Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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I see addicknt, thanks for the clarification.
Jezzoo, it was described as the capitalization of unauthorised expenses. It wasn't a "mistake".
the said accountant now has nice new villa in Marbella?
Ortherncopper;
I thought I read somewhere they explained the missing $4m dollars as some kind of accounting error ?
RK, I don't have a view - I was merely posing the question. I don't know if they've signed something saying they won't attempt to renegotiate, or not. Do you know?
DBW, Yes agree with the counterview. My view is that this deal happened despite Nick. He had to agree to it because there was no other viable option after all the mishaps.
Which way do you want to do it add...?
At 15 for 1 on a SP of 16.2p, CGP should be at $3.74 (cf $3.25) or...
At a SP of $3.25, SOLG should be at 14.1p...
Which way do you want it...?
JM touché
In the same way if he can’t take the credit for the recent merger you can lay the blame for the CFO fiasco at his doorstep
It’s ok for us to disagree and in fact leads to a decent debate.
Anyone noticed the lack of insults flying around on here today…. Hmm ??
Since the deal was announced CGP has become more valuable whilst we have declined in value. I wonder if the CGP directors will want to renegotiate the terms i.e the number of SOLG shares exchanged for theirs.
CPG shareholders seem to get all the gravy though, and always land on their feet.
With SOLG we at least know now that none of them give a damn for the poor bloody infantry.
MF since June we have massively underperformed peers and the mining market. massively. I hope you are right and he fixes it but again you give him the benefit of the doubt for the positives but the negatives are someone else's fault.
JMI,
Rather be with Nick who has fought hard and won’t give in to the so called big boys, they have played all the dirty books in the trade to make life hard for Solgold imo.
He isn’t the CEO now is he, markets crashing and you wonder why the share is down???
Anyway busy day ahead
DBW/MF, being aligned is not does not mean he has been a bad manager. You cannot give him the benefit for doing this deal and at the same time ignore where the share price is under his watch. I am not an apologist for BHP obviously they will make sure their interest are considered. Just saying Nick and Co. have been not great.
I think he is more aligned with pi's than anyone else.
Without him there would be no Cascabel and we wouldn't be having this conversation.
He wasn't CEO when the CFO fiasco unfolded ......Do you really think the likes of BHP want anything like a decent return for all shareholders .... he's been doing everything (Franco/Valuestone etc) in his power for years to ensure we are not simply ground into the dirt then swallowed up.
JMI,
So Nick was the account at the time was he when money went unaccounted for? BHP are such angels they wouldn’t do anything to cause Nick to take the measures he had to take?
Easy just to rattle stuff off but you like me were not there were we, so we have to go by real news and not tittle tattle from investors who lost a few bob
Atb
DBW, Nick tried to create a mine that was unheard of. Got kicked out as the CEO. Failed multiple times to acquire Cornerstone. Went into a public fight with BHP. Oversaw a failed cap raise. Agreed to the hiring of a CFO who got fired in 6 weeks. Money was stolen from the business under his watch. He is still very influential. Do not think that he or anyone there is a good manager of the asset.
Orthern ..... Love him or hate him this would never have happened on Nick's watch
in not 100% sure we can Bozi. of course common sense says, surely they wont release it without supporting finance sorted... but my opinion of our board is so low after the last 3-4 years.........
Come on Orthern. I think we can give them a bit more credit than that!
Your 5 questions all very reasonable by the way but all material info and would need to be released by RNS first I suspect.
Add just send it to Fawzi he can probably add
Great! Missed the deadline for submitting questions!
agreed.. The proposed merger is a step forward, but it doesn't stop us running out of money in the very near future.. Funding is what the market wants to know about... more so than the PFS.
We can only assume CGP didn't agree to this, to immediately then be diluted by printing hundreds of millions of additional shares, just to be able to function as a going concern and limp along to DFS.
It would be a total waste for Solg to release the upcoming PFS addendum without having finance news in place to support it. But with our board, I genuinely think that is possible.
Orthern, I hope they do not do any stupid studies and drilling. Get the business sold. The amount of money wasted is incredible.
Orthern in all seriousness I think the recently proposed merger (if it goes through) will be a huge obstacle removed and a big step forward but they need to address the whole issue of funding pronto
Dbw - good point, I will be tuning in for sure. Maybe we'll see one of the two big pieces of news released tomorrow before the call. Or they might have lined up some good funding news (this would be nothing short of miraculous).
I read this piece in the FT yesterday and Dimon's quote below stuck in the mind:
https://www.ft.com/content/f9d90465-1036-430d-8f54-21d075a7b3ec
In June, Dimon warned of an economic “hurricane”, and on Monday he again encouraged investors to be “very, very cautious”. He added: “If you need money, go raise it.”
We are leaving the funding very late. The lights off bunker down scenario alluded to in the going concern RNS may well become a reality next year as we try and get the business sold.