: you will be will be welcomed back with open arms, but unfortunately you will have to pay more to rejoin the club.
No retreat - no surrender Solgers.
Damers.
I think the BOD will reward us …