The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
In terms of AFR write-up, CGP and Maxit don't come out smelling of roses do they.
Shame, because they have been the guys in charge over last 12 months.
No wonder the cameras will be off at the AGM...
Wow. Who needs the Jerry Springer Show when you have the Solgold board.
I had thought the DC situation had been resolved quietly via employment tribunal? DC either holds a grudge and wants more, or destabilising on behalf of others?
I never had an issue with DC (other than the failed fund raise, which is unclear precisely what took place and who to blame).
The 'Plan A begets Plan B' approach seemed decent to me. He came in with some decent planning and organisation skills, with a roadmap to Cascabel and Porvenir PFSs...
...whilst importantly continuing to develop the regionals.
The CGP-led 'sale at all costs' approach, with hindsight, has left SOLG very exposed. Appreciate the economic and political uncertainty over 2023 but still, don't leave SOLG so exposed.
P.S. interesting that independents also (in addition to some PIs on here) took exception to Scott's pay and option awards.
Morning all. This share is depressing me and causing me alot of stress so Im going to step back a bit for a while. Good luck to all sincerelyl, enjoy xmas and new year, spend time with your family and see you all in 2024 no doubt!!
ATB
DK
Eloro. Mather gave them a bashing with his bat.
And look where that's got us.
Be careful what you wish for, adikt telling us daily somethings going on in the background, without a scrap of evidence to back it up, is very likely based on the evidence, wishful thinking.
It's just possible bhp are our only suiters. That's if even they are interested in something that appears, based on evidence to be not economicalaly viable.
Never fails to deliver a sh*tshow at this time of year. What a royal mess. You can bet that BHP are working overtime behind the scenes both with shareholders and the Ecuadorian government to make life as hard as possible for us.
I'm looking forward to Quady finding arguments against the court documents submitted by DC stating that Mather & co. have been trying to sell the business for a while.
What a mess.
Addicknt,
Everyone wants it sold as it's a burden to us... we can't handle Tier1 assets. Not many out there can. That's the key problem. But these CGP guys are poor. My tone and stance has changed because I was willing to give them a go for 6 to 9 months to see what they could deliver. I genuinely thought Bob and co would get the job done in under 12 months. But they just look out of their depth and incapable of even getting a simple story out to the market like... SR outcome.
We all want the sae thing ... but sometimes you need to change the strikers or midfield players if you want to win matches. Bob is like a Maguire... lacks finnesse, bit clumbsy but capable of nutting it when needed ... sometimes.
You are just too bad NAL:) We will support the BOD to see BHP off and I hope Bob gives them a bashing with his bat:) We know that Bob isn't a fan of BHP.
Fort, you want the company sold, so does the board. I would say they're trying to deliver exactly what you and many of us want.
DC's unfair dismissal case has been known for 12 months now, it's not going to effect the share price at all. What is effecting the share price is the poor management of Solg and lack of catalysts.
Eloro. Knowing bhp, they are not hurting solg because they think it will help get them cheap.
There hurting solg, because they are settling scores with mather.
How much do you think his wealth has shrunk since those heady days when he thought he was cleverer than he is, and told bhp to F O.
And how many on here said good for him. And how many on here now wish he had taken THERE offer. Those same posters screaming hysterically the sp will be anywhere between £1.40 and £12.
Are now hoping for 30p.
We will be up by close
Either way, I’ll be buying more!!!
I don't know Fort, Bob is my kind of Canadian who will come out fighting. It will be a soap opera for sure at the agm. No wonder they don't want us to attend.
Interesting to read the position of big shareholders when it comes to voting. It would appear that some don't like Scott. I voted for NM, my favourite Aussie after Kylie:)
I also voted against 10, 11 and 12. Smacked of snouts and troughs to me. Fun and games to ease the pain of the falling SP. I fear that 6p will be here because markets doesn't like legal issues.
Absolutely dirty tricks by BHP…
Spread fear and doubt before AGM…
Good time to announce end date to strategic review
Hhmmm so do I sell today and basically get my initial investment level back over the last 7 years or do I wait till Xmas eve and lose the lot, definitely dipping into the 6’s today following this sheet show of a performance …. Decisions decisions 😢😢😢
Or we could all get extremely lucky and someone bids 30p per share for the lot which if I’m not mistaken was roughly the offer by BHP made 5 or so years ago rejected by Nick?
Ah well ONWARDS AND DOWNWARDS!!!
Certainly looks like or looked like Franco were interested in more royalties. Bodes well assuming Bob hasn't upset them.
Incidentally, the article should dispel any lingering doubts people may have had about the intentions of the current board. The company is for sale.Full stop. Why the Californian Teachers fund should have a problem with this is beyond me. We also now know just how much Mather wants a sale, which makes you wonder why he spent so much time blathering on about production.
It's ironic that it takes an employment case to reveal certain key facts about our business.
$2.3 million is not exactly going to concern anyone but the public dirty washing is fun to watch and hear.
Way to go DC... taking a bat to Bob and looking like Bob is coming out of this looking far worse. Quite embarrassing for him really.
Would have been nice to know the Franco deal terms as if they were better than Osisko... well... Bob you're in trouble.
Dirty tricks by BHP to get us on the cheap!
Thanks for posting, mogg.
What this article does reveal is the exact reason for Cuzzubo's departure, which many of us had long suspected.
One question: Is my memory failing me, but Sangha wasn't a director, was he? In any event, his role in matters is clearly significant.
Going to be an interesting AGM!
Yes poor journalism there as wouldn't have taken them long to see Blackrock are no longer influential holders in SOLG. Some blackrock funds do still hold SOLG stock but it's minor circa 15m shares or so. They used to hold about 160m shares.
The point on remuneration doesn't surprise me at all... the bonus awards/options were excessive for Scott and based on his performance and the share price ...clearly not justified at all. That said.. they were issued at 17p lol! Perhaps he could pay shareholders back the 10p he's lost on them?
You'll need to read th bits in posting order of
3.4,1,2
This is 4
Mr Cuzzubbo denied he had been “shopping around” Osisko’s financing. It was ultimately selected as the preferred funder, and Mr Cuzzubbo told the court that Mr Twigger had given his blessing to tell Franco-Nevada it missed out.
Mr Cuzzubbo claims Mr Twigger also advised him to warn SolGold’s two biggest shareholders at the time – BHP and Newcrest – ahead of the market being told. Newcrest was acquired by Newmont this year.
Several members of the SolGold board – including Mr Sangha – were allegedly disappointed with how Mr Cuzzubbo broke the news to Franco-Nevada. Court documents claim this led Mr Sangha to call Mr Cuzzubbo a “f---ing moron” for delivering the message sooner than Mr Sangha wanted.
Mr Sangha is a colourful mergers and acquisitions adviser in the Canadian resources sector and keeps a baseball bat in his Toronto office to symbolise his affection for outmanoeuvring bigger miners in takeover battles.
Cheers Add, I do hope so.
We know that BHP wants to hurt us so that they can pick us up on the cheap. It has been said that DC is BHP's man. Is this case part of BHP's strategy to cause trouble for solg?
sorry my copying and pasting is ****e
the begining was missing
former solgold chief executive darryl cuzzubbo has lodged a multimillion-dollar unfair dismissal claim against his former employer, the struggling copper explorer partially owned by bhp and newmont.
mr cuzzubbo, who was sacked as in november 2022 after 345 days in the job, told the federal court the dismissal was in breach of his contract and the fair work act.
he claims he was labelled a “f---ing moron” by a solgold director and told the court he is entitled to more than $2.3 million in unpaid cash plus further remuneration in the form of options over brisbane-based solgold’s shares.
the claim comes as london-traded solgold stock languishes at the lowest levels since august 2016 following political instability in ecuador and expectations the company will need to raise money.
it also precedes a potentially explosive annual meeting next week, when big investors plan to vote against re-election of the directors who sacked mr cuzzubbo and oppose the company’s executive pay scheme.
mr cuzzubbo has been a prominent figure in the australian resources sector over the past decade. he held senior roles at orica and bhp – including as asset president of south australia’s olympic dam mine – before taking the top job at solgold in late 2021.
documents filed to the federal court by mr cuzzubbo claim he was terminated amid a factional struggle within the solgold boardroom over whether to swiftly sell or develop the company’s flagship asset: ecuador’s cascabel copper and gold project.
the court documents say mr cuzzubbo had approval from the solgold board to pursue a strategy to build, fund and own a mine at cascabel that would produce about as much copper as olympic dam at a cost of about $us2.7 billion.
mr cuzzubbo’s strategy was to “remain open” to a compelling offer, but not pursue a sale at all costs.
his claim suggests there was a “competing strategy” pushed by some, including solgold director and substantial shareholder nick mather, to reduce investment in the project and maximise the prospect of selling cascabel.
tensions over those competing strategies came to a head when mr cuzzubbo courted prospective financiers with a view to raising about $us60 million to advance the project.
mr cuzzubbo started the process on september 30 last year by inviting solgold’s existing lender, franco-nevada, to make a funding offer.
on october 1, solgold chairman liam twigger encouraged mr cuzzubbo to extend a similar invitation to canadian company osisko gold royalties, according to the court documents.
mr twigger subsequently conveyed to mr cuzzubbo the concerns of two solgold directors – bob sangha and james clare – who allegedly believed mr cuzzubbo had shared details of osisko’s offer with franco-nevada.
mr cuzzubbo denied he had been “shopping around” osisko’s financing. it was ultimately selected as the preferr