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Quady
I was simply being conservative. We both know that these projects can go over budget.
In any event, £2.22bn or £3bn. It is a very challenging amount of capital to raise.
I know you have always been convinced that we would go to production. And you may very well be correct. All credit to you - You have never shifted from that view although I had hoped we would be bought out by a major.
Knows exactly what she is getting into here! She has great pedigree and more beside. Ignore all the negative mood music. Take a break and just drop in here briefly a couple of times a week. This journey has a long way to go!
GLA.
One must assume that the incoming CFO has performed her own 'DD' on SOLG and finds the risks/rewards of employment here to her satisfaction.
Have to say it's about time we had the appointment and I wish her well.
I'm more relaxed today than I have been since the PFS arrived.
Agreed Sean, think I'll wait for 15p
Agreed Sean, think I'll wait for 22p
Timing never was our great strong point was it?
So unless the new CFO is going to pull some mighty big rabbits out of the hat in her first week, we are stuck in limbo re. a placing etc.
If we are not rescued by a bid this summer looks like we'll have a tsunami of dilution on the horizon. The PFS should have raised us up to a permanent rerated level at 40p, yet the BoD have managed to put us back on the same old SOLG white knuckle ride. If it starts to look like we *are* heading into the quagmire, 19p wouldn't be off the cards anytime soon. Frustrating, but we could be very near the happy ending and none of this noise will matter.
I think FN would like to throw some cash at that 2.2 billion. I don't think raising the cash would be a problem for Solg.
The part I ponder on:
Incoming CFO Ayten Saridas said: "It is a privilege to join SolGold at such a crucial time in its journey. SolGold has a tier one asset with global significance and I look forward to working together with Darryl and the Board in delivering on the company's growth plans and reaching the next critical milestone."
So what is the next critical milestone?
Morning all
:)
David it's not 3 billion to get Alpala to production.
It's 2.2 billion.
And yes of course it can be raised.
I think the one thing we tend to overlook is the commitment which was given to CGP to create shareholder value. This was made over a year ago and so far the company has not delivered.
The question is, how long will it be before CGP start stirring the pot again? Or has our board laid out a very clear plan which is keeping them quiet?
Damers/CD
I am not convinced that pursuing any policy, the crux of which, is to unsettle our largest shareholders is to our advantage. Pursuing an IPO is an arduous process and whilst the new CFO is extremely able, it could take many months to get it away. We will nearly be out of cash in 30 days time.
We are also looking at timescales for an IPO when financial markets might be substantially weaker.
BHP need to do nothing except watch. Solg has to make all the running. We are a £600M company looking to raise £3bn minimum for production.
Again for all those individuals who said we are not appointing a CFO because we are being bid for, has been shown to be just another conspiracy theory.
The reason we have a new CFO is because Solgold have been straight with us. They are going to build Alpala.
No doubt the great uninformed will now devise another conspiracy theory as why a new CFO means a bid is imminent.
I will sit back and muse the ridiculous conspiracy theories that now emerge.
CD, it would depend upon how the share ownership was structured. If existing holders were given a pro-rata holding in newco clearly BHP and NCM would have an identical holding (this route is quite common for spin-offs), however, the situation becomes more complicated if SOLG plc own the shares and there is no pro-rata distribution. In my opinion, if the latter route were to be pursued it would be game over as there'd be a furious reaction against the arrangement.
Morning David.
I agree with you sentiment, but surely all options (& now additional ones US IPO) are on the table.
- it's just been 20 days since PFS
- does this new appointment add further pressure to Majors to bid for Cascabel sooner rather than later?
-there is still the subject of the regionals (sell of or JV's).
Still all to play for IMO.............
Not sure I follow the strategic rationale of recruiting a CFO at this stage. if Solg receive an offer for the business, it could be one of the shortest appointments in corporate history.
There is no chance of Solg raising the huge amount of money they need for production. The swift drop in the share price post PFS makes a capital raise so much more challenging.
I believe a sale of the company or Cascabel at the very least is the only way forward now. The poor share price plays into the hands of potential bidders who can just sit on the sidelines.
As an investor since 2010, this is not at all what I had hoped. I, like many others here, thought the PFS was encouraging. I didn’t expect the company to be entering the remainder of the year on the back foot.
Exciting times ahead in that case CD
The Board of Directors of SolGold (LSE & TSX: SOLG) is pleased to announce the appointment of Ayten Saridas to the position of Group Chief Financial Officer (“CFO”) of SolGold.
Ms. Saridas, who will assume her new role on June 27, brings over 30 years of international corporate finance experience with a proven track record in delivering results and creating value. Ayten is a high-impact executive who brings a compelling blend of strategic and capital allocation discipline, well-honed finance skills, and transformational leadership abilities.
Ms. Saridas previously held the position of Group CFO for ASX listed and US based Coronado Global Resources where she led the company through the largest global IPO for a metallurgical coal company in 2018. Prior to this Ms. Saridas held a number of CFO and executive roles with major ASX listed companies across the energy, resources and infrastructure sectors, including Santos, AWE Limited and Woolworths.
With demonstrated experience in raising capital for major projects, financial reporting, mergers and acquisitions, sustainability reporting and investor relations, Ms. Saridas brings a wealth of financial and commercial experience to the SolGold team.
Darryl Cuzzubbo, SolGold Managing Director and Chief Executive Officer said: “On behalf of the Board, I am delighted to welcome Ayten as CFO of SolGold. Ayten brings extensive international experience funding capital intensive and complex industries and is also recognised as a proven listed CFO with outstanding integrity and commitment to strong governance. Her strategic insights, leadership and experience will greatly assist SolGold to realise its full potential as an organisation that enables Ecuador to supply the copper crucial for a net zero emissions future.”
Incoming CFO Ayten Saridas said: “It is a privilege to join SolGold at such a crucial time in its journey. SolGold has a tier one asset with global significance and I look forward to working together with Darryl and the Board in delivering on the company’s growth plans and reaching the next critical milestone.”
Mr. Ingo Hofmaier will continue in his role as interim CFO until Ms. Saridas’s appointment and will remain as Executive General Manager, Project and Corporate Finance of SolGold. We are very grateful to Ingo for stepping into the role and thank him for his hard work, commitment and dedication over the last 18 months.
By order of the Board
Dennis Wilkins
Company Secretary
Lolzzz it's the self appreciation society, at least they've found each other
Morning novice I've just noticed the green posters lol it does make me laugh !!:):):),here's to a good day all
Wow 2 people who will be posting to themselves and ticking each over up all night . Who'd have thought the human race would have come to this lolzzz goodnight darlings xxx
Buddy, I don't take any of them seriously, they just like to believe they're the 'experts' even though they never call anything right and slug included...
Anon you will sell if it gets back to 40p and you know full well what will happen or that is what most of us who have accumulated extremely healthy volumes over the years will always be thinking and therein lies the problem we are all slaves to the fear of missing out when the bid finally comes. If the geopolitical situation has delayed the inevitable by 3 to 4 years then so be it. I personally have other stocks to move and shake with this one's a keeper. Had it long enough to know the nuances of the stock and am completely comfortable. Good luck all genuine holders. With 122 posts today I thought something important had happened but no just a couple of the usual suspects throwing hand grenades about lolzzz
have sold this at 40p.
The amount of times I've said, but haven't , because I think it's going to kick on is really annoying.
Next time I think I definitely will.
It's ok waiting for the big prize, but there are limits and I think I've hit mine here.
I just don't trust it to happen any more, I'm afraid.
To answer your question rich, I'm normally a long term holder in shares, and probably would've been here too, but was put off by some of the posters here like slug and novice and the general ganging up on posters who had alternative view.. so yes, I'm just trading this..