Member Info for mattlilly

Thanks thats helpful...so it could be 2 or 3...

I've emailed Fawzi requesting an explanation...I won't be holding my breath...

I believe there is nothing sinister about this EGM but I don't think its smart for the company to only make the previous and revised announcements through SEDAR, even though it is a requirement in Canada.

In any case the Agenda will have to be announced 21 days (14?) beforehand...

So while there is wild speculation my own belief is that it could be for one or more of the following reasons:

1 To increase the Authorised Share Capital

As at 30 June 2021 this was 783, shares. With 2,293,816,433 in issue that only leaves 783,385,289 shares available for issue, which at say 30p would raise a maximum of £235m...

I'm pretty sure there will be a significantly bigger equity element in the Cascabel financing, but anyhow...

We all agree that the Co will need to issue further equity up to or beyond 30 June to get the DFS done and for further drilling...surely a minimum of $100m...

2 To authorise the issue of securities on a North American exchange e.g. Nasdaq

3 To secure the authority to issue Convertible Securities as required for the Cascabel financing

"With regard to the section "Convertible securities or loan stock" there is a requirement under s549(1)(b) for authority to allot where there is an issue of loan stock or other security which are convertible into shares."

And there could be a notice similar to this below...

"Further to the Company's announcements regarding a proposed EGM to be held on 30 June the Directors announce that it is their intention to seek approval for a Convertible Bond Offering on xxx, and that it will today publish and post (or otherwise make available) to shareholders a Notice of Extraordinary General Meeting with related explanatory circular (together the "EGM Notice and Circular"). The EGM Notice and Circular contains resolutions to approve the allotment and issue of Ordinary Shares on a non pre-emptive basis for the purpose of settling conversions of the Bonds , which will be put to shareholders at an extraordinary general meeting of the Company (the "EGM")."

Or similar...

In conclusion I believe the EGM will be for the purpose of approving North American securities and to increase the Authorised Share Capital...

AIMO....comments welcome...

Putting the whole Board up for election before the AGM, when they have promised to do it, would be a very dangerous move IMHO...and I say again, Ayten surely wouldn't have agreed to join if it was something like that...

Wouldn't need an EGM rot remove a Director for disciplinary reasons DBW...but Nick could call an EGM if he was unhappy about the way things are going...

BHP may have called an EGM...

"Directors' power to call general meetings

The directors of a company may call a general meeting of the company.
303Members' power to require directors to call general meeting

(1)The members of a company may require the directors to call a general meeting of the company.

(2)The directors are required to call a general meeting once the company has received requests to do so from—

(a)members representing at least the required percentage of such of the paid-up capital of the company as carries the right of voting at general meetings of the company (excluding any paid-up capital held as treasury shares); or

(b)in the case of a company not having a share capital, members who represent at least the required percentage of the total voting rights of all the members having a right to vote at general meetings.

(3)The required percentage is 10%..."

If it was something as massively strategic as a J/V, do you think Ayten would have joined the company, knowing that an EGM for that purpose had been called...doesn't make sense...

Thanks Almost...I made a tidy sum the last time there was a a metals boom from 2008/2010...

Its been a long time coming but this could be the biggest since 2001/2005...

But what about CGP copperpot...they hold the power over any possible JV...

My understanding is they would prefer an outright bid...either for Cascabel or SOLG...

And the good news keeps coming...

That would suit all parties...but dont rule out Barrick countering...

Orica

Erica + BHP....Snap DC...

Agreed...and Moeller...Corporate Governance shambles...how can SOLG remain independent now...?

Anyhow...moored in Oban sound...off to Mull later...

Have a good week guys

$4.6m still adds up to a lot of money...systematic...and I would struggle to believe only one person knew about it...

I've always believed that Priy was ousted for something he was pressing on, or resigned as a matter of principle...

Sorry addickt...been embarking on a cruise...

I did mean of course

Q1 FY23

All fine words from the Company, but each announcement shows up how inadequate the corporate governance has been...

They're still rearranging the deckchairs and I wouldn't be surprised if Liam follows Nick in December if things get that far, because a lot of this has happened on his watch.

There was absolutely no reason not to put all the Directors up for re-election last December. They didn't because they knew there would be a whitewash

18 months to appoint a CFO while a material misstatement has been found

It makes the previous tenure sound like the 'wild west'...a junior minor aspiring to be a major, being run like a corner shop...

Shocking...

London markets up...giving the SOLG MD&A a big yawn...can't be bad...

Ingo has discovered a $4.6 million theft...may have been the final trigger for a CFO...

Jason demoted and AS comes on Board...looks like Mrs Jason's employment was terminated in January 2022...

Hmmmmm...

Nick is toast at the AGM. He's NOT an independent Director by any definition...

Detailed explanations on how the motions were lost or poorly supported and remedial action to be taken..recognising significant shareholders concerns...

RIO no significant results

Tandy MRE coming soon

More than enough cash to take us into Q1 23...