We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video here.
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just my musings.
We have no way to tell if he is being pushed.
I wouldn’t be surprised if NM negotiates for the best deal he can get (for all shareholders) and if that is conditional on him stepping aside - he will do so. All part of the long game.
We have all talked about his age and who could blame him for stepping away from something that could be hostile and bitter for several years.
If SOLG come out with “a good story” around this news (assuming it is true) this could be very good for all.
Long time since i was in a share where “being out or in @ a weekend” actually mattered.
I change opinion to strong buy if NM goes ... and if there is any doubt what happens when a CEO goes that adds to uncertainty in a share look at Intel and the share price over the last few days. Bozo, you and Quay especially need to check out Intel. When this news is confirmed in some way, this share price will rocket.
We've already had the 'story' apparently about NM seeking to patch things up with BHP and NCM post the AGM attack on him by the two main shareholders who we know want to dilute the litte guy while they gain SOLG on the cheap.
Then we have a story about SOLG seeking a new ceo in around 6 months time.
If I was an interested party thinking of making a bid for SOLG, then I'd read into both of those stories and assume the following:
1. We can't get a cheap deal as BHP and NCM are still on board
2. We better get a deal done with Nick before the keys are handed over to a new guy who might not talk to us (Chinese??)
The market will like this recent story because it actually offers 'certainty' if true. The market has wondered about whether NM can string SOLG out for another 3 years. If he's gone in under 6 months, then it's clear which direction SOLG will be heading in.
BHP and NCM may well be in discussions about a funding deal or JV but a condition of these discussions is that SOLG gets a new ceo.
After defeating BHP and NCM's attack at the AGM which was an achievement, it was inevitable that they would try again in some form or another. I thought an EGM might follow but after the Franco $50m draw down which didn't happen. But I think NM will know that if an EGM was called now, he woud be toast especially if BHP exercised their 37p options.
In summary, if the chinese want this, then they better get a deal done while NM is around because the next CEO is sure as anything going to be a BHP or NCM gimp.
But I will be if NM goes. He's the one reason I've held back
Nick to become BHP director of exploration. It’s what he’s good at. Big chunk of BHP stock to replace his Solgold holding.
Mixed feelings about this, and fascinated to see how market reacts Monday. Something had to give though. Languished for too long, with time ticking on licenses. All assuming veracity of story.
Hi Optimusgold, you only get one chance to pizz the big boys off! Nick has had his day with that one!
Good luck Optimus.
Hi DBW, yeah, you're probably right. Well I for one won't lose any sleep over it. It's business, simple as that. I have my health and still have my shares...happy day's! Let's wait and see how things unfold.
I'll miss those missed deadline RNS's ;-)
I meant sp not so
If Nick mended any fences it would have been a first for him
He has a long list of ex friends some of whom were his steadfast allies and who have nothing to do with BHP or Newcrest and some of whom are reasonable and successful people invested in Solgold
He has a lot of tenacity and drive but we seem to be at the crossroads well and truly now
Let’s hope the so rises if we can get some certainty and look forward to a great outcome for all pi’s.
If it turns out to be true..well I don't believe that Nick would sit there and behave as a trained poodle for 6-12 months.
If I was Nick and didn't want to go I would work outside the bod to find a partner, support their bid and the guarantee that I would stay in charge when it happens.
If I couldn't do that I would go and be as annoying as newcrest and CGP have been.
Tbh I don't believe that a majority of the bod would face Nick down. I am not sure it means anything.
Ice you may be right re the chairman thing.... just get the feeling he likes to be a little more hands on to say the least
I think that any chance of this going to production will disappear with Nick if this story turns out to have any validity. Personally I don’t think even he believed it , just saw it ( the story ) as the best way to maximise shareholder value......I guess all we can really do is speculate until we here something official
Not really addict, I've written a few articles over the years and worked with quite a few journalists, bad one's such as the daily express and the times and good ones which which tend to be small industry specific ones. But they all have the same thing in common, they try to take a something that has happened which is true and put in to support their story. It adds weight and provides an anchor.
In this story, if you've heard that Nick might be planning a succession, it would be natural, but lazy to tie it to the AGM. If you've only got a single source then that source will provide its own spin and bias...
I also meant to add, NM is not the type of guy to be handing out olive branches! Infact I did last week.
The writing was on the wall from that day!
Hi Optimusgold, I'm not so sure Nick will be "stepping" aside, more like "pushed" aside! Some have said he will probably stay on-board as a NED..... hmmm, not so sure about that! I just don't think that would work with Nick's temperament. I agree with you about the share price, I too think it will rise considerably in the coming weeks.
I have been getting negative messages from a friend regarding Nick for a couple of months now, low and behold it has all come to fruition, he was spot on!
Some folk here are blaming BHP and NCM and CGP for Nick's hot shoe shuffle. I don't think we need to look much further than Nicky boy himself. I'm hearing that he pizzes everyone off.....and I mean everyone! Maybe there has been an internal coup as well. It is probably a bit "Trumpesque"
I did say only a couple of days ago that Nick had been "hung out to dry" That has come to fruition sadly, he only has himself to blame. We have to look forward now, dust ourselves down and mkve on. Theres a chance Solgold will take this to production, but not with Nick at the helm.
iceberg, you describe it as "a two bit story". If it turns out to be true, what will your thoughts be?
Let's face it, there are a number of people who refused to accept the impact of the agm and saw it as a "triumph". Surely, that was the most egregious example of confirmation bias?
But you are certainly correct to say we only know a tiny part of the story.
Very well put
Nothing is certain about this but one can infer the board has been in a stasis since the AGM. I infer the divisions have not healed. But the status quo is not working that seems clear
iceberg, I accept that it looks odd, but also believe it to be true. I think we can all recall at the time of the NED appointments NM himself said that succession planning was one of the tasks he'd set. Perhaps, in the light of the breakdown of relations, this has simply been brought forward.
Dbw, or It could just be that Nick is getting a bit old, he doesn't want to fight too much so has agreed a plan to become the chairman by the end of the year and wants a CEO he approves of to implement his strategy.
There is a real danger that folks are taking a two bit story and making fit whatever their bias is.
This isn't a criticism just an ohservation.... We vs been shown a small part of a picture and are guessing what the rest of the picture might be.
Pretty much agree with most of that. Looks like they tried to wrestle power away from Nick at the AGM and failed so now a full on coup is the only way ..... Captain Bligh being set adrift in his rowing boat whilst the Bounty sails off over the horizon, springs to mind.
If true it is, to some degree, very sad after all the work he has done here , it may well help the share price , but I hope he stays around in some capacity to see this through.
Onwards and upwards matey
Addict, if we take the assumption that this is right (although ever story I've read has the same source of a single unnamed shareholder, which has been written up by the same jurno).
If the bod no longer has Nick's back, if Nick now has to work with BHP a and newcrest for six months (at least).
Why would he?
Why would he do all this? it's certainly not for the salary which is a fraction of the value of his shares.
Would be really want to spend six months doing the things he really doesn't want to do? With a bod and a room full of people who don't support him?
If he doesn't have the bods support he won't be able to affect strategy in anyway.
It makes no sense.
costa - bozi prob sold out. Or maybe he is bipolar. ...? He is behaving weird for sure.
This is great news, I would rather get 80p now than wait 100years for £1.50. NM has been great but having the market cap/SP this level, with our assets, is a joke. New man, new strategy, reinvigorated shareholders. Those in love with NM can follow him in his new ventures
This is a tricky one.
I voted for Mather because I believed he'd do a good job of negotiating a deal - provided he'd been given the right direction by the board, by which I mean he dropped the fanciful notion of taking this to production.
The agm result was, as many of us stated, a real blow for him from which there was no way back. He obviously realised that (unlike some on here) and produced the belated olive branch.
Something has obviously happened in the interim which means BHP/NCM have not accepted the offer of peace talks. (or maybe they've had them and reached no acceptable way forward - which is more likely) I see this as being the catalyst for a board decision which said he must go - I do not believe BHP/NCM had any direct role; rather the board realized he simply cannot get on with them and know that the company needs the support of it's major holders (how many times have I said that?). Anyway, assuming one believes this report, and I do, what's the way forward?
If I were NM I wouldn't want a substantial portion of my wealth being run by someone else and would want to sell. So, will he attempt to sell the company before he's replaced? Or will he negotiate a deal with one or both of the majors for his own holding?
As a separate issue, how many potential ceos would want to take this on, knowing it may be a very short-term appointment? If there was a huge performance related exit bonus, I'd do it.
Is this good news, or bad?
The market hates uncertainty and may mark us down. Conversely, they may realize Mather has been the impediment to doing a deal in anything like the near term and therefore we get marked up. This is impossible to call. But what it will do is present the company as being open to discussions, something Mather has done his best to dismiss for the past 12 months. This will be an sp positive.
Mather's skill set includes bloody-mindedness and determination, but it appears not to include charisma and an ability to get on with key players, which are rather important attributes for a ceo.
So, is this news good or bad? Conclusion: I'm really struggling to make up my mind, but on balance I think it's probably good news. Mind you, if the intention is simply to find another ceo who'll parrot the same old production nonsense, then I'll take a different view.
Phat there have been politics and internal conflict going on for a considerable time. Nothing new. The AGM just made it manifest. If it is correct that Nick is going to step aside it is an opportunity for the company to stop being paralysed in my view and get on with business. I expect the share price to go up. Nick has not lost his shares and most pi’s will be watching for when he sells. He won’t sell cheaply
With more politics going on in the background than progress, I am thinking of dumping half my holding after having dumped half over the past week for no other reason than more dither and more delays.
By Monday my position will be 25% of what it was last Monday.
If Nick goes, so does our hopes of a good takeover price.