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Redknight1 - thanks for the RNS summary - much appreciated. Bodes well !
AtB
The business of the meeting is largely for the following purposes.
Establish a new Remuneration Policy for all Directors and Executives.
Complete the tidy up of Corporate Governance in keeping with current best practice.
There is a lot of detail, but to simplify...
It included significant improvements in cash remuneration which will be based on an uplifted base salary and potentially generous bonuses based on KPIs.
The STIP (short term incentive plan) provides for the payment of salary bonuses based on KPIs related to budgeted performance for the year.
The LTIP (long term) provides for largely share based bonuses based on KPIs including targeted share price..
(Hooray)
It provides for either or both Options and Bonus Shares to be issued, based on the performance for the immediately ended financial period.
There is provision for Options up t 82,875,000 at an exercise price of 56p.
(Hooray).
And guess what...that seems reasonable as it provides a real incentive and is priced at 2x28p....
Now here is the key point...
The options can be issued based on achievement of KPIs in the immediately finished period...
And the current year finishes on....30 June....
Surprise..?!
In other words if all the resolutions are passed, Options could in theory be issued on 1 July (or as soon as audited results are available...)
Now this seems good news for us because...
The company clearly believes 56p is achievable otherwise the plan is a nonsense.
And...this throws down a further gauntlet to prospective bidders, but...
Itn conclusion, it provides for uplifted Exec salaries with 3/4 of potential salary based totally on company KPIs and...
Options for share price related achievement at a price which gives us a clear vision of prospective SP performance even without a bid......
Hope this helps but I'm sure cleverer people than me will augment...
Cheers
And that we are one of two platinum sponsors of the event …… Newcrest only managed Gold sponsor lol
Interesting to see we are represented by Santiago Vaca ….. chief geologist Ecuador
Orthern ….. Peru is a basket case at the moment
Mathers ….. well said
See you all in the AM
Orthern,
That’s the trouble these days, so many struggle to understand that if they want jobs, better wages, better living conditions which will only come when companies start to set up and begin investing in their communities, which in turn give these people more money.
They talk about damage to their environment which is very important, these days this is a top priority of mining companies, it has to be or they will fail on all levels.
Mining for resources to enable the world go green is a necessary evil, as they say, you can’t make an omelette without breaking eggs. The amount of minerals needed to go green is colossal, it has to come from somewhere and at a cost, but definitely with the local community benefiting and understanding all they need to know, this way hopefully all will work to a sensible outcome.
Solgold has and still is working with the government, the locals and getting involved in small ways to support the community by employing mostly Ecuadorians
Work together and all will benefit
Peru seems to becoming a basket case for mining…
‘Late on Thursday, left-wing lawmakers from the ruling Peru Libre party presented a bill to nationalize copper production in Peru, the world’s No. 2 copper producer, including troubled Las Bambas. The bill is unlikely to go through in the current conservative-led Congress.’
https://www.mining.com/web/peru-cabinet-seeks-solution-for-las-bambas-crisis-as-leftists-urge-nationalization/
And
https://www.reuters.com/world/americas/blaze-perus-las-bambas-copper-mine-tension-rises-2022-06-01/
Two fires break out at copper projects in Peru amid protests
https://www.reuters.com/world/americas/blaze-perus-las-bambas-copper-mine-tension-rises-2022-06-01/
LIMA, June 1 (Reuters) - Southern Copper Corp (SCCO.N) said that a fire broke out at its Los Chancas mining project on Tuesday evening, at around the same time as another fire started at MMG Ltd's (1208.HK) Las Bambas copper mine, sources said, amid intensified protests against mines in recent months.
Communities in Peru, the world's No. 2 copper producer, are demanding higher benefits from the industry and prices for the red metal remain high.
The situation is especially challenging for MMG and Southern Copper.
Las Bambas is one of the world's largest copper mines, and operations have been halted since April 20 by protesting members of the indigenous Huancuire community that has settled inside company property.
Southern Copper suspended operations earlier this year for over 50 days at its Cuajone mine, as neighboring residents demanded a share of company profits, shutting the mine's water supply in protest.
The government of leftist President Pedro Castillo has struggled to appease protesters since taking office last July. Castillo was elected with massive support in mining regions amid pledges to better redistribute mining profits.
In a statement on Wednesday, Southern Copper confirmed the fire at Los Chancas, a $2.6 billion project that has yet to be built.
Gino
Slug doing ok ….. more importantly Solg doing ok
Keep the faith
DBW
Thanks DBW (re CD). Also for your conversations with Slugger that you post here.
Berry Street Capital sent the letter.
I assume Bell Potter are custodians holding for DGR and Samuel (Mather), hence approx 12.5%.
Wasn't it Bell Potter that sent the critical open letter?
Who are they holding g for...?
Totally agree porvenirial
But haven’t you heard about the diverse book lol
In that scenario mate, I'm suggesting that we sell Solgold for some Godfather offer, and 95% of that money to goes to you and me, but that the exploration assets (beyond Cascabel and Porvenir,) are spun out into Solex Newco with a chunk of cash, the shares of which also go to you and me. Pretty standard stuff, but it reignites our exposure to the promised exploration successes. Dazza said they cba drilling because the market didn't care. Here's a way to fix that. Nick had previously said they were worth more as a collection, but I was never really convinced. There may be all sorts of misdirection going on with both statements, of course.
I wonder if it's a thank you for all you done bonus and we are selling solgold to highest bidder giving you a nice thank you return ,bid comes in later in week maybe let's see
Gino
Colonol on ADFN now ......
Ecuador open for business....remember we present Monday and Tuesday in Quito
https://www.bnamericas.com/en/news/the-mining-potential-of-ecuador---round-table
With production way-off -maybe performance awards will be linked to the number of fish or chicken farms they open for locals or how well they pi55 off BHP - no chance it will be linked to share price as will never be paid out - always dubious if awards are 200% of salary -would have thought salary was good enough for more people - incentive for directors should perform and get paid a salary or get sacked -just usual lining off at pockets
CD (where is he these days btw?) was posting recently that before any real SP action commences, the Directors and Senior Staff will have their 'Performance Related Remuneration' updated.
As DBW says - 'another box ticked'!
Hi SM, thanks for the ALL example which I haven't really paid any attention to. Obviously opportunities exist in the market due to shares being incorrectly valued, going back to the original tweet the question is whether this is one of those cases. I think I agree Solg in undervalued, any way you look at it that seems to be the case... However the market hasn't really begin correcting that undervaluation in a sustained way. Yet. Let's hope the right catalyst occurs soon to kick off that process.
DBW, I think the rationale is that this is more in-line with standard corporate governance stuff and that the company wanted to get it out of the way asap.
It's interesting that the benchmarks for performance and therefore remuneration, were not detailed - at least not that I could see, although I'm happy to be proved wrong (I admit, my eyes glazed over after a while). It will be in the hands of the remuneration committee to establish those metrics, which is normal, and although some companies provide full details, we appear not to have done so.
RK, they are nominee holders.
"The Plan is a discretionary plan that provides for the grant of performance bonus awards to employees and
executive directors of the Group in order to retain and motivate them. Awards can be paid in the form of cash
or shares, or a combination of both"
Would be nice if this was somehow directly linked to the performance of the share price.
Surely this is all fairly standard stuff that should be dealt with at the AGM ....... why would they need to get these incentives in place now......this is not Extraordinary business ?????? .... I know what I think, another box ticked
Redknight.....Bell Potter been there for quite a while .....I think there's some sort of overlap with the holdings shown
Nobody picked up on my Friday 15.28 post that Bell Potter hold 12.5% according to DBWs link...
Well back to work Monday then disappointed if that's all it was hand outs to the board again!!:(:(
Ha, ha, ha! Oh well, it was fun whilst it lasted!
As to the motions themselves, what do people think?
No retreat, no surrender Solgers.
£1 Cascabel - £1.50 the lot. We all own a wee SLICE OF ONE OF THE GREATEST COPPER ASSETS IN THE WORLD - this is a fact. Cascabel is the greatest WORLD copper discovery in the last 10 yrs.
Fcuk 60p / 80p. Min. - £1 Cascabel NO COMPRIMISE.
Study the facts.
Damers.