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Snouts in the trough addicknt, which is why we can't afford to simply go along like this anymore.
I note BnCs rancour too... but all that is the politics of yesterday, who Nick didn't like or what Nick wanted for Solg... we simply have to.out a clothes peg on our nose and accept what once seemed unacceptable and indeed who and do whatever is necessary to get us to a sale soon. The alternative doesn't bear thinking about.
Add - 100% agree. He is certainly it getting my votes at AGM. On a different topic Twiggers reason for not putting directors up for re-election last year was that he did not want to destabilise the board. Ironically the bird is very different now to then anyway…
Okay, hands up, who's going to read this cover-to-cover?
It's funny how life has changed since I started out as a graduate trainee for what was then the world's largest bank (Citi). One of the lessons which was drummed into us was how to read a report and accounts and to be very wary of companies who produced hugely glossy and lengthy versions. The mantra was; the glossier they are, the more likely it was to be a poor company.
GEC, then run by Arnold Weinstock, was held up as the exemplar of how to do it properly. He eschewed anything glossy and kept it to a bare minimum and yet his company was then regarded as a paragon of stability, probity and profitability.
Nowadays, it seems everyone wants page after page of ballcrap and the more pictures of smiling employees, the better.
Anyway, changing the subject, how lovely it is to see DC earn $1.16m, including a bonus of $638K. Anyone of a slightly cynical disposition may ask what he's done to earn that bonus, particularly as he still hasn't spent one penny buying shares.
BNC, your question asking why the CGP nominees have already been appointed is a legitimate one, even if the language is a bit hyperbolic.
I suggested yesterday that the reason is that it was agreed with our board in order to allow the CGP team to have access to the discussions which are obviously going on at the moment, and for them to have their interests represented. In other words, those negotiations which do not relate directly to the merger - whether they be a sale, part disposal et al.
Rather than seeing this as a negative, I regard it as being very positive and it tells us things are moving rapidly towards some form of conclusion.
Like Caldwell was a great asset to SOLG last time he had a seat on the SOLG b.o.d.
Just a puppet for Sangha Irwin & Chandry......................
BN.c
where's the CGP sale of SOLG shares and the cash they're supposed to be putting up?
I am fully aware of that!
So the scumbags are in then
So where's the rns that says theyve bought their right to get onto the b.o.d.?
Have all the details of the merger completed???
Where was that RNS?
Huff
Unimpressed
BN.c
What a squirming shareholder letter that is! They really do come across as a bit jilted. Perhaps they shouldn't have floated Turquoise hill in the first place if they intended to buy it all back once the 'risk' had gone out of it. So shareholders carried all the risk and now risk is over, Rio want it all back on the cheap!! I hope shareholders vote against and stick it up them. They'll come back with a. revised offer at $50 rather than the pony $42. They might get it then.
RIO are threatening shareholders with dilution. That's why it is important to have other competitors with big pockets.
Hubrhunter wild speculation driven by boardom and desperation for some thing to happen
Twigger also commented on the exec appointments.
So looks like Twigger comments on all appointments but Darryl doesn't bother with bod's appointments...
Probably nothing.
Bozi,
From last exec appointments
"Darryl Cuzzubbo, SolGold Managing Director and Chief Executive Officer said: "On behalf of the Board, I am pleased to welcome Steve, Bernie and Rufus to SolGold. We are very fortunate to have them joining us. They bring the skills, experience and energy that we need to assist SolGold to realise its full potential as an organisation. These appointments demonstrate our commitment to growing and developing our business, building on SolGold's past success as we progress through the next phase. Steve, Bernie and Rufus were attracted to these roles because they want to play a significant role in realising the incredible opportunity that Cascabel and SolGold presents for Ecuador as the next Copper frontier when the world needs it most." END.
This time around.... not a word from Darryl.
My guess is what we might hear next goes like this.... the SOLG BoD's have concluded the strategic review and believe its in best interests to sell the entire business and based on this scenario my services are no longer required so I am resigning blah blah blah yours Darryl. Mr Mather will stand in as CEO until. buyer is found or deal done etc etc.
Fort - its on the chair to ratify the appointment of directors.
I suspect that is the reason and nothing more.
Fortissimo
I think both pieces of news would be largely wasted without funding sorted first
Nice to see Twigger putting his name to the RNS today. I was wondering when he'd pipe up as it nears AGM time... I guess he's wary he's not been seen for dust this year.
I would have though the CEO would have welcomed the new guys on board of his team. Instead we got Twigger.
Is Darryl next to go.... pre AGM?? Mather re-elected as CEO lol!
Watch this space.
Closing comment from Twiggy...
"The Board looks forward to working with Scott and Dan and the Company is sure to benefit from their experience."
I like words like 'sure' :-)
C.
I think SOLG have already put a line in the sand with the comment regarding 78p.
Whether that base case number ends up being best case is anyones guess but I think the strategic review will explore the best way to get the best price and sometimes that might be through selling cake slices off rather than the entire lot cherry and all.
We are in WEEK 42 of 52.
10 weeks left.
SOLG may have tactually secured their own butts at the next AGM with CGP deal, but I'm not feeling shareholder friendly right now in absence of promised Q4 news. I want my PFS2 and I want the Porvenir PEA BEFORE the AGM please.
Taking a line from CGP, they rejected Nick's 2nd attempt, saying the CGP shares were worth, in SOLG terms:
50p+ and even 80p+
So relax...Sangha, Irwin, Mather et al will get their payday...
And so will we...tick tock...
Just a clean take out deal, lock stock and barrel please.
Anything less and I'm going to be upset.
Management have sucked the living dream out of SOLG and left shareholders feeling like a low ball will be a result.
It's time to return cash to shareholders and fast before it's worth 10% less next year.
I sincerely hope that's the case, Fort.
I am fairly sure that many would want the short term value creation even if it was only 75% of said carrot..we have had years of yo yoing with all the highs and lows that this project has brought..there are still many hurdles to get over even to get close to production..lets have a half decent offer ( and by the way I should imagine that quite a few have topped up and or averaged down at around the current sp ) so many would probably settle for a little less than prices in the higher regions that have been touted and an opportunity to move on to something else..personally I dont want to be hanging round for the next few years on a possible maybe of a bigger payout
addicknt,
SOLG will NOT want to retain a 25% stake in ENSA and all the Capex commitments that go with that. You could be looking at $1bln+ cash requirement if the 75% owner sticks the foot to the pedal and doubles that PFS/DFS.
Imho, Darryl talks about 'next cab off the rank' like it's a great strategy but as we know, the first cab on the rank is currently without wheels and stuck on pile of bricks while costing a large wedge in cab rank fees!!!
If Porvenir follows the woeful progress of Alpala (lets face it, it's gone no where fast for 3 years!), then no one ... not even the market is going to give a flying .... if SOLG announce more cabs to come.
Someone needs to takes the 'keys' of their hands before SOLG turn it all into some kind of demolition derby.
https://www.youtube.com/watch?v=Ds1NalU84P4