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The 2.92m is without any doubt a buy. Firstly it’s a very large and strange amount of shares for one transaction
Secondly, the exact same amount of shares at the exact same price were explicitly on the buy on L2 at 1630 yesterday in the auction. So we know for a fact someone was trying to buy that many shares at that price and didn’t get filled
Chinese might mop a few up now the elections are over as they were buying up 1%+ in open market at 17p/18p levels.
That said... I doubt they want to boost price if thinking of bidding.
Nice to see mm's print a large block in normal trading hours!
Some chunky buys appearing over last few days. They seem to be in larger blocks now post election result.
Nearly 3m block gone through.
MM's appear to be sorting a large seller/buyer out at the moment.
Fair enough.
Totally agree with you Fort.
Add, Bozi, Fort has covered exactly my thinking here regarding the situation with Scott. Let us hope that come next year this time we won't be here to find out who was right. If we must endure another year of the same, then I would prefer a more capable ceo. Of course I know that a ceo must be more than PR. We need a capable ceo who also knows how to communicate to the market. What is the point of having one who tanks the SP every time that he speaks?
Agreed could be a buy or a sell anytime over the last few days
Jezzoo, it was an off-book transaction, so we have no way of knowing if it was a buy or sell.
Jezzoo what makes you think the 2.9 million is a sale.
If you are working this out from a 0.1 penny decline from the previous transaction, that is not an accurate way of doing things.
Because they may have got that price because stock was required to offset orders.
As far as I can see the trade is unknown.
Re: DBW's point about being in a closed period.
It would be very revealing if this is actually the case as it would imply some form of major announcement prior to mid/end Nov. Although SC down played the 'special' reference in his conversation with TI, perhaps his response was a smokescreen?
So, to continue the wild speculation, let's assume something significant will be announced in November that requires our vote at the AGM. I live in hope, but am not holding my breath.
Mainly a near 3m sell.
I’m showing 3.2m traded already ??
Fort, your position sometimes mystifies me. You want a sale, as do I, and yet are implacably opposed to the bloke who is most likely to deliver it.
Caldwell inherited a steaming pile of inefficient and directionless effluent and he's doing his best to rectify the position and to deliver value to shareholders. The idea of returning to the 'old days' is genuinely concerning and, in my opinion, wholly misguided.
Forte, I also try to measure companies and management just based on bottom line and performance, and usually nothing beats the share price as a proxy of that.
However, and that might be just my opinion, SOLG would be priced at 2 to 2.5 times the current level just based on the macro outlook changing positively, and then whatever else on top based on the specific performance of the company.
So I would not blame him 100% for being at 10p.
And by the way, when we were talking about the share price and the shares he bought, upon me asking he seemed quite genuine for his comment that he thought the worst may be over for the price and while he could not guarantee a given share price for obvious reasons, SOLG was so fundamentally undervalued and its fair value would eventually be realized. Now, he pointed out again, which he does at these calls, that the catalysts are the revised phased plan, which should align the technical feasibility aspects of Alpala with the financial aspects and the marketability of the project, and the completion of the necessary permits and government agreements.
It might just be me, but having worked in corporations in C-level capacity with CEOs for many years, Scott just seems like a considerate and pragmatic man trying to bring all the relevant drivers of growth and shareholder value to the level where they need to be. Whether he succeeds or not is a different story, but I don't think he is making significant mistakes outside of the comms strategy (which I also covered with him, he said he was taking notes.....)
"If he's booted out and the sp drops by 50% the next day, how would you feel about your decision?"
Ermmm... he was voted 'in' last year and the share price has fallen by over 50%.
If he was a premier league manager, he'd have been sacked 4 months ago. And those sacking him would be looking forward to a better team performance from the new manager and new impetus that the club would have etc etc.
The fact is... 'shareholders' did not vote or ask for the CGP boys to takeover SOLG. It happened because of the forced merger. CGP had achieved almost zero at CGP for years and years while just sitting on their SOLG stake and 15% ENSA. Lets face it... they were just sitting back doing sweet FA. Now... the question is... has anything changed? Looking at the last 12months+ it looks and feels like they think they are still CGP only this time they have 100% ENSA.
I know the above is harsh and probably out of order by that's the reality laid bear. The CGP boys were given the cars keys for a year and I'm afraid, it's time to return it and the sad thing is... the tyres look like no dounuts were done. IN fact it barely looks like its been out the garage but they've blown $50m+ on pizza deliveries??
Add…. Exactly
Thanks Italian
Don't disagree Add. I was just starting from what their position was known to be last year but as you say the situation may have improved.
I suppose I'm working on a worst case scenario basis.
DBW, I think a closed period is applicable for 30 days prior to any price sensitive news. So if they are indeed in another one, it doesn't relate to the AGM.
Eloro - someone can only be good at PR when they have lots thst is positive to say. This just happens to have been a year where SOLG hasn't had much in the way of positive news to report. The political situation in Ecuador has hovered over us like a dark cloud and interested parties have held off completing their due diligence.
You're e guilty of falling into this trap because you want/need a change of control now. The decision you're making isn't who you think has most chance of delivering that because you have no way of influencing the decision on who would replace Scott. By voting against him you're just wielding a rebellious vote and giving the company a problem.
This is really something that all investors who aren't happy with Scott should look to Bob and Warren for a guide on. These fellas want the same as you and if they believe Scott can deliver that, then frankly so should you.
Dream, Scott did say something during my call about the close period but I did not take a note about it. I just remember that he talked about the shares he bought via his broker in Canada for his retirement account while he could, then he could not buy more because of the close period, but then he was planning to buy more after the AGM when the window was open again. I had other questions to ask him so I did not go in more detail about it.
Also interested to know why they are in a closed period again?
Add agreed
Last thing we need is more disruption at board level.
On top of that ( comms aside) I actually think Scott is doing a decent job getting this thing saleable. (As do his peers) Scott, Bob,Warren & Nick are all heavily invested and therefore aligned with pi’s in wanting a decent return.
Happy to sit and wait here and expect news (licenses/agreements) to start flowing shortly.
Eloro, and I think you're mistaken.
If he's booted out and the sp drops by 50% the next day, how would you feel about your decision?
Eloro, whilst I agree the comms have been terrible, I most certainly don't want a CEO whose key strength is PR. I want someone who knows what he's doing and can negotiate well. This is far more valuable than someone who's good at blather...just look at that ludicrous character James Parsons who was at SOU. He won the AIM market corporate comms award, just before he flogged his shares, buggered-off into the sunset and watched the company disappear up its own fundament.
Add, if there is problem in a marriage and both sides wants to reconcile, always bring up the bad old days isn't a good start to restoring harmony. Scott keep on about how both companies voted against him, instead of looking forward and extending an olive branch. I think, from listening to him, BHP remains alienated. I want him gone because either way, I feel we will still be here next year this time still no further along.