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.
Eish, if I filter 62 posters, I would be posting to myself. In that case it would be pointless posting here.
To make matters worse, he posts exactly the same posts on the other BB. I don't feel the need to filter Lord Braggart or anyone else. His posts have started to make me feel sorry for him because flooding the BBs appear to be his way of coping with boredom in his senior years.
SOLGOLD are not a dud. The assets are world class. The problem is they are in the hands of an inept management team. It's not unexpected as these guys are not Tier1 asset calibre professionals. They are minnows. They basically know zilch about how to manage a Tier1 asset.
Current slump speed on sp is roughy 1.5p per month. So no news until feb or March means around 4p a share is the predicted level of £120m market cap. At this point, the auditors will be asking Scott (if he's still around) whether the business has 6 months cash left to meet all requirements. The auditors cannot sign off the accounts unless Scott can deliver a solid answer. And as well know, right now he has no answers.
The only news expected in Q1 is a watered own PFS which lets face it, it's not exactly going to blow the doors off... but it might move the IRR up a notch. But that's minor stuff and not going to move sp much at all.
The market has no interest in a company that apparently is an explorer but is not exploring and does not have any cash to explore as well as a company that is not a developer but has a Tier1 world class asset that it is trying to water down.
Based on what I have seen so far, I wish we'd just left the CGP guys to rot with their 15% ENSA that they couldn't sell or finance. They've had a free ride on the £200m spent thus far on ENSA yet for some reason are back where they began holding more stock. It's a joke on shareholders. A seriously poor one at that.
Trouble is Eish it’s endless! Red always talking his book.
Not much to discuss until more events/news
That’s what Solgold is worth and nobody is interested. There must have been some serious examination by various big players and none have stepped in. Having bought cheap and then topped up at many seemingly “too good to miss” points the share price is heading towards my average, something I would never thought possible even at 20p. But though I hope I’m wrong, I’m beginning to think.
SOLGOLD IS A DUD!!!!!
Eloro, sorry to disagree with you. This is a board for ALL to voice their views. If you don't like what the man (with some considerable experience, I may add!) has to say, then FILTER HIM! Many posts I do not like or enjoy, but don't filter. My belief is all need to vent their views! No harm to anybody, just some correction by others occasionally, LOL!
Lord Braggart (RK) has been flooding the BB with his scenarios. It has occurred to me that the one scenario which he hasn't covered is the one where he examine whether at the age of 73+ he will still be here to witness solg being sold?
At any one time there aren't 62 people on this BB. Hence, he is clearly posting to himself. I think his mental faculties must be suspect for him, as a senior person who should be in the park feeding the birds, decides to spend his twilight years here spewing meaningless nonsense.
If Scott survives the AGM what will he deliver first in the new year, a capital raise or his new highly touted PFS? I'll say one thing with a high degree of confidence, there is zero chance of him producing a PFS in Q1 CY 2024.
Ship, not sure if you need lubricant or a cream for that! 😊
We can have an entire conversation and they won't see a thing
When ?if it arrives will be the one which will win in the end, imo, China has a huge demand for Copper and Gold, it won't want to buy it through another major if it can buy it now at pre-production prices,
the other Majors will see the presence. of the Chinese in the DATA room as a huge threat to their bid plans, i could see at one time BHP and Newcrest carving this up between them, but not now the Chinese have shown interest.
Jiangxi Copper Company might just have 6% at the moment but im confident they will own more than BHP and Newcrest in the near future,
Do we know how many site visits they have done so far this year??
Who does red ramp think he’s actually addressing with his essays, he has everyone filtered.
Hi Paddy, i would check your Hargreaves Lansdown account is legit, you may have been scammed ?
Whether you're worried, tired, impatient, frustrated, angry, hopeful, optimistic, positive or whatever...
THE CURRENT SP MASSIVELY UNDERVALUES SOLGOLD!!!!!!
Its absolute rubbish paddy...
Its a UK QUOTED company!
I got the link from II andf voted weeks ago...
Paddy, that's nonsense. I'm with HL and voted without a problem. In any event, it's a London listed firm.
Sounds a bit odd
Ii just send you a message asking you to vote
Contacted Hargreaves Lansdown to find out how I can vote. Their response “ As Solgold is an Australia based company it is not possible to vote in this company’s AGM” I can’t believe this - anyone else had the same message?
Talatum, me neither until Add mentioned it this morning.
When you look at the quality of the asset, Italian...
Then you look at BHP's experience at Noront, I'm quite sure nobody will want to start at a low bid which would inevitably attract several bidders.
So if you're a major I believe you have to start with a credible bid, which I suggest would be no less than 50p.
It has to be a bid that will limit the number of counterbids.
Wyloo thought they had done that by starting at 55c when the SP had been only 12c months earlier. In that case, the Board agreed, probably mainly because Wyloo had over 40% of the shares.
But BHP came in at 75c without any previous bids or apparent share stake at all...and they still didn't get it, because Sangha clearly told Wyloo a bid at 110c would knock BHP out.
I think the people on here who think that SOLG could go for 20 or 30p are airing their worst fears. I suspect the Board will already have knocked back at least one attempt to buy the ex CGP stake because the price was too low.
On Monday 10 October 2016, Solgold announced they had turned down an offer from BHP that would ultimately have led to BHP controlling 70% of Cascabel. The following week they sold 10% of the company to Newcrest.
The shares rose to 18p having been only 3p 4 months previously.
Bob Sangha negoptiated that deal....
In June 2017, NCM paid 40p
In September 2018 BHP paid Guyana Goldfields (Scott...) 27p for a 6% stake and NCM came back 3 months later at 40p for only 1.5% of the shares.
Which shows what can happen when you get two majors seriously interested in Solgold...
Remember that Newcrest in July 2020, when the SP was 23p decided to "exsplore options" for their stake, deciding to hold on, even though the SP had almost doublerd to 42p only three months later.
And they held on as it fell back to 20p...when it bounced to 36p in June 2021... and yoyoed around to hit 40p again in April 2022...
By the time Newmont bid for them in February 2023 the SP had fallen back to 13p...
And neither BHP nor NCM have ever sold any shares, so Solgold must at least still be in BHP's strategic plans.
Of course the Board of Solgold could have no influence on the price either of them accepted now to sell any or all of their shares, but the price paid by the buyer would signal an undoubted statement of intent.
Of course the SOLG Board is concerned at the current SP...they are tajking steps to try and support it, starting with the Directors' Buys.
And I believe we will see more RNSs before the AGM. We haven't seen anything about gold prospects Rio Amarillo, nor Helipuerto or the former CGP JV in Bramaderos with Sunstone Metals.
I believe it is imperative that they complete the "turnkey" PFS3 early in 2024.
That alone will push up the SP and may be the final piece of information for prospective bidders.
And if gold and copper prices resume their march North in the meantime, that cannot harm.
But I don't rule out an anticipatory bid before then...
SM, and that is very much what I hope as well. The most likely way that SOLG can be forced to sell at a more achievable price is through the effect of external forces.
TI - that might well be the case, but we are reaching a crunch point with the Ecuadorian government who will want to see progress and a path/timeline to revenue for the country. It's at this point that discussions around price become serious and our major shareholders lower their expectations.
Red, that's a lot of words, you are testing our resilience. I am sure that many of your arguments are reasonable but again there are many assumptions.
To be honest I really don't think that the majors (being the majors) are afraid of being the first bid if they intend to buy.
What I believe to be more realistic and personally I think it's quite obvious, given the specific comments made by NM and SC at different times, is that SOLG has made it clear to the majors that they do not want to entertain low bids and are rather waiting until the market/company/projects are in the right place to attract a congruous bid. Now my own assumption is that SOLG's management will push is for as long as they can to try and maximize the result hence the current pain with the share price in a negative market for juniors.
IF, and it's a big IF, SOLG were to let the possible suitors know that they will look at lower bids, I would postulate that the buyers would start to finally show their face.
If you think about it, if SOLG go around (not sure they do but again that's what I gathered from conversations with NM and SC at different times) telling everyone to come back when they are happy to talk £1+, who would ever bother to respond with a bid?
E.T. - not a complex problem to solve, but definitely one that any bidder would want resolved before making a move. And, arguably, one that Mather and the larger holders would want resolved so that more of the proceeds went to them and not the govt.
Agree with previous comments, there's a lot going on behind the scenes. that we are unaware off,
Lets hope the BOD have the experience to unravel. the enigma and get a decent price for the Assets with so much at stake they are all keeping their cards close to their chests.
if you think a deal will eventually bear fruit, a superb buying opportunity under 8p imo, need to have patience of a saint though.as it could take another 1-3 years
Wouldn't that be a case of offering 40p with all debts cleared so 168m would be paid to government or committed to spend whatever
And the balance paid to solg
Doesn't seem to tricky a legal problem to me ?