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WI seems to be fairly certain that we'll see some boardroom changes after the AGM and two questions come to mind:
Who will get the boot and why?
We only have six directors, so who can we/should we lose? I've never forgiven Twigger for his truly abysmal performance at his first AGM, so I don't really care if he goes. James Clare? I'm not sure what he adds but having a lawyer onboard may not be a bad thing and I assume because he's Canadian he'll be supporting SC/Sangha. Alban? I'd have thought it's useful to have an Ecuadorean onside. We need Vujic. Mather? Hmm. Do we really need him anymore? And Caldwell. To my mind he's absolutely essential and he must be given time to deliver on his strategy. If he hasn't managed it by this time next year he should resign before he's pushed.
The next question is why is there still discontent amongst the main shareholders (only they can affect the outcome) We've done nothing to upset Newmont and if BHP are no longer interested surely they'd want SC to deliver an exit. One assumes the Chinese are fully onside. Clearly, Sangha/GGP holders will support SC and, if what we've been told is true, so does Mather; so who exactly is going to force board changes? It won't be a few disgruntled retail investors.
Would be nice if they can send out the resolutions and official AGM RNS so we can all get voting. Scott and Bob et all have given shareholders zero to rally behind when it comes to voting. So I think you'll be surprised at how many vote against them. Twigger might be the last man standing and charged with the task of finding new BoD's.
There's about 5 weeks left now.
Addicknt of course we need Mather. He has got us this far and avoided a cheap takeout.
I remember people on here saying if BHP wanted us, they could just buy us.
That was never true.
Mather has the largest holding here in various guises and is an important part of the diverse book.
He is key to the future of Solgold.
If Mather was to sell his holding, then that would be evidence of a potential bid.
But at the moment he protects Solgold against cheap bids.
Fort, god help us if all we're left with is Twigger - we'll be looking at a big fat zero. How do you think the government will react to yet another change of CEO? Surely they have only a limited amount of patience?
The key question is, which of the main shareholders will vote against and why? What evidence do we have to suggest any of them will vote for change? As we know, when Mather was given the heave-ho there was a lot of noise out there. Since that time the shareholder base has shifted significantly and I'm struggling to see how there would be a successful vote for change. But who knows? There may be stuff going on in the background that we're totally unaware of. I'm just praying there isn't.
For accuracy addicknt.
Mather was not given the heave ho, he resigned.
He won a majority.
Quady. You get more delusional and ridiculous by the day.
Q, he doesn't have the largest shareholding, or anything like it. Mather was the past, not the future.
Q, no point opening up that debate again, but you really are the only person who still thinks that.
Adikt he is not.
Padmaster worships the ground he walks on
Sorry addicknt not a debate but a matter of fact.
Addicknt he does have the largest share holding here in various guises, which is what I said.
I never referred to his direct holding in his own right.
Q, the problem you've got is that you've never understood what happens in these circumstances. Although it's technically correct to say he won a majority, it's the size of the majority that matters and his was not large enough. For better or worse, that's how plc's work.
Q, DGR have 6.8%, Tenstar have 3.59%. I forget how many he holds in his own name. They have less than the old CGP interests. The other thing to bear in mind is that in the event of another fund raise - god save us from that- none of his interests has the cash to stand their corner. They'll be diluted out of sight. Can you see him wanting that?
Good reference Quady. My personal view for what it is worth is that NM did not receive the acknowledgement from smaller shareholders he deserved by winning the various votes at the 2020 AGM. Self interest was doubtless one of his motivators but by rallying folk like us as he did (successfully) he stymied any chance of a cheap takeover by parties such as BHP. Without those efforts, I don't think we would be Solgold shareholders now albeit many of us are Solgold shareholders with sore heads.
Is there any conceivable route back to Nick being CEO again?
RT, you're right, he did stymy BHP, but, rightly or wrongly, he ended up paying for it with his job.
The point of my original post was not to look back, rather it was to look forward to the next month or so, because that's all we should be interested in. The debate about Mather was done to death and we really don't need to rake over it again.
Good morning addicknt.
Nick Mather owns just over 90 million shares, which makes his personal holding just over three percent.
Which as I stated gives him the biggest holding in Solgold in his various guises.
Q, he no longer controls the dominant block. Assuming the ex-CGP holders support him, SC does. But that's not really the point, is it? We're led to believe NM is fully onside, so together they're in a powerful position.
The other point is that whereas in the past NCM voted with BHP, there's no reason to assume Newmont will.
What I was trying to get to in my original post was who is likely to vote against the Board and why? Because apart from BHP, I can't really see why anyone would, and now Mather's not in the driving seat, even BHP may have changed their minds.
This thought process was triggered by Irwin's comments to me yesterday, and although I suppose I could ask him, I don't want to keep bothering the bloke.
Incidentally, I know there are people on here who want to see the back of Caldwell, but with respect, their views are not important...and neither are mine. It's all about our main shareholders.
Addicknt it's not about support it's about ownership.
Mather owns the largest amount of shares through various guises.
Hi Add,
Did Warren gave you the impression that he is expecting a deal by end of Q1/24 which would be the end of the 6 months duration which he previously mentioned?
Q, why are you wilfully missing the point? I'm talking about the upcoming AGM and the threat of Board disruption and all you can do is bang on about Mather. You seem to be implying that you think Mather is going to vote against SC and, if that's your view, fair enough. But I'd like to know why you think that. Everything we've told, and we've been told repeatedly, is that the Board is united, and that's all that matters. For heavens sake, move on!
Eloro, I didn't want to ask that question because it seemed a bit daft - a bit like a kid in the back of a car constantly asking "Are we there yet?" My guess is he won't know any more than we do, although I may be wrong.
Addicknt,
If you add up the large holders, what % do you get to? I don't think you fully understand how many shares out there are in smaller or HNWI's hands. If the pi vote was so small... you wouldn't had Mather reaching out some years ago with his begging letter. If Newmont and BHP vote against Scott as well as a load of fed up pi's... then he's toast.
All he had to do was throw pi's a bone and give them a reason to him in. Instead he's done zilch. Apart from line his own pockets!
The question you should be asking Irwin (I noted your comms with him) is WHY hasn't he been buying at these low levels? If he believes in the asset and bob/scott etc then surely he'd be filling his boots at 8p levels? And before you say the volume is not there... erm... Berry Street just offloaded 1.5% into open market.
IRWIN doesn't look like he wants more SOLG stock at all. That's not a confidence booster is it? He might say... he has enough... but that's nonsense. What other investments out there offer him such a great opportunity??
So ask him... see what he says. He won't like the question one bit.
A question I am all too familiar with coming from the kids in the back seats:)
That said, he did put it out there in one of his interviews that he expected a deal within the next 6 months. I guess he would have updated that time line yesterday if he felt that was no longer achievable.
Add ….. NM has, either personally or via various holdings just shy of 300m shares (“I have 297m reasons to realise shareholder value “) so now under 10%. This is still a decent chunk but he’s been diluted the same as BHP etc. He could well be unseated this time round and then I guess we will be fully “Canadianised”.
Whether this turns out to be a good or bad thing who knows.
We seem to be on a set path to get all required approvals, produce the new PFS and get Cascabel ( and probably the lot ) sold.
As for why no one is making a low ball bid whilst we are floundering at 8p I believe it’s simply because everyone knows it wouldn’t be accepted.
Scott taking a very basic wage but fully incentivised to get this sold for a decent whack ….. I think he will we just need to remain patient.
Sorry addicknt you are missing my point.
None of us know who's going to vote for what.
But we can guess what Mather will do, because he's done it all along.
He will not allow a low ball offer and he will add to the defence of Solgold considerably.
What Mather decides is incredibly important in the direction of Solgold.
It's not about who supports Mather.
It's what Mather gets for supporting anyone's position in Solgold.
He carries emense influence.