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Nick, CGP, DGR & Tenstar can muster at least 25% of the shares plus other bits and pieces we know about ( Valuestone etc).
We don’t know how many other shares are held by institutions under the declarable level (3%?)
Add to that the likes of Norges are looking for a good return on their investment and would not necessarily vote with BHP and the inevitable dilution they would bring.
We know pi’s could still hold anything up to 35% (ish) of the current shares in issue.
Therefore is it a given that Nick and the BOD would be ousted at the next AGM? I’m now not so sure. I believe they are fully aware they need to deliver big time before the general meeting and I think they will. Whether this comes in the form of a decent offer or something else who knows.
Everyone assumes BHP hold most of the cards here but Nick , CGP etc have the ability to allow a new player to enter the fray with a 25% stake and my hunch is they will if push comes to shove.
It’s the devil and the deep blue sea do we (if it gets that far) vote with the existing underperforming BOD or BHP and the inevitable dilution that will follow …..like being in a tractor beam being drawn towards the Death Star ??
DBW I agree with half what you say, but voting with the BOD does not lead to dilution on a grand scale. You know the funding methods to go to production.
Dilution would be minimal.
Q what I was saying I’d do we vote with the underperforming BOD
Or do we vote with BHP and the inevitable dilution BHP would bring
Sorry DBW I misread you.
I believe we are one when we say we support the BOD.
As I have said many times Solgold are in charge not BHP.
Sort of …. I would support the board ahead of BHP but their performance/ communications and lack of progress on the finance and exploration front have been woeful recently.
BHP won’t make a low ball bid because they know it won’t succeed, they also know we are incapable of taking this anywhere near production ( a point on which we disagree).
Nick , CGP etc hold the key here and have the capability of lightning a fire under this if they chose and if there are indeed other interested parties , I’m guessing there are plenty
OK DBW I accept we disagree on production .
The reason I believe we can go to production is from an engineering view this is not as hard as some people believe. There are plenty of civil engineering operations around the world who would gladly take this on.
I see the problem as can we fund this.
I believe we can others on here believe we cannot. Time will tell which argument is right.
As for the woeful performance I would say two things.
This is a huge find and it's going to take time to bring about. So when people complain about lack of progress I say you don't get progress every month. peoples timespans are too short, just go with the flow.
Secondly Covid has halted progress and this has had huge consequences for us and is still holding us up.
Let's see what transpires on our fund raise.
I guess when you are out of the company you also lose your options. And the latest MD&A (13th of May, 2022) says:
"At 31 March 2022 and at the date of this report the Company had outstanding options to purchase an aggregate of 32,250,000 ordinary shares with exercise prices ranging from £0.25 to £0.37 per share and expiry dates ranging from 26 April 2023 and 2 December 2024."
So if some of the people want to exercise these options they better get the share price up before they are out of the company. This could have some people to want corporate action before the AGM. But others without options and normal shareholders might not be in such a hurry.
Lunch I agree 20% at most but we don’t know .
Mather might have to take less than he once wanted but he can certainly put a stick in BHP’s spokes .
If Mather , NCM, DGR & Tenstar we’re to accept say only 40p-50p for their stock in principle I’d bet good money it’d be countered pretty damn quickly….Do you think BHP would take a new player with 25% lying down? I’m not saying this would happen but it’s a decent line of defence