Member Info for mattlilly

This is another aha moment for me...

Apart from 'kitchen sinking' all the disappointing news and blaming the Board and past management...

I believe this is a deliberate challenge to Jiangxi, BHP and NCM...

For all three, make a bid or we will start to sell off SOLG piecemeal...(e.g. a chunk of Cascabel to Mitsui).

For BHP and NCM...now is the time to decide...

"We can sell part or all of Cascabel"...which massively undermines especially BHP's reasons for continuing to hold a stake...

It would be worth even less if you let this happen.

So...decide whether you're going to bid in the next 10 days, or...

What price you're prepared to sell to an alternate bidder...

But you can no longer sit on your hands...

And to all major shareholders...now is the time to decide why you're here...

Either you determine what price you're prepared to sell your stake at, or...

Be prepared to hunker down for the long haul...again...

Touche!

Exactly Monte.

I told Twigger 18 months ago...just sell it!

Now you see why in Dec 2021 I was so set against the OZ Directors, especially including Twigger and Clare...

Now Nick has taken the reins again and it's a shambles...again...

Mind you...this is the opportune time for a bidder to pounce, sadly with a price lower than it would have been before the unholy alliance of Mather, Ncdonald and Sangha...

So let's hope it triggers a bidding war...

On reflection and irrespective of the regulatory process that must be completed..

I think they're calling the bluff of prospective bidders, probably Jiangxi...

Put up or shut up at a decent price, or we sell part or all of Cascabel to Mitsui...

We had an experienced and competent CFO but Darryl pushed her out.

But we lumbered Ingo with Coroorate Finance and CFO while the Board took so long after Priy Jayasuriya resigned (or was pushed)...18 months...

For anyone who remembers the old business chestnut, it's the 3 envelope job...

First envelope...blame the previous management...

Meanwhile...I suspect the prospective buyers that Maxit have sounded out fall into three camps:

1 Those that would buy SOLG, lock stock and barrel. Possibly including Jiangxi and the likes of Fortescue

2 Those that basically just want Cascabel, including Mitsui?

3 Those that would be happy with the rump portfolio, including DGR, CGP mark 2 and SOLG mark 2

The final deal will be the alternative that produces the best total monetization.

Exactly as I thought!

They took so long that they had to file new accounts.

Utter incompetence.

This is what happens when you slim down the staff so much.

Frankly I lay this blame right at the feet of Cuzzubbo...slowed things down, screwed up the financing, caused Ingo (Acting CFO) and Ayten to go, leaving this ultimate mess.

No wonder some think he was a BHP plant!

And as for Sangha...his expletive outburst against BHP and NCM and his 'fast and smart not slow and stupid'made him look utterly unprofessional.

Finally, the buck stops with Twigger...again...

Sorry DM...I didn't see that...I was out all day, however...

For me the most significant thing is that I was only working off the CGP website and the information I gave was in keeping with that...there was no September filing or MD&A mentioned...

Now...what I think is much more significant is that since this morning virtually all the filings and financials haev been removed and I take that as a good sign because why would they do that unless things are very cloes to completion and the website has been wound down...?

Maybe somebody read my post and thought whoops!

Who knows but its very puzzling, but...if the website removals are suggesting the merger is virtually complete that would also fit with my suggestion that the $250,000 advanced today is the last monies needed for the same reason...

Not to get through the next 13 days, but to pay off all the regulatory/audit/filing/etc fees before the merger completes...

Also the CGP share price is falling steadily...faster than the SOLG price...$3.35 is the equivalent of 13.84p but the SOLG TSX price of 25c is equivalent to 15.50...

That suggests the MMs don't want CGP stock so switches are being priced low on CGP sells at 13.84 and high on SOLG buys at 15.5p

Lets hope this is the final CGP gasps before it ceases to exist...

This week...?

Repetitive strain phil...

Every significant event/RNS gets delayed...

They have consistently overpromised and underdelivered..."shock and ore"..."one of the best holes in South America..."...etc

There wont be a SR addickt...merger completed then bid...

I believe I may have bottomed the reason for the delay...

When I was looking for CGPs accounts yesterday to work out how long $250k would last, there were none filed since the June Quarterly.

The Prospectus would have to be based on the accounts for the latest period for both companies. Therefore, CGP would have to prepare either the September Quarterly and/or the Annual Accounts...and if the latter they would have to be audited...

The clue was also in the 7 December SOLG RNS...

"The Board of Directors of SolGold (LSE & TSX: SOLG) wishes to announce that as part of the regulatory materials required for the proposed merger with Cornerstone, the Company is required to refile its Annual Financial Statements for the year ended 30 June 2022 ("Annual Financial Statements"), with amended auditor's opinions as well as reviewed unaudited interim condensed consolidated financial statements for the three months ended 30 September 2022 ("Q1 FY2023 Financials"

Hence the delay...

Frustrating watching the SP slide on no news, but not long to wait now...

BTW the 13 days of operating expense was of course CGP, based on their last Annual Report...

Based on their last filed quarterly report it was 12 days

Aren't we missing the positive significance of this...?

Its only 13 days worth of total Operating Expense and clearly when the first tranche was lent on 27 anuary it was expected that the merger would complete soon.

second, its a mere £150k, but...

Most significant they haven't raised the money by selling SOLG shares.

Which confirms the view that these will go into Treasury.

So..valuing everything at the time of the merger announcement, we get

£25.331 million SOLG shares and

£639 million of Cascabel (15% of NPV of $5.2 billion

Total £664 million divided by 556.815m = £1.19p/share, for which we are paying the equivalent of 16.12p/share.

Or, to put it the other way round, we are paying 556.815m x 16.12p = £89.8m less £25.3m = £64.5m for 15% of Cascabel.

Giving a gross value of £430 million for Cascabel alone at the merger terms.

This is £73 million MORE than SOLG's current MCap!

Whicver way you look at it, either

The CGP merger is the deal of the century or...

SOLG is massively undervalued...

All contributions welcome...

25331

C'mon Dave and anon...I know we're all pretty frustrated but those posts smack of desperation...

Osisko's deal values the copper and gold produced from Cascabel alone at $8.3 billion and FNV at $10 billion...

Thanks Monte...I've asked my man several times which hole it was and never had a reply..disappointing....

Utterly b****y incompetent!

Two of the three 510ks cancelled each other, but the third was a buy at 14.47..

The last two 100ks look like another bed and breakfast...

Both these transactions are positive for the outlook...

Is anybody really selling...? Volume was quite good...

Well I just thought 600k traded in lumpy trades in 14 minutes was quite significant...ho hum...

4 x 50,000 and 4 x 100,000 between 14.01 and 14.15...

Meanwhile...look at those trades...what do they know that we don't...?

I'm not guessing...this is being set up for a takeover...you don't need a roadmap for that..everything else has been shut down...