SolGold Share Chat (SOLG)

The most valuable skills we need around the boardroom table are those of corporate finance and M&A and Twigger and Ingo have those in spades.
I cannot see Keith wanting to be permanent ceo.

DF...SOLG is London listed...Eliza is in London...however, Keith may not want to spend much time in Ecuador and in any case I'm certain he won't get the gig full time...

This is either time for a big hitter who buys into the long term vision, or a 'strategic review' that leads to a JV(s) or sale...

Italian...SOLG doesn't need enough money to dilute the shares down to the 20s...

Valuestone only have $5 million so far...don't you think they'd snap the hand off at 32p again...?

I think when CFO's get booted with immediate effect (as well as on other companies) it does suggest he did something that upset NM. I guess we'll never know.

Are you serious...a 45p offer would be laughed out of court and provoke a bidding war...

I totally agree sunny...some posts verge on libel...

And thats another one...the suggestion that a CFO with a track record of utter integrity is a mole...

Frankly there are some utterly ridiculous posts on here from intelligent people who should know better...

Theory is worthless without facts to support it...

Hi Lafitte.... whilst I agree with your suggestions of what the results to sentiment would be if your 4 points came to pass, I am a bit puzzled why you believe any of the 4 are either over or resolved? Yesterday’s RNS did not change anything in terms of strategy or relationships that we know of. In fact, the RNS suggested same horse, different jockey. That’s all.

Agree, and hope the sp can move upwards from here! Many positives.

feels that the shares are now substantially de risked since yesterday’s news. Markets hate uncertainty and in my mind this uncertainty has been diminished
1. Concerns on taking the company to production( not a universal popular view) ...gone
2. Three largest shareholders against the CEO ....solved
3. Effective news blackout since AGM.... could be over
4. Shenanigans from a Canadian entity .....should be over
Most importantly NM has delivered on the discovery of perhaps one of recent history’s most impressive ore bodies that leaves Solgold in a fantastic position to exploit their assets. Nick remains with the company and his large shareholding should insure a successful outcome. Sit back and watch the story unfold
GLA

is back in the groove......the mood music is changing! I can see a nice steady rise in the share price from here. The market will like the future path for Solg.

I'm sorry to see Nick getting squeezed out, but he only has himself to blame. I did sy around two weeks ago that he had been hung out to dry....voila!

GLA.

Hi Coffeeman!
I think this is not new news - according to the RNS yesterday NM is "retiring" from being CEO of Solgold on 31st March, and continuing as an NED.
This, of course, is window-dressing. I would suggest that NM has already effectively lost control of the board and the company. It's not good he is staying on the board - it's a recipe for quarrels. A clean break would be far better. But it won't change the final outcome here - which I'm confident is a farm-out of Alpala / Cascabel to a major, whilst Solgold continues as an Ecuador-focused exploration company.

As opposed to him staying on as an NED as announced yesterday?

Just had a note pop up RNS nick is retiring

I've lost count how many rigs we have drilling but lets just take 40m per day average and x it by 25days (post agm inc some xmas hols). So that's 1000m drilled across hole 3, 4 and 5? Plus Cascabel rig knocking out the same?

Porvenir might need a few more holes in it before market starts to believe a second tier 1 is underway, but I would hope the next update confirms Porvenir is proving to be as exciting as SOLG first thought. Really want RIO underway. Come on NM. Get that underway and you can enjoy the glory if that comes in from the position of the CEO throne. Don't want to leave the Rio glory to the new man surely?

They have afternoon tea every Sunday

Hi Cadell, I agree with your sentiment. I don't understand why some LTHs on here dramatically reduced their positions (after holding for so long, too) when even in the event of the majors getting their way and taking over SOLG for a price deemend 'not fair' or not representative of 'true value' we would still surely be looking at no less than 60p?

Having held through the rollercoaster of the last 12-18 months, you'd think another 6 months or so for like you say, another 50-100% would be the sensible move.

By winning the vote at the AGM, at least Solgold is able to arrange an orderly hand over of power. Had NM lost his position, he would, in theory be marched out of the door that day. That situation is very difficult for anyone talking over the position on a temporary basis. It would have been even more difficult for Keith Marshall as, I understand, he is based in London especially as it is next to impossible for him to travel to Australia at the present time.

However, the handover period is, in my opinion, overly long and I would expect, if all goes reasonably well, that it will be shortened.

I would guess that Marshall will want to be his own man and not have his strings pulled by NM, or anyone else.

From bitter experience, it is very difficult to be spirited into a position when the previous incumbent has had to leave and then have to have an extended handover to the new permanent appointee who wanted to change everything virtually from day one. I would say that, in my case, I did turn down the permanent position as it would have meant that I would have had to move away from London where my life was and still is.

I would hope, for the company's sake, that Marshall is able to embrace the CEO position and that he can be appointed CEO permanently. It will be interesting to see where the company goes under his tutelage. If he is able to make his mark on the position, I would expect NM to resign after say 6 months.

It will be interesting to see where the company goes in the future. I hope it does not mean a low ball take over by BHP or NCM but fear it might happen in return for funding, etc.

Just my thoughts.

Frog

Hi Smickster - indeed, I was just referring to my sense of the sentiment on this board. My takeaway from reading all the posts was that the general feeling (with notable exceptions) last summer was that he was holding all the cards, and now (again, with exceptions) seems to be that he has come a cropper. As I said, interesting to see what financing Solg can arrange, because I think that dictates whether NM's plan has come to fruition after all or been squashed...

As you say, for all the talk of annoying the largest shareholders, if you count his direct and indirect holdings through the other companies he controls, Mather himself is Solg's largest shareholder isn't he.

From Warren Irwin over on CGP:
".... I, like many Cornerstone and SolGold shareholders, am hoping that Nick stepping down will foster a new cooperation between the two companies for mutual benefit. We'll see...."

I suspect he's hoping that Solg will see the light and JV over Cascabel, thereby lightening the future financial demands on them enormously.

Now that NM's plans to go to production solo - are dashed. A 70% JV would allow CGP to keep some skin in the game, thereby keeping them involved all the way to dividends....
Just my thoughts...
Z

Me too Cadell I added over the last day or two , bunt many here bought into Nick as much as anything and on that basis , given the lack of clarity, you can understand their decision

@cadell, this is a time leading to potential high volatility, and not all shareholders are comfortable with the risk this entails. Whether one liked how NM steered the SOLG ship, we more or less knew what the narrative was. Now, we don't and we will not know for some time.
If BHP and NCM have it their way, the share price might get diluted down the low 20s, and of course if we get funding for production or establish a second large resource or a third major shows us a high bid, we can rerate upwards, but until then we are aiming for more uncertainty.
One has to stay balanced if a lot of hard earned money is involved.

I'm still holding tight and a nice reassuring move up this morning. Still going to be guided by NM when he leaves or breaks ties completely so will I as i'm sure job will be done by then !!
GLAH

Puzzled why some have sold after the news of NM' stepping down. We have a share that most think will go up by at least 50%, possibly 100%, over the next year (being a pessimist), and no downside. Where else can you find a safer investment? Sure we all have a wish list of shares but...