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@ColonelDrake, Totally agree with you. I would want a CEO who thinks about the minority shareholders else these majors will ensure some lackey of theirs sits on the board and drives this to Sirius part 2.
There are two fronts for which future equity raises may occur. 1) Alpala TCFP - NM has been quite clear on several occasions that they are looking to do this on the Project level, so similar to the FN deal in terms of dilution to shareholders. As a large shareholder himself, he should have our interests at heart here. 2) Regionals - there's a new Sugar Daddy in town and as far as I'm concerned I'd be happy to see the Chinese investor take chunks of equity at or above the current share price (as we saw 10 days ago) up to about 10% of the company to put them on par with BHP/NCM. That's a very decent wedge of money that will last several years. And every time the Chinese come back for more it will be yet more endorsement of the company's prospects, and it will turn the screws on BHP.
Today's letter even hints at further placings to fast track meaningful discoveries so I take that to be a hint that if Rio hits the target zone as geo's hope, then you can expect a swift $10m to $20m raise or more to get more rigs moving on that.
Dilution on those share placing issues is nothing. Yet the material growth delivered by the likes of Porvenir or Rio (future assumption) is huge and as SOLG have said... Transformational.
If you vote for the board then you are voting to see Rio drilled and other targets. It's that simple. Why would any shareholder vote against?? Makes no sense at all. Even if you vote for, it's not going to stop a Super major pitching an offer and infact, it's likely to draw them out once they know the Board of directors are in for another 12months+.
BHP and NCM have both said that they would prefer to see Alpala funded through SOLG eg... dilute the living daylights out of small shareholders and give them huge ownership stakes on the cheap. That's why NCM was furious about Franco deal. They thought they had SOLG in a corner approaching PFS and DFS. But NM side stepped them brilliantly. The man has done a stunning job and when Porvenir reveals more assays and Rio gets underway, the share price will soar. And then a major is going to strike. So better to roll the dice and vote for the board than chuck the towel in and gift it all to NCM, BHP and CGP.
I view further dilution as a completely necessary evil on the path to fair value for my investment. Finances permitting, I will be prepared to take up any offered shares. But the offer price must be a reflection of what we are worth at the point in time, and at the maximum price the advisors believe will be oversubscribed. So yes Colonel..... 40p would be ok.
But I’ll say it again, 20.5p was not. Still angry and mystified by that.
Btw, the deadline for voting is 11am on the 15th of December so there really is no hurry at this stage. The only danger is that you then forget, but I don't doubt that there will be some reminders posted on here nearer the time anyway.
Let's see what NM can come up with in the meantime. We are due plenty of meaningful news on multiple fronts.
I disagree, we don't need more dilution at this point, we need to get value for share holders, current strategy is not working.
You can't take the drop to 10p this year as a great result to get to the 3o's, we have been higher several years ago, so something is not working and many pi's know this. v People are entitled to vent their frustrations on here just as our resident expert can go on all day every day about wine, astronomy and his many many many ,many many careers.
Its always their crew who start the insults when they don't like what someone else has said, they act desperate to keep their narrow minded views at the fore front of the BB.
One option for NM and team is to do another placing but for a larger amount, say $100m+ at 40p or something around there. If the chinese are involved again then it market will like it. Use the funds to get another 10 rigs in play across rio, porvenir and some new targets. Would bank NM around 4% of votes assuming the deal is based on those lines etc. Would dilute BHP and NCM , CGP etc by a 0.5% pr so but it all makes a difference.
I suspect they have sight of the voting status 'live' and therefore are concerned with the way it is going.
If NM and board get booted then I think you'll see a new board come in and issue BHP a shed load of shares for next to nothing. And NCM and BHP will slowly dilute the mother out of smaller shareholders until they have enough to force an offer through that will be below today's pricing imho.
You really should get your votes in pronto. If you vote for NM and SOLG board then I can tell you now, it's not going to stop BHP or any major making a bid for SOLG. But the difference is, NM will make damn sure it's at the right price to succeed. He's aligned with shareholders... as in small shareholders and not the likes of NCM toys out of pram majors.
Vote and you stay in control. Vote against and you're dancing with the devil imho.
Schem - You sold out at circa 35p because you couldn't stand the stress of worrying about your investment which was giving you sleepless nights because you had too many eggs in the Solg basket then you bought back in at 38p and You are now ranting and raving about Solg and NM because you now have less shares than you had when you sold out at 35p! All sounds bitter to me with you grinding your axe! I'm 100% with Bozi and would warn anyone thinking of not voting the current BOD back in be very very careful what you wish for as more often in life the grass isn't greener on the other side no matter how much to try to convince yourself that it is! Nick for ne us the only person I truly trust to try and ensure Solg aren't bought cheaply and
"To allow the Company some headroom in relation to any further appointments to the Board, the Company is proposing to increase the aggregate limit on fees from £400,000 to £600,000."
It's the aggregate fees, payable to all the board directors. They've just added a load of new NEDs for good governance purposes. This is not a 50% pay rise for Nick Mather himself. They've also just re-aligned the executive compensation committee and procedures to make the executive pay more results based (no more confetti options). I think the whole "voting for NM to get a pay rise" is a red herring.
But if Nick was at all unsure why not just have arranged the AGM for the beginning of Oct when BHP legally had to vote for them. It's funny as Nick couldn't give two hoots for a few PI S voting or not voting here.