The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
12p today
great...............
Got to be worth a further punt for a quick 50% shark, but that's pretty much it now, my 55p by Friday posts in jest are now looking like a distant possibility ;((
Have a great weekend all except TR xx
The smell of desperation of the going to production faction has grown stronger this morning.
Bozi @ 07.38 - bang on the money. I put the chances of a takeover at 5% at best at this point. We are gearing up towards the solution Bozi mentioned some time ago and again this morning, a spin off an sale of Cascabel, allowing SOLG to continue exploring across the rest of its portfolio. How the company decides to do this and reward shareholders remains to be seen. I hope it isn't through a joint venture.
It's nice to read some humility in today's RNS, a long overdue recognition that the company has been run appallingly from CHQ. Our interim CFO has been thrown well and truly under the bus today which I don't really have much of an issue about.
Good to see a firm timeline put in place for completion of the merger - I will (slightly reluctantly) add a few more here when I get paid on the 21st to for a 10/20% trade on news of completion.
Redknight, you seem to live in a dungeons and dragons type world, constructed of your own financial, fantasy make believe… endlessly creating new fantasy alternative scenarios.
Exactly Monte.
I told Twigger 18 months ago...just sell it!
Now you see why in Dec 2021 I was so set against the OZ Directors, especially including Twigger and Clare...
Now Nick has taken the reins again and it's a shambles...again...
Mind you...this is the opportune time for a bidder to pounce, sadly with a price lower than it would have been before the unholy alliance of Mather, Ncdonald and Sangha...
So let's hope it triggers a bidding war...
No wonder we couldn’t get a JV partners for any of the regionals… as a business partner, we must be seen as a total liability… who wants to partner up with a proven, known, incompetent company, led by a lazy, underachieving management?
Anyone think this thread header was a deliberate pump?
RK1, how many times have we "called their bluff" now? 12?
If you all except that the board have been utterly incompetent for years it makes things a lot easier to understand here.
You just open your eyes.
On reflection and irrespective of the regulatory process that must be completed..
I think they're calling the bluff of prospective bidders, probably Jiangxi...
Put up or shut up at a decent price, or we sell part or all of Cascabel to Mitsui...
We had an experienced and competent CFO but Darryl pushed her out.
But we lumbered Ingo with Coroorate Finance and CFO while the Board took so long after Priy Jayasuriya resigned (or was pushed)...18 months...
Certainly Quady
Look at the bit after the 2 comments where it say strategic review
About 3 down it say
The direct or indirect sale of a stake in the cascabel project
For anyone who remembers the old business chestnut, it's the 3 envelope job...
First envelope...blame the previous management...
Meanwhile...I suspect the prospective buyers that Maxit have sounded out fall into three camps:
1 Those that would buy SOLG, lock stock and barrel. Possibly including Jiangxi and the likes of Fortescue
2 Those that basically just want Cascabel, including Mitsui?
3 Those that would be happy with the rump portfolio, including DGR, CGP mark 2 and SOLG mark 2
The final deal will be the alternative that produces the best total monetization.
Monte it does not mention the sale of Cascabel in the strategic review because it hasn't been done yet.
Also in the announcement of the strategic review it mentions the best way to advance Cascabel, nothing about a sale.
However possible I have missed something, so please feel free to post were it says the strategic review is to sell Cascabel.
No one should be enthralled reading that update Bozi
I have been withering in my assessment of our management and board over the last couple of years…. utterly woeful.. just abysmal, under performance again and again. It seems there is no end to it.
There have been multiple occasions, over the years, where we have been made to amend and resubmit official documents. It’s become embarrassing. Heads should be on sticks.
Whatever the outcome of the strategic review, we do need an experienced CFO.. you can’t deliver a Spin out, a JV or a Sale without someone with some brains, understanding and experience in that area…
but this strategic review process will be dragged out far longer than many hope…
Just a frank admission of what many of us on here have long suspected. For far too long they’ve dragged their heels whilst being handsomely compensated at the expense of us, the shareholders. Let’s get it sold.
The FCA have their own approval processes so at end of the day.... if you don't ensure your meet the UK authority requirements then you will have it thrown back. A prospectus is essentially like that involved with an IPO. It has to be 'present' and not date 6 months ago.
So I'd keep it simple... RNS is an update on merger and it's in process of FCA approvals etc etc etc and we'll hopefully be sorted in 2 weeks tie. In the meantime... the company is cost cutting, saving cash and getting on with the SR.
Good to hear some rolled up sleeves action although personally I think the FCA regs and accounts could have been managed better.
Fort - from the fella who assumes more than any other, I'll take that as a compliment.
I don't think there would be a counter offer to a partial ENSA sale. It's something management would likely agree with an interested party and it would become binding pretty quickly. Always a chance a superior proposal might be received but I think it's unlikely. Why would you buy half of ENSA but not SOLG if you were BHP?
Of course it's not what I think, but do you really read tha tupdate Fort and get the impression that a takeover is the leading strategy? I'm not sure it is.
I suppose in one sense I'm happier they are at least taking some action to be able to continue on an even footing should the optimal outcome not arise.
Monte ….. exactly
Adequately studied say to me they are not spending any more money on it.
Over to you next owner?
Q ..perhaps you have been right all along and that is why the sp is where it is ..we are going to production and the only way is down !! I am sure a sale would reward more shareholders than trying to go to production
Adequately
Bozi,
I think you are assuming a lot but for instance... what do you think will happen if they announced a partial sale/ jv deal on ENSA? Do you think BHP would counter offer? Do you think that could set off a full scale bid war??
Just need the first domino to fall. It's not really about what pi's think... it's about the big boys and what they want. Spinning off the rest of the business into a new company would only be required if SOLG is bought out lock stock and barrel. Or you'd just spin off ENSA and keep SOLG. There are tax benefits and accounting games which help when splitting things off as I'm sure you know. There's a man or women in Switzerland drinking nice coffee while waiting for instructions I believe!lol!
Exactly as I thought!
They took so long that they had to file new accounts.
Utter incompetence.
This is what happens when you slim down the staff so much.
Frankly I lay this blame right at the feet of Cuzzubbo...slowed things down, screwed up the financing, caused Ingo (Acting CFO) and Ayten to go, leaving this ultimate mess.
No wonder some think he was a BHP plant!
And as for Sangha...his expletive outburst against BHP and NCM and his 'fast and smart not slow and stupid'made him look utterly unprofessional.
Finally, the buck stops with Twigger...again...