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So according to Scott and co... they've got interested parties in the 100m shares yet the same interested parties weren't interested in Berry Streets 40m shares at 11p?
Mmm...but they were interested at 8p.
Here's an idea Maxit.... next time you know a large seller... how you pick up the blower and get the 40m shares offloaded at 11p rather than 8p... makes perfect sense unless of course the 40m+ shares are going to your own mates in which case the lower the better seems to be the game these days.
I very much doubt we'll get a TR1.. but as I said a few days ago... why oh why were the chinese not mopping these loose shares up? Why didn't Maxit act earlier? Why leave the share price to natural market forces? Aside from the directors helping themselves at a nice sub 10p level, I'm beginning to wonder whether these lower share prices suit Maxit.
I'm not impressed at all. Nor is the rest of the market by looks of things.
More inane drivel CD , put it in your diary old pal. It's like you're thinking out loud ....
100% we get a TR1 by Tuesday
Does anyone know what price Sangha paid for the shares Maxit own?
If he is in profit at 8p he won't give a dying duck what he sells the company for
They bought a chunk of the same newly printed shares as Jiangx circa 16p… and I’m sure they owned before that, but no idea what they paid for the earlier..
Maxit have already had a monetisation event of their own on SOLG when they sold a very large stake to BHP for 25p a share. And that was bac when the shares in issue were neaer 1bln than 3bln.
So they sold out cheap as chips but retained a holding. And some folk think they are going to get the job done here?
Morning Shipright,
I brought mine at an average of just under that and I give a dying duck what it sells for! 🥹
Ok not quite so many but but proportional to my earnings a good chunk. But as I said to Red tamper no one should be interested in the size of my holding, it’s irrelevant .
Hopefully a low bid will bring others out from the woodwork
Have a good weekend
Fort, I think we are in a far better position today than we would be if DC was still ceo. The man was useless.
Like Bob said, this isn't a pump and dump business, and that he is working hard to achieve a proper monetization event for patient shareholders.
I vote to give Bob and Scott the chance to finish what they've started.
If they don't deliver, we can get rid of them at the 2024 agm:) If we vote them out, given that we don't have suitable alternative people to takeover, it will take another year to find replacements. So, we will end up in the same place either way if they don't deliver by Q1/24. Scott hinted that we might not need to place the CGP shares based on the outcome of the SR.
Fort certainly fancied Maxit to get the job done until recently.
I wonder what has changed his thinking that wasn't known about before?
Eloro - you're quite right. It might well be that we need to endure a bit more pain if the markets go into a recession driven tailspin but coming out of it we'll be a stronger business and one ready to drop a tier one asset into a structural copper deficit.
That will give us the best chance of achieving a NAV based offer and it's much rather that than trying to firesale it at the lows.
'We' are not in a far better position imho but Maxit, Scott and CGP boys are in a far better position. And give them another year and if nothing happens, you'll find they'll be in an even better position. This is the advantage they have. Here's some fatcs for you, when BHP approached SOLG in 2016 to help with funding, it was Bob and Maxit that decided against it... instead they did the financing and awarded themselves cheap shares via guyana. Then after 2 years, they then sold the same shares they took on in 2016 to BHP in 2018 for 3 to 4 times the value eg 25p.
Hence... if you think they will not place those 100m shares with their own mates then you are living in la la land. They are ALL about making money for themselves. Thus far they have made a fortune out of SOLG. The rest of the shareholder base (majority) have made nothing and actually been diluted by 50% over course of 7 years.
That's why I'm pretty sure that if they think the AGM is not going in their favour... then you'll soon see their plans to sell and the story all laid out for shareholders. Force their hand before they chop yours off.
Agreed Fort. They need to be pushed hard before the AGM. X ( twitter ) is the place to do it and I've already started the #tag maxitout. @ the company in too and they'll get the message. Moaning in this forum which represents a megaphone for crazy and lonely people will get is nowhere.
Thanks for that... little pi's have one vote a year to make themselves heard. This upcoming AGM is the most important yet. Bob and Maxit have to deliver something before that AGM - they've got 6 weeks. If they do and it's good... they'll get my vote. Deliver nothing and they get voted down. We had about $85m this time last year (or after 2022 finance done) and now we are looking at a cash balance of nearer $25m. They've spunked $60m and we have zero to show for it. That's shocking for a business that has done zero exploration and minimal work to Alpala. Where has the money gone? How much in fees has Maxit made already? How many options has Scott been given and for doing what? Time to make your voice heard. They'll see the votes piling upm against them long before the AGM imho and then you'll see some proper news.
That's all been known for years. Why is it so much of an issue now?
In what way do you think you can force Maxit's hand? You can't. The horse has bolted, you're about 2 years too late.
There was some of us on here who urged extreme caution years ago when Mather was painted the villain and Cornerstone were lauded as the heroes. I know you all remember it.
We all saw what ensued with the merger.
Some of us were panned as having sold the stock when we dared speak of suppressed takeover prices etc.
Looks like it's finally dawning on folk.
The top money has gone. Best thing anyone can do is position themselves to make a decent return at 20-25p.
I think you should put pressure on them, but it'll have no effect. The stall has been set out and it isn't going to change. And I stick by my view it would an act of massive self-harm to vote against them.
Bozi 20-25p may be the end result but I doubt it . All we need is more than one party that thinks it’s worth paying more than $750m for a turn key tier one asset …… I think this is eminently achievable.
Fort ….. you seem to have shifted your position considerably over the last couple of weeks.
Add …. Totally agree and won’t be rocking the boat
Fort, while I share your frustration, we are all here to make money. You cannot fault Bob for taking some off the table when he had the opportunity. We all had the same opportunity last year when we were at 40p and we were all excited that a bid is near because the Japanese had arrived. Nothing stopped up selling at 40p then. We made our decision to hold. Not Bob's fault. He and Maxit, like us, are here to make money.
I really don't care who they place the CGP shares with so long as we have a monetization event and I can put this whole saga behind me. Reading that the village idiot have grandchildren made me realise that eugenics might not be a bad thing after all.
What's this upcoming AGM Fort keeps mentioning? It can't be for Solgold, because he very clearly stated last year that we wouldn't still be here for AGM 2023. He said there HAD to be a TO before 2023 was out. He even tried to belittle posters who suggested we'd be in the situation we are now. Almost like he isn't as smart as he thinks he is? Shocker...
Beware tools like him and Red. They've been at the same game for years.
Eloro
Bob et al, didn’t have posters saying hold on for £1 - £2
You’ve still got posters who think 150% higher would be a poor return on today’s investment……
It depends IMO DBW.
In any change of control proposal where party 1 offers 25 then party 2 offers 35. That's through the £1bn valuation. Party 1 can only come back to the table if they're offering 45-50.
So very quickly two parties mean a 100% premium. This is why what happened at Noront happened. Add in the Wyloo and BHP dynamic and that helped Noront shareholders get top end.
It's not necessarily something we can necesssrily rely on with SOLG unfortunately.
My own thinking changes but one thing I wanted to challenge was this incredulity at Maxit feathering their own nest. It's to be expected. What else are they supposed to do?
The broader point for shareholders now is whether they manoeuvre themselves into a favourable position or whether they just let things play out from here. Fundamentally we know where the line in the sand is and we can forecast scenarios should the company reach that line without a resolution. But ultimately it all boils down to what I mentioned earlier. Do we want to force the asset into someone's hands for whatever price we can get or do we want to keep progressing it to turn key status for suitors to fight over it coming out of a recession? It's the latter for me.
I can subscribe to many of your points Bozi, in essence better the devil you know for sure and I'd do the same if I were Maxit. But there's no harm in putting them under some pressure, especially now as the sp warrants it. Bob is an experienced campaigner though and I cannot help but think he and Scott have some hands still to play which will ensure them a smoother ride at the AGM than it looks right now.
I know that I am a former hawk flying with the doves. This company is in a capitalist market. Its not socialist company. Of course Bob and the CGP guys are here to make money. Why else would they get out of bed each morning? Incentives are required to get best performance. So they can feather their nests as much as they want so long as my beak gets wet also. I am OK with that. I consciously made the decision not to even top slice when the SP was at 40p because I believed, and still believe, that the assets will win out in the end and I did not want to be out when a bid landed. Of course none of us saw the merger coming so soon.
Finally, what would we prefer, Bob to be laser focused on getting a deal for us, our spending his days fussing about the day to day ups and downs of the SP?
I have exchanged emails with Bob and I am confident that he is busy fighting our corner, and has 153M reasons to achieve an excellent outcome for all of us. That is why I subsequently changed my stance.
There is no chance of SOLG progressing Alpala to TURN-KEY status. The phrase might sound nice to some people but unless they plan to drill the test mine shafts and deliver that data, then it's like handing a buyer the keys to the car but telling them your not sure the engine or brakes work... best get that checked out boys!
Getting permits and making key land purchases etc etc are important no doubt about that. Super majors prefer the minnows get that stuff done as if they were to do it the price usually quadruples as sellers/lawyers know the majors can afford it.
Eloro... I've made myself clear... Bob and MAxit need to earn my vote. They don't get it by default. That's been the issue in the past and probably why we are where we are. Pressure is needed. Maxit and Bob are no fools. They would have known the damage to the sp near term when kicking the can down the road into Q1. They would have been aware of Berry Street. And they did nothing until the price hit 7p levels. Thus far, everything they have done has been to 'lower' the sp not support it.
Out of interest, do the CGP 100m shares carry votes if not held in treasury? So who votes on their behalf then? These are owned by SOLG shareholders. If they carry voting rights then surely that needs attention?
Fort, as long as the shares are held in Treasury they have no votes. That changes once they've been sold...obviously.
I think oven ready, suggesting some of the prep work is done, would have been a better choice of phrase, rather turn key…. But… semantics..
I hear you Fort. We are making guesses and we don't know what is going on in the background. Perhaps there was nothing Bob and Scott could have done about BS short of buying the shares themselves. Was it their job to find a buyer for BS holdings? I am confident enough that Bob is doing his best to get a deal done while not giving solg away. I saw where you are assuming that Bob will accept a low bid so long as he is in the money. I think that is not fair. He is focused on getting the best outcome for all of us. But if you feel the way you do, send Bob an email and voice your concerns. He can be reached via the Maxit contact us link on their website. All the best.