Member Info for Fortissimo

Everyone needs to get behind the company. Twigger gave BHP a warning last year that if they want the company then do it properly and do not try and destabilise the board.

This para relevant today as it was then. The threat has never gone away.

“Ultimately, if a party wants control or to significantly influence the development of your company, the party should put forward an offer that results in all shareholders benefiting from a premium that reflects the value of achieving control or heightened influence,” Twigger said in the letter. END

Hence, I have laid into a number of negative posters recently and the main reason for this is that the negativity is being misdirected. SOLG are not in dire straits and it's not doom and gloom at all. We are under attack from two main holders who are trying to push us into the direction that they want for their own reasons. That's it. Simples.

So instead of the doom and gloom - start getting behind the company or you will hand it to these bullies for low ball money.

Full article below
https://www.miningnewspro.com/En/News/617000/BHP-admonished-for-meddling-with-SolGold-board

“It has come to my attention in recent weeks that one of SolGold’s significant shareholders, BHP Group Ltd., has been actively canvassing certain shareholders and members of the board” ahead of an upcoming meeting, Chairman Liam Twigger said in a letter to investors on Wednesday.

He said that putting the entire board up for re-election next month would “destabilize” SolGold and undermine the process to find a new chief executive.

As SolGold’s biggest shareholder, BHP has long been seen as a likely buyer for the company, yet the relationship has not always been smooth. Today’s barb from Twigger is likely to flare those tensions, with the chairman suggesting that if BHP wants to influence the business, it should make an offer to buy it.

“Ultimately, if a party wants control or to significantly influence the development of your company, the party should put forward an offer that results in all shareholders benefiting from a premium that reflects the value of achieving control or heightened influence,” Twigger said in the letter.

A spokesman for BHP declined to comment."

Thanks BnC. This para basically nails it for me and pretty much what I've been banging on about.

"BHP and Newcrest have a view on how we should be raising capital funding. Other shareholders have a different view on that. And we need to work through what’s best for all typical shareholders. But we have time,” Mr Cuzzubbo said.

There are a few on this BB that have sold out or reduced and have been attempting to paint a very different picture to suit their trading positions. The reality is, and as it was before ... an issue of how to raise cash fairly without dilution on a large scale.

The only reason why NCM and BHP would not have the same view as other shareholders, is when it comes to royalty or stream finance. We know this as per the Franco deal.

So that's it. Talk of 'failure' to raise cash etc sounds like SOLG is unattractive and there's a problem with the assets or something is not right. When in reality it just comes down to the fact that two major shareholders don't like a royalty tap and majority of shareholders don't like hefty equity dilution. Nothing to do at all with SOLG assets or attractiveness - in fact you could say BHP and NCM's actions actually prove that they are very very interested in the asset.

A rights issue to raise funds would be the fairest way forwards as rewards 'holders' and penalises those on the sidelines. However, that runs the risk of the underwriter doing deals on what will likely be surplus stock as rights get forward sold by most pi's.

I'm guessing but if the structure was $100m via Boliden and $40m via equity raise, then NCM and BHP will want $140m via equity raise and their stake naturally raised. Is there a compromise to do $75m equity raise and $75m royalty?? Darryl alluded to the 'structure' of the finance being the issue so that's my view. If NCM and BHP are 100% against any royalty portion at all, then I can't see how they feel it's fair for them to impress their combined 27% stake onto the majority of 73%!!! At end of the day, they have to accept that they don't run the business and they don't own the business.

As for all the dire straits comments by Sean, Bozi et all... it's nothing of the kind but might suit your trading. Poor show!

It's always been about NCM and BHP as seen by their active motions to get other removed and other directors. Incidentally... they've achieved that job although Mather still on Board and in control.... until Dec I imagine.

Negativity simply empowers BHP and NCM who are the blockers here. The reason for the funding failure. Get behind your company, support them and fight!

Bozi,
Norges buying, Blackrock buying, Irwin quiet, Mather DGA options taken up, and the sp looking fairly solid for a few days after the retrace from 27p/28p pre funding 'test'.

What's wrong with them all?? What on earth is going on? Can't they see what you see? Can't they see the dire straits that SOLG are in?? All complete amateurs... they just don't get it do they Bozi... or have you ever thought that it might be you that doesn't get it?

As for Irwin, Mather and the bulk of us shareholders, I doubt anyone is 'happy' right this minute. Not even BHP and NCM. So something has to give.

meant 32p/34p level on tsx

Volume and action has been strong on TSX. On a currency basis, the TSX price has been comparable to around 32p/24p for weeks now while ECO London listing was trading at 27p! Sooner rather than later they had to align in some form albeit with the usual 1p or 5% difference.

AA121 - don't understand your last post. What do you mean by

"Closing price 29 - gain of 40p for day. I though 31 was inbound?"

The stock closed at 31p.

DBW, spot on. When feathers are ruffled, toys out of the pram events happen like when SOLG did the Franco deal. NCM acted like a spilt kid not getting the 99 flake they wanted. It was embarrassing to see them squirm. BHP then went onto to try and undermine the SOLG board and persuade some to go up for election. Our Chairman had to go public to give them a telling off. All this action, tantrums, call it what you like is symptomatic of frustration and loss of control. So here we are this time around and we have little mention of SOLG by NCM or BHP and no apparent public tantrums .... yet!

Throw in Irwin being quiet as a mouse and you know something is cooking that he's clearly happy to sit back and watch unfold.

Wouldn't be wonderful if we follow the Noront takeover but in pence and not cents.

1. Noront trading like it's unwanted and out of its depth. SP 23 cents.
2. Next day, BHP drop 55cent offer
3. Wyloo (major shareholder in Noront was having none of it.
4. BHP forced to up bid to 75 cents.
5. Wyloo knock BHP out of the park with winning 110 cent bid.

I'd be happy with that scenario on SOLG but in pence of course.

Exactly, it's great having posters like AA121 as it shows the interest. Lets not get personal... all investors welcome, bullish and bearish... and may the best ones win!

Lets see who gets this one right then... AA121 says back to 26p it be going me hearties. I say... we are into the mid 30's and 40's pre spud possibly higher on a super major farm out of a Namibia licence block.

May the games commence!

AA121, you signed up to LSE today and have 7 posts to your name. Where have you been all these years lol!

I do like it when bashers turn up... it normally means there's much more upside to come.

Keep it up AA121... this is gonna be fun.

AA121

I hope so for your sake but feels like it's leaving the station now and you're going need to get an overnight stay sorted as might be a while before next train arrives if at all... especially with all these strikes.

Remember, 30p was the placing price and clearly deemed by all involved as a very good price representative of the risk and upside opportunity involved.

10k left on the L2 book before 31p printed. Choooo choooo!

30.5p beckoning and buys looking strong. Could be fast to 31p after that.

Yes - you tell the posters on here that are none too happy with this one getting moving early doors. I think they were hoping to move funds from elsewhere to here in about 4 weeks to 5 weeks time. Of course, they can still do that but wouldn't surprise me if we are at mid 30's to 40's by then. If they get a Namibia deal on one or two blocks then who knows we could be looking at 50p+ before this next well even spuds.

It's a CEO's job to ramp a share. If he can't then who will! It's an investors job to decide whether he's ramping or whether he's spot on. Let him do his job and the moaners on here .... do yours!

AA121, look at the share price? It's back to the placing price (which was for the insiders) and likely to go much higher. Of course there's no guarantees it will go higher. But markets are all about speculation and you can either be bullish or bearish or sit on the fence. So what are you going be?? Someone took the op this morning to sell out about 60k to 70k of their shares at 29p. Some punters like to sell into the news. But these punters tend to feel the pain the sp does the opposite to what they think. That wasn't you selling this morning was it ?? Thinking the market wouldn't like the drill happening 4 weeks later than the CEO guided??

Mmm... I think you'll find the markets attention is firmly on ECO's folio and that looks absolutely fab don't you agree?

The rig operator controls when the rig is available and when it is not. Clients often have the rig booked for a set period with some weeks over which allow for add ons like sidetracks etc. The rig was with two previous clients drilling in different areas so of course the timelines vary. If you read the RNS the biggest issue is 'weather'. So assuming the rig is all serviced after the last drill and ready to rock and roll, then that's great news. Now all we need is a nice weather window and we are in a good spot. Hit some nasty weather and we could some minor slippage into October. The rig is state of the art and designed to tackle the heaviest Mother Nature can throw at it.

Anyway... the sp will rise today and continue to rise in the weeks and months ahead as the catalysts are very strong here. The big news in that RNS is actually about Namibia. ECO's 4 x licence blocks are now ready and primed for farm in deals post the signing of the Joint Operating Agreements ("JOA's") with NAMCOR. This could see some very lucrative e deals done and all this on top of the sleeping giant in the folio that is the Orinduik Block offshore. Soon to be awakened is my bet... but not until 2023.

DBW, agree, it's clear that there is a number of investors out there that when combined total more than BHP and NCM's weighting and that's a real powerful position to have. I'm not sure I would include Blackrock on Mather's side but think they'll want a very good return. They've been in SOLG for many years.

The fact that they moved their 'instruments ' from 4.3% to 5.6% (could be higher or lower now but lets go with last update) suggests that there might have been a 'rights issue' being lined up. Now some on here are familiar with rights issues and some may not be. The point of a rights issue is to manage dilution but it also favours the biggest holders as they can afford to retain the rights issue shares, while most pi's will in effect have to sell their rights. This means you bank the cash from the dilution so retain your stake but sell your rights shares which are normally at a discount and you get a portion based on your holding so art rewards 'holders' and penalises those that have sold out and are on the sidelines. As they will get none or limited rights issue shares to sell or retain.

I think blackrocks move and Norges speed in getting up to near 4% suggests that both were ready for a rights issue. All in all, these rights issues can be costly so you really need to raise at least $100m+ to make it worth while.

A rights issue would be the best scenario and reward 'holders' or allow them to manage the dilution.

addicknt, we are mushrooms in this game. You never know, BHP might strong arm NCM and say... if you don't play ball with us we'll take you out (as some media sources seem to hint at.

BHP can buy NCM ... yes it will be a major transaction but guess they want to see how OZ minerals works out first. Might go like this...

1. OZ minerals - bid success = bid for SOLG
2. OZ minerals - bid failure = bid for NCM and then SOLG.

NCM might sell to BHP on basis that BHP leaves them alone?

Slug, beat them at their own game. You are smart enough. Just post your insightful stuff and avoid supplying the ammo that they need to get your removed. It will hurt them more if they know they can't remove you. These gangs on LSE need looking into as admin certainly seems to be willing to listen to them but at same time happy for them to do the exact same to others. Rules for some and rules for others will cost LSE click bait if they are not careful. Good business is a good balance view across the BB's and equal treatment toward all posters.

Sean, chill... keep posting your negative stuff as it gives a nice balance. All the positives are out there for you to see but I guess you have to be invested to see them and you are clearly not.

There will always be believers and non believers but you must remember - if you walk into a Man U fans pub and start singing your xxxid and you are going no where ... long live the city.... then I would guess you'll be met with some pretty strong words and lucky to stroll out of there with nothing broken.

As I said... no problem with your negative slant but expect it to be parried or a riposte from the believers as positivity is needed around here not negativity. BHP and NCM want the negativity in bucket loads. It does 'us' no favours.

BNC, it's astonishing that this poster hasn't been banned by admin as he seems to be stirring things up in exactly the same way as the very people that he seems to snitch on and get banned. Quite ironic really.

We could have a vote on him being banned ? Then hand that over to admin. Very diplomatic. Or he could behave himself and follow the rules that admin expect.

Lets see how it goes and then review later.

thanks BNC... so Sean's article was actually pretty balanced and not such a doom and gloom scenario as he points out.

Guess it always pays to check the source and read the article in full or things can become misinformation by selected cut and paste.

I'm Sean will be scouring the Internet to find another negative slant pretty soon. For balance... would be good if you can serve up some more negative stuff Sean as the market at present seems to have shrugged off your doom and gloom view.