Member Info for FTJNY

Morning Shippy - We are definitely going somewhere very good so I too have topped up with another 50k of these golden tickets taking my share holding to 750k. Realise this isn’t big by the standards of some LTHs but I have invested £250k to accumulate my holding so have a lot of skin invested here but I have great faith that NM will deliver stellar value for shareholders and with the recent move by BHP I believe this marks the start of very exciting times for all Solgers! GLA

Expert - Was that investor or infester?

Guessing no one has a strong view on this subject so having thought about it a bit more I think one way around this issue would be any entity buying Solg would have to declare what proportion of their offer is attributable to Cascabel vs the rest of Solg so Cornerstone receive the correct recompense for their 15% stake in ENSA. Once again views most welcome?

Been thinking about what happens re valuing Cornerstones 15% share of ENSA if Solg are bought out which is quite different than if Cascabel were just bought as the calculation would be simple ie- 15% of purchase going straight to Cornerstone (plus of course they would get a share of any special a Divi based on their 10% share in Solg) However if Solg are sold lock stock and barrel then how much of any purchase price would be apportioned to Cascabel? Maybe this is why the new MM has put a price on Cascabel and valued the rest of Solg at 11p? Ignoring these actual amounts for a minute these amounts give an approximation of the value they attribute to Cascabel vs the rest of the company and it roughly 2/3rds vs 1/3. So if we use these figures and take a theoretical price paid for Solg in totality of £3bn 2/3rds would be Cascabel so Cornerstone would be due 15% of £2bn (not 15% of £3bn) so under such a scenario they would be due £300m proceeds from the sale and not £450m if you simply applied 15% to the £3bn purchase price! This for me raises the intriguing question as to who will decide what value Cascabel is worth vs Solg in totality as this will have a material impact on any payment due to Cornerstone vs other shareholders ie:- You and Me! Any thoughts from others on this welcome. Thanks

Richly - I think it’s after every 1% based on my experience of other FTSE listed companies but I’m not 100% certain and like you would appreciate confirmation from anyone else on this subject?

For the record I would much prefer someone buying Cascabel so we can use the funds to unlock the true potential across our tenements in Ecuador as opposed to being taken out too early so we don’t receive the true value and my fear is that if BHP become hostile then there is a risk they might get us cheaply which would amount to daylight robbery but guess that’s the corporate world we live in. Just hope NM has his defence lined up,to bat them away with any derisory offers!

I totally agree with everything youve said but my point is more around BHP having an agenda to buy Solg lock stock and barrel rather than simply make an offer for Cascabel

Been thinking about the recent move by BHP and to my mind it makes more sense if this is part of a play to eventually take over the whole of Solg rather than just buying Alpala or Cascabel. My reasoning on this is quite simple, why buy a 6% stake in Solg if you just want to purchase Cascabel? Surely the simplest way to do this would be to make an offer for Cascabel rather than bother buying Guyana’s 6% stake as this would be just a waste of £30+ million quid plus it has driven the SP up which if they just wanted just to get hold of Cascabel is not such a sharp move? Just floating this idea and welcome all views. GLA

Hi GV. This was posted by PamplonaTrader on CEO.CA on 11th April - Hancock reportedly paid a quarter billion for one license near Cascabel. Which kinda makes the 35m BHP paid for their 6% share look paltry and demonstrates the value in the ground in and around Cascabel! We are sitting pretty on top of one of the biggest copper and gold finds ever!

Up she goes!

Just bought another 25k of these little beauties taking my holding to 700,000 A bit frustrated as have a bond maturing on 17th Sept and was planning to buy another 75k at or around 21p but BHP have scuppered this plan! Ahh well never mind I’ll just have to make do with what I’ve got but feel sure this will eventually turn out to be life changing! GLALTH

DG1 - Totally agree if it is just a low ball bid NM will simply rebuff it. My concern is if one or more majors try to force a sale ( hostile bid) so my thinking is the more resource we have proven at that point the better likelihood we have that big institutions on the share register wouldn’t sell out cheaply! So for me the sooner we get out the revised MRE the better even if we have to update it again in Nov by which time we might also be close to publishing a PEA although this is more likely either in Dec or Jan IMHO

Guys I too thought the same and was going to post but listened again to his interview and now I’m not clear whether he meant 3 or 4 billion dollars to buy Cascabel or develop it? Either way it means the majors have to come to the party so one hopes this translates into a fair value for Cascabel which personally I believe should be an absolute minimum of £1.7bn (circa £1 per share) but this in my view would only cover Alpala! A fair price for the greater Cascabel area should be in the region of £2.5bn (about £1.50 per share) However I feel we will only achieve fair value if we can get out a revised MRE and a PEA before the bidding war starts otherwise the price may only reflect the Maiden RE which would short change us by some distance! So my plea to NM is to get the revised MRE out ASAP and likewise the PEA before we are bought on the cheap! GLALTHs

Yea whatever Seanhunter! Dilution was your grip so guess your cover is blown! Have a nice day because I am :)

This is what NM means by multiple exit points as it has been alluded there are other potential Tier 1 mines within our tenements so maybe we will sell off some of the biggies as we find and prove them (rinse and repeat) and use the accumulated capital to fund one or two carefully selected finds all the way to production hence Major In The Making BUT still plenty of multiple exit points with juicy special divends paid along the way! This is one hell of a Gravy Train and the journey has only just begun so sit back and enjoy the ride which I’m confident will reward anyone invested in Solg.

Thanks Rich. Interesting that the article says completion is expected in the 4th Qtr so if Seder is filed early Sept do we think completion will be Oct or will it drag on until Nov / Dec? All seems very different to the original spin off timescale which was for completion in July! Shenanigans & Corporate manoeuvrings afoot me thinks!

So Mr Brady - Who are ya, Who are ya, Who are ya?

In case you don’t follow football thats a disrespectful chant to the opposition fans when their team are playing ****e just like you are clearly talking ****e lol :)

Crane123 - Not sure which of the ******s you previously (or alternatively) posted under but whichever it is can I suggest you crawl back under the stone from wence you came and leave this BB to the good people who are actually invested here and stop trying to pretend you are something which you are clearly NOT!!

Getting silly this as Byron has taken 44p so Ill go for 46p. Last and final offer lol!

Sorry Manash. Just noticed youve gone for 45p so Ill go for 44p instead