Member Info for mattlilly

Yes BNC you've stumbled on a conundrum...

I believe there is no way this deal would get approval from SOLG shareholders and...

There is an AGM in early December at which, irrepsective of this deal, all of the Directors can be voted out, so...

This smacks of desperation by both Boards because their interests are inextricably entwined by the market's massive undervaluation of each...

CGP's SP was 7.20 in 2019...6.20 in 2020...and 5.00 in April this year (last night 2.63 a 2.1/2 year low...

SOLG's SP was 42p in 2019...42p in 2020 and 40p in April 2022...

So at face value this looks like a merger from weakness for both parties...

So this cannot be the whole story...watch this space...

Hi Qali....

"Great job DC now you can stick 2 fingers up to the soothsayers."

The definition of a soothsayer is a person who is able to predict the future.

Did you mean naysayers...?

rcgl...see my post below...this is at least 8% below the offer that was thrown out in 2020...

Autobots hard at work selling right now, which persuaded me to buy more...

170603 in three chunks at an average of 18.95 was hard work...

GLA...blue skies ahead and this has a long way to go IMHO...

So why would CGP support it...?

Because this way they get far more for their shares when a bid goes through...just look at their SP for the last year...they've been drifting into oblivion at a price less than half what Nick offered and a quarter what they valued the company at...

Theres no way I would vote for this deal.

The combined coimpany will need even more cash than before...

If they already have BHP's approval it doesn't make sense for BHP and it would require a RNS anyhow...

I think this is a white knight defence move to get better terms for both comoanies in a takeover...

Otherwise where on earth is SOLG going to get the cash to continue, let alone to pay out the CGP holders that elect for cash...?

Looks like Mr Market is unsure about the deal...down to 19.50 after 21.25...

Softy by both companies not both BODs...that's already in...

Nobody seems to have mentioned that this needs shareholder approval...by both BODs...

So is it designed to flush out a bid from BHP...why would they approve a 20% dilution for assets they're not interested in....or NCM for that matter...?

This thing has legs and the Board needs a result before the AGM...

Agreed

But it doesn't matter how long it takes for a takeover...there's no problem getting some cahs if thats happening...even a bridging loan from the bank...

One way or another we won't have to worry about funding any more...

Time to let the brake off...funding or the lack is what has been holding us back...

But why would Mitsui % Co Ltd approach the Vice Minister of Mining direct, unless they had already approached Solgold and got short shrift...?

Is the Board really looking after our interests? they've done a shockingly bad job for the last two years or so...

We don't need money Bozi if we're going to be taken over...

There is no way SOLG survives as an independent after today...

Hypothesis 1

RNS shortly saying Mitsui has subscribed for shares at say 20p to raise $20m

Hypothesis 2

Mitsui buys CGP, thereby getting a 15% stake in Cascabel and a 7% stake in SOLG. CGP sale price would have to be $5/6 (but they turned that down from Nick)

Hypothesis 3

Mistui's interest flushes out a bid from BHP...Sumitomo counters...BHP or ANO ends up paying £1 to take out SOLG...

I'm wondering if this is a setup...?

In all my corporate life I never came across anything like this:

"Today I met with representatives of the company Mitsui & Co. Ltd., who expressed their interest in investing in the world-class Cascabel mining project, whose concessionaire is @SolGoldEc..."

Why would the Vice Minister of Mines tweet something as specific as this?

Why would Mitsui allow them to?

Maybe Mitsui approached the Board who gave them short shrift because Darryl wants to develop Cascabel, Porvenir, Helipuerto and all the ither 'cabs'...

Its clear Darryl got it very wrong with the Barrenjoey cashbox and then the apparent denial of a rights issue. Is he too singleminded...?

Mitsui & Co. Ltd subsidiaries include...

Japan Collahuasi Resources B.V.Consolidated subsidiary
Investments in a copper mine in Chile (Collahuasi copper mine)

Mitsui Mineral Resources Development (Latin America) Limitada.Consolidated subsidiary
Investments in a copper mine in Chile (Los Broncess copper mine etc. held by Anglo American Sur)

BHP Billiton Mitsui Coal Pty Ltd.Company accounted for by the equity method

Among major shareholders are Sumitomo Mitsui Banking Corporation

RE: Give us something02 Sep 2022 22:57

Try this...

Sumitomo Corp has a 26% stake in Oresteel, which owns a controlling interest in Assore Holdings which has a 50% stake in Assmang.

Assore Holdings has increased its stake in Atlantic Lithium to 23.79% in April 2022.

Vincent Mascolo recently died. He was the CEO and founder of Atlantic Lithium.

Vincent was also a best buddy of Nick Mather and cofounded Solomon Gold with him.

Vincent was also a NED of DGR Global until 2021.

He founded Ironridge Resources, which spun off Atlantic Lithium a few months ago.

DGR Global owns 24.4% of Ironridge...

DGR Global owns 9% of Atlantic Lithium

So maybe the untimely demise of Vincent Macolo has triggered a determination by Nick to pull everything together...

Sumitomo Corporation, a subsidiary of Sumitomo Group, has a market capitalisation of $17 billion...it has a South American subsidiary and a commercial office in Ecuador...

So it seems they are putting together a portfolio of mining companies in various critical metals, including nickel, lithium and maybe now copper and gold...

They could swallow Solgold for small change...

Am I close....?

Wow!

I have reason to believe that the journo I referred to earlier is following this Board...

Exactly!

So if they don't have any interests in Ecuador my scenario makes perfect sense and Mike Henry has started the charm offensive already...

And remember BHP had a massively expensive and embarrassing $5 billion catastrophe in Brazil a couple of years ago...

So in my opinion this is how it plays out...

The AGM is fast approaching and Twigger is honour bound to put the entire Board up for re-election.

If nothing changes before then (10 weeks...?) potentially the entore Board is toast, so...

BHP/NCM announce a merger

BHP has to announce its intentions re SOLG so almost certainly increases to 30% and launches a bid at say 35p

Surely the Board, Nick, CGP, Tenstar and DGR won't wash that so...

A counter bid emerges that they can support at say 60p...

An auction unfolds with the winner paying £1.

BTW I have said before that I couldn't see a lowball and that BHP would probably have to pay 75p for NCM's stake.

If they merge a low ball is more lilely and BHP don't have to buy NCM's stake...