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Colonel - you can’t polish a xxxx and this was one of those imho. How can that amount of money have been taken out under the radar? Checks & balances non-existent? Paints a very poor picture of how the company was being run at that time.
Thank goodness we’ve had a new CEO since the relevant time frames, or else there really could have been carnage for the sp today.
And I’m with add in wondering what if any consequences there will be for the alleged offender(s). Surely a criminal investigation? And surely the alleged ‘perps’ are long-gone?
Nevertheless a decent blue day to end a rough week.
All in my humble opinion of course.
Lovely way to end the week a nice round 27p. Here’s to next week have a good W/E all ONWARD AND UPWARDS!!!
I wonder what our main shareholders think of all this? Indeed, did they know about before December's agm? which may explain why they were lobbying to force a re-election vote for Mather.
Regardless as to whether they knew or not, they are not going to be happy and I'm sure DC has been rushing around assuring them everything is in hand. Was Jason removed from the board because of this?
I'm genuinely surprised we've had a pretty good day today (so far), this sort of scandal normally scares the bejeezus out of the market.
Decent buys coming in ,more news ??
No wonder we had a new auditor's - 12th Nov 2021 RNS - BDO LLP resign - obviously they didn't do a good job balancing the books !!!
You go there tinyray!!! always hanging onto the coattails of the biggest bully out there, well done respect to you ; )
Not sure if buddy will communicate this to you if not already asleep :o\ zzzzz... Not sure you following me around my invested stock BB offers any value either but at least you get to see the best stocks for future growth ...
by all accounts Cuzzubbo seems to be doing an excellent job..............
Seconded buddy, he adds FA anywhere, just cheesey one liners and insults all day everyday. Notice most of the rampers ignore him too....
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?