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Addicknt
1. The way Scott Caldwell has lambasted previous management, whilst many view has a specific purpose, leaves me uncomfortable. For example, did it really have to be done via RNS?
I mean surely the irony of criticising poor management whilst announcing a delay of his own wasn't lost on you?
2. The continued selling of the stock worries me. Plenty keen enough to take a bath even down here at 12p, confirming how far we've fallen whilst suggesting there might be further to go. At an advanced stage of a SR where are the speculators?
3. The potential impacts of severe workforce rationalisation. I'm not saying it doesn't need to happen but cutting a lot of positions together can cause us a problem in terms of knocking local sentiment. A dent to our social capital.
4. The fact Vujcic believes we are adequately studied at Cascabel. He's an investment banker, not a mining specialist.
Less
As I said the only NPV the board of Solg were concerned about was to maximise the NPV of their salaries divided by work done or effort expended
add, I think the RNS confirmed what many of us had thought for some time, that this company has been appallingly run for some time now. Caldwell admitting this is a welcome and long overdue sign of humility, and it's good that our senior management team are now shareholders 'proper'. I think we're all suffering from a hefty dose of fatigue, having spent years second guessing what strategy is of the company we've decided to trust with our investments, and failing to deliver on what they have set out to shareholders (i.e. the countless missed deadlines, delaying or not publishing of studies etc.).
I agree with you that we need to give new management some time and the benefit of the doubt - it's just hard when the share price is languishing at lows and a few months into the gig they're already markedly late on completing the merger. A lot rests on the outcome of the strategic review and then their ability to actually execute whichever path we end up taking.
More confident add.
Sp is rubbish and is no reflection of the value of the company, just a reflection of management performance over the last few months. Thank the lord Scott Caldwell is starting to put things right and I personally found Fridays RNS refreshingly honest. Whilst the last couple of months have been frustrating, I personally believe the direction of travel is locked in and its now just a question of patience and belief in the new management to do what they say they are going to do, and reward all shareholders for their backing of Solgold.
We all believe in the asset, the outlook for the asset and the fact that the money men in charge want to move on as much as we do, so have a great weekend all and try and forget about your average buy price of this share as it will be a distant memory sooner or later. ATB, C.
Bozi, why?
Fawn can go for starters. If Scott has any sense he'll save $400k a year. A ludicrous salary for someone that quite frankly has done nothing for the last 6months+.
If Scott wants to save more money then get rid of Twigger. He's been a complete waste of time and has his fingers in too many pies to be able to deliver shareholders their money worth. How many meetings has he attended in the last 12 months??
Then there's Citi group, nomads and pointless TSX listings that cost a fortune. Get some new ones in, slash their contracts and get them to earn them.
When a companies stock drops from 40p levels to 12p levels seen on Friday yet the basic asset and cash balance of the company is unchanged (from days of 40p) then the finger can only be pointed at management and advisors.
Granted there is some depreciation in sp due to dilution (fund raise) but the extra 15% ENSA should make the CGP merger relatively neutral.
40p to 12p based on what?? A combination of BHP and NCM causing problems, then Darryl causing more problems, then Putin and post covid inflation causing PFS2 problems and then the ugly poorly funding 'test the market' situation.
When the markets crashed in Oct 22 due to market panic on inflation, SOLG tested 13p levels. Many stocks tested lows but majority have all now either jumped by 40% to 50% or are bouncing back steadily as backdrop improves.
The merger and TSX issues along with some ARB boys have undoubtedly made the share price top heavy with sellers/shorters. The nothing really explains the drop from 16p levels to 12p. Nothing at all apart from the usual market casino mechanics which prey on the over leveraged and turn some traders and investors into 'forced' sellers through margin calls. I've thought for sometime now that there might be an 'event' which see the market or bigger firms squeeze the pi's out of their shares right just before the long awaited asset sale or takeover event.
SOLG is known for drifting on now news and management have literally telegraphed the news free zone through to end of Feb. My hunch is that buyer will emerge next week as trading days to end of Feb are limited with 6 or 7 left at best.
more.
We ticked all the boxes, we are cutting costs, we have a depressed SP and an even more depressed PIs base. Ideal conditions for an offer, whether it is for Alpala or the whole company.
Still annoyed that I am 40% down on my investment but I think I am closer to get my money back than I was last week
I’m glad it was all confronted and outed in that RNS. But, like the ABBA song, they’ve played all their cards now, no more words to say, .. but hopefully one more ace to play. It’s very much **** or get off the pot time now, as the pub landlord once wisely observed.
More now sorted
Less.
Thumbs up for yesterday's RNS, but reserve full judgement until a timely Strategic Review is completed and a fair price sale of Cascabel is achieved thereafter.
However, I do also hope it's not too little and too late from an Ecuador government perspective. Otherwise BHP and the likes will be waiting in the wings.
My feelings in a nutshell
Whilst I hate the price I didn’t see any negatives in there moving forward…..
Following yesterday's RNS, do you feel more, or less confident?
Tsx up those Canucks know a bargain when they see one imho
Pinot,if only they could sort themselves out
Thanks Mr Caldwell - finally the truth has been spoken. SOLG mgt are rubbish and have been rubbish for yrs at least Caldwell has told it how it is.
I’m not quite so sure he would have been so straight talking if the delays hadn’t been so bad or indeed if the SP hadn’t dropped over 40% since the merger was announced !!! But hey at least he said it.
Mr Mather, Mr Twigger and anyone else who is left at SOLG after Mr Caldwell has swung his axe , please take note ……don’t tell lies, don’t extend truths, don’t make sht up, don’t twist things, don’t sit on your **** doing nothing, don’t think you are untouchable, don’t think you are above the investors you represent, don’t hide behind bland uninformative IR templated responses, don’t twist words, don’t make investors guess, be clear, be open, be honest …..
You know what you will gain respect, you will attract investors and you will be admired for being upstanding
I do hope that Caldwell and his team can bring this whole sorry mess to a conclusion soon.
Looks like it’s sell Cascabel after a spin out of everything else to me now
Get it done
Btw, I don't regard the chairman's position to be ancient history. He's in the cross-hairs and needs to start doing his job properly.
DBW, agreed, which explains my optimism. However, we must always learn from history and the same mistakes should never be made again. I would like to think we've entered a period of openness and honesty and we are not left constantly second-guessing (the "adequately studied" comment made me concerned we may still be stuck in that era). Just tell it like it is - no bells, no whistles, no ambiguity. Just plain straightforward communication and stop trying to spin everything.
Add …. I agree with plenty of that but there’s no point in looking back now, what’s done is done.
If you can see past all the crap Maxit and co have only been on board for a few months and in that time we’ve cleared the funding overhang, massively reduced the threat posed by certain overbearing institutional investors & brought major new investors into the fold. Compared to anything that’s gone before that’s fast and smart in my book.
I haven’t posted so much couple of weeks as I’ve been adding to my position and feel it’s divisive to do so (cue the halo) but I have no doubts in my mind these guys no what they’re doing and it makes total sense to clear the decks so we can rebuild from a much stronger foundation….. even if the share price suffers in the short term.
Best wishes DBW
Many new CEOs like to take the opportunity to blame a company's woes on previous management and Caldwell is no exception - although he's done it in a way and with such vehemence as I've rarely ever seen. So who is to blame and is Caldwell justified?
As to justification, I would say yes. The lack of a strategy which the market believed and a never ending catalogue of missed deadlines, combined with an unjustifiable degree of hubris, appears to support the argument.
So, who is to blame? NM was obviously in charge for a long time and it became apparent the company had moved into a phase that was beyond his competency. Simultaneously, his seeming arrogance clearly alienated many people and I can't recall a single occasion when he apologised for missed deadlines. He appeared to have no interest whatsoever in appeasing shareholders and he ultimately paid the price.
DC was simply useless and in retrospect it seems his appointment was probably borne out of desperation to fill a vacant post with someone who may have been able to mend fences with BHP. He failed.
But, in my book, it's the chairman who bears overall responsibility. He has overseen a company which was clearly dysfunctional on many levels (the $4m fraud was surely an indicator of a lack of control). His task is to have an effective board which delivers targets on time and to have a strategy which is realistic and enhances shareholder value. He failed on numerous levels and his only solution was to keep on appointing wholly unnecessary non-execs to the extent that our board had more members than many FTSE 100 companies - most of whom have now gone.
At the time of his appointment I raised questions about his experience and his first public outing as chairman - the 2019 AGM, was a total disaster and confirmed my concern.
All I can say he's lucky he's not facing an imminent AGM, because I don't think he'd survive and perhaps he should be considering his position.
I think the only reasons for keeping him are the need to stability and the fact that he's been sufficiently chastened by events that he's now nothing more than a figurehead who will do whatever Caldwell tells him.
Yesterday's announcement was a watershed moment and I suspect the organization rationalization will be significant and profound. It was an uncomfortable day for us all, but it was long overdue and now Caldwell is firmly in the spotlight and has nailed his colours to the mast as well as trashing two of his colleagues, he damn well better deliver...and soon.
ToS, why have you just started worrying about this issue? It's not as if it's suddenly appeared. We have known about it forever and as Fort has pointed out, discussions with the government are ongoing.
Recently NM visited Uganda for a DGR/Armour ceremony. Maybe he extended his stay for the purpose of getting advice from the mountain gorrilas. There are some wise guys up there. They don't have their heads in the mist, like the rest of us.
Recently NM visited Uganda for a DGR/Armour ceremony. Maybe he extended his stay for the purpose of getting advice from the mounrain gorrilas. There are some wise guys up there. They don't have their heads in the mist, like the rest of us.