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Don't pre-emption protections prevent the company from issuing so many shares to a single party?
"ToS...the CGP 157.1 million shares will be redeemed post merger...leaving only 23 million dilution..."
I think you'll find that Maxit are taking 2.1m as fees. But just a hunch. You'd think they would take the cash but I guess if you take the shares it's double bubble on a low ball scenario.
All speculation on my part but noses are in the trough and that's a good sign as it means a value enhancing transaction is not far away.
I have checked with Fawzi and response is as follows
“Thanks for your email. The 155m shares to Jiangxi Copper as announced today will be an issuance and are separate to the SOLG shares that Cornerstone holds.”
So the cornerstone shares may be used as a top up of shares, to who, is the question. if these were to be sold to Jiangxi also It would take their holding to nearly 13%. A bid precursor?
I think we can now safely state that Solg will not be mining in Ecuador as a solo enterprise. That profile has well and truly died.
All that remains to be discussed now is whether Solg will JV with a major or be sold.
And all the while, CGP will be in the driving seat together with NM.
A coup in the making - stealing the crown jewels right from under the noses of BHP and NCM.
Truth is stranger than fiction it seems.
My NY resolution for 2023 - get shot of Solg ASAP,
Z
ToS...the CGP 157.1 million shares will be redeemed post merger...leaving only 23 million dilution...
ToS, Citi and Maxit are not 'consultants' in the sense you describe them. They are retained corporate financiers with a very specific task. They will perform a job our board cannot do themselves and you should be pleased they're onboard.
"...Over the past decade, Ecuador has become the fourth largest recipient of Chinese funding in Latin America. By 2019, China had become Ecuador’s second largest trading partner, as well as its main source of bilateral financing and main contractor for public infrastructure projects. Numerous Chinese firms have come to Ecuador to build a wide array of projects in sectors such as energy, mining, oil rigs, telecommunications, construction of roads, hospitals, schools, security facilities, and technological systems...."
https://thepeoplesmap.net/country/ecuador/
RK, your post @ 0748 today:
"...But...the Chinese wont get the prize...neither the Ecuador government nor the other major players will want a major Chinese player with a foothold in Ecuador..."
You talk b ollox at times.
Z
To be fair.. 25 million shares I can accept, as in be grand scheme of things it’s not a huge amount.. and I’ve called for the introduction of a third supermajor for a while to break up BHP and Newcrests stranglehold… But at 16p??? Come on.. that’s a shocker.. and I think it says more about the deflated position Solg has found itself in after all these years. Investor fatigue is in full force here.. just give me 40p plus and I’m out
BHP had to pay 28 and 45p and that was way back before Porv or PFS..
So if I were a buyer looking to purchase Solgold shares today, for approx £400m I'd get for around £100m cash once various fundings go through. ENSA for large part of Ecuador, 1 bone fide tier 1 discovery oin Alpala, plus test of Cascabel, plus others....nice ;-). Seems way to cheap in my book if I'm honest and don't understand why we are not already double this price tbh
Hi Bubble, wise words matey imho. I think I need I need a break from here imho.
A break is as good as a rest, as they say!
Obviously........ imho ;-)
Stop bragging copperpot. That’s unbelievable. I have personally increased to 760k units plus the old man owns 450k
Ortherncopper,
I did elude to noses in trough and feather of nests prior to a sale a while ago. It's par for the course. But very stinky for CGP and SOLG right now. They could have placed the 180m with Chinese in full but instead, it does look like someone wanted to bank 25m cheap shares.
You have to remember that there are quite a few money men involved with this one, from Sangha to Maxit to Irwin and co.
The insider knowledge on this is astonishing and surprised the regulators haven't stepped in.
It's ugly stuff but I guess the markets for you... London banks have been washing Russian money through the system for years and that's a a FACT! So not whiter than white out there so guess we all have to lump it.
I'm just glad that we are nearing the end game and this saga soon to be over. If you strip out all the human beings, nobs, money men and so on... it's not a complicated story... it's a discovery of a tier 1 copper gold deposit which is world class and will resolve part of the global copper shortage crisis that awaits us in a few years time according to Goldman Sachs and co.
It's the bees buzzing around the pot that is messy and laughable. The asset shines and Mother Nature has delivered us an answer to our needs. Now... we just need greed, man and ego's to align so it can be extracted.
Humans... got to love them or hate them!
Orthen first time I've ever aggreed with you
Far more shares had been gifted, and will continue to be gifted if the company pressed on with DFS and vague ideas of development and so on. A sale may or may not occur, but there will soon be no more of this will we, or won't we nonsense that has plagued the company for two years with BHP quite happy to see ever more dilution to help them make up their mind. As long as it is not them being diluted.
Copperpot take a back seat like you always say and pop up when we close to news nothing to read here ATM as you always said
Fair assumption I’d say Orthern
Well it’s clear that we will not see any appreciation in share price based on drilling results or advancement of studies (PFS MRE) for some time now if ever again.
It’s just down to a straight takeover battle now and the playing field has been greatly levelled recently.
This will benefit us all when it comes to the final deal being struck
Anon sorting the books out ready
Tos see you done your research again ....that extra year has taught you alot I guess
I’m going to guess the other 25 million went to Valuestone or split between Sangha and friends..
The more shares we gift away at this level, or the more future royalties we sell, in order to create “competitive tension” the more we erode the value of our share in any future bid or mine. And.... the bit that really sticks in my craw.... the longer it takes, the more of this money being raised is used to pay the salaries of people who are creating absolutely no additional value to the already known assets of the company. But hey ho, why not get another set of consultant “experts” in at exorbitant cost to advise us how to do our jobs.
Or certainty that they could get it at a price they would be happy with. If someone told BHP they could have Cascabel for 16p a share today guaranteed, they wouldn't need more than a day to say yes.
You are not getting it. The reason why a bid never came in was because BHP and NCM were always felt in control. They could bide their time and dilute every else into oblivion, and gain control of the company without paying the takeover premium like Rio Tinto did to Ivanhoe Mines at Oyu Tolgoi. There has to be competitive tension, and that was always missing. Please don't suggest that potential competitors could have bought shares on the open market to compete.
Exactly Luke...credible bidders do their own DD ore and post bid...
ToS, had you made that comment before the merger was announced I would have agreed with you wholeheartedly. But life has changed quite remarkably in the past month or so and the direction of travel is now being dictated by people who are anything but directionless.
Thanks guys. I go and enjoy the rest of my day