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The board are going to get voted down on many counts at this AGM….. it is what it is now.
What happens post AGM fallout will be interesting.. and the implications for the needed, near future fundraising..
will they be able to get fundraising done above 10p?? Seems ambitious these days… Sad.
@Bozi, it's all good and dandy to want to make more money rather than less money after investing capital, time and effort into it.
However, we did not sell in 2017 when we reached 48p because NM wanted "multiples of the current price" and we haven't sold now that 48p is actually a multiple of the current price.
While I have entrusted my investment with SOLG's management and I want to see their stated strategy through without disruptions, I think we have pushed our luck too far.
I think it easier to skip to the point here ... there is no engaging with super majors. They don't engage... they just tell the minnow what they want and then expect it. That's why Bob and his bat exists... as mining industry is rife with likes of BHP and co riding all over the minnows and creeping their way to maxmium ownership aka GGP and Newcrest... the former ended up with just 30% of the total asset. Since then, they've been diluted down to nearer 15% (in real terms) due to Wyloo dilution. Eg,..they still have 30% but bulk of shareholders own less of that 30%.
This is the way... when you have zero cash generation then what do you expect... the super majors to make it easy for you to make it had for them? Of course not. But when you have options such as royalty streams... well.. that changes the game plan entirely and really niggles these big guys.
So hats off to NM and team for the year long due diligence that it took for Franco to sign up. Osisko is another story but the idea of engaging with super majors at this time or in the past is pointless unless you want to go the GGP route and just hive off 70% of the asset for peanuts.
Hi Bozi, in a democracy, people are left to freely exercise their franchise. Lord Braggart's relentless posts haranguing people to vote his way is more of a 1 party totalitarian state approach.
Contrast his approach to that of Add's for example. Night and day. Add points out the pitfalls and respectfully leave us to vote how we want. Not this braggart. Posting like PIs are children and stupid and only he knows what's right and his way is the only way. In addition, he takes the opportunity to boast about his solg's position. Tasteless, tacky and trashy. I don't need him telling me how to vote and what is right and what isn't.
The merger closed Feb 27th and all the CGP shareholders can now vote at this AGM. ….
And nice to see some very large buys, just need a few more get it back above 8p before the AGM
Adikt. To answer your question. Bhp are opposed to the board because they were, are, and will be a joke.
And there is every chance there inability to manage, will cause the project to be taken over by Ecuador. And that helps nobody.
And for all of your experience selling companies and having major company ceos as friends I'm astonished you can't see it.
The year Caldwell has been in charge has been a disaster. And your constant pleading and begging others to vote for more of the same, is shamefull
The Italian - please can you elaborate on your point at 12:08. I just don't get it.
It's Mather's fault for wanting a fair value from the project? Really? That's ridonkulous.
So your view is that everyone should be a trader, just nicking that bit in the middle and moving on? I simply find that staggering.
These folks put decades of their lives, their whole careers, into a discover like Cascabel, and yet you expect them just to flip it to the first major they come to?
Nick Mather has every right to demand fair payment and as an investor you should be supportive of that. Creeping takeovers can happen in any situation where one investor funds the company in a situation that another can't or won't or buys stock on the market quicker than another.
After all, there's a special resolution to allow the SolGold Canada shares to be allocated to a single investor to allow them to do just that.
The point is a warning to shareholders to be careful who you are trusting. We know who wants to squash PIs and smaller IIs into the dirt and we must do what we can to ensure control isn't conceded to them.
Eloro - everyone's own shares are for them to vote as they wish but at the end of the day it's a democratic vote.
All the discussions around the vote are just company politics. Investors are making their feelings known and pointing out the perceived pitfalls of voting a certain way.
I agree with Add that we are now reaching a binary choice. For me, one choice presents much more threat and much less opportunity than the other, and I state my case accordingly.
That's all Redknight is doing too, so I'm not quite sure what the agenda is all about.
Been pretty evident for all to see that there is still a sizable seller dropping stock into the market like bombs. Who is it?? It's not BSC as they are done.
When price was around 8.5p, they were dropping 500k blocks or 250k blocks at 7.5p. They really don't care what price they gain and in same way to BSC seem intent on doing damage.
Fortunately, we seem to have some interested buyers (at last) appearing to mop this stock up or the MM's are simply doing a better job at matching the larger blocks.
We have a number of large holders on board and some are sub 3% (just) so tracing their activity not easy to do.
Clearly some large holders that have lost faith in SOLG management but buyers appearing now share price is down near multi lows.
Looks like potential large order print after hours today. Remember, we had the 13m huge block printed a few days ago.
If the pure selling weight is capping the stock or lack of buyes, then in theory, when selling in weight stops, and sp catches some wind, then we might see a recovery.
Solgold is only a beacon for ESG if you ignore the G.
You can be sure Italian that Bob is wooing bidders, but...
Having seen what happened at Noront, who wants to be a stalking horse...?
And I'm certain that with so much vested interest Sangha is seeking the highest price and/or the best deal fir shareholders because he had 153 million shares at stake.
But if the Board is booted, that goes out the window.
And has everyone forgotten Scott stating clearly in a presentation that he had met with BHP to build bridges and was due to meet Newmont in the same conference?
A complete contrast to when Mather managed to poss off BHPAND NCM AND CGP all in the same year!!!
I am sure there are other scenarios, but at the risk of oversimplification, I think that the only material reason why creeping takeovers have been made possible is because the management, starting from NM, have been fixated with obtaining a full price to sell the company and screwing the majors up, rather than looking at engaging them at the levels that the market conditions would imply.
After so many years I think we are all more than ripe for a sale at a realistic level and eager to move on.
In the ideal world that does not exist, I would love to see a statement from SOLG to invite suitors to show bids with a deadline, price starting low, simple and transparent. Overnight the real value of the buying interest would show and we would rerate 100-200%.
Crazy times......
The key question those thinking of voting against the resolutions should ask themselves is; why are BHP so opposed to the Board?
A clue: It isn't because they're concerned about the retail investor.
Remember what that bloke from Glencore said a month or so ago; 'the business model of the majors is to screw the small explorers.' And he wasn't joking.
I've given more than enough hints, but with Darryl bringing an action against the company it would not be smart for me to elaborate...
Contact me through ADVFN.
Classic redknight...
"people are unable to acknowledge their own shortcomings and loom for anyone to blame but themselves."
then in same post...
"if that scenario happens I will be on hear daily blaming people like you for my losses."
Darryl ? So what really happened? Can’t just leave it hanging
As you know I respected your views for years, until you started to lose the plot...
So sadly I filtered you...
But it seems you are continuing down a slippery slope that can only end with you destroying your credibility and damaging your finances in the process.
I have seen it too many times in this modern world that people are unable to acknowledge their own shortcomings and loom for anyone to blame but themselves.
It is fair game to criticise Mather for his crescendo of over hyping and under delivering, but the miracle of Alpala was discovered on his watch. And SOLG is a beacon for ESG.
Its OK to blame Darryl for the massive damage his incompetence and ignorance of mining finance did to the SP.
Its OK to call out Sangha for his grandstanding.
Its OK to criticise Twigger...way out of touch on Corplrate Governance.
But I cannot find anything that Scott has done wrong and Maria is a vital link to the Ecuadorian government.
So please look in the mirror and question your own judgement in ending up with a significant holding worth only 7p...watching immobile while the SP slid away.
Weve ended up with 1.7 million at 11p and a £68,000 loss on paper, but I have not felt so positive for at least a couple of years...
Unless Private Investors conspire with BHP, Newmont and Jiangxi to get rid of the Board, in which case I fear for every last penny of my investment.
And you bet if that scenario happens I will be on hear daily blaming people like you for my losses.
I really would wish that Lord Braggart would allow each PI to vote as each see fit. Its each PI's shares to vote as each see fit. He didn't give anyone money to buy their respective shares. So he should stop trying to coerced folks to vote his way.
Here he goes again bragging about how many shares he has and how much he spent. A braggart through and through. He can't help himself. I would say he is willy waving his share holding again, but I gather that it's all limp and not even a cold Heineken can put life back into that old dog:)
Fort,
Your view is a bit dramatic isn’t it? Why put a new board in that has to get up to speed on all of Solgolds tenements, all deals done and deal with the government again with new faces.
None of us know where the board is at with interested parties, I personally would rather leave things alone when we know nothing, absolutely nothing that is going on that Solgold cannot talk about.
You sound frustrated and talking rubbish in my opinion, let them in the know deal with it as they definitely know more than you
Have a good day and chill out a bit, ATB
Fort, indeed and I was the first person to point out the merger was a reverse takeover - and thank heavens it was.
You've become fixated on this issue of the CGP shares and I'm afraid I think you're talking nonsense.
Perhaps it's now time for you to 'get it into your head', if BHP end up packing the board they don't need to worry about votes, they'll simply be asked to stump up the equity to fund the development and you'll be sitting on the sidelines squealing like a stuck pig.
Well said addickt...
And the irony is that the people on here who fear oblivion are viting for...
Oblivion...
Agree Add, but some seem to be very emotional about these votes and are not thinking straight. They clearly dont realise that the alternative is far worse than the current management.
If you decide to vote out the board you should sell Solgold and buy BHP shares.
Doesn't point two apply to the CGP merger?? Because that's what has happened!
You've already had the 'loss of control' and someone else making huge coinage out of SOLG. It's called Bob and Maxit.
Just another 157m shares to go and they'll be done... or will they?
For the last time... get it into your head... BHP or another cannot dilute all shareholders in the way you are saying simply because they don't have the voting power. Also, there are rules to prevent them from using their shareholding to exert undue influence. The list goes on. It's nonsense... just boot these guys out and you'll soon see a deal tabled.
From there... it's not a firesale at all... it becomes a 'who wants it' scenario and if we are all believers in Alpala ... then the list shoud be large... but someone has to kick start it coz these clowns certainly can't.
1) Support a management team which is working on behalf of the smaller shareholders and is moving towards an exit, or;
2) Cause chaos at board level and hand the management of the company on a plate to those organizations who have absolutely no interest in retail investors. They would insist upon funding the route to production with their own equity and in the process would dilute us virtually out of sight.
So far I've seen no logical argument which makes any sense of supporting point 2.
Caldwell is the only thing standing between us and oblivion. (I do like the odd bit of hyperbole!)