Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Sorry buddy I'm not usually pedantic like that, just couldn't resist the open goal.
What's your excuse for being here then buddy, apart from telling us what fools we've all been investing here for the last 10 years ? Pray tell us
Thanks for your comments addicknt.
Sharket I get that and uts a risk as always but there are quite a large number of shares in shall we say safe hands who would not accept 50p.
How long can bhp and Ecuador wait and will someone else pull the trigger 1st.
As I said earlier, I'd like to know who the criminal is and what action is being taken against him/her. Can we expect to see someone facing trial/execution?
Woody, 1&2) the amount was taken over a period from 2017 to 2021 so would have been easier to disguise. But you are right, someone i.e the CEO and FD, weren't paying much attention to the costs. Both are no longer in position.
3) I think you know the answer to that.
4) Possible, but unlikely.
I've got some queries:
1. The sum seems a significant proportion of the annual spend to slip through the net?
2. Why would £4m+ not have shown up as an extraordinary blip on the relevant year's accounts compared to others?
3. Who was CEO when all this was going on?
4. Maybe this has come to light as part of confidential due diligence going on?
Colonel, I think you are throwing stones in the Solgold (down from 40 to 26) glasshouse.
Definitely more right Charlie than Colonel….
Interesting that it's taken the company five months to inform shareholders of the theft, isn't it?
I also note the establishment of a Strategy Committee which has been established, inter alia, to examine proposed M&A developments.
FTJNY - I sincerely hope it isn't linked as that would suggest that Priy knew about it, raised it internally, got shut down and left in protest, only to have it continue for another 12 months before finally getting the light of day it deserves.
Primed for a takeover or j/v imho
Australia-based SolGold has been without a permanent CFO since the departure of Priy Jayasuriya in November 2020. At that time, the company appointed Ingo Hofmaier as its interim CFO.
"Anything else you want to rustle up or are you now out of gas?"
If you're trying to imply I'm not invested here or deramping this share, you're wide of the mark. We just don't all live in the "every day is a bid day FOMO is king" dreamland that you do.
FTJNY - Which recent discovery and which FD resigning? Did I miss some news?
Of course Colonel, but if BHP and NCM are joining forces, I would assume they would have the backing of the big insti investors, and PIs who are simply fed up of being invested here and would take 50p tomorrow. Moreover, the more influence they have on the board, the greater the possibility for dilution on a scale not yet seen here. Mather & his various holding cos simply won't be able to keep up if that is the case.
I'm also acutely aware that our CEO still holds no stock in this company, unless I've missed something.
smickster, as the older guard / axis of Mather is eroded, there is greater opportunity for BHP to lobby for 'friendlier' faces on the BoD, negotiate an agreed deal more aligned with their own interests (and possibly NCM's) that the BoD will then recommend to shareholders.
Just wondering if this is in anyway linked to the recent discovery as the previous FD left very suddenly with no explanation which was somewhat of a surprise and a bit mysterious at the time?
Sharketmare why does the asset become cheaper in 6 months?
Even if solg has a clear out in December the assests are still the same and shareholder won't all of sudden roll over and accept a silly bid.
Norge and many others are looking for decent returns imo regardless who as at the helm.
"The city spivs are annoyed that their contact Ingo has been moved aside and a new powerful CFO brought in."
Wild, baseless speculation.
"I think the market is slowly realising that SOLG will not be going cap in hand (on a significant level) and the city spivs will not be getting a cheap entry."
Based upon what exactly? When we need cash we will need cash. And we will raise it at the price the market is willing to offer us.
Like you Colonel I'm hoping for a bid sooner rather than later, but recent events and SP action imply that one isn't coming anytime soon. I still haven't read a good reason on here as to why BHP won't wait until after the next AGM before making their move. What is another ~6 months when they have waited this long, and might be able to sew up the asset for cheaper?
RK, how do arrive at your conclusion that we won't need any more cash until Q1 2023?
*buy
I've realised I probably misinterpreted the theft issue. I was trying to understand how it would have been done and now think I understand. I'm assuming cash was going out of the door to whomever was responsible and they were claiming the payments as expenses which were of a capital nature and were thus capitalized, in other words false invoices...is that your understanding RK?
I find it very intriguing that this financial discrepancy has been highlighted on the eve of Ms Saridas arrival! Her reputation goes before her!
$4.6m
A person could by a nice beachfront in the BVI with that much money if wanted to.
All fine words from the Company, but each announcement shows up how inadequate the corporate governance has been...
They're still rearranging the deckchairs and I wouldn't be surprised if Liam follows Nick in December if things get that far, because a lot of this has happened on his watch.
There was absolutely no reason not to put all the Directors up for re-election last December. They didn't because they knew there would be a whitewash
18 months to appoint a CFO while a material misstatement has been found
It makes the previous tenure sound like the 'wild west'...a junior minor aspiring to be a major, being run like a corner shop...
Shocking...