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Btw, if they pull out of the deal they will have to pay us $5.2m. There are also plenty of Restrictive Covenants applicable to both parties.
One point worth noting is that it appears the SR hasn't started yet. The Circular implies it's due to start once the deal is completed. This is not quite the impression we were given, but it makes full sense.

Monte, the circular gives you all the clues as to which way this is going.

It's really worth reading through their circular.
I won't repeat all of the fascinating stuff it contains, but two things stick out: The SR was a condition imposed by CGP on SOLG in order to gain their support for the transaction. Discussions started in July of this year (there's a full timetable of the meetings/discussions)

DBW, do we really need the CGP money? Not in the short term, so there's probably no point in selling the shares now. Hold them in treasury and avoid further dilution. They can be offered to the buyer in due course.

copper, for me the biggest indicator of our intentions is the director issue. When DC was given the heave-ho the RNS said a replacement would be sought and the search was starting 'immediately' . When it was announced that Scott was taking over there was no longer any reference to long term replacements, and there was only a 12 day gap between the two announcements, so something pretty significant happened in that period. The same is true for the CFO role.

If this article had said a bidding war is 'being lined-up' it would make far more sense. Director and Maxit share purchases and no RNS, tells us it's not currently in discussions.
With regard to the DC departure, the only sense I can make of the comment about 'simplifying the management structure' is that absent a full-time CEO, a buyer wouldn't have to deal with redundancy costs etc, and even then it's pretty daft.
I would suggest this article is pretty poor journalism...but what else do you expect from financial journalists? most of whom tried to become mainstream writers and dreamt of their own columns, but never cut the mustard.
It's a pity really, I think we could all do with an early Christmas present.

Darren, I mentioned this yesterday and no, they wouldn't.

It seems to me that from a private investors point of view the choices here are very straightforward. You either buy into the narrative of the new management team, which is promising significant change and a realisation of value, or you don't and think things will carry on as before - an approach which offers nothing other than further massive dilution, or perhaps something even worse.
If you're in the first camp you'll hold and perhaps add more; if you're in the second camp you should sell because there's no future. There's an awful lot riding on the next two weeks and coming months.

orthern , I think you should give the new team a chance to get their feet under the table.
What has happened here is nothing short of a revolution and I think we can anticipate a wholly different approach to life. I know it's an over-used cliche, but this time around, patience really is a virtue.

I should add, neither would Scott and the other directors.

BBG, indeed. Sangha's been banging one drum for a very long time and it's inconceivable that he's changed his mind and now regards this as a long term investment. It's also good to see Scott and other directors subscribe...unlike DC who refused to put his hand in his pocket for anything. It's also encouraging that given the current sp, there wasn't any re-negotiating on price.
It also tells us something else, which may not be too popular with some; and that is there's nothing on the table at the moment. I'm assuming that if there were, Maxit as insiders, wouldn't be able to invest.

Interesting to note that Maxit have also subscribed.

RK, I didn't suggest it would stop us; just that it may extend any dd being undertaken.

Bozi, I'm sure you're right, and although BHP have probably been out of the loop for some time, they must have a pretty good idea of what's involved. I'm equally sure the Chinese will have been conducting some pretty rigorous dd, but there will be a number of serious players out there who are unlikely to know the detail to the same degree.

Q, good to see you've changed your mind about the resolutions. Every vote is going to count.

Well, if my post achieved nothing else it seems to have rid us of this total waste of space. He's contributed absolutely nothing since he appeared and he will not be missed.

Bozi, I think there may be one factor which could drag the process out and that is the technical aspect of mining the resource.
We all know it's not straightforward and this explains why we've had so many attempts to optimise the plans. We also know that many buyers out there would love to get their hands on the thing, but I'm sure they'll be looking very closely at how to best go about extraction. There will be a solution, but it may take time to get to it.

SH, of course it's speculation - just like virtually everything that's ever written on this web site...including your stuff.

As an aside, and if you'd been here a bit longer, you'd know I spent a considerable part of my career working as a corporate financier in the City and the rest of it as a principal. So the direct answer to your question is a lot. As for your comment about SRs, it's total balls.

Bozi, you mentioned that you think the SR will take 6-12 months, but bear in mind it's already been going on for a couple of months. Personally, I believe 12 months is far too pessimistic.
I've mentioned it before, but the timeline will depend upon whether they've already decided on the direction of travel and how far progressed they are with that particular option. In other words, how focussed are they on one outcome. Of course it's entirely possible the team were already working on a single option some time before the process was formally announced (I seem to recall this was alluded to in the initial announcement).
I think we should also bear in mind Citi and Maxit are not qualified to opine on technical matters and will be focussed purely on exit and financing options - obviously, if an exit is the plan, financing is irrelevant. If this is the case, it's a straightforward M&A job and they will have already identified the likely buyers and approaches would have been made - which is stage 1 of any process.
Bearing in mind all previous statements from CGP, Sangha and latterly DGR, it's my view the team know exactly what they're aiming for and the SR is a smoke screen. I also believe this is the reason for DC's departure. He wanted a genuine review which looked at all options, but the new management backed by CGP/Sangha/NM, told him what was going to happen and he didn't like it. He cleared the family photos from his desk and that was that. (btw, will someone please ask Twigger at the agm whether DC has kept his options?)
We have 12 days to the agm - will we have any significant news before then? In my view, the only announcement will concern the Chinese and a few subsequent holdings announcements, but the revelation of the voting will be fascinating.
Interesting times, chaps.

Bozi, I'm looking forward to the response.

Q, I asked you yesterday for the reasons you think a jv is better than a disposal. You said you'd explain, but thus far I haven't see it.