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;)
Z
Z - can you name me one person who would be happy being prised out of their role (by shareholders no less) as the CEO of one of the most exciting junior mining stories of the last decade?
I don't think you can.
You're entitled to call Mather an egotist if you feel like that. I'm not going to refute that.
There's no emotion here as far as I'm concerned. I'm simply correcting a couple of wrongs. I have no issues with Cazzubbo either and am excited to see what direction the company can go in. I suspect you're right in terms of his broader goals and I can only hope that the outcome will have been worth waiting for (and arguing about ha).
Addicknt and Quady - posts of the day!
Z
Agreed Addicknt I will also be voting against the motions.
I support the BOD, but to me this looks like a win win situation for the BOD no matter what the share price does.
I don't understand Redknight's earlier post as he puts in the relevant information and seems to ignore what he has said and support higher wages if they fail on the share price and a higher bonus with higher wages if they succeed on the share price.
That is not a proper incentive package for a company that doesn't earn any revenue at the current time.
I think I'll be voting against all four of the motions.
I thought I'd vote for the change in the Articles, but the one relating to board remuneration is putting me off.
Apparently, our board is insufficiently motivated and all need more money to ensure that they become so, and the good news is that this can be achieved under the guise of improved corporate governance. Well, forgive me if I don't see it the same way. They are all well paid enough already and if they feel they are lacking a reason to get up in the morning, I suggest they find another job.
FOMO fever taking a grip in expectation of a bid this month.
GLA
Bozo - good to see you've actually posted emotionally. NM does that for some - they think/thought he was the messiah and now, when we look back, we see an egotist whose only ambition is to become a fat cat and a powerful entity in mining but thankfully, those working alongside him saw straight through him - especially Liam from a managerial perspective and KM from an operational one.
You only have to look at NM's demeanour at the AGM to understand that he was not a happy bunny once he lost that crucial vote of no confidence (which hopefully will happen to BoJo tonight, too!).
He's been neutralised since which means he has festered in the background, planning his next move. Let's see what develops eh?
Meanwhile - I need to stimulate more conversation here to cut the stream of MUD that emanates from the likes of CD and RK, et al.
DC is preparing the ground for his old bosses, mark my word......heh...heh.
Z
Novice, not even 550,000 shares traded here today and up we go!
Novice end of week maybe !!:)
Bozi filter him he's Clueless
More agenda driven tosh from you Zoros.
1.) SolGold have never "got shot" of Nick Mather. He still sits on the board of directors, as a NED. He sits on various committees within the company.
He was merely shifted from the hotseat so as to show our largest shareholders, the ones who I might suggest voted him out due to their own agendas, that the company had listened to and acted upon their concerns.
2.) I really would love to hear more about this dream scenario of yours where SOLG sits as (presumably a subsidiary) of BHP and everything runs smoothly and the share price is loads higher than here yada yada yada. Complete fantasy.
If Mather had succumbed to the whims of the quick take out merchants then you can be sure that the 45/46p of the first top in 2018 would have been the absolute most BHP would have paid. In reality they would have waited and most likely have made their play in 2019 or even amidst the Covid-19 lows of 2020. The upside that may still be available today certainly wouldn't have been a prospect, of that you can be certain.
But yeah, carry on stickinf the boot in on Mather over $4m of misappropriation. Don't criticise the company accountants who didn't uncover it for 3 years of the regulated auditor all of whom we passed at previous AGMs. Maybe we should be looking at ourselves as well Zoros?
I wouldn't mind. I say all the above in the knowledge that you're entitled to your opinion, and in the knowledge that you're invested in a share where the previous CEO gave himself and his key staff millions upon millions of options at fractions of a penny, likely in the knowledge that there was significant potential for a major gold system, and when such system was uncovered, wasted no time in exercising all of those options at a grotesque discount to the SP, even after leaving the company. How about forgoing some of them to reflect his shortener employment? Nah not a bit of it... and no peep from Zoros either.
Back to 40p within a week or so !!!
GDXJ up 4.5%, not just us
Interesting move upwards on a very quiet day.
DBW yes another big conglomerate imho
I should add ….. in my opinion of course
Morning Add
I think the point is that by the time Cascabel is built it’ll be someone else footing the bill
RK, erm? Of course it's our money.
Morning LunchMoney, minimal dilution was mentioned twice which I remember on presentations given by Ingo.
Also he has answered minimal dilution in the question session in the presentation that said we had a billion accounted for.
This was when the cost of building Alpala was 4.3 billion.
I cannot remember the presentations but It was widely discussed on this forum at the time.
Today we are in a much better place with costs lowered and a PFS with increased resources.
addictickt...
I don't care if they do make it big...it won't be our money, it will be a willing bidder...
SharketMare do you not remember that Ingo, said some considerable time ago we had a billion lined up.
I really don't see a problem with the current direction.
"How much dilution to build Alpala. The company says minimal. I believe them."
Quady, were the company to say anything other than this the share price would tank. Personally I struggle to see creditors entrusting current management with enough capital to build Alpala, unless a major is brought on board as a JV partner with a controlling stake.
Oh dear seanhunter.
Ok I am doing this from memory, so I may be out a bit but not much.
I brought in at 4.6 pence a share in 2013 when about 630 million shares in issue. It fell to under 1.5 pence. Those days are long gone.
Today around 2.2 billion at over 30 pence.
Strictly yes that's dilution, but you need to understand that we don't have any revenues yet, so further dilution to drill is necessary.
But here is the elephant in the room.
How much dilution to build Alpala. The company says minimal. I believe them.
I want to see the bulk of this funded by loans. And I believe what we have in the ground to be excellent collateral. Of course a portion will have to be put up. But again other ways to do this apart from massive dilution.
At some stage over the past 35 years it became accepted wisdom that directors of businesses should be able to enrich themselves at the expense of shareholders - the argument being that share options incentivized them so much that all shareholders would benefit. I'm afraid I've always been sceptical about this and have seen far too many situations whereby directors have exercised options, pocketed the cash and the sat back and watched the company fail.
In our case, if our lads manage to extract £1 from a bidder they will benefit to the tune of nearly 50m quid, and what exactly will they have done to deserve that? The assets are already in the ground and all they have to do is pick up the phone to an interested party and say "do you fancy buying us?" Is that really worth 50 m of our money? Not in my book it isn't.
If directors want to benefit they should invest their own money and take the same risk as the rest of us. To me, options stink.
Zoro,
That’s a lot of assumptions from someone that knows feck all, BHP have already been shown to do things underhand, yet you can’t wait to be in bed with them lol.
There’s another world out there Zoro and it’s definitely further than the end of your nose