Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Difficult to see why they would be doing all this work - and apparently properly this time - if they didn't see a future.
But yes indeed..... a future for whom?
Not much new in there other than a plan to transition to top-down open stoping - and a hint that they may be looking for a scapegoat in their review of last year's mine power upgrade (which they trumpeted as a success at the time). Their lifeline funding negotiations are still described as "highly uncertain" - but imho retail shareholders will be shafted even if they secure funding.
Anybody with more knowledge than me on SGZ any opinions on the latest RNS ?
I wonder if there'll be any tomorrow ? Do any of you more intelligent patrons of this board know if there's a time limit for suspension ? I don't believe in this tactic anyway. Market forces should always be left to prevail. Night War ?
There haven't been any director sells for years and all those holding 3% and more continued to hold above 3%. Agreed?
What's the likelihood that ALL the above chose to go down with the ship like some ship's captain in days gone by?
With all of them choosing to hold in the face of pathetic news after more pathetic news, isn't it more likely that they know they'll be all right Jack in the future?
Rockhead, Buying an expensive tailings thickener they would never use when money is tight and they're asking for raise after raise from shareholders, is at best, bad planning. At worst, criminal.
I don't wish to give anyone false hope. I said it months ago, shares will be suspended, few listened, here we are.
If you are proposing things were ok and good decisions were made, I would beg to differ. My views on motives may be different from yours but I console myself that I never gave people false hope over the last few months as some others have.
ATB
'Why else have a tailings thickener never used?'
Andrew, in answer to your question,
'As previously announced the tailings thickener, designed to increase throughput of ore, is ready to be commissioned. The Company will commission the tailings thickener when sufficient ore is being delivered from the mine for it to be effective.'
https://www.scotgoldresources.com/wp-content/uploads/2023/07/Q2-2023-and-H1-2023.pdf
Let's hope they are mining enough ore and give BP another crumb of hope!
A good w/e to all, R.
So there's not quite total unanimity that we're already f****d?
Good-oh.
Yes BP hopefully once again the Phoenix will rise from the ashes. But its all getting a bit like a Monty Python script now. The Directors only own 63% so no they can't just make a grab for it. If one person owned 51% they could do but not here
"NLR a victim, the Masons, people have lost millions here."
Two things about that GeorgeZ:-
1. Is that not why it's too early to say that the company is finally done for this time? Won't they pull out all the stops to prevent that?
BUT
2. If the directors end up with assets and share of a profitable debt-free mine, will they have lost anything (financially)?
I can only assume there is no gold or the gold is at the back of the bus but we can't get to it. Listen lads I've got an idea. Why would a bigger player not take us over ? Would be so easy. Nobody has a majority stake here so all must be decided at an EGM. Would I buy Scotgold for a Peppercorn rent say ? Yes I might because I would then say right then let's have a good look at the books the people and the hole let's see what's really been going on.
I'm 3 years from the oap. This bloody shambles was supposed to be the 1 AIM Co you could trust. Jurisdiction lom reserves etc etc. NLR a victim, the Masons, people have lost millions here. I consider myself lucky having only lost 5 figures. Stop theif
Andrew I'm in Yorkshire and I can smell it from here. I would say a Claas action lawsuit but they never seem to work on the AIM. Even the big players do as they like. I'm still nursing wounds from the Bradford and Bingley saga. Documents destroyed, Gordon Brown exemplified not saying he acted malevolent of course just bloody ignorant and a bit of a silly Billy selling all that gold at the bottom
Maybe the regulators should start looking into the gold TB received from the mine. Or his bank statements.
He obviously had inside knowledge and acted on it, as he has vanished and sold just before the collapse imho.
Wonder where the drill rig/equipment they've been buying will end up. Always found it funny they pumped so much money into immovable assets that would be worthless to anyone else but the mine. Easily bought back cheaply one might presume. Why else have a tailings thickener never used?
Whole thing stinks to high heaven.
Well I for one hope he sees fit to clean the Augean stables and fund one last hurrah.
If anybody was scammed it was NLR. I have said for years that in hindsight he would not have touched this place with a barge pole.Once he was snared he had to throw good money after bad.
If it was a scam all along it was very elaborate.
https://www.bbc.com/news/uk-scotland-scotland-business-54886709
I think the evidence is more likely to point to the alleged criminal scam kicking in January this year. Remember the AGM and all the absolute bo**ocks issued since then.
Wouldn't those responsible feel like marked men with a price on their head - like the old cowboy films - for the rest of their days if they shaft shareholders?
"This man put a lot of cash into the company.I ask myself,was he as thick as mince and led by the directors or was he complicit in the end game."
=====
Baz, I can see various possibilities:
1. He was as thick as mince and fell for the spiel.
2. He was paid to ramp the stock.
3. He was paid for other building/on-site services.
4. He was paid for organising site visits.
Hard to say for sure but he was unnaturally keen to recruit mug punters to visit the mine and he did appear to have access to all areas so I would favour 2, 3 or 4. He also seemed to have insider knowledge which led to him erasing his social media accounts and abandoning the forums so it looks like he was running scared of something.
RH,ok he was not complicit but he must be well naive.He was closer to the mine heartbeat than the rest of us.Did it go to his head that he thought he was one of the directors pals?.He was extremely rude to people for 11 years.Never listened to anybody else's pov .He has now paid the price and I know dyor should be the case but he swayed a lot of people on here.Health wiseI hope he is fine Financial wise,hell mind him
All this is deja vu for me. I remember holding shares in another freshly opened gold mine biset with problems to start. As soon as the gold pours started it was taken private having been squeezed dry of funding. One of the richest men in the world ended up owning the lot. Life of mine still in double figures
Bad times indeed. Sorry it's ended this way. Hope all innocent parties are ok. Best regards GG.
Baz, just for the record and having met TB twice at mine visits, I am of the opinion that like me he believed in the prospects of the project and was assured by the commitment of the company officers and staff back in 2016/17. After that I became more pragmatic about the company with the many changes in staff and officers, whilst his enthusiasm continued unabated. I doubt that he was complicit with anything and is now likely smarting from the company failure. Anyone can get it wrong, including investors. NO share is forever safe IMO and all shares should be traded upon DYOR as I have done. The stock market is only marginally safer than backing racehorses. The issue of shares is a tool of capitalism designed to concentrate the modest wealth of many into the hands of the better off few to finance themselves and their agendas. If that makes me sound like a 1960's socialist, well not far out back in the day.
Respect for the faith of all LTHs in SGZ, R.
Baz, as far as i'm led to believe. He "donated" the 22k round to a museum in glasgow. If you believe he would give away 22k then either something seriously fishy or seriously daft going on. As I pulled out of him before, the gold on the mantlepiece that should never have left the time etc. All stinks to high heaven.
Shychap, I would second that. Leave liabilities behind, hive off assetts, use new unindebted private company to crack on. All shareholders left behind with big cover stories of how much directors have "lost". Yet no stories on new private co. Bes t guess at the moment. Or shareholders given 10% of their holding as a token keen quiet jesture.
TB REVEAL YOURSELF.
BP - directors' shares, like yours, will be worthless. But in the event of, say, a pre-pack administration, the directors could all be granted shares in a new 'Phoenix' ScotgoldCo - unlike you.
Take your pick from the likely options but I think pre-pack administration looks favourite:
https://www.phoenix-business.co.uk/?gclid=CjwKCAjwu4WoBhBkEiwAojNdXrm9FAhidgJTQqMUImLr4PA1HQk_9iAEvrwBcdzW-MgxZDtcMsJfAxoCpyMQAvD_BwE