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In fact DGR is not trading today and cannot do so until released on Friday (Australian time). Mather has out of the blue brought on a 1 -4 capital raising which will be completed on the 21 May at half the current DGR market value (last trade at 7.5 cents per share) at 3.7cps. We will now have an increase of 153,295,469 new shares on issue, from the original 613,181,877 shares, that are mooted valued at 3.7cps. The incentive is if the holders take up their entitlement they will be issued a 1 - 4 option which is due in 28/3/22 upon payment of 8.4cps. So to remain with the same share of SOLG (10.6%) through their ownership of DGR shares, they must buy 25% more shares at half the price of current share value. Most posters on Australian Discussion Forum, Hot Copper, believe that this CR will hold the value of DGR shares to the new issue price of around 3.7 cents until at least 21 May. Guess who is underwriting this Capital Raising and who will buy all new shares not taken up and for the risk of doing this under writing, charges 5% from the $5.67 million (Aus) raised.... $283,500 going to Mather. So while SOLG and Cornerstone shareholders see impressive increases reflecting more true value, DGR holders are looking down the barrel of an initial 50% decrease for the next month. Mather's response "Buy SOLG" will be etched on my memory for a long long time. How long has he be planning this....likely weeks if not months?
It is more likely that Mather will not buy shares directly through Market but rather use his nearly outstanding $9million (as of 30/6/2000) in SOLG shares ($3m per year since beginning 2018 F/Y) BUT buy directly from company with shares allocated to him in next fund raise. $9million will get him a lot more shares direct from Company than what he would get if company was to buy him the shares in open market. Won't have to pay brokerage or stamp duty and company won't have to fork out $9m from their limited cash reserves. $9m in US dollars is roughly 7.5M pounds (UK) and 5 shares at 20p equals around 37.5million SOLG shares. Try and buy 37 shares on open market and it would be expected that it will cost a lot more than 20p per share.
It is conceivable that Mather will own a minimum of 10% of SOLG in the forseeable future. He already owns roughly 5% with his holding of 90million shares. He also owns 20% of DGR which owns 10% of SOLG with 200 million solg shares., i.e., Mather's share equals another 40million. He has been granted 35 million of the 60p options and I expect him to double that (guess who will allocate them) so I estimate he will grant himself (as Chairman of the Compensation Committee) some 70million Dec'21 options. And, and, and by end of June this year he has $9million (presumably US dollars) of 3 X $3million of SOLG shares from his yearly bonus where he can buy SOLG shares. Lets say he buys at 15p or 20cents (US) he can buy on today's price another 40 million shares (taking that he buys them straight from company and is not given a better deal or incentive discount by company per share). Therefore, he could own 90m + 40m + 70m (60p options) + 40m (from salary package) = 240million shares. I concede that the 70m options will only be bought by him should an take over offer occur over the 60p mark. If a takeover occurs only for the Alpala resource then Mather could buy his allotted options, knowing he has total control of how much a dividend would be paid to shareholders, and he retains his 240million shares in all the rest of the SOLG interests. 240m shares equates to around 12% of SOLG with some 2.1billion shares (including options) on issue. This is how our company is and has been run.
Mather has a nest egg of over $7.5 million awaiting since 2018 ($3million per year) which is to be used in his salary package to buy SOLG shares. When this extra $3m was voted on the shares where in 30-40pence range but no shares have been purchased. Last 15 months of practically no announcements has seen share value plummeted to current levels and he is now in a position to buy 70million from this increased salary package alone. Watch this space because he will continue to plunder SOLG for all he can!
Just a timely reminder that Mather is owed $3million dollars (presumably US dollars) of solg shares commencing 2018 F/Y and every year thereafter together with his $600,000 pay package p/y. There has been no announcement of him purchasing any shares from this now $7.5million plus unused fund. He can buy a lot more shares now than before. And I do mean a significant number. That 90 million SOLG shares he already owns outright might increase very very rapidly with the cash he is owed, let alone the 40p and 60p options he has and will probably allocate himself. Otherwise a very good, though well overdue, announcement.
- Mather is being paid roughly $4.5 per year from his directorships (roughly $86k per week) ..not in a hurry!
- Mather has been allocated 35 million of the 50 million Dec '21 60 p options already allocated by SOLG ...has 20 months to go;
- Mather has a history of allocating himself the majority of options allocated by company under 'Employee Incentive scheme' so he has a further incentive still to be realized by Dec'21 (tens of millions to be allocated to himself).....so again no hurry;
The other companies Mather is Director/CEO/Chairman of have all collapsed in value, most by 90+% with the least by over 50% in the last 12 months (DGR and SOLG) and he still gets paid handsomely....no hurry again;
- Mather has a history of buying shares in companies he is is director/CEO/Chairman of, at these collapsed prices and further caps up with issuing bonus options etc to add to the gravey pot (SOLG started at 50p and most of Mather's 90 million shares were granted to himself for 0 pence or low pence cost and DGR is another prime example of this).
- Refer to the various discussion forums in Australia and England and see what shareholders think of the decisions of the various companies that he is director/CEO/chairman of over the last couple of years. Companies that are complete failures or next to broke with takeover bids expected from friendly significant investors;
- Mather has conducted himself in secrecy (only a limited few can know and they are not telling) with his no tell management and control of SOLG. Suggest BHP and Newcrest might. Target dates are changed. 10-15 operational drilling rigs with next to nil results over the last 12 months not released. Spent 80 million pounds with office administration and director and employees costs going up nearly 200% (remember his $3million of shares per year alone to himself) in the last 12mths alone. (refer June's Financial Report).
And the presentations are full of facts and assertions from mostly 6 plus months ago. Rocks samples and cuttings have been released of new permits areas but nothing about licenses to explore and being drilled are released, except a belief that they might have drilled on one of the permit areas with no depth mentioned but plenty of horizontal exploration specified.....perhaps they have walked but not necessary drilled into them could be asserted.
All while we wait and wait while the world economies and share markets collapse. Mather has 20 months (Dec'21)before his next big pickup in his self deserved worth can be realized......and what a payout that will be should a takeover or buy occur at 60 pence or more. And he is only being paid $85,000,000 per week......he is definitely in no hurry!
Can anyone assist with advising when Announcement made by SOLG as to approvals given to start drilling in areas outside of Alpala and Casabel? Cannot recall when any announcement made as to any approvals being given by Govt. If Ecuador Government has given SOLG permits to drill when did SOLG receive these, how many are being currently drilled and with how many of the drilling rigs? There has been an announcement that drilling has been 'curtailed' in Alpala and Casabel, via Half Yearly Financial Report, but no explanation of what our 10 plus drilling rigs are doing at this moment. From memory all of the recent announcements have not reported any drilling but have shown findings of rock and cut samples from horizontal exploration and not vertical drill results. If in fact we have discontinued all drilling then one would expect that other exploration companies would be employing the drilling rigs and their workers onto other non-SOLG sites.
Matehr and Company Secretary are both employed doing the same for both DGR and SOLG (and all the other DGR daughter companies). They probably forgot which company they were releasing the information for, using the same office in Brisbane, Qld, Australia. Snippets of information together with minor changes to timings, the whens and wheres, allows them to bamboozal the market and shareholders. They know exactly what they are doing.......part of Mather's strategy.
And, Novicehunter, it went from listing price at 50 pence to 1.38 pence all under Mather and most of current directors. Mather picked up 90 odd million for what price? Look up "SOLG Directors Deals' at top of this page and you will see. Let alone how many more at 2-3 cents when he had all the information in his hands. His numbers went up substantially with no acknowledgement via announcement. How many of these shares were bought from shareholders who thought they had value at 50p. He still hasn't claimed his $3million bonus shares from 2017/18 and 2018/19 financial years all while collecting $600k per year after it was decided he needed a pay increase. May be waiting for share price to be at a value where he can obtain more shares for his buck!
Fair comments from Cookiecrew2019. Around 12 months the 40p option will come into effect and in 18months the 140 million odd Dec'21 60 p options will also become due. Can anyone else see the correlation in timings here. BHP has possibly colluded with Mather and BOD to set this time table up. It suits them down to a tee. Mather will receive his 600k per year plus his $3million bonus shares each and every year since 2017/18 (still awaiting announcement when he will take the shares.....lower price means more shares to him I guess) and together with his confirmed 35 million 60 p options already secured, plus another huge allotment of the remaining 80 million odd 60p options still to be allocated to 'employees' as an incentive (and he has a history of scoring the majority of allocations every time), there is no hurry to release anything. Unfortunately, the rest of us have to wait it out and hope that a recession doesn't destroy any chance of recovering our money or even making a profit from our investments. 12/18 months is not that long a wait...................... MRE3 now could be released in 2nd Quarter (up to 6 mths from when it was promised). All he has to do is find another excuse to delay. His future is secure. What about the rest of us!
Karl is the paid Secretary of how many companies under the umbrella of initial parent company, DGR, which includes Solg? He is being paid very handsomely by each of those companies as well as being eligible for future allotments of bonuses, including options. He is the person who we see at the bottom of most news releases. However, he cannot and certainly will not, and if anything will defend, what he is allowed by N. Mather to say and write. Mather has not allowed any information to be released and Karl will comply......that is why your source has dried up. Too many senior executives and BOD's from all companies are complicit with Mather's commands. Unfortunately, when one compares the values of those companies now as to what they once were, we all see the cost involved for mere shareholders.
We've been waiting since January 2019 so that major announcement MUST be just around the corner. We all know it will happen someday. But over a year, I wish the BOD will come out and play. My thoughts are that they should be kicked down the Hill and then perhaps shareholders might have something to cheer about.
Scrat, you have indicated that you bought SOLG at an entry point of 2p. I am interested in what encouraged you to do so when the price when listed was 50p. A drop of 48p to nearly zero. Another poster who remains very indicated that they bought in at 1p. Well timed entry but for those of us that started our investment at 50 pence
Add, I understand what you are saying, but please have a look at what the mentioned Reports say.....they conclude that there is a realized cost to the company and have stated as an example on page 89 that US$23,883,159 was costed for the Options issued. Nothing about receiving any money....that comes when they are exercised, but there is a cost debited against the company.
Ajin, thank you for also responding. Of the 50 million 60 pence options allocated Mather has been assigned 35 million, 5 million of which he will be loaned the money from SOLG until...... There is another 80odd million of '21 60 p options and 26 million 2020 40p options still to be allocated. I strongly suggest not many of the employees other than directors will be allocated any of the remaining options. Mather will get the lions share as he has done so in the past.....refer DGR's employees incentive scheme which was then reinvested to 'Director's Incentive Scheme' with only directors getting a share with Mather, of course, receiving, from memory, 11 of the 17 million 6.5cps when DGR share value was 13 cents.....you can guess what happened to DGR share price thereafter. This occurred in 2018. He has a history of doing this and it will happen with SOLG, especially if a takeover occurs. Should Alpala be sold off individually for whatever, lets say 60p, then Options can be exercised and Option holders retain 100% of the rest of SOLG potential of other areas still to be realized. Fantastic incentive while his annual pay has gone from $400k to $500k plus $3 million bonus shares each year from 2017 to present.
Why does the Auditor indicate that it is an expense in the Annual Report released in June '19. Again in the Sept quarterly report there is a clear indication that it has been an expense. Why has it been acknowledged that Loans have also been granted to Directors and Employees, some of these loans are given at no interest.....so there is a liability to the company. If I am wrong would appreciate an explanation!
Unfortunately, Mather has been 'deaf, dumb and definitely Mute' so the average shareholder doesn't have a clue as the real position of SOLG. From high 30s to low 20's pence mostly because of lack of communication which is controlled by Mather. Our recently resigned PR Officer received well over $100k plus bonus shares during a time when actual news releases were almost none. These traits that Mather has so well displayed in 2019 has caused enormous pain while he captures over $3.8million for himself ......look at the Yearly Report released in June 2019 and recently the Sept 19 Quarterly Report. Did anyone else notice that he was given another $100k plus bonuses from one of our new entity. We have more money being spent on Admin and compensation to Directors than we had being spent on mining/drilling. Most of this increase has been because of the bonus options (40 and 60p options) where Mather has been allocated over 35 million thus far. This where over 40 million has been spent over the last 2 years, 23 million alone in 2019. Again, if you think I am telling porkies, I suggest you read the above mentioned Reports. All the other companies that Mather is Chairman & CEO are on the very of collapse because of poor management. Go into Hotcopper (Aussie discussion forum) and have a look at DGR and daughter companies.
Placed a copy of ColonelDrake's comments on Australian Discussion forum, Hotcopper, and poster,Moureeses, responded with following comments on 27/12/19, Post No 42139307, which I believe most here will appreciate:
"Currently CGP on the TSXV SP is C$2.59 in July CGP had a 1 for 20 Consolidation at the time the SP was $C 0.31 and after the Consolidation should have traded at about $C 6.20 it has traded actually from around $C3.00 to about $C 5.00 but of late it has traded down around mid $C2.00 .
SOLG last traded at 0.035 from around 0.70 in the same time period.
CGP with its JV with STM at Bramaderos has been a real LET DOWN and its results have been poor so has not helped the CGP share Price at all.
All in all the CGP SP would need to increase by way more than 100% just to get back to the pre consolidation SP.
So NO Positive news just a bit of getting back up a bit on the Gold and Silver Rally bearing in mind the Resources that abound at Cascabel CGP are living in hope of a TO of SOLG to see it into the clear that looks obvious when you look at the last announcement regarding the paying of of DEBT by issuing shares .
All in all CGP on a bit of shaky ground.."
Therefore, a long way to go before a rise in Cornerstone's share price will affect SOLG and especially NM's ability to kick things off in the new year. If anything, reflects how poorly this whole mess has been handled by him.
Padmaster, don't you mean 13 rigs at Cascabel which are supposed to be confirming resource levels, especially where the highest grades are located and waiting for now over 13 months, since last result released in Nov., 18, is not thrilling but very worrisome and causing angst. Superstar is not a term I would give NM....a few other correct terms come to mind.