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Buddy5, you poor sweet thing. Let me explain...... Damers was referring to the tragic events surrounding the 2017 AGM, when SOLG kindly ( they thought ) offered to provide childcare facilities to the shareholders who had problems attending the event, due to their childcare responsibilities. As it turns out, 7 children were left under supervision, in a room converted to a temporary daycare facility, in the Solgold HQ, whilst their parents attended and voted on the AGM. In a tragic and unforeseen accident, the Daycare Assistant unfortunately switched the Pepper Pig video for a compilation of Nick Mather's promotional speeches, and the poor dears were subjected to 3 hours of it. The events were quickly and ruthlessly hushed up, but there are still whispers of it to this day.
Buddy5 ...." Bit of an unfortunate choice of words. Let's hope none of our American friends who lost loved ones in the latest UK school shooting, read your post. I think maybe their children were dearer to them than the 7 children of solg, we mustn't forget "
Yeah......for the children, Buddy.
" Bluto: What? Over? Did you say 'over'? Nothing is over until we decide it is! Was it over when the Germans bombed Pearl Harbor? Hell no!..."
LOLZ Buddy5 upvote x 100. You are the Nigel Tufnel of these BBs. You should be featured in the Babylon Bee / Onion. Thanks for the memory.
Bubble and Woody, I didn't have a ticket to the game, just went for the jolly and to catch up with some old friends in Paris. Wasn't willing to shell out £2,500 which was the going rate, and glad I didn't because by all accounts sounded like an utter sh*tshow. A friend who had a ticket to the game was mugged at knife point by some local Parisian youths. Appreciate the kind sentiments and Woody glad your lot stayed up this year, Leeds are a proper club and deserve to be in the PL.
The EGM news is very interesting, not sure what to make of it as of yet and hope that the company give us some indication as to what's on the agenda sooner rather than later. Onwards and upwards SOLGers, hopefully not much longer before payday!
Be interesting to see how we move forward (or not ) tomorrow….. remember our 4.3m buyer wanted more than twice that amount….. they may have to pay a little more….. perhaps tr1 as Norges breach the 4% mark ?
Some excellent posts on here this weekend, thank you to all contributers far more knowledgeable than myself. After a heartbreaking couple of days in Paris (I am a big Liverpool fan) it's been great to read some proper insight on the train back home.
Re: point 1 red, my understanding, as stated in an earlier post, is that the Board ALREADY has shareholder approval for any large rights issue, from resolution 10 (approved) at 2021 AGM.
This allows the Board to issue: (a) one-third of existing share capital = £7,646,055 nominal (so c£765m) plus (b) two-thirds of existing share capital* = £15,292,110 nominal (so c£1,529m) by way of a rights issue, in proportion to current holdings (less any issue from (a))
"...The Company is proposing this resolution to give the Board of the Company flexibility, however the Directors have no present intention of exercising this authority other than in relation to any issues of shares under proposed employee share schemes. However, if they do exercise the authority, the Directors intend to take note of relevant corporate governance guidelines in the use of such powers..."
From AGM notice: Resolution 10 will be proposed as an ordinary resolution to grant new authorities to allot shares and grant rights to subscribe for, or convert any security into, shares (a) up to an aggregate nominal amount of £7,646,055, representing approximately one-third (33.33%) of the Company's existing issued share capital; and (b) in connection with a rights issue, up to an aggregate nominal amount of £15,292,110 (as reduced by allotments under paragraph (a) of the resolution), representing (before any reduction) approximately two-thirds (66.67%) of the Company's existing issued ordinary share capital.
I believe there is nothing sinister about this EGM but I don't think its smart for the company to only make the previous and revised announcements through SEDAR, even though it is a requirement in Canada.
In any case the Agenda will have to be announced 21 days (14?) beforehand...
So while there is wild speculation my own belief is that it could be for one or more of the following reasons:
1 To increase the Authorised Share Capital
As at 30 June 2021 this was 783, shares. With 2,293,816,433 in issue that only leaves 783,385,289 shares available for issue, which at say 30p would raise a maximum of £235m...
I'm pretty sure there will be a significantly bigger equity element in the Cascabel financing, but anyhow...
We all agree that the Co will need to issue further equity up to or beyond 30 June to get the DFS done and for further drilling...surely a minimum of $100m...
2 To authorise the issue of securities on a North American exchange e.g. Nasdaq
3 To secure the authority to issue Convertible Securities as required for the Cascabel financing
"With regard to the section "Convertible securities or loan stock" there is a requirement under s549(1)(b) for authority to allot where there is an issue of loan stock or other security which are convertible into shares."
And there could be a notice similar to this below...
"Further to the Company's announcements regarding a proposed EGM to be held on 30 June the Directors announce that it is their intention to seek approval for a Convertible Bond Offering on xxx, and that it will today publish and post (or otherwise make available) to shareholders a Notice of Extraordinary General Meeting with related explanatory circular (together the "EGM Notice and Circular"). The EGM Notice and Circular contains resolutions to approve the allotment and issue of Ordinary Shares on a non pre-emptive basis for the purpose of settling conversions of the Bonds , which will be put to shareholders at an extraordinary general meeting of the Company (the "EGM")."
In conclusion I believe the EGM will be for the purpose of approving North American securities and to increase the Authorised Share Capital...