Member Info for Bozi

Add - Despite the perceived arrogance of Remain, they lost because Leave sold their voters a pipe dream, the reality of which has unfolded in front of our eyes ever since.

I get the impression that the world is tiring, and for climate that means can-kicking, which will come to the delight of many. It'll be a future generation that has to deal with the fall out.

Hard to tax everyone more than they're being taxed now, so pointless blaming an opposition we don't have and who have not had a hand in the demise of this country over the last 13 years.

My point was about pensions anyway.

Scarlet - blame the UK govt who have introduced all this red tape.

Ha. The company has driven us all to a state of delirium.

Thanks F79. I hadn't looked at it that way.

And what about the ones blindly hoping that a company can illicit a takeover approach?

There's two sides to the argument and there's fault on both sides.

Legalwolf - forgive me but how is this trading at 65% discount to what investors are paying? It's trading at 35-40% discount to a penny.

Does Turney think we're all stupid?.

Unless he's talking about the 1.8p raise, in which case yeah it's about 65% off. I he might want to examine why that is, and no I don't mean watching the trades or the order book.

I for one have had enough of potential this and potential that, because potential often goes down the swanee. I want to see a plan for re-processing the tailings, what sort of income this will generate and how that feeds into the wider plan.

If they want to build a business they have to move away from the technical and the hypothetical. We need an actionable plan.

Spot on JP2000. Said it better than I could.

Wouldn't bother Legalwolf. Will likely be a load of fluff.

Those projects are piddly with very limited potential and are coming in quite expensive IMO.

Turney is in full on confetti mode with KAV stock now.

I haven't Fort. I haven't commented on BHPs investment in SOLG.

I couldn't tell you what their plans are.

But yeah, nice try at swerving the points put to you.

SC - I think we've got to be a broad church and accept all views.

We all want to feel cosy about the upside on a change of control transaction but I don't think you can blame people who are miffed that the company has taken in over $80m and plans to make it last just over a year whilst doing the square root of FA in terms of exploring.

Lets have it right, for a junior explorer that's a shambolic state of affairs. It's economic management that should give you nightmares.

But you seem OK with it. At least you will be as long as the other side of the bargain is delivered. Will be interesting to see you shift if no offers do materialise.

Fort - Wyloo were the cornerstone investor at Noront. They had roughly 30% of the stock. They offered a small premium which I'm sure you yourself will acknowledge was pitiful compared with where Noront had been priced in the 12-18 months prior.

It was then that BHP upped the stakes and added c.70% onto the Wyloo offer. If they had genuine intentions why not come in lower, say 35-40c? They pushed Wyloo twice to make a proper offer for the company, which they eventually did at 110c.

Lets ask ourselves what significant a company with a smallish asset had to someone like BHP? Is it not just as conceivable that BHP wanted to push Wyloo into a transaction before then making their play for Oz Minerals, maybe as so not to get stuck in a fight there? I have no insight into the deal but I think both scenarios are very much possible.

You could look at it another way. Why did Rio make a paltry offer for Turquoise Hill? Again, they were in the box seat and thought they'd bully shareholders for the rest. Unfortunately for them TH holders and management stood firm.

The bottom line here is that SOLG management is going to have to make a concession because a BHP or a Jiangxi is not making a 50p offer off the bat, not in the near future anyway. If the SOLG SP doubles from here then it becomes a possibility, but that seems a mile off at the moment. Before then we've got yet another election because a right of centre government has been admonished by its people and yet again the door is open for those who oppose mining. A positive result in August won't cause more than a tremor to the dial.

I'd sincerely hope nobody is buying or selling on my view Red. I've also never toggled with the opinion menu.

However, with regards the following comment,

"But they arent thinking through that those dismal posts are probably deterring new buyers and even causing existing holders to contemplate selling..."

Do you not think that excessively talking the upside can tempt people to buy more? What happens if something then goes wrong and that growth never materialises?

It's a double edged sword. I've always been open and said that I've lowered my expectations because I want to feel content with the end game here rather than shoot for the moon and then be angry if we only make it half way there.

Red - yes, that's exactly how an auction works.

The lower the opening offer level the more chance you have of multiple suitors simply because the bidding is within their acceptable price range. Not all will have the means to stay the course, but it stimulates enough interest that the first offer is more likely to be countered.

I'm aware of how the Noront process played out. The point I'm trying to make is that Wyloo tried snagging the remaining shares at a modest 30% premium, a level that not many shareholders would have considered. BHP then upped the stakes significantly but you can infer they were simply trying to tempt Wyloo into paying more than they'd like, and they undoubtedly did. I have reservations about whether that deal would have gone through had the 75c BHP offer not been challenged.

I hope you're right. An open market price in the mid teens and no real purchasers of shares other than Jiangxi maintaining their stake is a little underwhelming. There's no reason anyone interested in an auction shouldn't be getting to 2.99% at the very least, particularly given the progress the company has made with the government agreement and licence renewal.

Red - nowhere am I saying that 28p would be fair or reasonable. I suppose I'm taking the view that I've lost the confidence that SOLG are going to do a deal that creates true value for shareholders, unless two suitors get into a bun fight and let the company off the hook.

I've questioned Bob Sangha and the likes of Irwin and the CGP crew all along. I don't have the faith in them that others do, although that seems to be ebbing away now in some quarters.

You have to be careful IMHO using Noront as your guide. There was a certain set of circumstances in play there as I've mentioned in the past and there was a clear motive to get Wyloo to follow their investment. With that in mind, a larger premium made sense.

Try looking at it another way. Doesn't a lower offer have more chance of attracting competition? Auction prices usually fall before they rise as interested parties bide their time.

That's about right Orthern.

It'll be sold off on the day and within 3 sessions will be back to the same level as pre news.

The only way it reaches 70 is if two parties go hammer and tongs for at least 3 bid rounds, which I consider to be unlikely.

Opening bid will be 28-32p. Someone will need to oppose it to push us into the 35-45p range I think will be successful.

45-50p if the original bidder makes a 2nd offer. 55-60 if the other party counters.

What's your suggestion anon? That we ramp the company to each other to create some excitement and volatility for you to trade around? ;-)

AgArCu - I still can't see a JV, nor do I believe one restores the share price to parity for anything but a fleeting moment.

SOLG have the CGP shares. After that it's back to the printer. I can't see how this will suit anyone... Mather, DGR, Sangha, Irwin and Co.

Now factor in the party who might actually come on board. If its not BHP or NCM(or NEM) then I can see a massive power struggle over development plans.

Even a deal where SolGold took a free carry doesn't work. It prolongs SolGold where many shareholders and shareholder groups are desperate for an exit.

It's just not a viable option.

Add - to that I would urge Scott to go and find a corporate transaction proposal and let's see if he's right.

I wouldn't be so sure myself.