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second time today addicknt, given your in depth knowledge of actuarial matters on the evaluation of companies and it's component parts, would you like to explain in the context of a company with no revenue streams, that is highly valued in assets, that need to go in a certain direction to add value. Why they wouldn't put out a RNS like this.
I'm puzzled earnacrust...if you.ve been here that long, why on earth would you not have sold on the umpteen occasions the SP was in th 40s, for a 20 times multi bagger...?
I bought in at an adjusted average of 14p (originally 20p)...I've twice taken profits in the 40s and I'm still pretty much fully loaded...I just want to make as much money as is reasonable as quickly as possible, not be a timeserving voyeur admiring Mather's patience and fortitude...
Correct Alan I'm one of those who contacted both solg and my broker. Well done solg for releasing this rns as there must be a lot of interest from PI to make sure we get the right outcome and start 2021 with a boom.
Equally addict can you explain what difference this will make? Or why if the AGM is in any doubt wouldn't solg have had the AGM in the first week of oct? Or why the market has completely strugged off the RNS?
Q, given your in depth knowledge of corporate matters, perhaps you can tell me the last time you saw an announcement like todays? I'll save you the bother, it's as rare as hens teeth and in fact, it resembles the type of document you only normally see when a company is subject to a takeover. And when has this particular company ever released a similar plea? I don't recall seeing one. Sorry, old bean, this is way out of the norm and please, just for once, accept what you're being told.
maybe or maybe not , with respect it is conjecture
its a simple equation peeps you either vote for NM and the BODS to maximise shareholder value or you don't vote or object and give weight to others who have their own shareholders and paypackets to maximise value for.
There are no lines to read between.
Its like an election just don't complain when the person you didn't want in is voted in due to apathy or you just wanted to give some else a chance, there is no reversing what you do here or assuming the right person will get in
addicknt, your becoming one of the conspiracy theorists as late. All companies ask their Pi's to vote with the board, of course they haven't received any indication how anyone is going to vote, they will know when the votes are in. This RNS just says to PI's vote, as you and I both know PI's don't bother to vote. He is doing what any CEO would do. I trust you will will also vote with NM.
the unprecedented nature of today's announcement, I wonder exactly what it is that's spooked them? Have they received notice from one or more of the major shareholders of their intentions to vote against? If so, which resolutions do they object to and why? Or has the proxy company picked up rumours of shareholder intentions? Whatever the answer, the fact is they are spooked. As others have pointed out, private investors are normally an irrelevance when it comes to AGMs, so the company must have had a look at the arithmetic and concluded we are needed which, in turn, suggests it's more than one main shareholder who's taken umbrage. As much as anything, this demonstrates how the 'diverse book' argument is wrong. It is exposing our vulnerability and points the way to future developments. I also happen to believe BHP must be viewed as one of the objectors. If it were just CGP and NCM, NM wouldn't be worried and could win the day.
Hi Cadell, Steve has answered the question, just to add, he also requires this to be passed, as if we need to accelerate the drilling program because it's even better than we think it is, he can do this quickly, as we can raise extra capital at a higher price.
Red, why do you think NM is acting nakedly for his self interest? He owns 90m shares. I assume that's more incentive than any of us has to see a SP at multiples of where it is today? Selling at 50p or selling at a quid makes a vast difference to his fortune. If you think he just wants to cash in his chips on the cheap and retire to a beach with his tens of millions, he could probably have picked up the phone at any time to BHP and sold the lot for 40p.
The interests of the other other large shareholders, BHP and NCM, are to keep the SP as low as possible because they want to buy. NM's interest is the same as all of us, to have the SP as high as possible... because he owns tens of millions of them.
Hi Redknight, not ideal I agree, but it is what it is, yes I am puzzled and annoyed that 22nd October has come and gone, after Jason wards announcement on the 1st October and said 2-3 weeks for PFS. I personally want a statement not so much on a date, but why the delay, and Covid is not an excuse, as we knew about Covid when Jason Ward made the announcement. So I think you are correct that the delay in PFS is holding the price back, as the delay is the PFS isn't exactly helping the fund raise for the construction of Alpala either. Personally I think some difficult questions will be asked at AGM.
I have no concern with authorising the board to issue new shares, even though that means diluting my holding. However, just as I want to achieve fair value, I don’t want new shares issued at less than fair value.... like the recent 20.5p fiasco.
I understand your view killjoy, but Mather wants no bids (unless they are at a high enough level), which means that to reach even 100p might take until Alpala is 5 years into production...
We're all here for selfish, not altruistic reasons...I would take 100p from a bidder right now, rather than wait...
And in fact the way that Mather is managing right now...nakedly for his own self interest, despite saying he has the backs of PIs, is asking for a bid...and I don't think he has enough firepower to resist a determined predator...