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Hi Guys
Sadly I cannot agree with Aquinaga because I cannot think what else Scott could have communicated.
The merger process was a shambles led by people no longer with the company, until Scott stepped in.
It took so long and the then staff didn't realise that after Dec 31, it not being completed, a Prospectus had to be produced. So a 2 month max project took 5 months to complete!
Once he got rid of the dead wood, he was able to start cutting out waste and slashing costs. Operational casburn averaged $2.8 million a month...its now down to $1 million.
There has been virtually no drilling because there is no point advancing fringe projects when any or all of the company is up for sale. In any case the three latest updates barely rippled the SP.
And my own view is that Scott is doing a solid job with measured RNSs, which are crystal clear until people try to over interpret them.
One clear indication of progress is today's statement.
"Expected to be released EARLY in the first quarter of 2024".
That changed statement is an indication of Scott's urgency and commitment.
An important point is never to communicate if theres nothing to say.
What else could Scott have said?
Have we all forgotten Nick's last days of overpromising and under delivering...especially the massively delayed PFS...
And what about dumb Darryl...'the next cab off the block.." and then he trashed the SP with a disastrous funding debacle which led to TWO Exec Directors leaving, including the one whose prime role was to finance Cascabel...thwarted...
And if anyone doubts their motivation, Scoott has huge 'skin in the game'...
He gets a base salary of $200k which no plc CEO would get out of bed for.
Ok some might resent his options, but they will be worthless if he doesnt deliver and...as well as owning 17 million shares, he bought more well above the market price to try and stabilise the SP while Berry Street were vindictively trashing it...
Those two exercises precisely explain the current malaise...
Berry Streets hamfisted sale of 40 million shares took the SP from 24p to 9p
Scott had to pay 11.5p for 790,000 when the Offer was 10p...
But surely the biggest motivation is Sangha...he has 153 million shares and has lost £15 MILLION on paper since he was handed the job of selling SOLG.
Mather personally has lost £9 million, but neither they nor the CGP investors have sold a single share.
What does that tell you?
They cant trade in and out to average down like we can.
And finally, if you want a clear message that a takeover is coming, reference Scott's statement of a 'creeping takeover'.
Anyone rocking the boat now is inviting their long running worst nightmare...
That BHP get this for a song...
I have expressed my protest by voting against the Remuneration
We need to vote because BHP, Newmont and Jiangxi can conjure 26% between them.
Any PI not voting or voting against the Board deserves what may befall
Sorry...fat thumbs...14p to 9p....
Thanks for your thoughts.
Trouble is for me we appear now to be in a position of weakness for future negotiations , share price being just one.
Understand some things can’t be disclosed, the lack of direction is appalling. Of course it can be a bluff, going to our own production and all that but that is expected from a junior miner. But without that positivity and hopefully direction you find ourselves in the mess we are now in. Particularly after the failings you rightly point out.
No, there need to be a charm offensive but the last two RNSs were hopelessly out of date and dressed up.
The company needs another shack up I’m afraid.
Remember it's not 26% against...its 26% of those voting...
So even if they get a 75% turnout that's 35% against....!
I appreciate your constructive reply Aquinaga and believe Mr SOLG is on my mind morning and night.
We are not wealthy but we have oover £120,000 at risk.
I have been accused of ramping but I make no apologies for seeking out the positives, trying to take an objective view and backing posts up with incontrovertible facts.
And I'm sure you recall me hammering the company in the past, e.g.
Berating Mather for over hyping
Slamming Sangha for his utterly unprofessional public statements and
Having secured a one to one with Twigger a couple of years ago, telling him in no uncertain terms that the Corporate Governance was a disgrace.
Etc
But I've also had constructive dialogues with all the PRExecs, Ingo, Ayten, etc.
Onr day I'll tell you the real story of what happened under Darryls disastrous tenure...
And a final thought...
Apart from the fact that Scott can still remain as CEO even if he gets booted as a Director...
If you boot the whole Board, who do you think will elect the new Directors...?
BHP, Newmont, Jiangxi.
And what do you think will happen to the SP in the ensuing turmoil..?
And they say turkeys don't vote for Christmas...
I’m afraid I’ve had a gut full of their incompetence.
Totally disrespectful to owners of the company.
If feels like the next general election here. Two main parties an absolute shambles and smaller parties not going to cut it.
Don’t think I can even hold my nose and vote for the resolutions. Did that last year and what did that achieve?
Not interested in holding size. Proportional similar for my lifestyle I suspect.
So what really happened? Can’t just leave it hanging