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Never fails to deliver a sh*tshow at this time of year. What a royal mess. You can bet that BHP are working overtime behind the scenes both with shareholders and the Ecuadorian government to make life as hard as possible for us.
I'm looking forward to Quady finding arguments against the court documents submitted by DC stating that Mather & co. have been trying to sell the business for a while.
What a mess.
Wow. Who needs the Jerry Springer Show when you have the Solgold board.
I had thought the DC situation had been resolved quietly via employment tribunal? DC either holds a grudge and wants more, or destabilising on behalf of others?
I never had an issue with DC (other than the failed fund raise, which is unclear precisely what took place and who to blame).
The 'Plan A begets Plan B' approach seemed decent to me. He came in with some decent planning and organisation skills, with a roadmap to Cascabel and Porvenir PFSs...
...whilst importantly continuing to develop the regionals.
The CGP-led 'sale at all costs' approach, with hindsight, has left SOLG very exposed. Appreciate the economic and political uncertainty over 2023 but still, don't leave SOLG so exposed.
P.S. interesting that independents also (in addition to some PIs on here) took exception to Scott's pay and option awards.
In terms of AFR write-up, CGP and Maxit don't come out smelling of roses do they.
Shame, because they have been the guys in charge over last 12 months.
No wonder the cameras will be off at the AGM...
"You can bet that BHP are working overtime behind the scenes both with shareholders and the Ecuadorian government to make life as hard as possible for us."
Indeed SM. The biggest risk - majors highlighting to Govt that SOLG are out of their depth and unlikely to be able to finance/progress.
We need that IPA agreed.
Then a clear, simplified PFS and some progress on financing.
Sangha was not a board director of Solg so the article is inaccurate in that respect.
Agree Add, it's interesting that Mather was/is one of the leading proponents of selling Cascabel when he spent the preceding 5 years claiming Solg were going to develop it themselves and defend against takeovers. And it seems like DC was hired on the basis he was planning to build it and Mather would have been involved in that hiring process.
The article also pins DC's sacking entirely on the process around the Osisko NSR. It doesn't mention that the Osisko deal was preceded by a debacle over the failed cash box fund raise, which according to bits and pieces I've heard was something DC was pushing for and led to Ingo and Ayten's departures.
Also just for the record although I know people like to ignore this fact due to their bogeyman narrative, but BlackRock did not align themselves with BHP and NCM when Mather was forced out. Their voting history is available on the SEC website, in 2020 and 2021 they voted in favour of all resolutions apart from re-electing Brian Moller. They even voted in favour of Mather's reelection when he barely survived. Yet more lazy journalism just assuming they are lumped in with the majors and against the board at all times.
Good point on Blackrock actually being supportive of Mather. The whole article is fairly lazy but gives some juicy insight as to what went on behind the scenes.
NMM - agree with your 08.18 post completely. A change of government provides BHP with an opportune moment to stake their claim. Unfortunately SOLG have given them plenty of ammunition over the years to do so, too.
Yes, the AGM... I do hope Bob brings his bat with him as I know a few out there ready to chuck some serious curve balls at him so he better practice his swinging arm.
So it looks like our CEO at the time .. DC.. simply enquired around to find better deals or at the very least make sure the one that Bob was offering was the best and in ALL shareholders interests and that's what brought his early dismissal but lets face it... it was coming with the merger anyway.
Now, for transparency, I really would like to know whether Franco Nevada were offering better terms than Osisko? If they were then that places Bob and Maxit in very hot water.
Shouldn't be too hard to find out as sure Franco will be happy to have a chat.
How much in fees did Maxit /BoB rake in from doing the Osisko royalty and fund raise?? I thought it was $10m but will have to look into it further to be absolutely sure.
And some here think voting the CGP boys back in is a good idea!!??
It's time to get rid of these guys. Bob's unprofessional and causing SOLG shareholders all kinds of problems with his mouth and funding expertise. Both paint an ugly picture corporately. It's become personal and that doesn't bode well as the super majors that Bob has pi55ed off are not likely to play ball and instead seek to push his face and us fellow shareholders into the ground. Even the Chinese seem to have gone cold as they aren't even buying stock at these cheap levels.
Is Red Ramper out now?
There's no trap... just timelines are SOLG's biggest trap. The longer it takes the more dilutive it becomes. A buyer knows that. Chinese can just sit it out another year and get another 5% or 10% slice for next to nothing. Chinese probably stringing it out as they want another 5% for $20m. That's almost 10% holding for just $40m spend or thereabouts.
Why pay up $2bln for 100% when you can just play this management team along and just chip away 5% here and there for peanuts.
All Bob has to do is stick it on ebay and let natural forces take their hold... those who want it... will bid for it. Simple as that. But suspect Bob is after some cheap shares before he does that... some of those 157m CGP shares for instance or perhaps another royalty deal and another $10m in the coffers. Nice gravy train this SOLG biz for those like Bob and Scott... 30m bonus shares to the latter was nothing but a poor joke.
Don't play the smart/idiot. I'm not RK; I don't have his knowledge about those things. I'm just a a PI who was trapped into this and waiting for whatever outcome here.
Given the shocking share price the company ought to release a statement addressing some of the points raised in the AFR piece. They won't be able to comment on the legal proceedings but they can at least call out some of the inaccuracies and reassure shareholders that they are confident of securing adequate shareholder support at the AGM.
This company is a proper basket case and I can't wait for it to come to its conclusion.
Agreed. Owning this stock should come with a health warning. Cast my vote. Let's hope 2024 ends this episode positively for all.
The question shareholders should be asking themselves is, do you want a board who are pursuing a competitive exit or, do you want to create more chaos and uncertainty?
This AGM is the most important in our history - even more so than 2020. If shareholders boot Caldwell out and a new CEO is appointed (if one can be found to take on this vipers nest), bang goes the exit and back we go to all the nonsense about production, with BHP pulling the strings. Can you imagine the massive disruption that'll be caused with the CGP interests sitting on the sidelines doing their level best to impede a new board? It doesn't bear thinking about.
Addicknt.... have you ever wondered what Bob and his Bat would do if he felt he was slipping from power or grip on his SOLG payday?? Like if the AGM didn't go well... what do you think Bob would do? Just sit there and take it on the chin... or turn aroujd to the chinese or whoever he's talking to and say... erm guys... now or never as we are soon gonna lose conrol. So deal with us now or deal with someone in the future whi may not be interested in dealing with you at all??
Sometimes you see action when choices are reduced. You idea that chaos would unfold is simply wrong. In fact, voting them down will bring a swift end to this imho and believe me... no matter how poor the first bid... more will follow as history shows never has a Tier1 asset of this class ever sold for under market value.
You need to see past this fear of AGM failure and see it as a positive as it will bring an end... an end we all want.
Vote them down and this story ends faster than if you vote them in... I'm sure of that.
Voting them down is not in our hands imo, the major holders will get what they want, not the little pi. Makes no odds how we vote.
Fort, you and I have been round the block a few times, but I cannot think of a single example of a sale process which maximises shareholder value when set against a background of chaos. Not one. And this will be no exception.
Cov, are you sure? Remember the 2020 AGM when we were actively courted by proxy agents? Come to think of it, given we haven't been approached this time may suggest the Board is confident of success. I hope they're right.
Adult. ETD don't you get. the SP is heading to 6p.
what possible chaos could ensure to make things worse.
your constant appeasement is becoming pitifull.
spell out what YOUR frightened of.
we're a penny share in the shi,,.
our time is running out with Ecuador patience.
Scotty boy has had a fair crack, markets, and share holders alike, have lost confidence in him.
show me one bit of evidence that the markets are happy with his progress,or ability to turn it round.
not your appeasing wishfull thinking, but evidence
Adikt, what. not adult eto. your right 1984. bloody auto
Folks had hoped that the meger would bring stability. Clearly that didn't happen. BHP don't like Scott and is causing trouble. This now confirms that Scott hadn't made any progress in developing a good relationship with BHP.
I think Lord Braggart has left the building after buying 100k at 8.18 on a T20 and bragged about how clever he was with that purchase.
Lovely...
Filling the board with another of your juvenile squabbles novice.
Tedious little turd
Bbg, good to see you still blaming solg woes on 5th columnists. All the way from 50p to what is it now, let me look. Oh yea 6p.
Myself and others are obviously doing a sterling job, talking it down.
How's the build up to Xmas going in the uk, aus, and Italy. I expect you have 3 exams lunches.
50p? When?
6p? When?