Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
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Think I'll wait until sub 12p to bring my average down this is on a downward trajectory for now. But pleased I staggered my buys. Hope you did the same shark.
Have a good weekend all.
Weird thing is - market and everyone else in general were aware the merger was due to close at end of Jan and sp was nearer 17p. Now deal set to close near end of Feb or early March and suddenly it's 13p a share??
Bonkers. I think those ARB boys are going for the throat as market has already signalled (along with the chinese) that 16p merger price relatively priced in.
Yet here we are at 13p???
Volume not massive by any means so just looks like the markets squeezing the little guys out as it always seems to do.
going well, isn't it?
Who remembers the Mather quote, "the share price is dangerously low"? I wonder what he thinks of the current price?
To be honest, nothing has changed , we just had an explanation of why we are delayed. We already knew we had a delay, we just know why now.
We already knew
We had bad management, we just had the interim CEO confirm it.
The SP does what it was always going to do.
I see slug has abandoned ship on the other board after all that tripe he posted. You really couldn't make it up.
"How long has this been going on...." Isn't that a song?
CGP stopped trading today. so 27th Feb seems reasonable.
Now we know why everyone left the company a while back. They could see that senior management were " milking the machine". Cuzzoobo or whatever he is called then had to go.
I pray that Solg spins off Cascabel - the jewel in the crown - to someone else who actually cares about Cascabel. I don't care how much it goes for as long as it is anything over 30p.
It's like treading treacle.
I've emailed Solg and told them my thoughts - perhaps others might want to do the same:
investors@solgold.com.au
Z
Share price may fallen but its market value have look at and values at 330 million pounds, with no prospect of getting this into production 4 long time,
The delays are poor and have certainly put pressure on the share price. But the asset remains the same. Prospect of selling it or monetisation event has risen considerably over last 12 months. Etc etc.
I have hunch that they want to have ducks in order prior to merger completion and by that I mean a bullish outlook, exploration plans underway etc and give shareholders (new and old) the belief to HOLD stock and not sell into the new issue when it comes. Also, if BHP really want to have a pop at SOLG, then immediately after the ENSA 100% consolidation event is prime time especially if the sp is sub 14p. Let's say 45p offer tabled. SOLG will find it really hard to defend that with sp at 13p. In fact, some will say an ofer at 26p could be hard to defend too. I guess what I am saying is if BHP are truly interested then the time to strike is very near.
Share price on knees... shareholders expectations being reduced by fatigue etc etc... all adds up to 'offer' time.
Let's see how the next month unfolds. I suspect it will be far from boring (like the last 5 months!)
NM is a C U N ?. Look at DGR Global! **** take for 25 years. No joke.
Comments of Chairman - "In my assessment, the weakness in the organization has for too long been a culture of non-performance in the corporate office."
Take a look at the solgold SP....
BHP are crooks
- Reducing headcount.
- Reducing admin footprint.
- Continuing with strategic review.
- Public criticism of BOD.
- Citi/Maxit in control of proceedings.
I took the the words "adequately studied" in the context of the rest of the RNS / quote which goes on today they are spending cash on ENSA where it it needed and I think the sentiment is that all the advisors and experts that Darryl had brought in to maximise the PFS etc have led to Alpala/Cascabek being "adequately studied". Therefore... time to manage the asset using internal resources and brains and package for sale or some other kind of deal.
You have to read the quotes in context of them looking to reduce Capex and expenses that involve other parties / advisors etc. Remember.... Mather et al were doing the Alpala financials and dealing with Franco and others. It was Dazza that thought bringing in a number of experts from the mining industry would ensure Alpala options are thoroughly explored. There does come a time when you have to say enough is enough and lets leave it all to the next man to do.. Let's face it if a Major takes Alpala on, then the PFS will be ripped up imho and started fresh. If a JV deal is done then I suspect some of the PFS will work toward that agreement but ultimately it will have a fresh take. So no need to be spending millions on outside advice.
End of!
not sure anyone should be happy to describe their work as 'adequate'... just about good enough..... it will do.... levels of excellence
I think having a CFO is rather important when you are having discussions about selling assets or other deals.
Especially if it involves a number of stakeholders. They all want to talk to the CFO or at the very least expect to talk to the CFO!
I don't think it searching for a CFO undermines anything that they have said in previous RNS's or whether it be a full asset sale or not. You must always be looking at plan A and B not just plan A.
I agree Sharket.... but rinse and repeat? I flipping hope not!
Red, how do you square us searching for a new CFO (when are we not!) with your view that we are looking to sell the whole company?
This minimal info we've had from the company of late - today's RNS and the MD&A - point to SOLG existing in some shape of form beyond whatever the outcome of the SR is. It looks like we're going to go back to being a leaner organisation focused on exploration. If we find a way to sell Cascabel and return proceeds to shareholders (and get a good price for it) then the SOLG investment case becomes an interesting one again in my eyes, albeit one that would then come with the risk of being invested in a junior explorer.
I might be wrong, but one of the issues with the "rinse and repeat" strategy is that they would essentially be asking investors to buy into a company that never intends to generate regular cashflow. It might make sense to go down the JV route on some of the other licenses should there be potential to actually build a mine. But hopefully not at Cascabel. We've suffered long enough and need some sort of reward.
I'm fascinated to see what Bob Sangha and co manage to deliver in terms of a return to shareholders here, but also slightly wary of the fact that that whoever is sitting on the other side of the table will know we are desperate to get Cascabel off our hands. Vujcic's "adequately studied" comment in today's RNS is very cryptic.
Bubble...you make a very good point...
Lets have a reality check.
Cashed up for 2023, SOLG is definitely worth something...
The marfket nowhere near represents the real value of SOLG, but you can't blame them...
Committed investors like us, fed up with waiting...
Weak holders and 'Jonny come latelys' selling and moving on...
Jam tomorrow and dreaful incompetence and rubbish Comms...giving Fawzi the benefit of the doubt, his hands have probably been tied, so he's fielding all the criticism, passing it onto management and unable to response fully and properly...
But I say again...this is worth SOMETHING...and its a helluva lot more than 13.42p...
There can be NO MORE DELAYS!
Get it sold!
Not great that the SP crashed through 13.8. The bounce yesterday and subsequent retest of 13.8 failed, and now 10p is in the cards.
You now have to look back to march/Apr 2020 when solg was this low. And there's a big gap right the way down to 10p. I can't see any appetite for buying until March 2020 low of 10p is hit from a technical perspective. If there is no news releases, this will undoubtedly be walked down until this technical support is hit.
As for today's news, it just adds to the narrative regarding the boards incompetence.
DM, agree management are not innocent by any means and mostly complicit in most of these woeful errors. FWIIW, I actually think the previous SOLG BoD's were more polished and professional. I get the feeling the CGP boys have not spent many years in the corporate world and too many years in the finance/markets world and mining community!
Out of interest what is your buy in average Fort (Drake)?
DM, yes it is, although you raise a fair point.
that's really interesting davethehorse... any other insights like why I am still paying a large wedge for my fuel at petrol station even though oil prices have dropped by over 30%?? Anything to do with those greedy barstewards at BP and Shell?
The SP could have bottomed today, not seen huge volumes or anything, most holding, let see if we get a close at or above 13.5p, great time to either get in or top up I would imagine, decks cleared for the time being and forward thinking now required.
I should add (before DM collars me) that the original goal was end of Dec 31st to complete but then it became clear that accounts for that Q would be required.
So a question over why advisers did not know about the accounts requirements back in Nov or early Dec is a justifiable question. A fee reduction certainly valid and shareholders may well sue them (not likely but if culpable etc sobeit) for damage to share price.
Guys,
There is a timeline involved here which is generally dictated to by the Accounts filing requirements. The last RNS by SOLG said end or around end of Jan. That would suggest that their advisors told them that would be the expected completion date.
But then something else happened that they clearly didn't factor in and that was the FCA.... they clearly have different timelines and can throw things back for edits and so on. So as I said before, my guess is that they were all on track for end of Jan and then had some issues with FCA seeking clarifications which in turn means a further 2 or 3 week delay while stuff is amended and resubmitted. That's now apparently 10 days away or so. The timelines fit with the extra $150k loaned to CGP to keep lights on for another 15 to 20 days max.
I fully expect the ARB boys to start unwinding (reversing) their recent short positions as we head toward end of Feb. They only have about 8 trading days left.
The low sp is unexplainable on a valuation basis.... markets are their own animal. But to think we hit 13p levels when world was nigh in 2020 covid zombie time.... and yet here we are fully funded, more advanced with Alpala and BHP back in their box and we are back to covid days. Madness! Granted there has been some dilution but it's minimal against the near 70% drop in market cap.