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I'm guessing the reference to a Special Meeting will be nothing more than a repetition of a motion to dis-apply pre-emption rights. This has caused considerable disquiet amongst our main shareholders in the past and unless we've strike a deal with them I'd be surprised if we didn't see another rejection.
I'm in two minds about this. If we grant them the right they can do a deal involving the issue of shares without our approval. If we deny the motion, the board's hands will be tied in any negotiation; in other words it will always be subject to shareholder approval, which will strengthen BHP's position. What's your view?
If we really are reaching the end game, or some variant of it i.e a jv, I think I'm of the opinion we shareholders should be asked for approval. Perhaps a special resolution of this nature is more important than it's ever been?
The 21 days notice of AGM is required today based on the mentioned date of Dec 13th. I always thought that Scott and Bob would be issuing a bullish news update before allowing shareholders to vote. But doesn't look that way at the moment. Looks like they are limping into the AGM and zero to offer.
In terms of BHp and the old NCM now NM... in the past we less influence on the book and they had more influence. eg 26%+ for then Mather on the opposite side along with 7% CGP etc and ironically the latter were voting with BHP and co against Mather.
So now we have Maxit, Mather and CGP guys with increased position and BHP and NewMont dropping by 6% not to mention Blackrock being at near zero hence that's another 5% gone that would normally be against.
So all in all... very much different now. So I wouldn't be giving these CGP boys an inch of freedom. Zilch. I'll be voting them all down unless they pitch up with a reason for me to vote for them.
AGM is on the 20th Fort
https://ceo.ca/content/sedar/SOLG-2023-11-20-notice-of-the-meeting-and-record-date-amended-english-992b.pdf
Fort, what happens if we do a deal involving the sale of Cascabel, receiving a special dividend but keeping the rest? As I understand it this would require a 90% vote in favour, so BHP would still be in a pivotal position.
Thanks Mog... so they've moved it back lol! It was cited for Dec 13th only a few weeks ago.
They clearly need more time for something! Slightly concerning but also slightly positive one hopes.
Not sure what they've gained by buying an extra week lol.
Addicknt,
they have 157m shares available to issue. That would drop BHP to 9.5% level. So not an issue.
Fort, not strictly true. If BHP were truly opposed to a deal of some description, they could buy in the market to retain their 10%, although given the lack of liquidity it wouldn't be easy. It's equally possible Newmont may side with them.
The 157m Cornerstone shares are already issued. So placing them to a third party won't dilute anyone will it, shares outstanding will remain the same.
If BHP wanted to prevent SOLG being sold of a monetisation event, they would simply counter offer. If it looked like their remeaining 10% was going to be the 'last man standing' % then the writing would be on the wall. I suspect they would also need sounding out before any such deal. So I don't think it an issue. And FWIIW... I really don't think BHP are that bothered about SOLG these days. I think at some point they were undecided between buying SOLG and OZ Minerals and they went with the latter.
rcgl... good point on the 157m shares. I've got 'share issuance' in the head as being dilutive! But as you say... these shares are already issued.
At 10p a share, they could buy SOLG another 6months ish but more likely 4 months. At 18p, they could see 9 to 12 months.
So pinning SOLG down in the sub 10's really is like a putting a heavy boot on the back of someone already down on the floor. Suits someone?
Quite right Fort,
There is primarily only 1 party who would want to hear Solg gasp "I can't breathe ". I think the relationship is still fractious.
Agreed Fort re this price suiting some.
It does render the 100m+ CGP shares way less effective.
Hence Scott’s comments and other speculation re potential offtake deals
Usually when the sp is in the doldrums.
Eloro, shipright, Copperpot, quady, bbg, quady, bubbles and one or two others, report they've just had an email from solg directors or contacts, to reassure us, and tell us everything is going to plan.
if the contacts have dried up, are we to assume solg are in a spot of strife.
I can remember a poster on here 6 months ago. When the sp was circa 30p, posting that the future wasn't certain, and there were still stormy waters ahead.
I seem to think he was piloried by the likes of copperpot, fdjny, padmaster, bbg, all the usual suspects.
I wonder what happened to him.
I'm supprised he's not on here daily reminding his detracters how wrong they were, and how right he was. He must have a smile from ear to ear.
Whatever was his name.
Oh I remember, it was needalife.
Is it just me, or are others finding the lack of trades and complete apathy in solg baffling.
Usually when the sp is in strife, several hundred posters on this board top up, ( to good an opportunity to turn up. Most say)
I find it strange no ones topping up. Not even rk