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Good morning SharketMare, those situations I believe are different.
Darryl was in charge of the strategic review, so with his departure they will need to clarify if it's still ongoing.
Also they will need to reaffirm the company direction.
We got this communication when Nick stepped down, we need it now.
However I do accept your premise that they are not the quickest at giving updates.
I just feel they cannot leave the market hanging on what has occurred here.
He was certainly pushed…
Time line to DFS? There is a problem with Our boards timelines, is their credibility is shot to pieces… we have become a company who are seemingly incapable of meeting any of our projected timelines. I have absolutely zero faith we can get the DFS done by end of next year… excuses would be found and 6 months from now, all talk would be of needing more funds and expectations of a DFS in Mid 2024…
We now have ZERO credibility
Quady, why are SOLG going to have to clarify the situation? They didn't provide clarity on why Ingo left, or Ayten left. They didn't provide clarity on whatever happened with funding over the summer. I've been saying all year that communication from this company is diabolical because we are having to constantly second guess what is going on. Perhaps now you are coming around to this way of thinking too?
mister, I think the clue lies in the wording of the RNS. If it was all part of a grand plan and was by mutual agreement, it would have said something like " DC has tendered his resignation..." but it didn't. The immediate departure reveals this was not by mutual consent...he was shown the door.
Agreed Ortherncopper.
I think the things we can agree on is he was pushed, as no handover.
Maybe this has something to do with recent events.
The CGP deal or the 0.6% offtake.
I guess we wait and see as Solgold are going to have to clarify the situation sooner rather than later unless we really are going to get the updated PFS for Alpala and the PEA for Porvenir very quickly now.
We have the funding.
What I would like is these updates plus a better defined timeline for the DFS.
All the best.
Morning Quady… everyone here has more questions than answers, that’s to be expected given the sh_tshow our board has put on.
None of us know what is going on…
I have never owned shares in a company with such an unstable board.
The people claiming it’s getting sold next week or next month have done so every week for the last 3-4 years.. a broken clock is right twice a day, and everyone of those posters will claim they nailed it right one day.
But we will never see north of 60p
Sharemarket too make a shed load of money when it's sold why wouldn't they stick around
'the market' is small investors...
I've boiught another 300k plus this am down to 16.40...
Watch and wait Bozi...
Fort, one second you're lauding Blackrock buying in the 30s as a sign that the bears have it wrong, the next you're telling us they are selling tranches of stock to keep the price in a certain range. Which is it?
Sold them and bought them back...and some for the Mrs...
Bozi: " That rests with SOLG management"
Most people on here would be hard pressed to name who that even is these days. Twigger has been one of the few constants, along with Nick in the background. The new lot we as investors barely know from Adam. I guess the interim CFO said a few bits and pieces on the webinar, mainly clarifying/correcting DC's mumblings.
The company is barely recognizable from the exploration company many invested in years ago: scrambling for finance, major shareholders at loggerheads, unable to hold down a CFO/CEO for even a year. It's a mess and I fully agree that we are going to be engineering a sale from a point of weakness, not strength.
Question is, will BHP/NCM bother sticking around while all this unfolds?
I won't answer you quady
Recent heavy buying (in summer) at 35p from Blackrock, Norges and a few others tells me that any offers or deals will need to start at 50% above that level before anyone starts licking lips.
NCM (if not bidding) are not going to want less than double their average price and they need the cash.
On a comparable to CGP, I think at one point they were hoping for a $8 a share event (when they were trading at $3 to $4. So on that basis they might be happy with anything over 40p. That's the only weak link I can see ahead. CGP might go weak at the knees if an offer lands at 50p. Mather wants double that. Whilst the strategic review may well end up with a plan to put the business up for sale lock stock and barrel, there has to be some brotherhood cohesion in standing firm if they want a higher bid. Gets tough when the bidder lands the offer in the low ball but potential sweet spot which divides SOLG BoD's.
But let's not get ahead of ourselves. There's enough experienced money men and mining experts involved with a big pay day here that I am sure they will deliver a strong deal.
Remember, the sale process has to some extent already been running for over 18 months if like many you assume the 'interested parties' discussions on grass root licence blocks would have led to hypothetical 'deeper discussions'.
Finally, a quick one on Darryl... he held a key vote on the BoD's and that vote has now gone. So voting/control enhanced to the CGP/Mather team. And on a contractural HR basis, Darryl signed on Dec 1st 2021, so being booted before a years service has implications. After a years service... things become more complicated and expensive. But I'm speculating there.
Good morning Ortherncopper I have more questions than answers this morning.
The CGP deal. What was talked about and committed to?
If we are going to be sold why the offtake agreement for 0.6%, as we had 30 million from the CGP deal as a loan?
This doesn't add up.
A sale makes no sense.
Could we be talking about financing Alpala before a DFS.
I am not sure how that works.
Anyone got an idea how to join the dots and make sense of all the above.
Please if your answer is we are going to be sold don't respond.
They are his holdings in CGP.
What a ridiculous post Quady.
If you say you're not a stirrer, then stop stirring.
It's that simple.
People on here used to sneer at cornerstone, claim they were finished when we get to DFS… like they were just a turd on Solgolds Shoe.. Now they really are the king makers… hats off to them and Irwin…our board, are and have been for a while, absolutely woefull
People still claiming we will be sold for £1-£2 are like brainwashed cult of Solg followers… it’s almost laughable..
What a ridiculous post Jezzoo.
If you say you're not a stirrer, then stop stirring.
It's that simple.
I'm more than pleased with recent events as I've been after a sale or monetisation event for last 18 months! That's what I'm here for! Remind me what you are here for apart from wetting yourself over funding and the world is nigh??
The asset is world class. We're fully funded for 12 months based on zero exploration. We have 100% ENSA. Surely you can see that all is being prep'd for a corporate event.
Let's how you view of the market changes as the sp rises. Aligning the sp to today's news is naive at best.
Haha Addicknt. You nailed fiduciary at this early hour and then made then slipped in the very next line.
I hope you're right. I really do.
My thinking on the fiduciary duty is that stops when the merger completes. CGP management will point to a successful exit at a premium into a more liquid share that can be easily traded via a major market. I don't see how CGP management has that responsibility towards us. That rests with SOLG management and we've seen in recent weeks just how willing and able they are to deliver shareholder value for us.
Look at the facts. Strategic review on a tier 1 asset and look at the SP reaction. I think you said it yourself at the time Add.
I hope. I really do.
Okay for the first time I am posting with no evidence, but I have a gut feeling.
After all the rubbish spouted this morning saying a sale is imminent.
Try this for size.
This is to do with the 0.6% offtake agreement.
We know our major shareholders were unhappy, just like they were unhappy about the Franco Nevada offtake agreement.
I don't think Darryl supported it that is why he name was not on the RNS.
No conspiracy theories on NM required.
Darryl was at odds with the board.
He may have wanted BHP and NCM to retain their percentage holding.
Now I am not saying I am correct, but this has come out of the blue and this was our last announcement.
Market pretty nonplussed this morning, wouldn't surprise me if this closed up today.
ONWARDS & UPWARDS !!!
Have a good day all
Add - I see DCs departure as per of the deal - get SC in place before the merger is official. Not necessarily unhappy ship but part of the process of agreement between CGP and SOLG
I'm struggling to find details of where Mr Caldwell's prospective 17,587,500 shareholding comes from. Is this the multiple of his Cornerstone shares to SOLG shares upon the merger completion or are we offering him a huge bonus? The RNS can be interpreted either way and I am struggling to find out how many Cornerstone shares he has.
Frankly, I find this all an utter s**t show. I used to be excited about the SOLG experience, but now I can't wait to get out of here and move on to investments where I don't quiver with trepidation every time I see an RNS notification pop up!