Member Info for Fortissimo

Https://www.morningstar.com/stocks/xlon/pfc/ownership

They had about 7.75% and now have just over 6%.

They've dumped 9m shares or thereabouts. Quite a few others have dumped too. Explains the share price crash as no buyers out there at present and lots of shorters jumping on Schroders coat tails by looks of it.

PFC don't update their website that often. Have a loom at morningstar data. That's updated at start of each month.

Schroder Investment Management Ltd. 7.751 %

now down to just above 6% level.

Very poor that they haven't done a TR1 when they went through 7% level tut tut!!

Unfortunately, blackrock and a few others have been selling too. Looks like about 30m shares dumped this month or in last few weeks. What do they know that the pi's don't??

Schroders still have 6%+ left or about 31m shares. If they are exiting without a care then there's more damage ahead for share price as it can't handle a heavy handed II exiting when also combined with shorters adding weights.

Ugly stuff and thus far PFC BoD's have no answer as any quality management team would have issued an RNS to say they n of no reason for the recent fall in share price and TU will be given 3rd week in Dec as forecast. But no... they say nothing. Very odd. As is the quiet amongst the media. Not one journo out there thinks this collapse buy one of UK's key hiring companies is of worthy news? Weird?

It's not going be a nice AGM is it? So no wonder they have attempted to tuck it away like they tend to do every year. That said, the surprise this year was that it was set for 13th December (as per MD&A / SEDA filing) but then got pushed back 9 days. It like they thought they had good news to announce and hence a nice jolly AGM on 13th and then didn't have the news and so go for a tuck it away date like previous years.

As mentioned before, there is an order when it comes to debt. Bank loans normally sit highest and bonds are normally the higher risk hence the higher rates 9%.

PFC's near term concern is getting some headroom on the $200m+ bank loans that need repayment next year. Failure to achieve that effectively means Bond holders are in for bath along with equity holders.

If banks agree, then they might want bondholders and equity holders to align or take similar haircuts. This might translate in a debt for equity deal (D4E). Unfortunately, the equity (shareholders) comes last and any restructure on debt that results in equity dilution normally results in shareholders retaining about 5% to 10% of the business at best. Hence if you took a market cap of around £400m with reduction in debt post D4E, then you might be looking at £40m net worth for equity right now. That's about 8p a share. That is the doom scenario and possibly what shorters are aiming for.

So be careful, any D4E deal could see this half again.

On the upside, you'd hoep Asfari would be able to muster some UAE money and cover the bank loan but I imagine that will come at a cost too. All of this is made harder as their is a trio of debtors that all need to agree on restructure. All also need to hedge or do arbitrage / risk management too.

Ugly stuff but I think what is more ugly is PFC's silence. If they have breached covenants or failed to meet any financial commitment then they should have RNS'd that to market.

The fact they haven't offers some hope that they are still above breach levels.

Debt is a killer and PFC have been treading a tight line due to inflation issues. That all said, I think the companys silence from 40p down to 22p today is very poor and lacks due care and attention toward shareholders.

Disclaimer: I don't hold any PFC stock at present.

Anon, they can be cancelled believe but in theory, you and and I own a stake in those shares. The 157m shares are owned by shareholders right now. Hence if they were sold to another entity then they are gone... no longer yours or mine and the cash raised will go towards Scotts masterplan to burn through as much cash as possible while seemingly doing nothing and hope no one notices.

All part of the SR apparently. Slow, clumsy and junior style management at it's best.

Bozi... why wait a few years for the copper price to be surging when today the Gold price is surging and look what favours it is doing us? We have 21moz or something like that. Gold near all time highs and hasn't helped SOLG one bit so why would Copper at all time highs help?

You are suffering from the same rabbit in the headlights look you had when you saw trouble ahead in the mid 20's and failed to sell your shares. Instead... you just sat there and took it head on. Perhaps you should revisit your strategy as you clearly haven't done well out of it. Try a different tactic to just 'sitting still like a quivering rabbit'. Open your eyes!

Must be a TR1 on the way soon as volume today suggests there is a seller of a decent size. My guess is it's one of these, although think Hambro and Vanguard are exempt due to 5% overseas rule or sub 3% declaration rule.

Would not surprise me to see Blackrock exit as they tend to do so in a heavy handed way and month end nears.

AzValor Asset Management SGIIC SA

63,805,955 12.22 %

Schroder Investment Management Ltd.

40,466,406 7.751 %

J.O. Hambro Capital Management Ltd.

21,553,081 4.129 %

BlackRock Investment Management (UK) Ltd.

19,441,136 3.724 %

The Vanguard Group, Inc.

14,741,221 2.824 %

Bozi,

It's not about trading excitment. It's about 'growth'. Growth comes from exploration.

SOLG are apparently not a developer according to Scott. And we're not an explorer either? What are we?

You're entitled to your opinion as am I. I don't share your views. If you think sticking with a bunch of guys that spend $70m per year doing zilch is a good idea, then that's up to you. You'll find out out the hard way. Well... you already are I guess. As are we all.

I haven't sold any Stock at all. I'm bullish on the asset but absolutely despise this management team and Maxit. Never seen such a poor show from a set of execs that are supposed to be experienced.

$70m wasted in a year. What a shambles.

Vote this lot in for another 12 montsh and they will be laughing their heads off. I think they all expct to get booted.

But ultimately it comes down to Norges, Tenstar, BHP and Newmont on how they see things. Not sure on who's holding si held under Bank of Singapore Ltd. Any ideas? They have 3.5% and don't recall a TR1.

Bozi,

I repeat... doesn't matter what the first offer is... any offer will do. Even if it's 20p. Why... because others will follow? Why? Because Tier1 assets of this quality don't go for £600m.

The copper upcycle won't last forever. The sweetspot is likely 2 to 5 years away. You'll be late to the party if you waste another 2 years with these jokers. It's going to take at least 3 years to get production moving and into the market. And that's based on a phase one shallow resource base case.

20 interested parties in the data room. Copper in demand. So of course the assumption is there is huge demand out there for Alpala. Perhaps it's this management team that are the obstacle? Perhaps they are the ones that can't seem to engage with buyers properly? Perhaps they are the problem? When that penny drops... you'll soon realise that if you vote them down, you'll soon see positive events unfold. Why? Because they will get a deal done. The rest follows like domino's. Hopefully Noront style stuff.

They've had their chance. Failed. They had chance to get some exploration sorted to run in tandem through regional deals that are earn ins or zero cash burn cataysts for shareholders and they failed. They've had well over 12 months and they've not delivered anything that involves partners or moving assets forwards.

That's why they need voting down. Yes it sounds chaotic.. but from chaos comes 'action'. And to date I've seen no action from CGP at all.

No management team on this planet would go into this AGM with zero news and expect to be voted in. The fact they have zero to say or have been zero prepared spanks of a management team and advisors (maxit) that seem out of their depth. Scott's not CEO material at all. You know that. But he's Maxit's material that's for sure. And look where that has got us.

It's taken them almost 12 months to decide the best way forwards is to relook at the mine plan and pFS and go for a shrinky dink version lol! Erm.... guys... that decision should have happened this time last year and then we'd have it done months ago and would not have burned $70m and have absolutely nothing to show for it.

Sack the lot of them. Get Mather back on board... get some partner deals done and get some exploration underway. Then by all means sit back and let Alpala drift along while SOLG punches holes into more potential Alpala's.

Bozi,

Getting rid of Scott as CEO doesn't effect the bid situation. I will likely bring the event forward. If we are to assume that Maxit have some parties lined up that have a rapport with them, then they would most likely bang in an offer if Scott gets removed pronto rather than run risk of new management coming in.

Maxit and co won't risk losing control so if they are faced with shareholder rebellion then you can banl your bottom dollar a bid will follow very quickly. And as for low balls... it doesn't matter what the size of the bid as it's all about forcing others to make a move. Until someone makes a bid... no one will move.

So think of it this way. If you want Maxit to feel some heat and deliver a monetisation event pronto... then vote everything down. Vote all of it against.

Then watch these CGP's act fast. Voting for them just gives them another 12 months to take the p155. You are bacially voting to be locked in here for another 12 months.

Nothing will happen in Q1... there won't be any PFS. Mark my words on that one. You'll be lucky to see a PFS in H1. They will just string it out. Why wouldn't they? No rush is there?

It's time to call an end to this poor management show ... $70m spunked this year on what?? No exploration?? It's woeful. Even I thought the CGP boys couldn't perform as bad as this. And I had high hopes for them. It's been a shambles.

Vote them out or you'll regret it. If you want a buyout... vote them out as it will land fast. There is no stability in continuing the weakness and instability. That's just plain stuipd.

Addicknt,

Have you seen anything from this management team to force buyers hands or make them want to bid?

No? I'm right then.

They've done sweet FA and thsu enabled buyers to 'sit on their hands' and just wait for the cash pile to drop.

No one will make a move until management make them move. Current management team re just encourageing all buyers to sit on their hands while they watch them flounder and the share price crash. Buyers will be wondering about the $150m still required to be spent. They'll be wondering about SOLG's cash balance and whether they can have a 5% cheap slice thanks to Scott's comments. All they need to do is do nothing.

Mmm... nice plan.

So no... it's not about looking bad or wary of failing on a bid that's stop buyers making a move. It's SOLG's BoD's ineptitude that's making them sit and wait.

Imagine wot would happen if they saw Scott booted at the AGM and BHP muscling in. Wow... then they might come out with offers and fast. Strike while SOLG are weak? Mmm!

It's about making buyers feel like they "HAVE" to move as then... they will.

Bozi, of course it's not easy as big price tag asset require more intense levels of due diligence as witnessed by the near 12months it apparently took Franco before they were happy. And they were happy... the asset is prime time stuff. But as a management team, you sit down and do an SR... that doesn't need to take 3 months nor 12 months... it could take a few weeks. But even if it takes 8 to 9 months... by then the reality should be made clear to all. We are going to need to get 'exploration' back underway as ENSA sale will take time.

That's the it. That realisation should have been acted upon. Instead Scott and team thought it best to conserve cash and render the company a zombie in investment terms. No development ... and no exploration. Zero. But the reason why I've come out punching lately is due to the following:

1. They've burned through nearly $70m and delivered zero

2. They could have and should have done deals on regionals to get some 'free' plays on a number of targets. Eg cash carry on % earn in etc etc.

3. They've destroyed the share rice due to their poor management decisions.

That's why they need voting off. No management team would be arrogant enough to think they can do that and swan into an AGM and expect to come out with loads of votes.

Most management teams would be doing their best to deliver 'growth' catalysts for the business and finding alternative ways to fund that activity that does not require cash raises/cash burn. Free carry deals etc.

They 60 odd licence blocks we hold are costing about $6m a year I believe... what's the xxxcking point ???

As for the staff cuts and cost savings??? Mmm... seems like we have 200 security guards protecting cascabel these days. Can't see the need for anyone else!

Rant over... but ias you can see t has little to do with wanting a sale done in 12months. Much more than it.

When is the AGM voting open?? I'll be getting stuck in early doors that's for sure and I am not the only one.

TheItalian,

To be fair, Eloro is correct. Lets face it, you've been in touch with SOLG several times and learned zero. Why? Because they can't tell you anything that is new material to market. And as you are fininding now, be careful with cosy chats as it's a bit like snake eyes... you can feel comfortable when you really shouldn't be.

Management are to be tested and proven on what they have achieved over 12 months period. And SOLG new BoD's have failed miserably. They've achieved absolutey zero. Here's my summary...

1. They've achieved share price destruction

2. They have failed to deliver outcome of promised SR

3. They have failed to deliver a monetisation event

4. They have failed to deliver the promised cost savings

5. They have failed to communicate the business direction to the markets

6. They have failed to deliver any shareholder value or growth in the period

The worst thing of all is point 5. They have told the markets that we are not a developer. They have told the markets that we are a mine finder and explorer.

They have told the markets by mothballing all exploration that we are no longer a mine finder or explorer and also not a developer. So what are we Scott? We are a bunch of inexperienced SOLG shareholders who are trying to sell a world class Tier1 mine which quite frankly could be stuck on ebay and sold in a week for market rate.

You can't vote that incompetence back in?? You are out of your mind.

Pre AGM...in next 4 weeks) they should have outlined the plan to 'return' to being an exploration company. Outline the plan to sell ENSA... as result of SR etc etc.

These are the minmum commitments expected. Instead... it's just ... vote us in as you have no alternative (oh but we do Scott!) and we'll drag things out to Q1 and then do bit more dragging out to H2. By then we'll have the shareprice to 3p and shares in issue around 7bln of which CGP boys will have 30%. See how it goes? No way. Vote these idiots out and you'll be better off with BHP as at least the market would believe someone is in control and the asset is going somewhere.

The bondholders probably see an opportunity here to get a D4E deal. Can't see it myself but the issue for the banks is that $200m+ needs repaying in 2024 and then there's there massive ond repayment due in 2026. You need the 26 notes reneg'd ideally before the banks will extend on the 2024 bank loans. Basically banks are different to bond holders and the bond holders can pull the equity which leaves the banks carrying can.

I think they are seeking to push the $200m due in 2024 into 2025 and banks playing hard ball or something not agreed between banks and bondholders. Not easy to resolve as bond date becomes nearer with each year. It's obvious that they've probably missed 'big' on the breakeven for H2 this year. Possiby another $100m unexpected loss is my guess like last year which was a surprise.

You mean he was indanger of being 'accountable'.

Directors that 'dodge' accountabiity are not to be trusted and need to be voted down.

You are safer in hand sof BHP than these CGP tools. For the last time... BHP cannot steal this from you as they don't have enough ownerships and they would never get away with any underhand tactics. But they might have a plan and stock some bods in there that the market respects and likes and believes. That could see SP double in no time.

You need to have a sumper major visibly seen to be involved and driving things to some extent as the project is Tier1 and the market expects that. Having some clowns tool around who have zero experience of Tier1 mines while they depsrately scratch around trying to line their own pockets is a joke.

The market actually believed under DC as he had a CV to back it up. He didn't mess things up at all. The sp was 40p+ post his PFS. I wonder what the sp will be after Scott's imaginery PFS?? 4p? Scott hasn't even employed n external auditor team to review the PFS yet. Vote the him down and get a proper CEO in. And make sure those CGP boys cannot issue those 157m shares to themselves... pro rata my @rse.

They can't even get the AGM notice out without making a mistake.

Well, they clearly have zero to say... so I'm voting them down.

I wouldn't trust these boys to organise a pi55 up in a brewery nevermind giving them carte blanche with issuing shares. No way!

Last week saw Assembly sorted and that bodes well as Perez and his crew now reduced to very little influence. Correa and Noboa pretty much control Assembly now... but clear that Correa want out right rule. He'll have to wait 18months + for second bite at cherry. If Noboa makes an impact over next 18months... correa could be history.

QUITO, Nov 17 (Reuters) - Ecuador's National Assembly chose a conservative as its president on Friday as the new legislative period began, amid a deal between the parties of President-elect Daniel Noboa and ex-President Rafael Correa to form a majority.

Businessman Henry Kronfle, 51, was elected with 128 votes from the legislature's 137 members. Nine abstained.

The legislature was dissolved in May by outgoing President Guillermo Lasso to avoid his own likely impeachment, bringing forward legislative and presidential elections scheduled for 2025.

PFC's previous financial woes didn't upset those that awarded the TenneT deal. Question is... what would happen to TenneT deal if PFC failed to negotiate on bank debt due repayment in 2024.