Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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My read is as follows:
They saw the writing on the wall and thought, 'why stick around to be defeated at the AGM'.
But the question is, what is the writing on the wall.
The votes at the last AGM suggest Clare was toast anyway and Twigger may have had feedback that because of his poor corporate governance decisions in the past, the likes of BHP and Newmont could not support him as Chairman. And if he was not Chairman, nobody would stick around as a lame duck Director.
It may equally be that when the CGP guys came on board they agreed that he could stay because they expected a sale of SOLG early in 2023.
But heres another possibility....the 'writing on the wall' is that SOLG will be bought out before long, so there is no reason to hang around. They wouldn't need to sell their shares. It wouldn't surprise me if we are as close to a bid as we ever have been...
I do hope Maria stays because she is sound, truly independent and truly well connected in Ecuador. I was sorry that Elodie went, but Scott was slimming down and the focus was moving to Ecuador and Australia and she is London based. Equally, although the cash box fiasco was a major factor, Ingo did not want to be Oz based because he has a young family.
So what of Scott and Dan. In theory they could both get voted off but why then appoint Steve? Doesn't make sense.
Even if Scott was voted off the Board he could still stay as CEO.
If the lot get voted off that is hardly a vote of confidence but I believe that would leave SOLG as cannon fodder. There might be a short term hit to the SP but surely one or more of the serious parties in the data room would fight over the scraps and then we have a bid battle on our hands.
So I don't expect a bloodbath and I do expect Nick to survive, even though he is an anomaly...neither Independent nor an Executive Director.
But I do believe at the end of the day that the CGP and DGR interests will prove material. The institutional investors other than BHP, Newmont and Jiangxi should surely not want the company completely destabilised....
Cheers for now...
Redknight classic!!
“ It wouldn't surprise me if we are as close to a bid as we ever have been... ”
Of course we are!!! It hasn’t happened yet and as any bid is in the future it is always getting closer!
You make some good points but please try to reign in the ramping. It does you no favours.
Sorry to be pedantic, Aqui , but the only way that is not a factual statement is if you think there will never be a bid ....and only Quady thinks that :)
I also think we are very close by the way ...
Sorry BPHIL I meant to put “if there is “
I also think it’s close and can’t deny I hope it is but sadly neither are facts!
Aquinaga
He can’t even remember the lying purchases he boasts about making T20s or not.
He didn’t buy 250k on T trades he bought over 300k, if you’ve just put the cash in to cover those trades you would know how many you had bought. The fact he got it wrong shows how much he lies.
The guy is just an out and out clown 🤡
He was as bullish as when he was ramping and buying in the 30s and expects everyone to believe he has an average around 10p, that is hilarious.
He is well underwater and is desperately ramping to dig himself out of a very big hole, not sensible for a pensioner imv
There is only one other poster who lies more on these boards, but I’ll leave it at that
I would love to see Nick go. I’m happy Twigger has gone. I’m keen for Steve to stay and run the $h1t show till the end. Nick is a narcissistic in my opinion
Bob that is misunderstanding the situation.
Nick is here because of his holding and the holdings he controls.
Altogether he is the largest stakeholder here.
It's absolutely correct that he is on the board.
Morning Bob
I’m happy for Nick to stick around. He’s about the last connection remaining with the company I originally invested in. He’s aligned with all pi’s as far as wanting bang for his buck, it’s clear mistakes have been made along the way but they can’t all be laid at his door. Sure he has an ego but I’d say that’s more than common in this industry.
I’m also very hopeful that Scott remains on the board although I believe he can remain CEO either way.