The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Addicknt,
Not sure I agree re "having become aware of shareholder frustration". Do you have any evidence of 'shareholder frustration' apart from the known BHP/NCM rants? And I'm not talking about a few irrelevant lse bb posters. I don't see pi's leaving in their droves. Quite the opposite, plenty of new investors and old ones adding to holdings. We've lost some LTH'ers from this BB but you are talking a handful of folk... hardly cause to suddenly assume there's some on mass shareholder frustration. I think it's fair to say that the 'fast and smart' sentiment that we were thrown late last year has not proven true. Overall, SOLG are in a better position than they were a year ago. 100% ENSA in bag, cash raise done and well advanced with various negotiations as we well know... whether something comes of it... we'll have to wait and see. But we know much more than we did last year. We know that we are looking to monetise. We know the BoD's are keen to cash in. We've got rid of a lot of expensive SOLG suits and saved some cash burn.
Price last year... 30p to 40p levels. Price this year... 15p to 22p levels. Market backdrop considerably worse. Politics much the same in Ecuador (last year we had mass riots etc). So market giving around 20p for free here and Chinese saying thank you very much while pi's are saying... bring home the bacon pleaseeeeeee!!!
Numerous contradictions have existed for some time and the presentation did little to clarify matters.
My own feeling is that Caldwell agreed to do this presentation having become aware of shareholder frustration, as DGI highlighted in his notes of their discussion. I suspect he would have preferred not to do it as he knew he had very little of substance to say. However, he went as far as he could.
The emphasis placed on the 'we are not miners' was important, as was the reference to the data room and the numerous parties with access.
I suppose what I'm saying is that I think he may have been pushed into doing this and would have preferred to wait until he could offer us some real news which reflects the work of the SR. We ain't there yet, but we're getting closer.
@red yeah, he slashed costs and then pocketed 17 million shares
Well, it certainly bodes well that the Chinese are clearly not deflated and as you say... the more the bag and the cheaper the stock the greater premium to share price for the remaining 90% odd assuming they get themselves up to 10% and I think they will.
Without the Chinese news of them buying up another 1%, then I would tend to agree... tough to get excited about anything SOLG right now but the comforting thing is the same could be said of WoodGroup at 90p level before they got an offer from Apollo at 240p or Noront at 21 cents before Wyloo/BHP ding dong took them to 110 cents winning bid.
It's always dull as dishwater just before it gets really interesting.
Pi's moaning day to day and huge Chinese conglomerates, clapping hands and loading up with flaky pi's shares.
Of course that suits Scott and co... I think he's more inclined to bend over backwards for the Chinese than he is for Pi's but he made an effort today and that shouldn't be underestimated.
So glad I didnt bother. Wish that was the case with my purchases too.
Solg sent me a email reminder.
Should have sent them self one 😲
If I had to stay in my fantasy world and attempt a positive view on such a pointless investor meeting, I might even speculate that it was deliberate because a buyer in the background is trying to mop up as many share as possible at a low price, before the corporate event is announced at a higher price. But I trust that this is pure fantasy, I am just deflated really.
What exactly does Scott add...?
Hes slashed costs..
Hes had a couple of private one to ones, reported here...
This wasnt a presentation and theres nothing on the website and no new website...
Either something is about to happen so hes muzzled or he doesn't get PR and wastes everybody's time...
Yawnnnnnnnnn.....
And the result is…..on the other hand
Q, I haven't seen anyone mention a hostile bid for some time, so I'm not sure who you are referring to. This was always going to be an agreed deal which will be put to shareholders.
His comments about BHP were interesting. Clearly, the relationship remains strained. I was also interested to hear him repeat several times that he appreciates certain shareholders don't like him. I wonder who he meant?
Just going to leave this here...
"RE: I have 19 Jun 2023 09:28
I predict that when there is no RNS and Thursday is as boring as expected, fort will claim this as cast iron evidence that a TO is imminent (!)
Rampers gonna ramp."
And STILL no presentation!
DM/addicknt...there will never be a SR conclusion published...
The plan has always been to sell SOLG or sell Cascabel and/or other bits...
Scott also referred to the diverse book, by calling it diverse holdings in Solgold and BHP's position.
So many people on this forum still don't get the this is the number one item, that is stopping a hostile bid.
What a load of infesting multi alias Blackrock stooges weve become. My goodness were starting to make needalife look like a ramper.
Speaking of needalife. He said he takes no pleasure in being shown to be just a bit smarter than the gang. And he takes no pleasure in being proved daily, he was correct to voice his concerns.
He said he was just surprised it has taken so long for the armchair experts, who have so many opinions, to finally get the message.
But he has magnanimously said no apologies needed
Woody, I agree, although it's disappointing that the SR is taking so long to deliver any tangible results.
Heck, that was disappointing! Just old news, why did he waste his time like that, why not just a RNS?
Anyway, just got to believe they are not just twiddling their thumbs and things are moving forward. Being a sale or developing a mine with somebody else. Because clearly they are hanging on to their pennies, ha, ha!
I was pleased with that overall. No bombshells and on the positive side:
Cash for a year provided there is no exploration.
SG has had good relations with all previous governments and expect this to continue with future ones.
SC has a lot of skin in this and seems very confortable living in Ecuador.
There is definitely an active data room.
There are a number of NDAs with various parties who have access to the data room – that must be third parties who therefore have access to confidential sensitive business information. This is excellent to hear categorically and well done to our man who gave those on this BB his brief on this a few weeks back.
This is conjecture but it seems Jiangxi are in the data room, he was very careful when answering about them.
Solgold are mine finders not builders. Solgold is not going to mine Cascabel.
It is as plain as a pike staff this is going to be sold.
Overall very positive in my view.
DM - it was dismal... I was expecting him to say that they have agreed a multi billion dollar deal with the chinese and pay day is coming very soon.
But he didn't. I'm now off to sell all my shares an invest it in some half baked AIM penny share in hope I can double my money in 4 hours.
Sarcasm aside, I think the highlight is not in this Q&A presentation, the highlight is in the Chinese buying more in open market. That tells me more than anything Scott 'can' say based on a NON RNS'd presentation.
China is moving toward a growth plan and stimulus planned could see copper in fast demand which in turn will focus minds back to the supply deficit which the market conveniently wants to ignore right now as adds to inflation woes. The reality is, sometimes 'fast and smart' becomes.... 'tread water and bide ones time' as the market will be a much better place in H2 than in H1.
Now... must dash... I need to go and post on a stock that I'm not invested in. lol!
This is a now a share to be traded for the foreseeable… not sat on like a rotten egg
Ortherncopper, you better tell the chinese about your concerns as they don't seem to be buying your negativity.
He said we are mine finders not mine builder's.
But then went onto say as part of the strategic review, if someone was to put up a sum of money, as a JV then that's an option.
The strategic review is clearly a very convenient mechanism for management to hide behind when nothing is happening…. It’s very convenient to be able to say ‘I cant comment as it’s part of the strategic review…’ and it’s very convenient to not have to explain to investors a total lack of any progress….
So in other words this SR is just standard management of any company looking at opportunities and risk.
Only take away is there are people in the data room and that’s it.
Magoo… that’s because we are not exploring anything… we have funds as long as we do nothing…