The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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orchestrated drop to enable huge placing at 20p
God I sound like you MassiveRay !
"CEO Darryl Cuzzubo confirmed the company tested the market."
I can see that much.
Of course he’s upbeat damers he’s doing exactly what his ultimate paymasters have asked him to do lolzzz… stop hypothesising and investors out there are not happy sell up or like myself keep adding until eventually even a 50p takeover will make people very rich, simples and extremely. Always watching from afar and yes the content is sooo much better lately lolzzz
Can any1 with access post the full article? Ta
Difficult to trade this at the moment while it's trending down.
Solg fundraising is normally over subscribed.
Miningnews article
https://www.miningnews.net/events-coverage/news/1437120/solgold-considering-funding-options
SolGold considering funding options
COPPER developer SolGold is actively considering funding options for the definitive feasibility study for its giant Cascabel project in Ecuador.
He ignored DGR global when referring to shareholders
Cuzzubbo seems pretty upbeat. He obviously has not been reading recent posts on this BB.
https://twitter.com/solgold_plc/status/1555171019173904385?s=21&t=TG3Kpo-Nl6EdZfLBWG7tDg
If anyone interested
Not boring at all Lunch…. I think the posts/discussion over the last few days have been quite refreshing to be honest… varying opinions, considered debate, with very little outright insults
Thanks Lunch and Rcgl2, not boring read at all. Exactly what I was looking for discussion on as wasn't entirely clear myself. We've got around $25m left in the coffers so more than enough to see us through to full normal market resumption post St Legers (Sept 10th). And FWIIW, I think the Darryl and co deliberately kicked Porvenir into Q3/Q4 as it pushes events toward end of the year. What's the betting they try and save their jobs with a PFS2 update and Porvenir PEA 4 weeks before AGM! I guess the 'need' for cash stems from the Capex requirements (and timelines) involved in delivering the 2 key news announcements. Mmm!
Lunch - not at all boring! many thanks for the research. Hope our BOD are aware of this and perhaps spark them into some action over our short term financing need. Would help the SP no end!
Hi Lunch - agreed. The company didn't and doesn't have authority to issue any shares without applying pre-emption rights, because the special resolutions didn't pass. The cash box placing is a workaround of pre-emption rights, and would have allowed them to issue the shares to anyone on a non pre-emptive basis.
However, in reality the company respected the pre-emption group principles, and offered the cash box placing to the major shareholders in a "soft" pre-emptive way, so they were all able to participate in line with their respective holdings. It may has well have been pre-emptive, except for the little guys like us who barely had a chance to participate in the retail offer because it happened so fast and people didn't get much allocation anyway.
My reading is that he major holders were on-board with the cash box offer because they got to participate so it didn't make much difference to them. I don't think they would be happy at all if the company tried to pull off another cash box placing without their agreement and participation, for example offering 10% to a new player like Barrick. In that situation I think they would kick off, start railing against the use of the cash box, claim the company wasn't respecting the rights of shareholders, calling for EGMs and votes on the board etc... Just my guess, but can't see them being happy if they were bypassed and diluted.
Which is to say, the cash box was neat trick when the company had the major shareholders onside, I don't see it as a magic get out card that they can keep playing against the wishes of the big holders.
Red,
Let’s hope we don’t see you in the next Paralympic's after dipping your toes
Atb
Good luck RK....
Seems like we need it....:)
OK...
Bought back 50,000 at 23.4124 at 8.20am and
56198 at 23.3625 at 11.06
That'll do now but I'm hoping to 'staircase' some more over the next few days...
Bozi, agreed. I was merely drawing this to the attention of those who may think a jv is likely on Porvenir soon. Of course, it may happen, but I think my suggestion is more likely, particularly if we want to get a decent valuation.
Fortissimo - now we're talking. ;-)
How enticing is that carrot though Smickster?
"Here's a carrot, we've got a tier one but we're dragging it along and might have an investment decision come 2024. We're out of funds in 3-6 months time and the market is as tight as right now.
I agree with you that the majors aren't invincible but I do think we need to give them a little more credit than we are.
Yes Addicknt I agree.
But that has to be a better option than JV'ing say La Hueca, unless of course someone wanted to pay us a wad of cash for the right to explore it together, which I find unlikely.
Surely no one will want to do a deal on Porvenir until the PEA is available towards the end of the year?
Bozi, totally agree on Porvenir (shock horror!). Lundin, Solaris et al would be well suited and perhaps this is why SOLG are looking at the warintza look alike drill next?? Get that defined and then the value of any JV rises. Ultimately, my fear is that we are being dictated to by BHP and NCM. Both got upset with the Franco royalty deal which insight of recent funding (apparent failures) was a great deal for 'majority' of shareholders and limited dilution. It's clear that BHP and NCM do not like the assets being monetised in any form what-so-ever. They want the company diluted. It suits them. So I guess the question is.... was the talk of grass root JV's, partnership deals and of course the very publicly advertised Boliden visit all designed to make BHP and NCM feel uneasy... less comfortable? Or was it genuine...
The problem we have here is that I believe that the likes of NCM and BHP are no longer aligned with what the company wants to achieve. For instance, if the end goal for the big two is to take the lot over or bulk of it, why would they support a process that could see Porvenir JV'd with Lundin (eg... finance the exploration on number of drills around warintza?). Why would they want to finance SOLG through for another 12 months so they can add possibly another $1bln to Alpala through PFS2. That's only going to strengthen SOLG's ability to finance Alpala through partners other than BHP and NCM. It actually helps SOLG avoid being cornered come DFS and full finance package. At end of the day, it becomes nigh impossible to run a hones based on adding value when your two major shareholders are clearly interested in lowering value to suit their own means.
Due to AGM resolutions, I believe pre emption rights mean that SOLG cannot issue equity disproportionately eg off someone like Barrick a 10% stake for $100m or so. All shareholders have to have option to participate. LunchMoney... you are usually very sharp on the finer details... is that correct as don't want to mislead anyone.
Are BlackRock adding or are they adding to funds that contain Solgold on client accounts.
Dangling a carrot to bhp or a third party.