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I've received a reply to my email which asked whether we'd have the option to join the AGM remotely. The answer is, no.
That is a slap in the face Add after you have voiced your support for re-electing the BOD.
This response is basically saying we really don't care about PIs. We don't need to communicate with them, we don't need to ask for their votes, and we don't want to be placed into the position where we might need to answer questions regarding the SP. Smacks of disdain for PIs to me. They are either certain of winning, or it is share arrogance.
Sadly, you are right, particularly as they'd made a commitment to improve shareholder communication and I'm wondering why they made this decision. Cost, or perhaps, based on previous meetings they didn't think it was worth it? Or do they wish to duck some thorny questions? Although I'm pretty sure they could cope with anything we might ask.
I'm not happy, but it doesn't alter my decision to vote for SC.
Whilst I understand the disappointment, I wouldn't be reading too much into this.
SolGold actually went much further than most other companies during the Covid period to make AGMs interactive.
Most other companies never bothered and haven't moved that way since. I can understand SolGold reverting back given the awkwardness that making the meeting virtual caused.
Obviously there would be nothing stopping us jumping on a plane to Aus and turning up at the offices with our share certs if we so desired.
Personally, I think the company should keep the AGM purely for constitutional and voting matters and then run a couple of Q&As a year. There's dedicated platforms like Investor Meets for that.
Optimistically Add, it could be that we are so close to a bid that communicating with us is no longer a priority.
My sneaky feeling is that come December 2024, we will still be here with no bid, diluted and guessing. After all, it was posited that we would not be here for the 2023 AGM.
It suggests to me that they have enough votes in and all resolutions will be passed , so its pretty pointless to spend any money on setting up a zoom meeting or any other platform to accommodate those that feel the need for a comfort blanket .
The BOD are getting on with the job in prioritizing the Strategic review and delivering value for the shareholders, the current SP in no way reflects the value Solgold has under its tenure.
I just think on a point of principle and in terms of good corporate governance it's not great for a UK registered company with it's main listing in London and secondary listing in Canada to hold its AGM in Australia with no remote access option. It's frustrating the vast majority of shareholders' right to attend the AGM.
Roxi, I agree with your comments about getting on with the job, but I'm not sure I'd describe wanting to attend an AGM as needing a comfort blanket. It's more a case of good investor relations and simply announcing the outcome of the resolutions isn't.
Personally, I like to see the body language of the directors and the tone of the meeting. The 2020 meeting told me everything I wanted to know about Mather and Twigger and confirmed my view I'd made the right choice to vote against NM.
Anyway, for whatever reason, they've made their choice and it is what it is.
I have always thought that a rising SP is a manifestation of the market acknowledging that a company's business objectives are being met. So, if not the SP, how else can a company demonstrate that it is building shareholders value? After all, selling the shares is the only option available to PI to realise their value. Not sure I understand the logic of discounting the SP where shareholders value is concerned.
What have we been reduced to!!! Sad and frustrating, even with the upcoming agm, we have to 2nd guess / speculate reason behind how it will be conducted...last year cap in hand for our votes, this year, I'm alright, Jack! It is what it is, but.....they must be confident for a happy resolution for all interested parties (and us), surely.
Lth
Rcgl2, I was not aware of no remote access till your post. I think it is appalling. Until now I was just not going to vote but now will vote against all board reappointments. Happy to cut my nose to spite my face .
Vote Maria and Mather back in but the rest of the CGP boys who think this is now their business ... just vote them down.
The arrogrance of these guys is one of the main reasons I have turned bearish on management... but I'm bullish on the assets. Trouble is, the former can damage and devalue the latter and that's why I'm furious at these useless t055pots.
No management team would expect to be voted back in after spunking $70m when apparently they were supposed to be reducing costs and what's worse is that they have delivered zero for that cash.
Now, many will remember Scott and CGP boys mantra of years of woeful poor under performing management and that was pointed at Mather and his old team. Now they come in and deliver worst share price in 7 years, more cash spend, zero exploration... it's an utter shambles and folk on here think their only option is to vote them back in??? It's not. Vote them out and you'll see them deliver something faster than you though possible.
Isn't it illegal to prevent shareholders from access to AGM?? These guys are destroying this company through poor management and ignorance. They all need the boot.
I should add that if you vote now, SOLG will see your votes. They will be keeping a close eye on things. Some brokers allow you to change your votes within 4 or 5 days of the AGM but you best check if you plan or see anything from these twonks that demands a turn around in voting.
Shooting yourself in the foot is by voting for them not against them. No one can get away with a low ball or cheap offer here as the shareholdingss are in favour of CGP and Mather et al. So voting them down will just bring a swift end to this debacle. We only need a starting bid... can be 12p for all I care... because no one on sidelines will let this go for less than market asset value.
If a mint condition ferrari was on ebay right now for £1... do you think it would sell for that?
It's time to force their hands, and that includes the buyers involved. If the chinese are tyre kicking... then they'll soon bang in a bid if they see their main discussion partners booted... we need to upset the apple cart here or else we'll be here for another 12 months with an sp of 3p. It's going to be hard to see the SP above 4p by Q1 next year if these CGP boys breeze through this AGM. The market has zero faith in them. They are out of the depth and flagging. They are running our cash pile down to zero faster than anyone thought likely. It's unbelievable to watch.
Fort, they're not denying access to the AGM - we're welcome to attend if we happen to be in Brisbane!
Fort about 12 months too late again. Horse bolted long ago.
Deary me.
Fort wants us to listen to his ramblings about inconsequential PI votes at the AGM he ridiculed others for suggesting would ever happen. We were so certain to be sold in the run up to, or just after, the last AGM that this one was laughable to even imagine.
And here we are. And here he still is, still being wrong. Same for red- writes essays believing people should listen to him, but couldn't see that we wouldn't sell in 2023. These chumps are weird, and best ignored IMHO.
Talatum, me neither until Add mentioned it this morning.