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The original amount BHP put into SOLG was geared to shore up the known resources of Alpala/Casabel deposites. What seems to be a part of this deal between Mather and BHP is that the drill results were not to be announced on the public record, thus the total news/announcement blackout over the last 12 months. Even previously drill results that were very favourable to the know reserves were not included....refer to announcements of Nov and subsequent ones. There were drilled before BHP got involved but no official results have ever been announced. It was anticipated that these results would have greatly increased the size of over 1% copper reserves...and probably would have been closer to the 2-3% copper. There has been a definite conspiracy by Mather with BHP imho and it could easily be conjectured that Newcrest is part of this handshake, say no more, deal. Why? Because over this period of non-disclosures while spending over 80 million pounds, the value of SOLG shares has well and truly halved, from 46 p to current 20p, thus making SOLG seem somewhat risky as an investment by others possible institutions as well as also lessening the value of Cornerstone's equity, all while these same three entities know exactly what the real results are. Mather has secured his $600,000 wages per year (33% increase from $450k in 2016-17 , plus an allocation of $3 million SOLG shares per year (since 2017-18), plus his enormous allocations of Dec 21 60 pence options (#35million), plus whatever he can get from the 40p options (Dec 20) plus, you guessed it, another huge allocation of the remaining Dec 21 60 p options still to be dispensed to 'employees' of SOLG.
I was around when Mather sold OBIS and the lead up to this takeover is very similar to what we are experiencing now with SOLG, and every other company that Mather is currently a Director/CEO. They go through a collapse in value while Mather accumulates huge interest in the company, and then out of the blue a Take Over is announced and guess who makes a huge quid or two? Be careful when trusting this fellow. The problem is the average shareholder doesn't necessary know when to buy into this company.....remember it was steal at 24p (Newcrest), 46 p (BHP), andagain at 25 p (BHP) and just look at where the price of the shares are now.......less than 20p.
Earthling has suggested it would be of benefit to SOLG to have a third major having a stake. The problem is why would any other major come in and buy with announced resources being from figures released in November 2018. The only way would be Mather to release details of the last 11 months of drilling to them thus supplying inside information before releasing to the general market. Yes, we will be advised after the deal is done but at what cost to company and share value. We all know that the non-release of 80-100 pounds of drilling results is causing the market to dramatically reduce the share price and thus this new or existing major will be doing so at a bargain price, thus reducing the value of all other investors currently invested......that's you and me. I have frequently asked the question as to what reason would Mather and BOD have in not releasing results.
Yes we all know there is potentially other areas within our companies allotted permit areas but all we have been given to date, in the last 12 months, is some results of rock samples, taking that some released of these look brilliant. Some time ago, the Ecuador Government indicated that preparation work for drilling could be done on sites awaiting for permits to be formally issued. Conjecture runs wild on discussion forums that we have started doing so but yet we have had no official announcements from our company. Another media blackout.
Mather can wait and wait because he is getting his $600k plus $3million in bonus shares each and every year but the poor private investors see their wealth melting away. We're not getting anything from this lunatic and in my opinion he must be replaced. MRE3 is coming this month, next month, or the month after. What the blazers is occurring here and why?
Some of us came on board when SOLG was first formed. We secured our shares at 50p. Then Mather and his cohorts saw the price go down to 2p through their skilled management and manipulation and then start accumulating big thereafter either by granting themselves bonus shares or by buying at 2-5p mark. Mather has a lengthy history of seeing companies under his control collapse in value, only to buy or give himself significant percentages at rock bottom prices. MPB1 was a brave person to buy at 2p when the start up price was 50p, a drop of 96% in value. Unfortunately, the original owners took an absolute beating under Mather and none would have even come close to coming even over this last 10 years. Mather with his inside information and manipulative management is sitting on tens of millions of pounds profit from share value alone. His recent $3million per year bonus in shares plus his $600,000 salary per year over the last 2 years is another clear example of this. SOLG is being totally manipulated by Mather and possibly by other significant investors at the cost of true value. Mather, already granted 35million options has 2 more years before Dec 21 options come into affect....let alone another $7.2million in compensation to add to that gravy train. 80 million still to be allocated by Board.....Mather will no doubt get most of these as well. Why wouldn't the likes of BHP and NC love this current price with them potentially buying the whole lot down the track. My thoughts are that Mather has an understanding with these companies to keep the price down and not release drill results (now 11 months worth); go into argument with Cornerstone and not actually do anything other than a suggestion of a takeover(i.e. No formal bid has been made); not tell the market any of the social ills in Ecuador until after it hits the fan; and bleed the company for all its worth while spending 85% of 100 million pounds over this same period.
Last week I asked both on this forum and on the Hotcopper Forum in Australia as to why Mather was not releasing the results of drilling by SOLG since Nov., '18. I was invited to perhaps contact Mather/SOLG direct. I have not due to my reasoning that no one else has received any explanation and if they have then they have not shared it with this discussion forum. Poster, WoodyB, last Thursday, 5/9/19 at 0830hrs posted that he has sent an email to SOLG and he would share any results/answer received. Nothing from Woody thus far. And no one else has offered a reason as to why Mather continues to not release any results, as he is legally required to do so.
As a result I have come to the conclusion, that Matheris then abusing his position because of the the multi-jurisdictions that SOLG and major shareholders belong to, i.e., UK, Canada and Australia, thus sabotaging the share price of SOLG to his own end. Can anyone give alternative conclusions as to why a half a billion pound publicly listed company spends over 50 million pounds and not give any results nor any explanation to explain why results are withheld? As I have repeated a number of times Mather is being paid very handsomely for his chairman, CEO, and Directorships both directly and through enormous grants of bonus options rights (confirmed 35 million Dec., 21 60p SOLG options) and he can hold out until a takeover comes in. A review of his current holdings in SOLG, believed to be around the 90 million, indicates that a significant proportion of these were received as placements (for nothing or for mere pennies)....refer "SOLG Director Deals" on top of this Discussion Forums home page. How much would our investments be worth if this fellow was not the CEO and allowed to do what he is currently doing? What are the other Directors doing to subvert the excesses of Mather to ensure fairness to all shareholders?
Thanks Pin and Ship for sound advice. Cannot see why he would respond to my concerns on an individual basis when he doesn't give a toss for the rest of the shareholders. Obviously blind faith is what holds this discussion board together. No one knows other than Mather and he hasn't expressed anything to the market at large other than his repeated fascinations while traveling the world at company expense. Surely all the big companies that would be able and interested in a takeover of SOLG are well briefed already. Keeping up with appearances while most of long term investors see their worth melt while NM and day traders plunder. Dec., 2021 is a long way away. Mather can wait that time out knowing his current 90 million SOLG shares, his 20% holding in DGR (11% of SOLG), his 35 million confirmed 60P options (together with other 40p and 60p options he will allocate himself), plus his $1.15 million (Aus) p/a salary he pays himself.......all of which will make him hundreds of millions of pounds profit. Shall I start my email: "Dear Nick.........".
Can anyone try and explain why Mather hasn't released the results from the last 10 months of drilling. It has cost well over 50 million pounds and the average shareholder, excluding perhaps the majors/significant holders, have not been advised of anything other than some rock chips etc. As some will already know I have been very critical of how Mather is managing this and the other companies he is CEO/Chairman/Director of......most of their share values have collapsed in recent years while Mather has seriously added to his holding percentages at greatly reduced prices, all while being paid very handsomely. So please, anyone out there, can you explain why he is withholding 10 months of drill results. Surely this goes against all the requirements of the Govt regulations and various stock Exchanges policies. I remember BHP's last investment was always going to be spent on Casabel but surely they haven't the right to control releases of the results.....it has to be Mather for some purpose!
Guys, this woman is only a stooge for Mather. She wouldn't release anything without direct permission from Mather. She needs to be on his good side so that she can get hold of those 'Employee Incentive Scheme 60 p options" should a takeover offer occur. Mather would be the one telling her not to communicate or respond to shareholders. He is the one who is strategically withholding information for whatever reason he fathoms. Our company secretary also doesn't release anything that Mather wouldn't approve. Far too much power being used for his own purposes and not that of all shareholders. And he is doing the same thing in all the other companies he is CEO/Chairman/Director of....refer DGR and daughter companies, which SOLG is but one.
DGR, the supporting mother company that still holds 11% of SOLG released a quarterly report earlier today in Australia. The same CEO, a couple of directors and of course our informative sharing company secretary, released the following dealing with the current development concerning SOLG:
"• Continued engagement of ten (10) drilling rigs onsite at Cascabel. Discovery of previously unknown high-grade mineralisation within existing low-grade inferred resource areas8."
Mather is paid over $1,115,000 (Aust) from all his directorships in DGR, Solg and other daughter companies and this is all that he releases to the shareholders of DGR. He is going to start up more companies to pay himself more in the near future. The value of every other company that Mather is currently involved with has collapsed with most down 90+% from their listing prices. One of them went up today by 33 odd percent from 0.003 to 0.004 cents per share, having been listed at over 10 cents. Several others are also in the 0.001 cent range. Do we really need a CEO and senior management team like these guys to look after our future. Mather is looking after himself and nobody else.
Can anyone explain how the non disclosure of market sensitive information for well over 7 months has been allowed by the various stock exchanges and Government Regulatory bodies of Australia, Canada and the UK where SOLG is allowed to trade out of? Nearly 40 million pounds spent on drilling and no results! A suggestion that a takeover of one of the largest shareholders is announced in February causing a major dispute, and no formal offer has been made since. Only release I can recall is that they had to convert offer into French which caused delay......what a joke! New 40 and 60p Options totaling
some 8% increase in the number of shares (from 1,800,000,000 to around 2,000,000,000) all going to directors, and some employees, under the guise of "INCENTIVE Schemes" with Mather being acknowledged in already being allocated 35 million 60p options out of less than 50 million allocated. Surely one of these reputable stock exchanges or Govt Regulatory bodies should be asking some serious questions to ensure that there is fact fairness and honesty to all shareholders and that BOD are actually performing to their legal obligations.
Can anyone explain why Mather hasn't released the results of the last 6 months or so of drilling to the market. We have had a few rock samples etc from four of the other permit areas released, but most of the actual activity including a fair chunk of money has been spent on the continual drilling to shore up and possibly increase the copper/gold/silver resource. What is the strategy behind this non-disclosure?
Zeros, I think you have well understated NM's holdings in SOLG. He has the 90 million shares, but you have forgotten the 5 million 60p options he allocated himself (interest free loan from company), then the more recent 26.25million x 60p options (8/8/2020), plus the 20% interest in DGR which holds over 10% of
SOLG. Probably well in excess of 150 million in total. Then consider the tens of millions of the remaining unallocated 82 million 60p options (6/11/21) which he has a trend of giving himself the majority of. I reckon his holding will be around the 200 million should a takeover occur, resulting in a profit of 2 million pounds for every penny it goes over the 60pence mark. A takeover of 3 billion will average around 1.5 pound per share. 300 million pounds no less!!!!!!
Then, If he sells only the Alpala/Cacabel resource, he will still retain the same number of shares in SOLG and his real wealth takes another sharp turn upwards. Not a whinge....simply maths.
Maher owns some 90 million shares, or approx 5%, directly. Another 20% of DGR, the parent company which owns approx 12% of solgold, therefore another 2.4%. He has gifted himself, confirmed in last 6th monthly report, another 32 million x 60 pence options and an unknown amount of the 40 pence options. I have absolutely no doubt that he will take up the majority of the remaining 80-90 million by 60 pence options that have not been allocated......because he has a history of doing so and simply put. 'he can'! So your 10% of SOLG could very well be accurate, if not understated. He is in no hurry to sell or develop SOLG. The shareholder he is looking after is himself....plus perhaps a couple of his mates.
It was my understanding that when the PEA was completed that CGP had to pay SOLG for it's share (15%) of the costs incurred to date and that if they could not pay up, then it had to sell it's share, at first right of refusal, at an agreed price to SOLG, as per agreement. Why has the PEA been therefore delayed and why this take over attempted? Don't pay SOLG and first right of refusal basically guaranteed SOLG rights to their share of Casable project...100% ownership to SOLG! If anything, it would have probably force CGP to accept takeover offer!!!!
All a delaying ploy by NM as he acquires more of SOLG, gets paid his huge wages (over Aus $1,150,000 per year....from SOLG and DGR & its daughter companies). Look at what is happening at all the other companies Maher is CEO/Chairman/Director of and you will see that they are all in the same boat. Share prices have collapsed. Lots of talk and potential but not producing a darn thing other than Maher filling his pockets! Information blackouts are the norm, a conflict of interest and misuse of insider information, while the other shareholders are not being fairly treated.
Could this be one reason why the CEO of CGP has openly condemned Maher's management style. Too much power has been given to this individual and in my view he has abused it.
We have been advised that the 70 odd new areas/permits/leases have been granted to SOLG and are still to be explored in Ecuadore. 11 of which have special significance and potential to equal that of Alpala and Casabel. From SOLG announcements I am of the understanding that ownership of these new areas has been given to four new and separate companies under the control of SOLG. They are separate legal entities and the sale of SOLG by way of a TO does not mean that the new owner of SOLG automatically gains control/ownership of these permits and whatever riches that may be found on them. To my knowledge SOLG Management has only told us that these 4 legal entities exist but not their structure or how it all works so to protect the interests of current SOLG shareholders, including DGR shareholders who have approximately 11% of SOLG. We all know that NM and various other members of DGR's Board of Directors, including our company secretary, also are members of SOLG and other daughter companies. They then receive additional salaries, etc., for performing their other functions within these companies. They get multiple pay packages in effect.
So what I am interested in finding out, because it is not apparent at this time, is whether these four new companies/legal entities set up in Ecuadore have these same members managing them also? If so, how are they being paid? How much are they paid? Where is the money coming from to pay them? What incentives, presumably bonus options, will be given to them to continue being associated with these new companies. If they are not producing anything so no money is being made, I again presume there must be a way to compensate them for all the additional work these four legal companies will require to be done. NM has a history of receiving more than reasonable compensation for his efforts though I am at a loss as how he can separate himself from the demands of each company and how many more hours he can spend doing such additional work. What happens to the ownership of these companies and the permit areas, etc., if a takeover of SOLG occurs and will DGR still have some ownership of them. Perhaps more astute posters can answer some of questions!
I am sure there will be suitable explanations afforded but why hasn't our CEO, BOD members, and Company Secretary released this information already. Is it not relevant to current shareholders and remember most of these decision makers have joint roles and responsibilities and such information after all is required to be released (by law)!
Strider4.
If you refer to pages 23 - 27 of the SOLG'S 'Half Yearly Report', for period ending 31/12/18, these details will be confirmed. Refer page 25, NM allocated 31,250,000 million 60p options, i.e., 26,250,000 and 5,000,000. Unfortunately, I cannot find out where any of the 40p options, issued on 5/7/18, nor where the rest of the 141,262,000 million 60p options have been allocated apart from a few million going to other SOLG directors and 250,000 going to to a contractor. We no doubt will be advised when the 40 p options are exercised in July 2020 and the nearly 100,000,000 other options issued on 6/11/18 are also exercised in 2020 and 2021. I repeat 141,262,000 x 60p options have been issued in 2017-2018 and in reality we have no idea who will receive the rest other than 'solg employees'. From recent history NM will no doubt get a lion share of these too.
I agree with you Strider4": "it's bordering on criminal." My point exactly.
What can one say regarding BBG's comment.
NM was allocated (by himself and his other delegates) 5 million 60p option from the Directors Incentive Scheme. It has now been confirmed that he also has 26.250,000 million allocated from the other 60p employees incentive scheme. (No announcement in the last report concerning the 40p options but I would imagine he has got a wad of these also...perhaps someone might be able to confirm what his fingers have grabbed hold of.) Only 31,250,000 of the 60p options at this stage. Should he take up these he will have a holding of over 121m shares....great incentive. Alias the rest of the shareholders have lost 8% holding in the company. I strongly suggest that when there is a leftover from the Incentive pot not taken up by the other employees/contractors....no money or left company..... that NM will be waiting to pick up more. This fellow is self serving and in my view corrupt. To openly allocate 160 million 60p options (i.e., @ 8% increase in company shares) to 'employee/directors (directors are employees) when the world knows this company will be sold for a lot more than 60p is criminal. No commitment whatsoever for any of these options to be paid for unless price goes over 60p ....no risk to those that can take part. The last 5 million will be paid for by a company loan to NM.....basically approved by him. The tightening up of laws and interpretations, as a result of the recently completed Australian Banking Commission, of what the legislative enforcers (ASIC & ACCC) in Australia might seriously look at this fellow and take him to task. No more self regulation and compliance, but criminal prosecutions for non-compliance of regulatory responsibilities. Remember these options are not just for the Alpha/Casabel known resource but for everything else that SOLG may discover. What better way to do insider trading when you have all the decision and management powers.
Do you think the directors of any other companies in first world countries (UK,USA/Canada etc) would be able to get away with such actions when a takeover was likely. NM is too greedy by far not only with SOLG but have a look at what he has done with the other companies he is currently director/CEO/Chairman of. It would seem that he is well prepared to look after himself first.......lessons perhaps learnt from his other 9 companies. Corruption and criminal activity must be held to account.
Strider and Bobmuckie
Agree with your summation of what NM is doing. He has been CEO/General Manager/Director, etc., of Solg and DGR, together with a whole lot of other daughter companies of DGR, all of which have collapsed in value since their listings. SOLG came on the market at 50p and fell to 2p under his stewardship.....allowing him to buy up big at these values. All of the other DGR and daughter companies are well under the values when they were listed and NM has swooped on their shares allowing him to own huge percentages. The pattern is well developed. Bonus shares and options at greatly reduced prices has allowed him to increase his holdings. All at a time when collectively he is paid over $1,150,000(A) per year. The latest grab of 5 million x 60 pence options, at no actual cost to him with all the money coming from an approved loan from SOLG company, is just one example of how he gouges from the companies he is supposed to manage. He has too much power and simply manipulates releases/announcements/timings/ which includes holding back information/ not complying with his own projections and company strategies which has caused the normal shareholder, the mum and dad investors, to lose out.
To have secured another 8-10% of the total company through these last two 60 pence option schemes is gouging, greedy and lacks integrity, in my view. How the larger holders of DGR (10.5% of SOLG), BHP and Newcrest have allowed his latest grab by directors under the guise of 'Director and Employees Incentive Schemes" is truly unbelievable in the honesty and integrity stakes. Can anyone show me other examples where a company pays their employees well and then in the eleventh hour before a possible and likely takeover occurs, ensures all the chosen employees (mostly the Directors i suggest) to become millionaires....with no commitment down unless a TO occurs. These actions are actually stealing true value away from the rest of the shareholders.
No doubt this has already been discussed at length.
Having been away I only recently learnt that Board of Directors is recommending some 125m options be issued to SOLG employees as an Incentive/Reward at 60 p together with another 10million options issued to BOD. This is apart from the 40p options already approved. Not sure who is eligible of these 40p options. Have concerns that this is a major grab for cheap shares and huge profits should SOLG gets a take over offer of 1 pound or more per share in the, hopeful, near future.
NM has a history of allocating himself the lions share of options (refer DGR in late 2017) under the guise of Employee incentive' issue After approved by shareholders at AGM, it was found that all 18million+ options at the time of conversion, 100% were allocated to BOD members only and NM got 2/3rds of that issue. The options were converted to fully paid shares at 6.5cp (A$) when the share price was around 13c(A). Somehow, when the allocation was queried it was then converted to a 'Directors Incentive Issue'.NM doubled his investment by over 100% .....nearly 1 million A$/530,000 pounds).
So, firstly, another issue of 10% more SOLG shares with no money coming into the account of SOLG until the share price goes well past 60p mark. Excuse me for asking: 'How many of these options will be taken up by company employees, most of which are locals who presumably earn not very much?". From memory there are some 400 odd local employees who may be eligible for their share of this allocation when due., taking that they have the capacity of paying 60 pence up front. So then who of these will be able & willing to commit to pay at the time. Can you honestly expect most of these 120 million x 60p options will be exercised by local employees. This is just pure fantasy & suggest there will be group of non local employees who will waiting to pick up the rest. NM will be there for sure....because isn't he an employee as well. Other BOD might take advantage & allocate themselves more options, but again, they must come up with 60 pence at the time. This will cause a lot of shares to be sold by them to take advantage of this option offer. I suggest this will reduce the price of shares being sold on the open market. Remember what happened to share value when SOLG shares sold to bank entity.
This overhang of options in my view will severely affect the value of a takeover offer eg.,BHP says that SOLG is worth 2 billion pounds then surely they will make an offer reflecting that value & then offer 'x' per share. A 10% increase in the number of shares on offer will then be discounted per share to still reflect that total value. Therefore, preopt shareholders, you and me, will then get a lesser price/share. The new share holders will make a whole lot of money after 60p is passed. If it doesn't reach that price...no commitment to buy & no benefit to company just less shares. T/O of $1 will mean 50M pounds profit to op holders!!