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Maybe cos BHP have told them get your house in order before we make an offer
Fair points rcgl2. I think this is probably old news and that the major shareholders were briefed and steps taken to resolve in private with as little fuss as possible. As usual the private investors are the last to know, but in this case there seems to have been no prejudice. As someone said maybe this is one reason NM was forced out. In additional the two major recent board appointee would definitively have been briefed on this presumably to their satisfaction before they agreed to join.
My view is that any bidder, if one comes, will be more than happy to have a local competent work force in place, it may even be a prerequisite to a bid partly as a commercial and partly as a political necessity.
Correct rcgl2.
Although I must admit I enjoyed the spin/pivot immensely. One or two on here may want to lend their services to the tories.
Monte - 9.25 post is utterly ridiculous. What difference does it make to you how people travel? It's company policy and I suppose it only becomes OK it a bid lands and we all walk off into the sunset pockets filled? Please. By all means talk your book but comments like that are almost libellous.
rcgl, I think it revealed the company's finance function was woefully inadequate and that remedial steps were essential, and is not indicative of anything other than that fact.
I think it's wishful thinking to conclude that the fact Solg has discovered financial impropriety and taken various steps to avoid it happening again means they are about to be taken over. If anything it suggests they are not intending to get taken over any time soon, hence they want their house in order. Why would they hire a load of additional local finance and accounting staff if BHP were about to take them over and all local finances etc would then be under BHP's existing systems and controls.
When you discover a fraud in a public listed company you need to do something about it and make sure it doesn't happen again whether you're getting taken over or not.
..
"Feels like the 'new broom' tidying things up, either for potential takeover / investment or improving governance in advance of AGM."
Exactly. These things happen in the best of families, but the team who delivered amazing SOLG progress up to 2017 haven't really served us well since. The last 5 years have been locust years, no real progress no creation of shareholder value. It's time a new broom swept clean, quickly, and got us ready asap for a takeover. The "story" or "journey" has turned sour, even I suspect for the most misty eyed long termers on here: we need closure, we need our reward, we need a major corporate event now. Enough hands in the till and snouts in the trough - time for the shareholders to be put first and foremost.
LunchMoney agree there something seems to be getting sorted ATM
# any other
Was the former CFO implemented?
Fawzi flying first class no doubt, picking up where Nick left off.
Big salaries ,first class travel and champagne all the way.
Solg, the life style company just like another other AIM (sorry former AIM, cough , cough) company.
Very many thanks for your efforts regarding enquiries with solg- appreciated.
Z
Wardy has simply stepped aside because of work (in the field) commitments. I think he's going to have a lot more on his plate in the coming months.....let's see ;-)
Addinct ....Fawzi attending C G Global metals and mining conference May 15-17th in California
Then B of A Securities Global metals mining and Steel conference in Miami straight after
Not sure whether we are presenting anything or simply attending to press the flesh
Add, agree that's a slightly odd reason to give about why JW stepped down, considering they already pretty much gave a different reason in the MD&A when they addressed the votes at the last AGM. They have said major shareholders want to see a more independent board, so having DC, NM and JW all on the board was tipping it too far the wrong way. They've committed to putting all directors up for re-election at the next AGM as per the code and JW got a lot of votes against last time anyway, therefore had essential no chance of getting re-elected at this year's AGM.
Morning Addicknt, thanks for that update....much appreciated. It looks like the shopkeeper had his hand in the till and not a local shoplifting! This is what I alluding to yesterday. As shareholders we should expect to be fully updated with the fiñal outcome. That's for sharing buddy.
Incidentally, for those of you who get excited about these things, Fawzi is out of the office this week attending conferences in North America.
The investigation has been completed - the employee dismissed and efforts are being made to recover the funds.
In what way is it "sensitive". The bloke's either being prosecuted or he isn't and would be a matter of public record. If he isn't being pursued, why not when it was most obviously a crime.
Mine was a perfectly reasonable question to ask and suggest you spend more time concentrating on your stellar investments in Russia.
.........here in the NW. Hopefully the same further up the road for Sean & Red.
Another blue day with the SP would also be nice - 30p today?
I'd sent a note to Fawzi containing a few questions about recent developments and received the following answers:
A single employee appears to have been responsible for the fraud and has been dismissed from the company. I asked if he was being prosecuted and didn't receive an answer, merely that the company is in the process of retrieving the funds.
I asked if Jason's removal from the board was as a result of the misappropriation but was assured that it related to the fact the company feels it doesn't need two people on the board with a strong exploration background. I'm not sure which board member this refers to - Mather? (I'd have thought DC was more of a development man) If so it seems odd to give preference to a part time NED over a hands-on, full timer. I was not convinced by this answer.
I also asked why it had taken five months to inform shareholders of the discovery. Fawzi replied that they had appointed EY immediately and they've only just completed their investigation. Again, this doesn't really answer the question. You could take the view it's better to wait to have the answers before informing shareholders or, you could argue shareholders should be informed straightaway, which is what normally happens. Given the market appears to have shrugged the news off, I'd suggest it was perhaps the right approach.
Believe it or not bought vast at 0.63p watched it go down to i think 0.28p in a matter of days but sold early in it's 300% rise in one day for 0.92p ended the day at 2.2p so all in all okay I think you had some at 18p and sold for a small loss as for kefi underwater 23% but will come good I hope what I will say is you deserve a medal and huge gains here ps I do own GGP at 12.8p and haven't made an investment here yet !
"Remember... the market has a habit of doing the opposite. Ponder that one."
Exactly, hence why I sold out b4 the pfs landed...
I've noticed the colonel is behaving very childish today and over talking and sadly a lack of humility enjoy his input but not today solg will do whatever it's going to do as for petrofac just sold and extremely happy with my 6 week return
Via Minera
May 15, 2022.- At the end of the week it was learned that Jason Ward, a geologist with more than 25 years of experience and president of SolGold Ecuador, had submitted his resignation and that the company was in the final stages of hiring a new boss in the country.
Ward was also SolGold's head of Exploration and one of the professionals who led the team that, from 2012 to date, has been trying to carry out the Cascabel project in northern Ecuador.
Precisely for this project, SolGold presented its pre-feasibility study on April 20, a document long awaited by the local mining sector.
According to the report, the feasibility study would be presented in the middle of next year and if the assumptions of the operation came true, Cascabel could start producing approximately 210,000 tons of copper and 350,000 ounces of gold in 2029.
Ward's skills transcended the field of geology and were instrumental in making Cascabel now a project with a good chance of becoming a mine. He not only led the drilling of more than 300,000 meters in the northern part of the country, but he practically did it without the conflicts associated with mining activity appearing.
He managed to successfully manage teams that worked in very different, distant and challenging social, physical and geological terrains. He has worked in Australia, Japan, Fiji, Solomon Islands, New Caledonia, Oman, Switzerland, Peru, Laos, Papua New, Argentina, Chile, Brazil, Mexico and Ecuador.
Engineer Ward has a Bachelor of Applied Science, Geology and is a Fellow of the Australasian Institute of Mining and Metallurgy. He expresses himself fluently in Spanish.
In Ecuador, he promoted several initiatives for environmental protection and water care that allowed SolGold, as operator of the Cascabel project, to project an image of a company that respects nature, water resources and promotes community relations that promote the prosperity of families.
Jason Ward led the team that in 2019 planted a million trees in the direct and indirect area of ??influence of the project, that is, the parishes of La Carolina, Lita and their surroundings, with the aim of recovering the natural dynamics of the ecosystems disturbed.
MR, 'fantastic day so far'. Were you referring to your investment in POG? Or was it EUA? Let's hope so.