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Like most investors he has found the last 6 years very frustrating and largely a waste of time.
This has been caused by incompetence and infighting.
Since Cuzzubbo left (?) and we now have an adult in charge, things are a lot more on target.
Potential partners or buyers are once again starting to show interest after a long period of bad management.
We are fortunate to have the Cornerstone shares available in treasury should we need to raise money when coffers get low.
Despite NM having been a thorn in the side at time the main players are now all pulling in the same direction to make the best of their skin in the game. This includes Warren Irwin.
He is a very confident chap. Confident in his abilities to find suitors supported by his track record.
His valuation of the company being sold depends on factors in play at the time (obviously) but he certainly sees it being well north of the current position.
He certainly rates Scott and lauded his efforts getting permits renewed and the other work he is engaged in which might not set off fireworks but is very important.
He was open in admitting that its a high risk, high gain investment but felt very comfortable with his 153m shares and looked forward to making a good profit whilst admitting there was all the chance of ending up with a big zero.
Opinion
Highly motivated and experienced mining financier with a good track record and a burning desire to make this work alongside a unified team all pulling in the same direction and keen not to be f*****d over by a big miner trying to steal a jewel.
I would add that a number of institutional investors own about 24% of SOLG and assume they want to see a good return on their stake? The last year or two has been investment purgatory for me, I need to see some sunlight!
Should probably read
‘We are fortunate to have the Cornerstone shares available in treasury, should we need to raise money when coffers get low, we can sell them to our inside friends at a great reduced rate… we can line our pockets around 10 pence, before washing our hands of the whole sorry lot for at least a 50% profit from there’.
Reading between the lines of that Ship it's screaming 30-35p if he manages to pull it off and save us all.
Bob Sangha, the white knight, pulling up on his horse to save the day for SOLG investors.
He doesn't fool me.
He's hoping better than that but we all have our thoughts. His might have a better grounding having far more data
Unfortunately this strikes me as the start of a pr campaign to PIs to gain support for the AGM which could now only be 12-14 weeks away. Still a while to go by the sounds of it. Frustrating but I'm still going to hold as the medium term still looks bright. C
Maxit are not retained. They only cash in with a successful conclusion
Redramp must be in a state of shock after claiming for years this was a £1-£2 certainty… and admonishing anyone who dared question his valuations…. Now even big bad Bob is admitting it’s a high risk investment..
FFS Orthern, we all know exploration is high risk. It doesn't take an expert
Thanks for sharing. Did not realise they were not on a retainer.
His point about everyone being onside and pulling in the same direction is a revealing. We know what he, SC and Irwin want, so it seems pretty clear what they're aiming for.
Likely he meant 'in the same boat or on same terms' rather than on 'same side' and 'pulling together' and it was in the context of CGP merger. Lets face it, the CGP boys were sitting on 15% and 6% share stake in SOLG and about $150m or more of direct past costs on the debt sheet owed to SOLG albeit when production rolls in. But the fact is... the CGP boys have feathered their caps at 17p, gained huge bonus shares (Scott). And are in the driving seat. Prior to that, they were staring at being choked into dilution oblivion. So yes... Bob and co might see it now as they are all pulling together ... spoken like a true businessman that got his own way.
Now it's time for them to deliver or else the AGM will not be pretty and I think Scott will be toast if his numbers are anywhere near what Mathers were when he finally got the shove.
I think there will be promises and clear path to exploration plans on regionals before the AGM as I reckon they'll use that to try and save some face ... oh and a good reason to issue themselves or their buddies some cheap shares.