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Wouldn't need an EGM rot remove a Director for disciplinary reasons DBW...but Nick could call an EGM if he was unhappy about the way things are going...
Great board today different options a pleasant discussion ,it's certainly got us all excited here's gla.
BHP may have called an EGM...
"Directors' power to call general meetings
The directors of a company may call a general meeting of the company.
303Members' power to require directors to call general meeting
(1)The members of a company may require the directors to call a general meeting of the company.
(2)The directors are required to call a general meeting once the company has received requests to do so from—
(a)members representing at least the required percentage of such of the paid-up capital of the company as carries the right of voting at general meetings of the company (excluding any paid-up capital held as treasury shares); or
(b)in the case of a company not having a share capital, members who represent at least the required percentage of the total voting rights of all the members having a right to vote at general meetings.
(3)The required percentage is 10%..."
If it was something as massively strategic as a J/V, do you think Ayten would have joined the company, knowing that an EGM for that purpose had been called...doesn't make sense...
Thanks Almost...I made a tidy sum the last time there was a a metals boom from 2008/2010...
Its been a long time coming but this could be the biggest since 2001/2005...
FTJNY… nor do I
They have been banging on about more exposure to the North American markets recently , so perhaps a re jigging of the many parts and a new listing…. maybe something related to the mining journal article in April …..who knows???
Either way exciting times we’re clearly in what appears to be a new uptrend with someone desperate for stock … what’s not to like ??
DBW
I don’t think the EGM has been called because of the misappropriation of funds as the original SEDAR notice for the EGM was issued on 29th April which was about 2 weeks before the misappropriation was published so IMO the timeline doesn’t quite fit
LM, you make a very good point about the notification process.
It seems very odd indeed that the company made no mention of it to the bulk of their retail investors ie those of us in the UK. And we're it not for the eagle eye of someone on here we'd be none the wiser.
This is, by definition, something 'extraordinary' and despite the fact it's been out there since 29th April, the company has told us feck all. I had hoped that the days of keeping us in the dark were long gone...it seems I was wrong.
Not sure how happy i am about this EGM, probably given the fact that we've seen nothing from the company confirming an agenda nor any requisition notice from a disgruntled shareholder.
It would be remiss to rule anything out but i think it's unlikely to be of a bid nature. I just dont think there's been enough accumulation and i can't see why someone wouldn't want to milk the closing auction for a while longer before offering some sort of premium in a tender offer type arrangement.
What does a spin off of Cascabel achieve given that shareholdings in NewCo would be pro-rata'd? Also, would expect that board composition could be a problem there.
I'm sure more will come to light. Don't delay SOLG we've got a 3 day week upcoming!
Surprised at the notification process. Why not give notice on Friday by RNS for London and SEDAR for Canada at the same time. Assume the notice will come by RNS tomorrow morning.
Don't think it's anything to do with a bid for the whole company. We'd have had an RNS telling us bid received and I would expect a tender process with prospectus etc etc. I wouldn't expect the company itself to call an EGM in relation to a takeover bid received.
Whilst I want to get excited here, I'm just hoping whatever it is doesn't involve a large dilutive equity issue, which will be strongly supported by major institutional holders and just dilute us PIs down.
Looking forward to tomorrow morning and an RNS.
Loving the tone of the Solg board this weekend, none of the usual tosh and just really good opinions being well respected on the 'what ifs'. Great posts... C
Morning all l.t.h’s can we rule out its anything to do with the bakery:)
Morning Bubbles. Exciting times matey - only 31 more sleeps to go!!
Damers ,we live in hope !!:(:)
Dare to dream Solgers.
Com’on there must be at least a 50% chance we will go from rags to riches from the 30th June.
Remember Cuzzubbo is ‘The Mediator’ (Segal plays Cuzzubbo in the film adaptation) and Saridas the Money Maker.
Popcorn, Valium & defibrillator at the ready................
Has Gina R made a phone call to Solg Towers? It's all very exciting............lol.
Morning Quady, I'm guessing RK has dropped a email to his contact at Solg. He may be able to shed some light on things tomorrow? I'm guessing a RNS will land in the Morning, I'd be very surprised if one didn't.
Good luck.
Has anyone contracted Solg about details of the EGM. I can find very little.
DBW, yes, it looks that way. Interesting timing for the £1m purchase!
Whichever it is Add …… someone trying to gather stock for a reason recently…… not easy with so little liquidity and so many shareholders with sticky fingers
LM, as we know the company has already committed to the process of annual nomination, which will start at the December AGM. Therefore I'm not sure the EGM would relate to that particular issue.
I think we can rule out a bid for the entire company and I'm beginning to feel it's something to do with the fraud. So far only Jason has had to carry the can for this, which may, or may not, be fair (we have no way of knowing). Mather was running the company at the time and certain shareholders may feel this is an opportune moment to shift him off the board - although I'm not sure this would achieve much.
I can imagine that BHP/NCM and CGP were understandably very annoyed about the revelation - their public silence was telling, and I've no doubt they'll use this as a stick with which to beat the board.
I'm surprised this has just been dropped on us out of the blue. If the meeting was called as a result of a disgruntled major shareholder(s), I'd have expected there to have already been a public statement from the company explaining the situation before releasing the notice to call the meeting - although I'm sure we'll see something this week.
So my own musing lead me to believe this is either a move to get rid of Mather or, it's got something to do with Cascabel. I very much hope it's the latter.
Whatever the reason it's sufficiently important as to require shareholder approval and we should have an interesting few weeks, particularly if the proxy vote monkeys are employed to canvas our support again (unlikely as there isn't enough time).
Ho, hum - the joys of being a SOLG shareholder!
Quady and rednight have agreed to buy out solg.
Quady goes to production with his share, red maintains the status quo with his and wheels and deals the share price.
Simples
As always DYOR
BoD reconfiguration after misappropriation of funds.
Z
The headline suggests DGR don't know, which is strange. So many possibilities, DBW.
https://www.mining.com/web/commodities-in-perfect-storm-says-erg-as-crisis-starts-super-cycle/