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If you all except that the board have been utterly incompetent for years it makes things a lot easier to understand here.
You just open your eyes.
On reflection and irrespective of the regulatory process that must be completed..
I think they're calling the bluff of prospective bidders, probably Jiangxi...
Put up or shut up at a decent price, or we sell part or all of Cascabel to Mitsui...
We had an experienced and competent CFO but Darryl pushed her out.
But we lumbered Ingo with Coroorate Finance and CFO while the Board took so long after Priy Jayasuriya resigned (or was pushed)...18 months...
Certainly Quady
Look at the bit after the 2 comments where it say strategic review
About 3 down it say
The direct or indirect sale of a stake in the cascabel project
For anyone who remembers the old business chestnut, it's the 3 envelope job...
First envelope...blame the previous management...
Meanwhile...I suspect the prospective buyers that Maxit have sounded out fall into three camps:
1 Those that would buy SOLG, lock stock and barrel. Possibly including Jiangxi and the likes of Fortescue
2 Those that basically just want Cascabel, including Mitsui?
3 Those that would be happy with the rump portfolio, including DGR, CGP mark 2 and SOLG mark 2
The final deal will be the alternative that produces the best total monetization.
Monte it does not mention the sale of Cascabel in the strategic review because it hasn't been done yet.
Also in the announcement of the strategic review it mentions the best way to advance Cascabel, nothing about a sale.
However possible I have missed something, so please feel free to post were it says the strategic review is to sell Cascabel.
No one should be enthralled reading that update Bozi
I have been withering in my assessment of our management and board over the last couple of years…. utterly woeful.. just abysmal, under performance again and again. It seems there is no end to it.
There have been multiple occasions, over the years, where we have been made to amend and resubmit official documents. It’s become embarrassing. Heads should be on sticks.
Whatever the outcome of the strategic review, we do need an experienced CFO.. you can’t deliver a Spin out, a JV or a Sale without someone with some brains, understanding and experience in that area…
but this strategic review process will be dragged out far longer than many hope…
Just a frank admission of what many of us on here have long suspected. For far too long they’ve dragged their heels whilst being handsomely compensated at the expense of us, the shareholders. Let’s get it sold.
The FCA have their own approval processes so at end of the day.... if you don't ensure your meet the UK authority requirements then you will have it thrown back. A prospectus is essentially like that involved with an IPO. It has to be 'present' and not date 6 months ago.
So I'd keep it simple... RNS is an update on merger and it's in process of FCA approvals etc etc etc and we'll hopefully be sorted in 2 weeks tie. In the meantime... the company is cost cutting, saving cash and getting on with the SR.
Good to hear some rolled up sleeves action although personally I think the FCA regs and accounts could have been managed better.
Fort - from the fella who assumes more than any other, I'll take that as a compliment.
I don't think there would be a counter offer to a partial ENSA sale. It's something management would likely agree with an interested party and it would become binding pretty quickly. Always a chance a superior proposal might be received but I think it's unlikely. Why would you buy half of ENSA but not SOLG if you were BHP?
Of course it's not what I think, but do you really read tha tupdate Fort and get the impression that a takeover is the leading strategy? I'm not sure it is.
I suppose in one sense I'm happier they are at least taking some action to be able to continue on an even footing should the optimal outcome not arise.
Monte ….. exactly
Adequately studied say to me they are not spending any more money on it.
Over to you next owner?
Q ..perhaps you have been right all along and that is why the sp is where it is ..we are going to production and the only way is down !! I am sure a sale would reward more shareholders than trying to go to production
Adequately
Bozi,
I think you are assuming a lot but for instance... what do you think will happen if they announced a partial sale/ jv deal on ENSA? Do you think BHP would counter offer? Do you think that could set off a full scale bid war??
Just need the first domino to fall. It's not really about what pi's think... it's about the big boys and what they want. Spinning off the rest of the business into a new company would only be required if SOLG is bought out lock stock and barrel. Or you'd just spin off ENSA and keep SOLG. There are tax benefits and accounting games which help when splitting things off as I'm sure you know. There's a man or women in Switzerland drinking nice coffee while waiting for instructions I believe!lol!
Exactly as I thought!
They took so long that they had to file new accounts.
Utter incompetence.
This is what happens when you slim down the staff so much.
Frankly I lay this blame right at the feet of Cuzzubbo...slowed things down, screwed up the financing, caused Ingo (Acting CFO) and Ayten to go, leaving this ultimate mess.
No wonder some think he was a BHP plant!
And as for Sangha...his expletive outburst against BHP and NCM and his 'fast and smart not slow and stupid'made him look utterly unprofessional.
Finally, the buck stops with Twigger...again...
Time for some to put that comment to bed for 12 months. Be patient and enjoy the ride!
Arren Wirwin hoodwinked a good few here with his tweets;-)
had a chance to pour over the RNS, do we think it is a good one, a poor one, or an indifferent one?
Personally, I appreciate the honesty, although I'm slightly confused (again) by the "adequately studied" comment. Overall, it seems to me Caldwell and Vujcic have grasped the company by the gonads and are in the process of giving it a damn good shake. Therefore, on balance, I'm happy with the announcement.
Suitable counter point.
How about this one.
We could have got 40p a share 5 years ago. We would be happy to take 40p a share now.
Would you like your 40 p now or 5 years ago ?
Yes Bozi it's simple but the best things in life are.
Of the problems, that have been going on here for years, Looks like some Directors where happy to come along for the ride , doing very little, but picking up nice wage packets , in the hope???, that a takeover was inevitable,
Now it seems there is more work to do than sitting at your desk waiting for that inevitable phone call, !!!
The delays are inexcusable. I am leading, with the support of the Board, a swift reset in the organization with an emphasis on creating a performance-oriented culture with accountability to all stakeholders as a core principle
GLA LTH can 2023 really be the year off. Change??
Why would they not replace the CEO? I don't see how that changes the likelihood of a sale.
Not contradictory in the slightest Addicknt.
You know that a partial sale of Cascabel doesn't give the Exiteers their exit. It gives them a small special dividend at best.
The only true exit here is a sale lock stock and barrel for somewhere between 40-60p. Reading that update, I don't believe that to be happening, right now at least. If it is, we're being sneakily put away.
Bozi, your post appears to be contradictory. On the one hand you suggest it doesn't look good for us Exiteers, but on the other you say you think they'll look for a buyer for Cascabel.
Btw, I think you're third paragraph is a pretty good guess and would explain why a full time CFO is needed.
Monte - Scott is entitled to his opinion, as are you and I.
I showed you how investors could have secured a better return from the decisions the board took rather than a strategic review 5 years ago and you offered no suitable counter-point.
Scott knows he can't mince his words at this stage. Investors want heads on spikes and he knows he has to row with them, or a tleast chuck them a bone.
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." As I previously said - incompetent board of directors