Member Info for mattlilly

Try this Jerry...

CEO gets a vote of no confidence at the last AGM.

Agrees to stand down but won't go quietly, so is given a mickey mouse role which is neither Exec nor Independent Director.

But...he's still inside the tent...indeed he's on the Board of the company financing Alpala and...he's on the Noms Committee...

Meanwhile, he is asked to smooth over previously bad relations between him and BHP, CGP and NCM...I bet those were interesting conversations...

So...his days are numbered and he has declining internal influence, maybe eventually leading to a 'rapprochement' (if not already.

As things stand, without a bid, the SOLG SP is likely to drift for the foreseeable future. Look at the lukewarm reception for the Tandy update...

He has options expiring on 20 December (although they are small beer), but he also has a significant personal stake, as does DGR.

Based on his hyping last year, you could reasonably expect that he expected to get the SP well north of here so as to be able to sell some of DGR's stake as a better alternative to an equity issue to fund the development of their portfolio...

Meanwhile, CGP unashamedly want a bid (they put up a for sale sign last year).

So in conclusion, you've got CGP wanting a sale; BHP stirring through Berry; NCM holding what they described as a 'strategic' investment; an unhappy NM with no meaningful role; and...the SP going absolutely nowhere.

Are you seriously telling me that NM wouldn't be seriously tempted by a seat on the main BHP Board...ESPECIALLY if he was CEO of their newly acquired Solgold subsidiary with a role to develop all the prospects and limitless funds to do so...?

Plus BHP shares in exchange, at the right price, readily saleable in a highly liquid market...

Bears thinking about...

Lunch...thats easy to answer...

If they put NM up for re-election and he got back in....surely the Board, or the very least the `Chairman would have to resign...

Nick's not due...

If you think about it, its a very clever move to put Keith up for re-election...it calls the bluff of any recalcitrant investors in terms of;

"so come on...back us or sack us..."

And clearly puts the whole debate about NM and possibly BM...

I also will strongly support the 'new' Board and vote against the 'old' Board...

If we lose control now, we could all lose out big time...

I'm not stating that at all mistermeister....I'm implying that they might be 'orchestrating'....

Which f course would also mean they would be most at risk...

Now that the cat is out of the bag on likely Board developments at the AGM and given that the RNS implies a still drawn out process of appointing the new CEO...

Oh and BTW two of the five Members of the Nominations Committee who will recommend the appointment are...guess who...?

NM and BM!

IMO there is no longer any reason to hold back zoros' raft of announcements...including the PFS...

This is quite clear to me...

"it has come to my attention in recent weeks that one of SolGold's significant shareholders, BHP Group Ltd., has been actively canvassing certain shareholders and members of the Board..."

and

"I strongly believe that it is in interests of all Shareholders for the Board to be comprised of directors with a cross-section of views and skills who can collaborate to ensure that the interests of all Shareholders, large and small, are represented and looked after at the Board level and not just the interests of certain large and vocal shareholders seeking undue influence at the expense of a control premium you should enjoy."

and

"The majority of your Directors consider that the Company is undervalued..."

Having looked at the entire Board of Directors, there are two obvious candidates...NM and BM...

They have been 'joined at the hip' for 16 years on the Solgold Board...

NM has 'had difficulty adjusting to his new role...'

Just supposing that he had been promised a seat on the BHP Board if he successfully influenced a takeover...

And that the offer was enough to provide a nice profit on options and shares, swapped of course for BHP paper, but with DGR having a rich windfall to develop their raft of projects...?

After all...BHP, DGR and SOLG are all domiciled in Oz and BHP has just cancelled its London listing in favour of Oz...furthermore, with their coal and oil assets they may well have felt that they would be more favourably viewed on the Oz market than the ESG focused London markets...

Who knows...but “Something is rotten in the state of Denmark”...

Both...and they may be connected...?

"The majority of your Directors consider that the Company is undervalued..."

So who on earth thinks the company is not undervalued, especially given that BHP and NCM are not represented and CGP want a bid...?

If this isn't a challenge to 'put up or shut up', I don't know what is...

Prepare for action...don your tin hats....this will be an exciting ride for the next 6 weeks or so...

"The majority of your Directors consider that the Company is undervalued and therefore vulnerable to opportunistic corporate activity, which is why stability in the Boardroom - given the significant amount of positive change over the past 12 months - is highly important and in the best interests of all Shareholders.

Ultimately, if a party wants control or to significantly influence the development of your Company, the party should put forward an offer that results in all Shareholders benefitting from a premium that reflects the value of achieving control or heightened influence."

So...

Strongly worded email at 11.50...

RNS response at 12.53...

Wonderful customer service...!

I copied it to my main contact.

I presume Fawzi has a number 2...?

sorry..."if it does..." should of course be "if it doesn't..."

I've just sent Fawzi the strongest email I've ever sent...

Lets see if it produces more than the usual bland platitudes...

If it does I would have to presume that the Board is throttling any and all normal communication...

'Besieged' might be the appropriate word right now...

If anyone else would like to write and express their views or seek any information:

fhanano@solgold.com.au

Isn't that Fawzi's standard reply DBW...?

And CEO....zzzzzzzzzzzz....

Price getting interesting dbw...?

Not true I'm afraid indi.....

Yes they chose their top candidate at least 3 months ago but for some reason cant close the deal...

I was told it was one of the top questions being asked...his answer to me was, unsurprisingly, "soon" and that he had talked to the top candidate the day before...

But this is way beyond embarrassing now...

Unexciting day....UT 76,468 at 26.45, down 4.86%...pretty meaningless...except a 100k bargain for 26.5 at 15.00...

"Cornerstone is required to contribute its 15% of costs following completion of the feasibility study, subject to dilution for failure to do so (and if diluted below 10%, its interest will be automatically converted to a 0.5% NSR, which SolGold may purchase for US$3.5 million), but the 15% interest carried through to completion of the feasibility study (the “Carried Interest”) is only repayable as indicated above if there is an operation at Cascabel. Consequently, because there is uncertainty about the completion of a positive feasibility study no provision for a contingent liability for the repayment of the Carried Interest has been recorded in the Consolidated Statement of Financial Position."

"SolGold is also investigating options that could provide further upside to the value of the Project..... A number of proof-of-concept level studies on these options have been initiated beginning with geotechnical and mining options. These are being followed with more detailed studies and are expected to be included in the designs for downstream processes and infrastructure. These studies are on track for the delivery of the PFS in late 2021."

"Due to the significance of results achieved thus far at TAM, additional diamond drill rigs are to be mobilized to expedite drilling, ahead of a planned National Instrument 43-101 compliant Maiden Mineral Resource Estimate later in 2021."

"