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The rationale amongst many on this BB over the last few days is odd.
There seems to be a consensus that...........
- The management team set up a finance deal of sorts.
- They did not know / realise that this deal would upset a percentage of the major share holders
- As a result the disgruntled share holders, the deal failed and Ingo was made the fall guy.
Do you seriously not think that the likes of Cuzzubbo, Twigger & Mather (and their advisors) could not of foreseen such an outcome??
Bizarre to say the least - have you lot got sun stroke?
Damers stop believing the untruths here.
No deal was submitted, so it cannot have failed.
We had conversations on the structure of a deal and although not named, it was BHP and NCM that disagreed.
We don't know what the proposal was as we never went ahead. ( so no deal even attempted ).
We are currently putting together another structure and I will guess it will be something that doesn't require shareholder approval.
Let's see what happens.
The truth is Quads that none of us know what's happening in the background (apart from a lot of P45's being issued!).
It does get my goat when it is suggested that Cuzzubbo is doing a hash of a job, when for all we know he could be setting up a fantastic sale, which will enrich us all.
Damers.
There is no capital markets experience whatsoever in DC's CV...
https://www.linkedin.com/in/darryl-cuzzubbo-850775b6/details/experience/
However, Twigger is still MD of PCF Capital Partners....
"Over 25 years’ experience in investment banking and corporate finance including the establishment of Macquarie Bank’s Bullion and Commodities division in Perth in 1995.
Previously Head of Macquarie Bank’s and then Bankers Trust’s investment banking in Western Australia.
As founder of PCF in 1999, Liam oversees all of PCF’s businesses and is actively involved in corporate finance and advisory mandates."
Agreed, it would have taken a 5 minute phone call to BHP and NCm regarding royalty tap and to share thoughts on how they might be able to find a halfway house on the Franco style deal vs equity placing. Perhaps they went with $75m placing and $75m royalty tap and it got the nod only for someone at the last minute... prob BHP to say nope... we don't want to do that or it might have been Boliden saying... nope we are not going to allow a full buy back of the royalty and want to retain 0.5% no matter what. People forget that there are potentially 4 parties involved here, possible more. You have Franco, Boliden, BHP, NCM and Mathers crew... DGR, CGP and tenstar? The latter might not be included.
All want a slice of the cake... some want others to not have slice at all. Some want nothing to do with it. Some want it all.
At end of the day... it's fair for the CEO to say we 'tested' the market/shareholders and we didn't get a consensus. Call it failure or call it a reason to return to the table to discuss more options. No rush... there's a decent 4 months of cash left.
Evening Lunch :-).
Yesterday's Financial Review (oz) suggested that Solg is next in line for a buy-out............
Red, can you explain what Twigger does for us exactly? I genuinely have no idea what he contributes… what he has achieved over the last 3-4 years?
Id have him out in December
Granted I could ask what other board members have contributed too…. But the finance people have been shown the door… maybe/probably for underachieving, I can only speculate….. so how is Twigger still around?
Look guys, lets get serious now or else sunstroke is going to be a factor.
Lets just assume that BHP and NCM are not happy with royalty tap aka Franco deal?? Happy with that?? Ok, if agreed that it is the one thing that BHP really don't like or NCM for that matter, then lets just fast forward this pantomime 12months+ and here we are keyboard warriors tapping away on the recent revelation that BHP are not happy with SOLG doing a $1bln royalty deal with Franco and $1bln with Boliden and $500m via CB's and $500m via equity placing.
Seriously... if BHP and NCM are 'throwing toys out of the pram' based on a pony 0.5% royalty deal, then what the tarquins are they going to say when it gets to proper funding time???
Has that penny dropped yet??
Hence this game has to end before 'Keiths' dose of reality really starts to kick in.
Get PFS2 sorted. get Porvenir PEA sorted then commence auction/bid process sale of ENSA or complete folio and business.
"No deal was submitted, so it cannot have failed".
By some margin the daftest post of the day.
It takes some beating but this came close
“Probably Orthern, if so he will show his true colours as he is so unintellent.”
Lololol if it’s true ( I have the idiot filtered ) by idiot I assume you know who I mean ?
It's forward looking stuff. Why would BHP and NCM want to be involved in a fund raise that see's SOLG move ever closer to doing a self finance deal? Yes, they will want to maintain % toe in the door but the truth is SOLG have outlined their plan A and that will involve a number for finance taps which include streaming/asset royalty deals. There's no other way SOLG can finance it. So what's the point of NCM and BHP playing along? In fact ... what's the point of all shareholders playing along? Yes there's another $1bln+ or so to add via DFS stages but that's based on SOLG PFS and any Major like BHP will rip that up and do their own.
I just can't see how you can get funding agreed with two entities like NCM and BHP who have a completely different direction planned.
It's like asking a debt collector for an interest free loan.
Farquin stupids.
Quint I think the only reason we are still drilling Cascabel is because they believe it’s bigger … ie Moran and potentially others are directly connected?
addicknt the reason I sometimes doubt you were ever a CEO is you go off at a tangent and never back down.
A CEO has an open mind and no matter how many times they are wrong end up doing the right thing. You don't.
If their was a failed funding deal, what was it's terms. Should be easy for an ex CEO to find.
After all according to you it failed and so must have failed on the specifics.
The reason you won't find it, is it was just a conversation and no deal was put forward to fail.
You really show yourself up on occasions.
Anyone for a chinese?
Q, I seem to recall that you may have mentioned once or twice that you've been investing successfully for 400 years. How is it then that you have absolutely no idea how placings or fund raises in general work? Because it's abundantly clear you don't.
You've never worked in the capital markets and have never raised any money from them, and yet you come on here making statements with absolute conviction that you're right.
I wouldn't dream of making similar statements about being a technical analyst, or whatever it was you did, so why do you persist with yours about capital markets?
Chinese Friday BNC:):):)
Nice on Bublé
Hope ur ok m8y ;o]
[bit tiresome this lark innit?!?]
Be glad when it's all over!!!!
R's
BN.c