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Red, my point is, you'd know about it if Chinese were mopping up stock as we wouldn't be at 8p. It's clear that they haven't got stuck in on the scale required to absorb a minor 1.2% holding from the Berry snot street boys.
It specifically states sufficient cash to end FY24 i.e June. And that's without selling the Subsidiary Shares. It couldn't be clearer. It's equally clear he's hoping something will happen before then in order to avoid having to sell them.
Fort...Jiangxi or anyone else only has to report their stake when their order is complete.
We hadn't heard that they now have 7%...
When the mm's begin to run out of stock or have finished with matching deals off book or after hours etc etc then you'll see them mark it up fast but only once they've loaded up with a few extras.
This is definately 'destructive' by Berry Street and their clients should be furious.
Perhaps the Chinese can't buy in open market now as they are under inside information rules?? Who knows but mind boggles why they haven't filled their boots. Why buy 1% in open market at 17p/18p and then do nothing when it hits 8p?
Anon...the Strategic Review will be completed by end Q1 2024 unless somebody bids before then...so new cash needed until end Q1 at least...
A few more 40,232 had to pay a little extra at 8.6p though
Highflyigman, I imagine the off-book trades we've seen in recent days were Berry transactions.
Scott has come out and communicated BY RNS...
But this paragraph is key, because Scott has been very confident in his assertions that there is no near term funding requirement and
That the SP was worth at least double when it was 10p.
So...I believe there is either a 'silent auction' taking place for the CGP stake, to the highest bidder or...
There is a 'presale' proposal, e.g. " these shares are available at 20p if anyone wants them, but only until, say 30 November.
Because even this 5% stake is Strategic, because it would take BHP or Newmont to 15% with a right to a seat on the Board, I.e. an 'insider's
or Jiangxi to 12% ( and did anyone spot they are now 7%....)
or another player to the table, e.g. Mitsui...
And this paragraph is key.....
"While no additional funding is required at this time, there has been interest in the block of SolGold shares acquired indirectly through the Cornerstone transaction (the "Subsidiary Shares"). There is no need to place the Subsidiary Shares at this time, and depending on the outcomes of the Strategic Review, there may be no need to place the Subsidiary Shares in the future. At the appropriate time, a determination will be made regarding the future of the Subsidiary Shares."
NOTE " there has been interest in the block of shares..."
Time for a steady rerate, but is Scott timing this with an assumption that the Berry Street unload is finished...?
Looks like he lost his ball and went back to work. With RNS today
There's an irony to the fact Berry Street were the ones publishing letters criticising the management for not unlocking shareholder value, and have ended up absolutely slaughtering the share price themselves due to their fire sale.
Agreed Fort, they definitely have had the option to place these shares off book, this open market selling can only be by design. Berry Street were openly critical of Solg last year so maybe this is Karma for them but also works for us.
Cheers
Add, I read it.
You focussed on the detail, whereas I quoted the summary in the first few lines.
Note the difference in the wording. I think we all know there is going to be a financing soon, unless something happens in the near-term.
I just don't find it reassuring as it seems quite a few are. Hopefully I'm wrong.
Ray it was 1.5% but that was some time ago when far less in issue
Two things to focus on
Berry Street don't have many shares left. No fund announces that they are closing and then goes about trying to close their positions out. That's mindless. I doubt they have much left to dispose as they never had much in the first place.
Second thing is the worry for me. If it's known that Berry Street have stock to dispose, why haven't the Chinese bought them?? Perhaps they have bought some... but you'd think after the 17p placing, they would be happy to snap up another 1% at 9p or 10p. They were active buyers when Blackrock sold out (referenced by Scott today) and that was at prices near 17p/18p.
So why are the chinese not snapping up Berry Street's 1%? Like I said before... perhaps a low share price suits them... are they planning to make a bid now SOLG look weak?
Anon, read it again.
Small amount of shares traded obviously does have an effect on the sp.
But some rampers/derampers say their opinions on here do not matter and do not influence the sp.
"no additional financing required in the near-term"
Depends what you call the near-term, I suppose. This year?
Will it help the Sp? Hopefully.
Kat. Your wrong.
People will hate me being proved cottect.
All those experts.
Anyone know what percentage they held?
Exactly! Yes some of you knew this etc but I needed to read it in an RNS. The stakeholders in SOLG are impressive and still holding a significant % of the company.
Semantics imo, the RNS listed here under AIM. My point is that SOLG is as mentioned in the RNS a small company with illiquid shares. As it happens I had given up and sold a few weeks back. Today, a fill or kill with HL to buy back in my faith restored by this RNS.
Either way eventually it's going to have a good bounce
Given the amount of uncertainty in the markets at the moment, when I saw the headline "Solgold update' on the Stock Exchange RNS page, my heart sank. So often at the moment, when a company leads with that heading, it's a precursor to bad news. Thankfully that wasn't the case.
Although Q is right to say there's nothing new, I believe it draws together everything that's been achieved by SC and provides clarity in a way that didn't exist before. There's no doubt this has been forced on them, but at least they've replied and have produced a coherent explanation of where we are and what he hopes to achieve.