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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
Blackrock are no longer shareholders.
March.
ISS noted that Mr Caldwell’s pay was lower than that of his predecessor, but took issue with “recruitment awards” worth $US200,000 ($305,000) in cash and a further 30 million options.
But ISS supported all other motions, including the re-election of Mr Mather and Mr Caldwell.
BHP is understood to have voted against Mr Mather’s election on several occasions, but the multinational miner – which owns 10.36 per cent of SolGold – has not yet clarified its proxy intentions for next week’s meeting.
Newmont CEO Tom Palmer said he had not yet decided whether his company would retain the 10.31 per cent stake in SolGold inherited through Newcrest, nor how Newmont would cast its votes.
“In terms of the listed Newcrest things on the plate, SolGold is down, down the list quite a bit in terms of where we are focusing our energy,” he said. “It is too early for us to be forming a judgment just yet.”
Mr Twigger allegedly told Mr Cuzzubbo on November 9 that there had been a “breakdown of trust” between the executive and the board. A day later, he allegedly sacked him by phone for “releasing confidential information” to Franco-Nevada before announcing the Osisko deal.
Mr Cuzzubbo claims Mr Twigger structured the termination in a way to minimise the amount paid to him.
Mr Mather, Mr Twigger, Mr Sangha and three other SolGold directors – Dan Vujcic, chief executive Scott Caldwell and Mr Clare – have also been named as respondents.
Perth-based Mr Twigger declined to comment when approached by The Australian Financial Review on Tuesday. Mr Twigger has not sought re-election to the SolGold board and his tenure will end at the December 20 meeting. Attempts to contact Mr Mather and Mr Sangha this week were unsuccessful.
In a statement, Mr Cuzzubbo said: “I have no comment except to say that I have raised this matter with the Federal Court so that it is dealt with in a fact based way.”
SolGold’s share register has broadly been split into two camps.
In one camp are miners such as BHP and institutional investors including BlackRock who want the company to fund development by raising capital that would enable them to grow their shareholding at the expense of smaller SolGold shareholders with less financial firepower.
In the other camp are the junior mining entrepreneurs – notably Mr Mather – who do not want their interests diluted and are believed to favour a swifter windfall by selling the copper asset.
The Financial Review does not allege that any SolGold shareholders have acted deliberately as organised factions, relying instead on public commentary and voting outcomes.
Since ousting Mr Cuzzubbo, SolGold has launched a strategic review that could trigger a sale of all or part of Cascabel.
But the notion of selling Cascabel has been severely undermined by this year’s political turbulence in Ecuador.
In May, besieged Ecuadorian President Guillermo Lasso invoked a little-known constitutional mechanism called muerte cruzada, or “mutual death”, which dissolved his mandate and that of the parliament, forcing new elections.
A scion of a banana farming family, Daniel Noboa, was elected president in October, but will serve just 18 months before facing re-election under the terms of the muerte cruzada mechanism.
Tensions between the SolGold register look set to flare again at the December 20 AGM, when American pension fund California State Teachers Retirement System will vote against SolGold’s remuneration report and against the re-election of Mr Mather.
CalSTRS has published a plan to oppose eight of the 12 motions at next week’s meeting, including the election of Mr Cuzzubbo’s successor, Mr Caldwell, to the board.
Proxy adviser Institutional Shareholder Services has also told clients to vote against SolGold’s remuneration report because of lucrative sign-on bonuses awarded to Mr Caldwell when he appointed in M
Eloro, in terms of any potential deal the sum involved is de minimus. An adjustment may be made to the value, but it would be negligible. It will not delay a transaction.
You can read it if you scroll down and screen shot it before it covers up
So, Scott is leading a struggling company? Surely any potential buyer will want all legal issues resolved before inking a deal. These kind of case can go on for years. If solg decides to settle out of court, we can take that as a sign that a deal is near and that the BOD doesn't want any hindrance. If the BOD decides to fight, then we will be here for at least another 2 years which is the typical duration for resolving employment cases. Will we need to raise funding to pay the legal bills, or to pay off DC? It will be interesting to see how Scott deal with this thorn.
Hopefully Solg sought legal advice before sacking DC. I don't like the description of solg as struggling!
If we are struggling, DC was the catalyst and that he was fired with cause. He messed up the funding. If anything, we should counter sue him. He is being greedy for sure.
BBG, are you able to post the full article?
So there we go, it’s confirmed we have a bunch of Blckrock grubs talking down the stock and board here all day long!!!