Member Info for mattlilly

Nobody has said we can't get any funding. Simply that the company tried and failed this week and will probably currently be trying again...

Oops sorry. It was rcgl1's post I was referring to.

However, Fortissimo's was on the money too...

Fortissimo....that is the best and most useful post I've read in ages.

Thank you

Hi Lunch

I had already sold stock from 1100k previously, down to 800k...yesterday we sold 500k before 9.30....then I got the confirmation of the failed equity raise so breathed a sigh of relief because I had only sold because the RNS was deeply unsettling. Then I found out the facts behind it.

I quite understand that from the perspective of people on here I might be seen to be trading. In fact I am always taking a view on every share we hold and asking myself "do the tenets still hold good'.

Long term SOLG is an undeniable hold IMO but we need to get the present uncertainties out of the way before I recommit...even if we end up losing out...

Finally, you may have missed the other side of the decision...

When I was a private client stockbroker I was always being asked "should I sell my shares in XYZ ltd"

My answer was always "only if the prospects of where you are going to place the proceeds are better than the prospects from staying put."

So if you thought a share was going to tank you might invest the proceeds in Gilts...no real income but no capital loss either. Thats what we did earlier this year when we unloaded the vast majority of our portfolios in advance of a feared market correction. That wasn't trading, that was capital protection.

And so what piqued my interest was that ATYM (which we previously had a major holding in and is an established copper miner in mainland Europe with a nominal yield of 10%) had fallen from 448 to 280 since 21 Feb, simply on the collapsing copper price, while SOLG had pretty much stood still.

Our long term aim is to have our ISAs entirely invested in high yielding stocks so it fitted the strategy perfectly, including high exposure to copper.

If the terms of trade change significantly, either or both through a pickup in ATYM or a fall in SOLG or both, I will reverse. It could even lead to us buying SOLG back higher if ATYM were to surge.

For the time being, apart from the depressed copper price the latter seems to me a safer bet.

Obviously if the anticipated bidding war starts I could be very wrong and you guys will get the rewards you have waited patiently for.

Can I be clear I am not recommending any stock, I'm simply explaining that there are always two sides to my strategic investment decisions.

Thanks again Lunch and I hope this helps

I don't know the circumstances of Ingo and Lisa's departure but I do know they wanted to stay and complete what they came for.

I do know for a fact that there was an attempted and failed equity raise this week.

Hi Bozi

Excellent post, sadly.

IMO it would compound the problem if SOLG did a partial raise now when, reading between the lines of yesterday's RNS they would probably need at least $100m to get to the end of DFS plus any drilling in the meantime to continue ue to prove up a succession of 'cabs off the rank.

What they need to do now is 'kitchen sink' everything; swallow hard and raise enough cash for the wider market, professional and private, to believe this is the last raise before the major funding exercise.

Yes the price achieved would be lower and the dilution could be c15% but...

It could put a floor under the share price such that, general market conditions aside, would lead investors to believe that, at last, the only way is up.

Of course some might say I am talking my position but, yesterday when I sold our shares it was because I did not want to be sat there watching a significant financial deterioration in our portfolio, which would have been £13,000 by last night's close. Also, sadly I think we will see a lower price when there is a cash raise.

I am taking the risk of course that yesterday's shambles may at last stimulate a bid, hence why we've held onto 300k.

Can I restate...I would love everybody's ship to come in after years of waiting, even while our holding is the lowest itys been for a couple of years.

The signals being sent out by the inept RNS, the key people leaving (with more to come, maybe even at Board level), the damaging effect of BSC's letter (whether or not they are well regarded) all start to ask questions about the new CEO.

SOLG is now Brisbane centric and what worries me is that neither of the two top executives have direct practical experience with dealing with London Capital Markets and the failed raise points to that.

Hi BNc I always read your posts.

Can we distinguish between opinion and fact please?

Ingo and Lisa did not want to leave.

Berry Street's letter in October 2021 had an impact and if they are shady, why did the Chairman publicly reply to their letter?

As for the capital raise, no company of any standing would flag up an equity raise before doing it...it makes you a hostage to fortune. Note the 9% fall in Solgold's SP yesterday on a day when copper and gold recovered well...BHP up 2%; ANTO up 4%

There was a failed capital raise attempt. Fact.

Yesterday's RNS implied as much:

"In addition to the cash position of approximately US$26m as at 30 June 2022, SolGold continues to consider, and has had discussions with its major shareholders regarding possible financing structures and options to obtain funding to further progress the Cascabel development, including a potential equity raise. "

I respect your opinions but these are the facts.

Fame at last...!

Afraid not addickt but I would guess overpriced...who knows...?

I haven't confirmed that at all.

So none of the above.

Please don't join the unpleasant people who use accusatory language. Some of us are doing our best here.

FFS...

Think thats what they did Asimo...also if a lead bank promised it could do the raise and then couldn't get it away at the price, they would not have closed any bids formally.

But I take your point.

Thats enough for me. See you tom arrow...probably...thanks for all those who posted positively and entered the debate.

Interesting Bubble...

Thanks for the heads up Bubble. Unless I missed it it is mainly about battery metals and REMS and I didn't see copper mentioned.

However it doesn't mention tin either (see my post earlier today...in every soldered joint in every electronic device...maybe thats why Ingo has gone to First Tin)

Oh dear Mathers...

Is it a crime to admit that one is not sure or may be wrong...

AKA 'my guess is'...

I had heard a rumour that Peel Hunt had gone.

My response was a speculative one to Jerry's speculative proposal...

Its a discussion...OK?

Are you going to rubbish the countless debates and theories that happen on here every day.

As I've said before. I invest countless hours in research and building up confidential relationships so that I can post facts on here when they are facts and opinions for others to debate and challenge, which I always welcome when its constructive.

I also always admit I'm wrong and apologise when it is pointed out to me.

Have a good evening. You won't see so much of me tomorrow.

zoros. Don't think that other people don't report what you say.

Your allegation is libellous and wholly untrue.

I made the decision to sell immediately after reading the inept RNS because it was clear between the lines, as J Maria also spotted.

It was 500k and it was also timely because I was looking for a breakout of gold and silver.

I shall be increasing my holding in SOLG unless there is a bid, once the price settles and possibly if the alternate investments pay off quicker than expected.

The sources off my information were all well after I had sold and indeed have continued to develop during the day.

Remember your accusation also libels others, so I will be reporting your post and then filter you again.

It was a 'new' fundraising lead and they have since gone. Peel Hunt have been here for a long time. My guess is that they either tried to dissuade the Board from the abortive fund raise through that source (and possibly Ingo also) and paid the price for their dissent, or they resigned having seen what happened.

Sorry J Maria. I should have responded.

As you correctly point out that was lifted from SOLG's own RNS...cheers

I don't do gas and oil Bubble but have a look at DEC as well. A tight business model and what looks like a solid 9.6% yield.

A bit like ATYM really...and if Quady gets his way SOLG one day also...about 10 years hence...

Thats a fair argument.

BSC is not my source, I'm only going on the statements in their letter which confirms what my sources told me.