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.. are not very happy with the latest development: https://www.rns-pdf.londonstockexchange.com/rns/0991U_1-2022-7-28.pdf
Jeez.. is that genuine? I could have written that. Ouch.
Great find coldcut. The shareholder unrest begins! You'd think CGP will feel the same way.
From the tone of their announcement it looks as if the suggestion of a failed fund raise in London my be true.
BSC were the ones that wanted the fund raise done 'after' the PFS was issued and not before. Ironic now that after the PFS they are now saying that they think its been mis-handled??
Good to see them pushing for a strategic review and sale of the business as it implies end game nears and when that AGM nears in Dec.... it really will be game over for many SOLG board members. They've tried valiantly to escape the grip of BHP and others and best case scenario would be to kick off an auction process and let Barrick and Rio et al enter the ring. Could see the sp in the mid 30's if you get a media report saying shareholder revolt and sale of business likely. Load up the truck!
Put the for sale sign up!!!
As an aside, exactly the same thing happened at BCN.
They made a terrible ****-up whilst trying to raise cash and failed miserably. I got wind of this and sold out (I'm not going to do the same here). The company was forced into having to accept money from Gangfen and that was the beginning of the end.
We are by no means the copper equivalent of BCN, but their story is a clear warning about "strategic investors" taken on-board when a company's in a desperate position.
I wonder if Ingo's departure is related to all of this? It certainly raises suspicions.
Right, come on CGP, start firing a few broadsides - it's time the gloves came off.
Well done Berry Street Capital, I am sure many would now be delighted to get 40p and get this mess over with.
Fox in the coup, sharks circling... if ever you were going to pitch a bid it would be now. NM said expect corporate action... and it's coming. What do SOLG have in defence of a BHP bid at 55p? And don't say diverse book please!!! I think we're about to see the end game unfold as it normally starts like this.... need finance.... but dilution not welcome and buyer sniffing around who can put smiles on shareholders faces albeit at lower than its worth. I can see 55p going through unless it's countered and a bid war could see it through to 100p. Digger and Miners conference next week.... wonder whether we'll hear some news after that?
They may well have been in discussion to secure funds post PFS but then market topped off, War escalated, interest rates started to rise and Ecuador had a mini revolution which was not at a great time. So more than possible that the window of opportunity slipped fast. But the fact remains.... Franco have said they want more. They had another $50m lined up. It's BHP and NCM that don't want the royalty finance. They just want more cheap shares because every share at 25p or 26p etc is at a significant discount to the end sale price which would likely be double or triple that. I say get a deal done with boliden (like Franco deal) and lets see what BHP and NCM do. Toys out of prams can't hurt us but if a bid comes... win win.
Fortissimo I think the BSC statement substantiates my earlier posts...
I don't blame you for taking the bull position on this still, but...
The company still needs the money
A strategic review takes months of uncertainty...
Once again I am happy to be wrong but BSC's statement is a pretty damning condemnation of Darryl and the Board.
I'm now very clear why Ingo is no longer there....
Nothing Fortissimo.
The goose is cooked. The turkeys have been voting for Christmas for years here and we're now at Christmas eve.
All those who have constantly called for a sale at a price that won't reflect a fair return are going to get their way unfortunately. Berry Street are as equally culpable.
Plenty of learnings here. Good management is just as if not more important than the quality of the asset and fellow investors will be desperate to eat their cake before time.
SP now bouncing off support preventing a new 13 month low...
Probably being supported by the Nomad until the fundraise is out of the way...
What price now...?
"A strategic review takes months of uncertainty"
Ermmm red knight.... are you joking. We've all been here for yonks waiting for the for sale sign to be hoisted and you think it's months of uncertainty?? More like months of ramptastic posts on this BB as names get thrown into the ring like Barrack and Rio et al.
A strategic review is a 'sale' under the circumstances that SOLG are currently in. It will soon be time for you to buy in again as there's no way this is going down for very long as the end looks inevitable here. NM has already telegraphed it for you. Question is... what do SOLG have lined up as a defence? Remember they have been in strategic discussions for well over a year now. Would a merger with Solaris or Lundin in some form be the answer and make it harder for BHP to swallow?
I can assure ou addickt...Ingo's hands are clean...
Just look at how NCM treated GGP. These guys play dirty. They need to announce an auction process and just get it all tied up. Darryl has his bonus options now and that's what we were waiting for lol! So time to press the button and no surprise some SOLG staff are looking for new jobs... SOLG is about to be sold off.
Exciting times ahead and what many of us have been here for. The end game. What price?? 40p? 50p? 60p? 70P All depends on other parties like Barrick and co. They are the ones that know the real value of SOLG's folio. BHP won't walk away with it on the cheap. Twiggy will make sure of that.
Bozi, "learnings"! Good grief man, go and stand in the corner until you drop the illiterate management speak :)
Twiggy will do nothing.
question is will all BHP's competitors just stand by and let them walk away with it? I doubt it very much. Barrick were having cosy chats with Lasso recently as reported in media.
Fortissimo, staff leaving just before they expect a bid to come in makes no sense whatsoever. Having another job quietly lined up in the background is a different matter, but there is no positive spin to put on any exits at the moment... unless it's a pre-condition set by a potential bidder.
There will be a bid, after the fundraising, for two reasons :
1. The drop in SP around a fundraising, plus the SP dilution, will allow for a lower offer.
2. The drop in sentiment around a contentious fundraising will allow for a lower offer.
Expect the eventual offer price to be 25% reduced because of this. Nice business for the sharks, not so good for the rest of us.
Solgold is toast one way or another and the best way for all concerned is to have it sold off asap. The alternative is something that is a lot closer to Sirius than Noront imo.
Sean Paul.
Staff leaving ..... pushed out as better to have less witnesses....... clean up the loose ends or embarrassing gossip.
At the end of the day, blame this all on NM shortcomings, as the guy had zero ability to be diplomatic and play the game.
Pity no-one ever bought him ' How to Win Friends and Influence People ' for Xmas.
( they probably did, but he was too arrogant to take the hint )
Quietly reading from a distance, although I think Sean is more right here than most of you..
Good luck.