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Nail. Head.
@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.
Can't say I saw that Miagi, but the same comment applies regardless of who it is.
I also agree with what Colonel said half an hour ago.
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.
And let's all remember that NM has stressed on multiple occasions over the summer that the equity portion of the TCFP would be done at project level and based on NPV...
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.
Funny that Bozi...the poster that you complimented in your 20:36 did just what you are talking about not so long ago!
Boot the board and cheap cheap dilution is what you will get.
A deeply discounted capital raise to unwanted hands would be most likely.
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.
My votes are in.......
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Charlie Balmer
Corporate Actions
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FTJNY
Not bitter at all. I get bored during the day and come on here and let off steam by saying things I normally regret. Defective character trait, unfortunately
Though I do wish holders all the best and hope we all benefit, even those who resent 'transient shareholders and opportunists'!!
Spot on Colonel.
Nailed the home run, as usual.
What is it ice?
and that we get a fair price in the end for our prized mineral assets!
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.
God forbid there is maybe just maybe an alternative motive..
Thank goodness there is only a few weeks to wait.
Then why would he be asking us to vote?
When you say he couldn’t give two hoots how we vote? Maybe that’s part of the problem.
complacency and over confidence can come back to bite one on the arse.
newcrest
This RNS is a sign of weakness and fear on Mather's part. Maybe he's heard grumblings from BHP. It only takes them to align with BHP, Blackrock, CGP etc
It's also funny that Nick would put a 50% pay increase into a vote at AGM, if folks seriously though he would have to get for votes..
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.
TBTT - lies. You sold at 27p.
Hi Addicknt!
You may well be right. Given the usual low rate of PI participation, and a fair amount of II abstentionism, any coalition of CGP, BHP and Newcrest will probably win out on those motions.
I sold here at 32p on the rise. A little bit too early, I admit. But I had bought in at 20p or so, so no complaints from me.
For now I'm just watching here - waiting for significant developments or a decent drop in the price. I'd count Nick Mather going as a major positive for SOLG.