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Good move Mathers …. Hopefully sense will prevail here
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https://twitter.com/solgold_plc/status/1600812222607151104?s=46&t=yWGxwqbVqcIXqGPXm5TYRg
Gino,
Likewise, I have just informed Halifax of my proxy vote for all resolutions, I hope NM does get in as he has a lot of skin in the game and he’s had to put up with a lot of sh*te which we never knew about until a while ago.
Anyway let’s hope it turns out to our favour, atb
Like a few posters on here, I've wanted to punish in some way the Directors who have pushed the SP here to it's recent low level, but the ones mainly responsible are gone - sacked or moved on to sunnier climes (except NM, but see later.). What we are left with are Directors who are asking us to vote for them at the AGM, probably to get themselves sacked after a takeover. And why would they do this? Because they, like us (mostly ), have skin in the game, some a quite substantial amount in the case of NM. In different circumstances I would be voting to hurt the Directors, but I feel that to do so now would be to hurt myself. I have instructed my Proxy to vote FOR all Resolutions. As dear Maggie used to say - TINA - There Is No Alternative!
My Proxy is Halifax. I contacted them using their secure email service through my Share Dealing Account and received a confirmation that they had enacted my instructions within a few hours.
Now get this takeover done and at a good price. I want more holidays and, sod the inheritance, a bottle of Hennessy Paradis. I think I've earned it!
My 2 pennies worth and perspective..having been here since the 1p days it has been long enough...for me that is ! Hopefully the ducks are aligning now to put it all to an end as I with many others do not believe Solg can get this to production without massive dilution and a whole array of issues and that is with or without a jv partner.
For all of those that have said many have been banging on about a takeover for years it is not unreasonable to have come to that conclusion with Solg though is it..many juniors in the oil and mineral exploration that have a great find get taken out and history dictates that is a fact..just a matter of timing really ..just like Cornerstone would have struggled to come up with their financial obligations so would have Solgold in any jv as we get diluted into oblivion by the big boys. I bought into Solgold because of NM and I believe he is still instrumental in getting a sale process done and believe the ' diverse ' book is on his side as the majority also want it done. If we keep some of the tenements to rinse and repeat great !
Many of the major mining funds are heavily invested in BHP as well. And to a much larger degree. You are assuming their preferred outcome for Solgold is the same as small or high conviction holders like ourselves or the Canadians.
Surely the percentages are in our favour
bhp/ncm around 20 % Levels
what’s been stated that effects private investors is the same for all the institutions that have holdings no ? They are here to make money on their investment so voting with bhp to run share price to a oblivion doesn’t make sense
I will leave with you with one fact about the sp movements. If you take out the amateurish way in which VanEck bought about 270m shares and the effect that had on the sp, the movement of GGP has followed most of the junior sector, up and down. There are so many really interesting things to learn about this JV, but as I say, thats for another board.
I am ambivalent about JVs, they suit some and not others. They wouldnt suit Solgold cos its management is totally useless!
As long as they receive a simple majority the board should ignore the Code and any protestations from BHP/NCM.
This goes against the grain for me, but these are different circumstances and we're facing an existential threat.
I am not criticising GGP in any way...I'm simply using them as an example of how a J?V isn't necessarily good for the share price.
I don't blame GGP one jot. NCM's offer was no-brainer for what will be a very expensive mine to build.
But I feel genuinely sorry for shareholders that NCM shafted them and don't want a repeat by BHP?NCM on here...
I hope you understand.
SM - he presumably thinks that BHP are going to assume control, pay everyone a fat premium and off we all sail into the sunset.
In reality that's not the case at all.
If any of the directors or Chairman loses re-election then you can expect a mammoth tussle as BHP then attempt to remove Caldwell and Vujcic from their positions. After all, their goal will be to remove the influence of Bob, Warren and Maxit. Their nominated director would then seek to bring other BHP allies onto the board, marginalise other major shareholders like Jiangxi and basically set us down a path of cheap equity dilution.
We'd see 5bn shares. 29% in the hands of BHP, and a share price of about 3-5p and only then will BHP chuck us a 30% premium, buying the remaining 3.5bn shares for about £250m.
Job done.
And for those who don't believe me (I know SM does), check my posts this time 2 years ago. It's good to see RK1 and others now waking up to the danger now it is staring us in the face.
RK its only when you stray into an area where I clearly know far more about the subject than you do, when I wonder whether old Tel aint so smart after all.
GGP and Solgold are at all similar and it does you no favours to suggest it is.
But as this board is about Solgold I will leave it there and let you continue with your distorted narrative...
Spot on Sharket
Thats a very good point SM. Well said.
Yes finally they are putting all the Directors up for re-election.
All any Director needs is 50.0000001%
Nick Mather gort 55% but this was deemed by the then Board as a vote of no confidence.
So I think if they all got more than 50% they would all stay in post until the takeover battle is complete.
Thats true and I have, but its easier for people to vote for all of them in one go.
sjn, can you explain to us why you are voting in favour of the board being able to issue new shares, but against the people who have the interests of PIs at heart? You are opening the door for BHP and NCM to take control of the board and then dilute us all to oblivion. It makes absolutely no sense.
Red
Are they sticking to the U.K. governance and what bhp were calling for, for all directors to be up for election
And what’s the minimum 50% above of the votes to keep on the board
DBW, sadly one or two on here have already stated they'll be voting against some of the directors. It's pretty obvious they don't understand the situation. Hopefully they'll change their minds and issue new instructions to their proxies.
RK posted that he was voting against Twigger and Clare not long ago........
Listen to DBW...he is one of the best informed, most reasonable ans sensible posters on here.
Exactly…. Why would anyone invested here not vote in favour of their own investment??
Kevin O Kane and Elodie are resigning, and ALL of the oter Directors are vup for re-election.
If none of them are elected, BHP and NCM could end up running the company by virtue of their right to appoint a Director, which one assumes would happen immediately after the AGM and BEFORE the Merger...
In other words the point of maximum risk...
Be warned...if tbe above scenario happens I would expect the share price to be in single figures by the end of December...
If you don't like certaon Directors, don't worry because when the takeover happens they will all be gone...
YOUR VOTE COUNTS!
Agreed Add. A JV is the worst possible result for shareholders.
I've asked Quady similar questions a couple of times and they've never been properly answered. He just moves off on a tangent and changes the discussion.
Quady - we a few reasons why there has been no bid before now:
- Cascabel has proven painstakingly slow to push through feasibility, and current shareholders expected to slowly creep up the share register via a steady stream of equity dilution. SolGold has offered resistance to this as we know.
- Many potential acquirers have been waiting to see whether a satellite target for an open pit could be developed. SolGold has gone some way to prove this at Tandyama over the last 18 months.
- Potential acquirers are still naturally reluctant to make a big move in a country like Ecuador without helping shape the direction of their policy on mining. After all, nobody wants to invest multi-billions of dollars to be stopped by future governments.
- Potential acquirers have developed their own strategies, many using the last 5 years or so to attain a serious level of cash richness, letting explorers like SolGold bear the exploration risk, possibly in the expectation that commodity prices may fall before they next rise, thus providing a bargain opportunity.
Add all of that to the fact that SolGold have been heavily defensive towards an approach. Mather has always set his stall in a completely different price postcode to where an acquirer wants to deal and his influence has been a deterrent. There is simply lower hanging fruit.
But what has changed now? The merger and the strategic review. SolGold has told the market is is exploring all options. That itself draws a line in the sand in terms of everything that happened before whilst the company held aims of becoming a major minor and developing a multi project portfolio.
The goalposts haven't just moved. We're playing a different game. It's time for you Quady, if you do wish, to take solace from the fact that SolGold wasn't sold before the merger despite many saying it would be, despite the press saying it would be, etc.
But it really is now the time to come down off this hill, because dying on it is going to look very silly.
Oh and no JV by the way