Member Info for addicknt

They are not the Primary Bid shares. Those are not due to start trading until Monday.

iceberg, you know what I meant about the initial investment, and the whatiffery is irrelevant. They took the risk and did invest.
NM didn't offer them more shares because he wants to see them diluted, and what is that if not aggressive? He doesn't want anyone else dictating what he sees as his destiny...they will have a different opinion.
But whenever we have this conversation, I always come back to my central point and that is, neither of these two mining majors are in the business of sitting on a small minority stake. Nor will they be interested in allowing a small company to develop a project of this scale - for two reasons: the chances of them messing it up are too high and second, they most certainly have no wish to help create a major competitor.
Gloves off soon, I suspect.

Yes, I can.
They've deliberately antagonised them by ignoring their suggestions for funding (and, I suspect, other matters).
As I've said countless times, Newcrest got this whole thing going. Without their money we'd be nowhere. So, put yourself in their shoes; you've invested money in a mates start-up business and then he ignore you completely. Do you a) slap him on the back, wish him well and buy him a pint, or, b) do you feel just a little bit peeved?
Now, I'm not saying NM isn't doing the right thing to achieve his dream, I'm simply saying he appears to be bending over backwards to alienate the very people who provided the impetus to advance the project and his ego. In my opinion, this is not clever. Mind you, if it's all part of a very clever strategy to get them to bid, then hats off to him - but I don't think it is.

phattrader, you've hit the nail on the head.
Any discussion which Newcrest have relating to Solg are likely to be aggressive and as such, price sensitive. Their director cannot sit on Solg's board under such circumstances.
In my opinion, this is exactly why BHP have never appointed anyone.

to note the quote from Newcrest to the effect that they are considering withdrawing their nominated director due to conflicts relating to fiduciary duties.
The meaning of this is as clear as the nose on my face.

purchases...virtually nothing. Very unimpressive.

In an ideal world, maybe. But I think you're seriously underestimating how aggrieved they are.

iceberg, why is it 'unprofessional'? They've been comprehensively shat-on by NM - how else do you expect them to react?
This is very much game-on.

mistermeister, true. It will be interesting to see how much and what percentage, they stump up.

1. At the time of the Franco announcement the company was careful not to say that the funds raised would be sufficient to address the requirements for exploration of other concessions. A number of people asked about this and, at that stage, it wasn't clear. Had we read through the lines we would have been able to guess more was required. Some may see this as disingenuous and that the company should have been more open. I don't see it that way.
2. As I'd said previously, the directors were never going to buy in the market and would only subscribe for new shares. The fact they didn't at the time of Franco was another clear indication a further fundraise was on the way.
3. The company is seeking, via the placing, to introduce some new shareholders to the register. The fact they didn't simply go to BHP and NEW is very revealing. Both companies could have stumped up the cash without blinking an eye. By the way, there's no guarantee the new shareholders will be "sticky" and my guess is a few will sell as soon as they see a decent return.
4. If we assume BHP and NEW were not asked about this, but have been invited to participate along with everyone else, will they have had sufficient time to get their corporate ducks in a row? I doubt it.
5. If they don't take up up new shares for reasons of timing, it's fair to assume this may further disrupt the relationship between the parties.
6. The Primary Bid element is a good thing. However, the restricted timing makes it look as if they aren't really that interested in having new private investors onboard. It looks like a pr move.
7. The announcement contained a further reference to CITI and it's role. Most companies who are under threat don't make a great play of similar appointments. It's almost as if NM is daring potential bidders to have a go, whilst simultaneously warning them that he's ready for a scrap.
Every step and announcement the company has made recently suggests that NM really has fallen out with the majors. He is desperate to move away from reliance upon them and similarly, he's saying "we don't need you". So, they've stumped up the cash to get the company this far (and it's not small change, as some would have you believe) and now he's telling them to f-off. Can you imagine the reaction to this around the boardroom tables at BHP and NEW? NM is poking a hornets nest and eventually they'll emerge and make life very uncomfortable for him.
This is either the strategy of a genius, or it's naive in the extreme.

Colonel, you say the this will dilute BHP and New. The RNS states that existing institutional shareholders will be subscribing. I wonder if that includes the miners? Personally, I hope not. The pished off they get, the better.

I think the expression wtf! Comes to mind. At what stage was this ever suggested?

Colonel, he wants the Solg shares and the original bid was for the whole company.

And of course, every share they sell makes them less attractive to us. So, aside from needing the cash, is this a defence mechanism?

Their holding represents .39% of the total value of their fund - I'm not sure if that equates to .5% of SOLG.

of the reporting of Sprott's holding in GGP, I notice that they also own shares here.
I wasn't aware of this, although I suspect some of you were.

Jerry, you're right. They too would be restricted by the closed period regulations. Mind you, I've seen this be circumvented in the past.

The problem with that, as far as I'm concerned, is that I want to see his influence diminished.

mistermeister, that's an interesting point. The problem as I see it, is that the market wouldn't necessarily be that interested in a related party acquiring more shares. And by related, I mean those connected with NM.

I can see, the only events likely to impact the share price in the short term (over the summer) are:
1) Bid for Cornerstone. It may have a positive or negative effect.
2) The announcement of a favourably structured finance package, albeit it will be highly conditional.
3) The early production of the PFS. (not likely)
4) A disposal of Alpala (unlikely to happen, according to NM)
5) An agreed bid from a major.
6) Award of permits (I wouldn't anticipate this having much impact)
7) Lifting of Covid restrictions.
8) Buying in the market from an institution.( I don't see this as being likely, but who knows)

Does anyone else have others?