JS, my view of Nm's tactics are that he's been coming out with all this guff as a negotiating stance. What the situation at both SOLG and GGP exposes is the very real difficulty small explorers have in getting a project off the ground (or, more appropriately, in the ground). Endless fund raises never, ever achieve the real goal and will never be sufficient to actually start production. They then go down the only available route, which is to solicit a j.v or equity injection from a major. This is all fine and dandy right up until the point you want to realise some value. At which point the available options are incredibly limited. NM knows this and all the talk about project funding are merely a way of trying to demonstrate to BHP/New that other options are available...which they aren't. In my opinion, the guys here are playing a much better hand but there will be no option other than to sell the 30% in Hav for as much as they can get to New. But at least it will based upon fair value and will provide an excellent return for us shareholders. Let's hope NM doesn't overplay his hand and feck the whole thing up. As an aside, the newish policy of majors to get juniors to do the early heavy lifting is inspired. It mitigates the risk and leaves them with virtually all the cards. Genius.
Jerry, what Mather wants and what he eventually gets, are two entirely separate things. Both SOLG and GGP will never in a million years actually be shareholders, of whatever size, in a fully developed, operating mine.
Well said, Jerry. Some of the tosh uttered on these boards is hilarious..."Big boys on the way...MM's controlling this." etc, etc. It's blatantly obvious that many folk who make such comments have never been near a boardroom table in their lives and could barely find the City on a map and yet, day-in-day-out, they offer opinions as if they had some rare insight into matters. And the sad thing is, some people believe them.
seanhunter, I seem to recall there was a person of the same name who died in a ditch defending Robert Terry at QPP. Indeed, that person spent an inordinate amount of time insulting me right up until the point the penny dropped and he realised he'd been defrauded. If you are the same seanhunter, and apologies if you're not, perhaps your judgement is not all that it may be. Although to your credit you did actually apologise - unlike most.
You will also have noticed that River and Mercantile have reduced their stake whilst Killick &Co have increased theirs (they are buying on behalf of a client). This may explain the two recent large reported transactions. The question is; who is Killick acting for?
I recall you mentioning this before and I'm not sure you understand the process. If he wants to support an mbo he will make an offer to all shareholders and will need (subject to the company articles ) either 75%,90% or any such number as is specified, for the bid to be successful. The 30% to which you refer is the percentage shareholding someone can own before they have to make a bid. In other words, once 30% is reached, unless otherwise permitted by the Stock Exchange, they have to make an offer to all shareholders.
mister, thanks. But I don't see where any UK content arises. We don't make mining machinery anymore, at least not that I'm aware of and I'm struggling to think of anything else of a major nature. Diggers from JCB, perhaps? It would be great if we were able to access the UK funds, but I'm not sure how. Obviously, I'm saying this without full knowledge, so it's simply a supposition on my part.