Well I wish SOLG were doing a strategy refresh and next up in the journey was to market an earn in JV opportunity for ENSA and recycle the windfall into taking the pipeline forward once they’ve built some cred and experience as a mine developer / operator. We will see. Power games of what we know little.
I’ve always been curious about what happened to Aguinaga. It was hyped with some teaser assays and then it suddenly went very quiet. If it’s still full of Andean promise, then phew, because otherwise that sort of performance will dampen any subsequent hype at the other priority targets. Boy who cried wolf and all that. These guys aren’t amateurs so I wonder what’s really going on ... I begin to realise why I’m pants at poker.
I recall that. Yes, the great glen is where the two bumped together and isn’t that that’s how Nessie got trapped? I’m quite happy if England extends up to Inverness if digesting that stops us arguing about the small rock we all live on! Anyway. Wassapening on the divi front?
There’s two ways of looking at the sudden pace with which the board has matured. Was NM blind to all this or was he simply waiting until it became a necessity? I’d imagine the auditors will have been whispering in his ear so it feels like he was holding off on the additional cost of all this corporate governance until he had to. The fact that they rounded up the necessary credible people in short order feels like the talent scouts didn’t come to this stone cold. I am actually quite comfy if he was conserving revenue until his hand was forced. Just one perspective, there will be others no doubt.
When you tot them up by eye, the biggest shareholding blocks could easily fall 34% agin, 26% for at the AGM. That’s uncomfy if you want this story (and value) to unfold to the Max. If BHP still onside, all good. Big if. So, us tadpoles as a largely supportive block matter. But we need mobilising and I’m pleased to see the way the board are going about it. Not just explorers.
Well it all sounded harmonious for years, no one believed we might really go to production and so no expectation of a coup. Then NM brings in Ingo the Hoff and does the Franco deal and at which point it’s suddenly a credible scenario. Newcrest got the hump and notions of an earn ins on the cheap fade away. BHP with their deeper pockets possibly began to wonder about their game plan too having likely been eying the whole to bid on post-Feasibility, Cornerstone are cornered with scary not so far off commitments to meet and are known quick sale merchants. In the other, ‘virtuous’, corner, our directors own 5%, DGR own 10% and are St Nicks representatives on Earth, Blackrock and Tenstar id expect to be long termers so when you got that up, it’s a very dodgy position. The only robust defence is to mobilise the small army of PIs whose holdings in aggregate are very material, and march us all through the voting lobby .. else anything might happen. Lose Nick et al and we are not even in Poundland.
So it’s on a votes cast for / against the resolutions basis. The naysayers might only number 30+ % of the potential votes, but all those ‘for’ have to stand up and be counted too else this could very easily go the other way. High electoral turnout required. None of your 50-60% of the electorate bothered to vote scenarios, else a block minority could easily prevail.
It might discourage us more inconsequential PIs if a holder of 4.5M shares said they can’t summon the necessary grit. So, is this a nefarious tactic. It feels like it is to me. I don’t buy the economic case for not voting, your daily undulations in value will totally totally swamp that.
Carry on voting everyone, don’t be discouraged, every little helps. If carried by just one vote, that might be yours ...
We aren’t going there people. Change the subject.
Q .. Would you sell out to China if they made a knockout offer, or are they just a little too geopolitically scary already. That should be a safe topic to discuss!
Hi Quady. On the whole, I’d agree Nick Mather has done a good job. Were I out to buy the company for the best price, I would see him as a candidate for neutralising! I suspect the collective view of the board and their advisers is that it’s time to go to action stations. No room for retrospective ‘if onlys’ in this game.
It’s interesting stuff whatever’s driving it. Just the very fact that this is sort of close shareholder engagement is going on must surface in the media in the next day or so, and I wonder what sort of hornets nest that coverage might stir up!
This is an insight of what we are getting exposed to ..
https://static1.squarespace.com/static/5dd156d894e7d2435fbe2045/t/5e7cab0e06e62b6e933888fe/1585228565708/Case+Study+-+Ahold+Delhaize.pdf