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Sorry ignore duplicate.
Ortherncopper,
Is there anything positive you see in SOLG or is it all doom and gloom. The reason I ask is that if things are so dire why are you invested here? What are you invested for? I'm not suggesting you have to be positive to be invested (as we've been up and down that old one for yonks now). It's just that .... there comes a time when you have to listen to your own posts and act on them. And based on your posts... you should be selling up and moving onto another stock. What's stopping you?
If he doesn't get 50% of the votes cast without counting his own shareholding then I'm confident he'll walk. He'll be asked to by the chairman.
Another proxy holder will be found by CGP and SOLG directors. Might take 3 or 6 months and no doubt that time will be full of more emptyness where nothing happens.
So we have to try to accept the least worst man for the job… the best of really bad bunch of options.. let’s continue with the guy who has mothballed the company..
What an illustration of how badly mismanaged this supposed tier 1 has been.. we have no real positive alternative..
If he doesn't get 50% of the votes cast without counting his own shareholding then I'm confident he'll walk. He'll be asked to by the chairman.
Another proxy holder will be found by CGP and SOLG directors. Might take 3 or 6 months and no doubt that time will be full of more emptyness where nothing happens.
And even if he does end up with a similar % to Mather, I highly doubt he'll walk. We already have a shoddy reputation regards governance issues...
Othern, I'm not familiar enough with the register at the moment to do the maths. Appreciate BHP and Newmont are likely to vote against, though we can't know for sure with the latter.
If he doesn’t reveal a large development before the AGM he is done…
It doesn’t matter if we see him as the best option in the current situation, or just as someone who has overseen a huge drop in share price as he mismanages the company.
I think there is now zero chance he gets more votes than Mather did when he had to walk..
Small investors on here will make no difference to the vote.. he has spoken multiple times of knowing the large investors don’t want him… and I can’t imagine many medium sized ones are impressed with him either.
Orthern, I highly doubt that. As has been discussed multiple times on here PIs would be foolish to vote against him at the AGM. He stands to benefit to a much greater extent than any of us through a sale of the business and it's plain that's the outcome he's pushing for.
Whilst I generally don't see merit in comparing the two companies, Caldwell has put his hand in his pocket in a big way compared to Shaun Day at GGP. Let him get on and see what he can deliver. If we are left guessing at the end of Q1 '24 I will at that point struggle to keep faith.
Thanks to TI and DG for sharing their insights.
He seems to me to have the character of a shifty used car salesman… his management patter is always generic fluff with no substance.. the kind of talking for minutes without saying anything that answers questions..
And he will be out of a job in a matter of weeks without any large development before the AGM
As the Italian has shared his notes from his call with Scott today I thought I’d also share my own. I wasn’t going to as I rarely post here anymore - but I thought it was interesting comparing my own notes to The Italians - and thought others might like to compare too
It must have been Scott’s ‘call’ day with investors
My notes below -
Some notes from a call I had with Scott Caldwell today
Sector pretty beaten up - most junior miners down 20-30% over six mths - but we are at 50% - obviously Scott not happy about the slide and sympathises with PI’s
The companies in the data room are all of size and scale to take on a 2.5b to 3b Capex project - none have walked away - the revised PFS with lower start up would open up and broaden the horizon for other companies with financial capabilities to also look
The review in the data rooms does take ages - so much to look at and review - with site visits also - their are companies looking at just Cascabel - Cascabel and all Tennaments - and just Tennaments
No intention to raise currently - enough funds through to June - nobody wants to sell the CGP shares down at this level - strategic review could provide a source of funding JV / Earn in Style for Tennaments - this would give us a source of funding - real possibility of these and more chance now election is behind us
Elections have slowed things up - not so much because of worry of who would win - but more the instability and how peaceful the whole process would be
Told him I didn’t like - open ended strategic review - he said all companies should be reviewing strategically all the time - the vast complexity of our tenement estate is a good thing but takes a long time to review. Site visits ongoing - some of the areas to visit take two days to get too
Met with Newmont at the Denver event - non commital over what they will do with their stake - not even looked at it yet
Nav at 8% around $3b = 60-70p - price to Nav always interesting and complex - with copper price / gold price / world inflation - would seem a huge leap to get back there when we are down at the lows - wouldn’t be drawn on what he would deem an acceptable offer - but all stakeholders want top dollar and current price doesn’t reflect in any way what we have
IPA / EC and amended protection act - all have a great shot of being signed under Lasso
New ministers will be appointed under new govt and Scott looks forward to working with minister for mining - exploration agreement legal docs and early works permit likely before end of the year
No payment due / royalty payment until construction of concentrator starts - 2-3yrs so no need for that chunk of cash
Trying to get news flow out before AGM - directors in a closed period now
Did buy his shares on open market through his broker - as quite frankly he views current price as hugely undervalued
Scott is the fat lass in NHS specs at the school disco left without a dance partner. There is literally nothing about him or what he’s doing that appeals to us investors.
Flashing a bit of leg by buying a handful of shares changes nothing in my view
I shall be voting no
Totally agree with you Bozi. Scott is coming across like a Gemini. He puts a downer on every previous positive. After almost a year, not to mention the excitement when the SR was announced, we are no further along. Instead of addressing why he has so far failed to find buyers, he is focused on buying more shares and forgetting about us who have been patiently waiting for the past year. I'm now forced to think that Warren's 6 months time line for a sale is unduly optimistic.
That’s very easy to rule out. It’s not in their interests and everybody hates them
Don't rule out BHP for a JV
;-)
At least Scott is engaging. I've heard this JV talk before .... and am hoping it's substantial and not some pony side hussle on some of the old CGP prospects. That would really annoy me. Sunstone et al is of no interest to me. Bramados... not interested. It's the big SOLG prospects that I'm interested in. Get a JV away with someone like FMG or Rio or Codelco etc and that will get tongues wagging and the sp moving back up nicely ahead of the q1 24 PFS update. Pull that off pre AGM and he's got my vote.
Thanks for that 'the italian'... it's pi's like you who are achieving more for 'everyone' than the likes of Peel Hunt or other brokers have done for a while. Where is the house broker these days?? What are they doing? Scak the and get some fresh impetus in!!
I've got to agree with Eloro.
From reading The Italian's summary, I'm not too sure what this "finish line" is that is being spoken of.
Corporate action has long been something that SOLG shareholders have let consume them and the longer that goes on the worse it gets as focus is shifted away from what the company should be doing.
Scott speaks of putting the SR to bed in one sense but then talks of looking for a price reflecting Alpala's previously published NAV. No interested party is going to stump up anything like that figure. We're simply miles too far away in development terms.
There's an unevenness about the comments to me. We're talking about a finite agreement based upon figures that are well out of date even now let alone in 6-12 months.
Pretty muddling all said and done.
Thanks Italian that was more informative than most Solgold presentations and a lot of the RNS's!
What's up with you TI? You are not my parents, so stop telling me what to do heh! I am entitled to my opinion like the next poster. You are being high and mighty. First you waving your solg position about like that makes you more worthy than the rest of us. Cool it dude.
Hi Add, end of Q1/24 has been mentioned as a likely time line for a bid. However, here we have Scott talking about buying more shares after the AGM. That imply to me the his purchase would be in Q1 which he would not be allowed to do if a bid was incoming. I might be wrong, but that is the impression I derived from reading TI'S post.
Eloro, he was always on the case, what are you on about? Perhaps you should spend less time in your head or in this BB and engage the company directly yourself.
Eloro, how do you reach that conclusion?
Thank you TheItalian. Great to learn that Scott is still on the case. Disappointing that we might be here for the long haul judging from his response.
Many thanks for sharing your work. The JV news, was that concerning any of our projects or just in the sector in general?