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Scott knows theres a bid coming...
He only has 1 million shares...
He would struggle to but more, because the market is still relatively thin and others are buying...
He doesn't have enough cash and the 'close period's is approaching on 13 April.
Bob has shares and can buy more...
Nick has shares and can buy more (though not in his own name)
Scott is 65 and hes doing the dirty work and is the odd man out, so Bob, Nick and Liam agree he gets the options....
Maybe because he knows too much...?
How about I am not surprised in the slightest that the price keeps dropping! I’m pretty sure that when Darryl car joined it was pretty much verbatim the same paragraph and look what happened there !!! You couldn’t make it up this is turning into a s-h-I-t show
Red, appreciate the thinking out of the box but that's too much. The incentive for a 65 years old employee of an AIM like share is quite clear: me , me then ...me.
But the Board has to approve it...
If Scott knows a bid is coming and has in anyway influenced the board to issue benefits to him based on the bid it's insider trading.
Options cannot be granted to directors if they are in possession of inside information. In other words we are not currently in discussions.
I know Scott's option package seems excessive as he's effectively just been handed 1% of our company on a plate, but I know from personal experience commercials are a dirty business and everyone is out for themselves.... especially someone in the twilight of his career who wants one last pay day. However, there's no doubt his interests are now aligned with my own and its in his best interests to get top $ for us all.
One things for sure though, they have to now get this done before the next AGM or there will be blood on the streets.
Circa 275 days till the next AGM, crack on fellas, you've just set yourselves a deadline. C
Trafigura,saying copper price going to hit record highs within a year bodes well for solg sake imho
Addicknt, is it possible that SOLG have instructed Maxit to attempt to sell the business, and that whilst that process is underway there is a Chinese Wall in place to stop Solg from having to announce to the market that we are in discussions, and to allow the directors - who might be unofficially "aware" of what is going on - to purchase stock and pretend like it's BAU?
Irwin mentioned lots of DD being required which to me implied we were in discussions with at least one potential buyer.
I am now of the view that if we do see the outcome of the strategic review published, it will be because Bob Sangha hasn't managed to sell the company to anyone.
Sale typo apols
I think the general rule is that there has to be at least 2 or 3 weeks between issuing themselves shares and then releasing price sensitive news. It's that simple. Over the years, I've seen plenty of companies suddenly do equity raises that they also partake in only then to release mega drill results a few weeks later.
I think you'll find SOLG have already said very clearly what the SR will explore and giving you and the entire market the possible outcomes. We haven't had the answer yet, but it's not like they haven't told you so it's not exactly insider trading is it? If a director buys now... and in a few weeks great news appears, then you've had ample signal by the director to follow their lead. That's why sometimes director buys are a clear sign that better news might follow. Not always the case. I've also seen plenty of directors buying stock In open market only to see the share price halve months later.
If the next RNS appears and it says... SR concluded, recommendation is to seek a buyer for ENSA. BoD's announce that they have appointed Maxit / Citi to do the sale process which may or may not result in a sale etc etc.
I think most can read between the lines!
add , spot on , that's been my thoughts all day. There's nothing doing behind the scenes , hence the ugly SP. Hand it to Quady , so far absolutely spot on also.
Also , as has been already mentioned , none of those guys need top dollar to be very very very very rich indeed. Its one;y us small timers that need top dollar.@20:20. I don't get that , they can take the options before the firing.
Agree with all of that SM
And by the way, when I was a GFD the done thing was to price the exercise price above the current market price...
They've already done all that Colonel...the next relevant RNS will be to announce an approach or a bid...
After all Bob has been working on that for 6 months or so...
SM, no, that's not how these things work and my take on Irwin's comment is that he was stating the obvious i.e lots of DD WILL be required once we enter formal discussions.
Fort, I agree with your last paragraph but don't believe we are near that stage yet. We've been given the timetable for the SR and whilst it would be great to think we're closer to the completion of the process than we've been told, on this occasion I'm inclined to believe they were not trying to fudge matters - but who really knows?
The one caveat to my thinking is the question of why the company rushed out the statement about his options without first having worked out the detail and why did they suddenly decide to appoint him full-time? I suggested yesterday that a cynical view could be that his appointment was solely so he could receive options - I hope I'm wrong, but wouldn't be surprised if I'm not.
Apologies DM...the site I referenced was clearly out of date...