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1) Turns out their gripe about SOLG withholding info is related to the PFS. 2) Their logic is if SOLG can raise CAPEX for 85% of the project CGP should be able to for the last 15%. All fine in theory, but if it comes to that point, SOLG will have funding in the bag and CGP will be left scrambling around trying to avoid being squeezed into an NSR (which will be known by all would-be financiers) - a terrible position to negotiate from. 3) They state SOLG's right of first refusal is only related to ENSA and not CGP as a whole. This is something that has never been clarified by SOLG, and CGP may well be correct about it. 4) Carp about undervaluing CGP's ounces in the ground by 5 times - this is an all share deal - you don't get paid twice numpties. 5) Perhaps a valid point about ownership - current deal would see them owning 15% of ENSa vs 21.4% currently. Flip side is they get their $50m debt wiped, they remove financing risk and they get an extra 7.5% of the regionals. So, all in all it's reasonable as is, I think. 6) SOLG's shares are illiquid - this is just one for their major shareholders, as they all want out as fast as possible - not relevant to most retail holders. And SOLG's shares would become quite a lot more liquid on TSX if all of the CGP holders were transferred over. 7) CGP want a joint auction process - like I said earlier, how are BHP going to want that?! 8) CGP want to stop the "onerous FN agreement" - jaysus, this is where they are losing the plot big time.
And then he spends the last 1/4 of the presentation describing what little else they have in their portfolio (zilch). 6)
Earthling, "But why would BHP support the board if they want this asset?" Because CGP have shot themselves in the foot; they have stated they intend to open the data room to third parties to better enable competitive tension, or words to that effect.
Talatum - you think BHP and NCM are invested in Solg for “an investment”, and care about whether they’ll make a few quid profit or loss on their shareholding of Solg? They’re invested because they either want to buy, or influence decisions made by, Solg. They want the mine, not a 10% return on their tiny amounts it costs them to acquire the Solg shares
Quarrantine restrictions removed in Ecuador26 Aug '20
All travelers arriving in Ecuador should provide proof of a negative COVID PCR test taken no more than ten (10) days before entering the country. As long as the traveler does not present symptoms of COVID, the traveler does not need to perform mandatory preventive quarantine (“aislamiento preventativo obligatorio”, or APO) and they may freely move within the continental territory of Ecuador
rcgl2.... that data room quote puzzled me at the time. As things stand, no data room exists. Were Solg to receive a bid (or bids) they felt were worth putting to shareholders, then, and only then, Solg themselves would create a data room, in order to allow the bidder(s) access to company sensitive information, in order that they may complete due diligence. Solg would retain control over what went into the data room, and who had access. The CGP quote seems to suggest all Solg wares be put on open display to all and sundry in order to provoke some kind of bidding war. That’s corporate madness, and no decent board would allow it. You would basically be allowing free access to company sensitive information, built up over years at great expense, to all your competitors. Any company would only entertain such a scenario under a fire sale where they were already in deep trouble. It’s a crazy suggestion... but typical of CGP. They have nothing valuable to protect, and would quite like to see a fire sale of the Solg assets.
let's face it the sp has never made any sense and this bb is unlikely to give a definitive answer. Many different ideas have been floated on this bb and yet the possibility of something completely different is possible and that could well even less sense.
Could be lots of reasons and I'm not qualified to give but maybe a derisked project, less complicated share register, political reasons, financial reasons, higher gold and copper prices who knows. I'm sure they want as cheap as possible but they already tried that and failed. Trying to take out cgp and solg together could well prove costly. Imo Bhp can afford to wait can cgp? going forward can solg? Can Bhp afford to risk solg adding billions more value? Probably Still may variables
Good afternoon rcgl2. because BHP, NCM and others, have reputations. They have made accusations against Solgold, but no substance. They have announced a EGM after 27th October, but no details. Before making such an announcement, they should have an alternative BOD lined up, but again nothing. I really don't see this EGM happening. Also, they will get no support, as they hold 15% of Alpala, and BHP, knows they will blackmail them for this holding. CGP, should announce details, but nothing.
The CEO of Cornerstone said that they want to replace the current board with a new board who will open up the data room to more bidders, bring in some competitive tension and push through a sale of Solg at a higher price.
Therefore if BHP and NCM both want to acquire Solg, why would they vote for a new board that will attempt to make them pay a higher price for it by bringing in other potential bidders?
Good afternoon DBW, that's not good news, but guess it is what it is. We need the Franco Nevada finance, signed off, until we get long term funding to DFS, I fear that share price, will stagnate. The PFS is important, but we need to push forward. Thank you for the info.
Hope you’re well. Please just be aware that I can’t always reply instantly – hope you can understand.
"Have a reply from Eliza La Hueca ..progressing slowly . Porvenir.. not started yet but have rigs So more than one being prepared BLANCA ... decided not to drill at presant and will concentrate on the other 2 sites for the moment . Hope that helps clear up the uncertainty"
I did not write the above text that you emailed through. As you know, we are drilling at La Hueca and we have teams mobilised at Porvenir.