Member Info for RodneyT

We got a new CEO and Chairman at just the right time. Keep going, Dan.

Cheers, Add.

Is that for sure, Add, or just top of your 'wishlist'? :-)

Owns of shares (or options) invariably work in their own best interests. From that template, all that is needed is a big effort to estimate where the various parties are financially and then their motives can be assessed. A quick deal at a cheap price could mean a great result for some and a sale at a reasonable price could mean an incredible result. WIn, win? Things look very different to those invested at a SP closer to NAV. And buyers? Buyers want maximum NAV at lowest price. The new management team are off to a good start in my view. I hope they press on and repeat, repeat and repeat again how valuable our assets are. Delighted to see several references to 'shareholder value' already. Bravo Dan!

Red, just like all of us, is entitled to an opinion but that is not to say his opinion is correct. My opinion is simple. 1. We would be a long gone asset now owned by BHP who bought at a cheap price if it were not for NM's actions in 2020. 2. We remain at real risk of a cheap takeover. By cheap, I mean 25 to 30p. I have looked at the numbers carefully and can seen a scenario whereby only about 60% of PIs need to be secured to get a deal over the line at the sort of price shown above. Of course I could be completely wrong! Of course others could counter a low ball offer! I am just saying that I can see a way in which long term shareholders could be sold down the river. I am delighted that the new management is sending plenty of RNSs. I would like there to be a total focus by management to show the market what a valuable asset we have so that folk are far less likely to throw their cards in. The focus should be on NAV and shareholder value. Things look promising. NM of course works in his own best interests. Don't we all here? It just so happens that he has history where his interests were aligned with ours . I believe they still are. That is my opinion. I could be completely wrong! We are outsiders here. We know so little about day to day events within the company. This is a discussion forum. We can agree to disagree and that's fine.

I see your point, Quady, but what if BHP are sidelined by a vote that acheives 51% or more as a result of various shareholders with much lower averages winning the day? The PI shareholder tree has been shaken badly over the last 3 years. Many new shareholders would doubtless be delighted with a 30p offer approved by the Board. A number of Solgold-related executives likely delighted too. A look at the major shareholders and an assessment of a changing PI cohort presents a different picture. Of course, BHP have had many chances to acquire SOLG until now. Perhaps it is as simple as putting their hand in their pockets and stumping up a reasonable price relating to NAV. That figure is not 25p.

No I don't know why they were sold at such a low price. I also don't know if they were just sold or whether they were offered to the other major shareholders or external investors. I will ask the company directly. Of course, these decisions are highly unlikely to have been made since last Monday when DV and PS became CEO and Chairman respectively.

Diluted in ownership? No. Diluted in voting options? Yes, provided that the previous situation offered no votes and the new one does. This could all be crucial in a takeover situation where all groups of shareholders including company employee/ ex-employee shareholders vote. As I say, I shall ask the company directly. Jiang Xi have a far lower average price than BHP incidently.

Those are your words not mine Add. I am focusing on voting rights before and after. I have said that my understanding is that the new owner has voting rights. At no stage have I inferred that they should not have. Your words not mine. I have no idea why the Company decided to sell these shares (with voting rights, as I have been advised) at such a derisory price without going to a vote even if they were not obliged to. Were they offered to other major shareholders such as BHP who could have averaged down with the purchase or were they just sold?

I shall ask the company to confirm its RNS and understanding of the new situation. Cornerstone and Solgold (Canada) are selfsame. Cornerstone became wholly owned by Solgold on Feb 24 2023. The RNS covering voting is dated 3 March 2023.

On the basis that the company does indeed confirm, 'no votes before and now full votes for new owner', can we agree that yesterday's deal has diluted our voting power?

..and our voting has been diluted as a result of a quick sale to Jiang Xi with no vote on the matter by shareholders.

But not for Cornerstone/Solgold (Canada). For the new owners? Sure.

"Pursuant to section 137(4) of the Companies Act, 2006, Cornerstone Capital Resources Inc. will have no right to vote the shares it holds in SolGold plc at meetings of the Company or any class of its members"

"Pursuant to section 137(4) of the Companies Act, 2006, Cornerstone Capital Resources Inc. will have no right to vote the shares it holds in SolGold plc at meetings of the Company or any class of its members"

https://www.lse.co.uk/rns/SOLG/holdings-in-company-naa7a3msich5hxp.html

Solgold (Canada) had no voting rights. I have been advised that the new owners do. Our voting has therefore been diluted as a result of this sale.

It is stated on the record, Add. I've given you the reference. I don't know what else I can say.

Sorry, Add, that is incorrect. Please refer to RNS of 3 March 2023 which specifies that the shares had no voting rights in the hands of CCR (Solgold Canada) at meetings of the company or any class of its members. Now that Jiang Xi own them, I have been advised that voting rights apply.

Well said DBW. The Chinese got a great deal based on what was announced yesterday. 45% premium?! For the birds based on any fair comparator. Broker forecast? Increased NAV of underlying asset? Average price paid by BHP? Utterly absurd that we are at this share price. What we need immediately is a regular newsflow from the company emphasising the variety of 'mini wins' achieved by the company that many are unaware of combined with actual advancement whether that be related to proceeding with Tandy, licences or anything else that is clear evidence of improvement. Because the share price has slipped as it has, many may have bought in at 6p and would see 25p as a tremendous win which it would be for them. The Company's job now is to show that agreeing to sell at 25p would absolutely not represent fair value for the asset. It would not equate to anywhere near NAV. It can do this by doing the above and also emphasising shareholder value. Making bread near Cascabel is a good idea but fair value as/when assets are sold is a good idea too. I wonder how BHP feel about yesterday given their average price and the fact that no shareholder vote was required to sell those shares. Were they offered to all major shareholders?

The CAG goal has always been to obtain a fair outcome for all small shareholders......however long that might take. There has never been any doubt that CAG would keep working hard to achieve this goal for years and years if that was required. No problem.

Personally, I'm upbeat about the changes this week. Based on the RNS, the Company suddenly has vim again. 2024 was transformational for Solgold and in a good way. SC deserves some credit for that. But he must also take responsibility for other things that were unacceptable for a person leading any company. The Company needed a renewed focus and it has that now in my opinion.

Https://youtu.be/uWxembKyqWE?feature=shared

Maybe, Quady, maybe. But check out this link and also the performance of Barry's Argonaut Absolute Return Fund. He knows his stuff.

Thank you Add. Presumably we all know here that SC's 30 million options which include terms that bring comfort to LTSH's are immediately vesting on change of control as are those of CS and senior management. It is all set out in supporting AGM papers from 2024 although not in the AR and thus has to be dug for and found. Millions of dollars can be made by several option holders at a sale price of 30p. This price is about a third of fair price based on current NAV.