Member Info for Fortissimo

from the RNS "The Transaction will require approval by two-thirds of the votes cast by the shareholders of Cornerstone and a majority of the votes cast by disinterested shareholders at a special meeting of Cornerstone shareholders expected to be held in the fourth quarter of 2022." END.

My guess is they'll want this sewn up pronto and if 'they' intend more news that needs a vote at AGM, then it needs to happen in next 3 to 4 weeks. I'd say they will go for 21days from next week.

"Upon closing of the Transaction, the SolGold board of directors will be comprised of up to ten individuals with Cornerstone entitled to nominate two directors." END

And based on the above, it would look like the BoD's 'balance' has been sorted with 'friendlies' in full control.

And doesn't look like they are in any rush to appoint a new CFO. Mmm... wonder why that is!

There's no way Irwin and CGP would sign up to this deal unless they had been assured by Mather that the end game is to get a great sale done. Whether ENSA or the entire lot... we will see.

Lets not forget about the little teaser that was tweeted out yesterday afternoon and retweeted by Irwin. Mitsui around the table in Ecuador. Mmmm. Then today (with some haste I guess) we have the CGP merger deal announced. Again, Irwin clearly happy. So after all these quiet months and some type of gagging order on Mather and Irwin, it now seems the shackles are off and it's in everyones interests to SUPPORT Solg. SOLG are now the sole gravy train. It's the vehicle for making all those involved rich. It's because of this that I think Mather and Irwin have no intention of diluting further. No intention of doing any further exploration. I think all are now firmly concentrating on getting SOLG / Assets monetised. Long time coming but today was the beginning of the long awaited and overdue 'return on investment' for shareholders.

SOLG may never need to tap the market again. The strategic review might well confirm that farm outs, JV's and asset sales are the best way forwards. A change from the older style equity raises. At end of the day, what's the point in further dilution in raising $50m or so if you are hellbent on selling the main asset?? Mitsui add an interesting dynamic and I think we'll hear about how and when they get involved shortly. And don't worry about upsetting BHP and co.... I think that's clear now. It's put up or shut up. And if they want SOLG's assets then they will need to move fast otherwise this cake is going to be chopped up and served to someone else entirely. It's game on and in chess terms, It's BHP that have the clock running down, not SOLG.

Post merger would it not make sense to finally put a nail in the coffin of the woeful and expensive TSX dual listing. It's utterly pointless. Volumes non existent. And while we are at it, perhaps the new merged company could be called SoldGold & Copper Resources? Need to get that copper word in there so the auto bots know what to buy up when copper gets a jog on soon.

Aside from the obvious benefits of acquiring (sorry friendly merger) of CGP, is there anything else in the CGP folio that noteworthy excluding 15% ENSA?? I thought they had some promising drill results a few weeks or so ago. Licence blocks in Chile?

Redknight, could you provide me with the factual link that states BHP and NCM knocked back a cash box deal.

Don't want to mislead on that too now do we?

Not increased, but decrease in ENSA is minor compared to SOLG equity stake.

also worth noting that BHP's interest in ENSA (through SOLG shares) has increased. Previously they had 13.6% of 85% ENSA. Now they have around 10.4% of 100% ENSA.

But in 'power' terms... their grip has slipped. In fact, post the CGP deal, the latter will be the largest sole shareholder. Almost the size of the combined NCM and BHP stakes.

Plenty of twists and turns ahead .... for instance... what if NCM or BHP make CGP shareholders a better offer? Would anyone have the b@lls to buy CGP based on SOLG's $3.5m clause? Well, if they can stump up the $400m+ of costs... the answer would be yes.

Whoever bags CGP, also bags 6.7% of SOLG shares.

One last thought, this deal potentially brings in the blocking shareholding that we needed for low balls. So post the deal CGP have 20% and BHP and NCM drop to just over 10.3% each?? Now, post that deal, it's feasible to do an equity raise with BHP and NCM and they might only get back to the 12 or 13% range at best. Now that's how you keep some protection and ensure you troublesome shareholders don't bag more % holdings.

Lots of 'power' moves around with CGP holdings. By securing their 6.7% of SOLG and the 15% ENSA, it puts SOLG in the driving seat again.

It's a cracking deal as it should ensure anyone making a bid has to do so on a proper valuation basis. Between Mather and CGP plus other possible friendlies, they have about 45%+. That's really powerful.

shussssssshh!

You'll have a few on here squirming even more.

I'm off for a long brunch now..... lol!

SharketMare, sure agreed. But I prefer to listen to the likes of Norges, Blackrock, Franco, Mitsui and so on. Berry street capital? Who!!??

More fool you then. You do know that it was Berry Street Capital that insisted the best way forwards was to get an equity raise done 'after the pfs' rather than before.

Mmm.... then they went on a rant when SOLG tried precisely that. Perhaps if SOLG had done an equity raise for $40m or so back in March before PFS (in the high 20's) then we could have avoided the likes of Bozi and others wetting themselves about going into administration. Berry street capital got what they wanted but they didn't like it. You go ahead and listen to them. They seem like the type of cowboy outfit that cold call punters about stocks worth investing in... chocolate fireguards are all the rage addicknt. Go get some.

"BTW, it'll be interesting to see if Berry make their views public."

Addicknt... for goodness sake... are you really interested in what some tin shed fund in the leafy suburbs think? What about Citi .... your advisors.... do not think they have advised well?? Perhaps we should have employed Berry street capital lol! They are a no one special and yet you want too hear their view?

Sean... lots of good things to come here now so just ignore the negativity - it's been obvious what their game has been for yonks now. Just lately it's become more clear which is embarrassing for some. You can see they are rattled.

The ENSA issues had to be resolved at some point and this deal prevents an outsider from forcing control or gaining upper hand as minority holders can be a pain in the @rse.

It's a bit like GGP offering to buy a stake off NCM and then shortly after, farming it out to Wyloo at an increased value. Unfortunately for GGP, it didn't work out that way... more like Wyloo got 10%+ for the value of 5%.

There are no costs. Just CGP's share of the costs which of course they will not have to worry about now as they become SOLG shareholders. All these costs will no doubt be factored into the the sum a 'buyer' has to pay for a 15% stake or a 100% stake. SOLG can farm out 15% to Mitsui if they like in return for £X. That's when the 'costs' come back to SOLG.

If I deal was done with Mitsui for 15% then it's a kind of round a bout way of Mitsui taking out CGP but without the obvious issues involved.

SOLG's options in terms of ENSA have increased considerably post this deal. It's also very easy to finance when you have 100% as there are no risk elements of other partners involved.

Many dismissed Irwin being quiet. Now you know why.

He wouldn't sign up to the deal if he thought he was going to be diluted to heaven and back. He signed up as he knew a deal was or is being planned.

I expect things to move pretty fast from here on as no point playing delay games now. Lets get Rio, Anglo, Fortescue, BHP, Codelco and Barrick in an auction and see where that ends up.

Greatest copper/gold discovery in last few decades. Mmm.... they all want it the monster that is cascabel.

the mm's are not mugs. They know how to coax out the short term traders who bought at 14p/15p/16p. They'll have (my assumption) much larger buyers orders to fill but for now they will collect as much stock as they can sub 20p. Once that phase is over (could be one day or a week) they'll move it back to mid 20's imho.

At that point, the sp should move into the 30's once the BoD's have confirmed that the strategic review has identified a number of options which are being pursued and may or may not result in a full sale of the business.

The fact Irwin is fully on board with SOLG shares now, tells me he knows it's a full sale.

Exciting times.

CGP's 6.7% equity stake in SOLG also comes back into the business and vice versa as SOLG had similar stake in CGP. Tidy's all that up.

The decks are clear. I did think the last set of results looked extremely comprehensive and they had kitchen sinked any of the bad stuff like the $4.5m that went walkies. So in car sale terms, full service and mot done, the final polish has been applied. Now just a question of whether the buyer wants some extra's added in as there's more to SOLG than just ENSA.

Sean... he'll change his tune once he's bought back in.

Just forget about the disingenuous posters. They always get shown up in the end.

We are as they say.... off to the races and I think there's a lot of punters that want to bet on us getting across the line now.

Citi (as advisors) will have worked this plan out months if not years ago.

Many long termers have waited a long time for this. That time has arrived. Will it be a full sale? I think the young lady booted some weeks ago realised that she wasn't going to be needed so my guess is that IPO plans have been shelved and a full sale now sought. Whether that results in some smaller deals with Lundin/Valuestone on southern blocks who knows but there's no way on this planet that Irwin would sign up to this if he thought he was going to be diluted to death.

No way... so try again Bozi! You're deramping is embarrassing.

In Mather we trust. The starter gun was fired yesterday. No loose ends and 100% ENSA. Very easy now to get all involved (and I believe they have many interested parties) to fight over what they want. Mitsui tend to like a 10% or 15% stake so anyone have any ideas who might like the other 85% lol!

The tell tale signs have been there for a while now. Irwin being quiet was a give away. Running the cash pile low was another give away. They wouldn't do that unless they had options. I'm chuffed. Been here a while and waited for this to happen. So a few red faces on here today (you know who you are) and one very embarrassed one beginning with Q.

Let the rumours bubble over the weekend and roll on for weeks!!

More than interested. Who wouldn't be when a tier 1 world class asset like Cascabel is being discussed. Question is... is this a 'meet the parents' event or a prequel to meeting the new in laws? Eitherway... any deals on ENSA need Ecuadorian 'official' consent. Partners in cascabel are partners of Ecuador.

Irwin breaking his silence says it all. Mather and Irwin both said expect corporate activity in Q4 (end of the year).

Tick tock