Thank you both for the recap!
s c a r s e
not sure why it got *****
I am at loss here, I cannot really reconstruct the OMI narrative in a way that makes sense. However I have a very considerable amount of money here and might add more to average down further, but I would appreciate any neutral input as to what is going on, no rampers and derampers. The facts seem quite sc**** at the moment......
RED, that is not the rule, voting rights are actually a grey area
https://www.icmagroup.org/market-practice-and-regulatory-policy/repo-and-collateral-markets/icma-ercc-publications/frequently-asked-questions-on-repo/23-who-can-exercise-the-voting-rights-and-corporate-actions-attached-to-equity-and-corporate-bonds-being-used-as-collateral-in-a-repo/#:~:text=During%20the%20life%20of%20a,ownership%20may%20include%20voting%20rights.
REPO maybe?
I am offended......
Nothing conclusive, or anyway nothing we could not have considered ourselves based on the official information. Perhaps just the Ecuadorian government angle is an additional variable, assuming that really a takeover is escalated to a matter of international clash with China.
Instead, Mather and then Cuzzubo plumped for royalty deals with Franco Nevada and then Osisko, designed to provide SolGold with upfront finance in exchange for conceding profits once the mine is in operation. The royalty arrangements angered both Newcrest and BHP leading to boardroom clashes. Mather said in a YouTube interview recently the majors want us to pump out cheap equity and by way of their pre-emption rights take control of the company without having to offer the sort of premium one would expect with this sort of …. Recruiting the Chinese has certainly ratcheted up the bid tension - with action probable in the first half of 2023. But a fly in the ointment that few have considered is the reaction to any Chinese takeover by Washington or the Ecuadorian government. The Chinese have overtaken the US to become the largest overseas investor in Ecuador. The South American country’s first large-scale copper mine, the Mirador project operated by a subsidiary of Chinese consortium CRCC-Tongguan, began production in mid-2019. But recently the wind has been blowing the other way with many in Ecuador, as elsewhere, angered by onerous interest rates charged by the Chinese for loans designed to cement Beijing’s global trade offensive. As a result, the Americans are no longer viewed with as much suspicion as they once were. Last year, the US International Development Finance Corporation struck a deal to help Ecuador repay billions in loans to China and boost development in exchange for excluding Chinese companies from its telecom networks. The US cause has been helped by the election of centre-right businessman Guillermo Lasso as Prime Minister after years of rule by left-leaning administrations. What will Lasso’s position be if the Chinese look like acquiring SolGold? Will he come under any pressure from the US? Another wild card is linked to the widespread opposition to mining in Ecuador, especially by indigenous communities who tend to live in areas where minerals are found. Last month, there were huge demonstrations in Ecuador’s capital Quito by protestors who want to block six gold-mining concessions in the Choco Andino forest. They cited threats to water sources, nature and their local businesses. Lasso will have to play his cards carefully despite his stated intention that he wants to boost mining in Ecuador to make it less dependent on oil. The battle of Solgold is reaching a climax but, frankly, anything could happen.
London is awash with rumours of a bidding war between Jiangxi, the largest copper producer in China on the one side, and BHP - possibly in alliance with Newcrest - on the other. BHP and Newcrest have been shareholders since 2016 with about 13.5% each. Jiangxi isn’t in yet, but SolGold said last week that a share raise worth $36 million would bring in China’s largest copper producer, which would speak for 6.3% on completion of the deal. A new balance of power has emerged at SolGold with Bob Sangha, head of Maxit, propelled as a key player with his firm conducting a strategic review - viewed as shorthand for a mandate to sell of all or parts of Cascabel in the new year. The big change is the planned merger of SolGold with Cornerstone Capital Resources unveiled in October which will give Maxit a 5% shareholding, and remove Cornerstone as a minority shareholder at the asset level. Instead, Cornerstone, now an ally of Sangha, could take shares in SolGold and put two directors on the board. Well-place City sources say the sudden departure of CEO Darryl Cuzzubbo after less than a year in the job on November 12 was a result of a new and powerful alliance between small shareholders such as Maxit, Cornerstone, Berry Street Capital and SolGold founder Nick Mather (4%) who is still on SolGold’s board despite stepping down as CEO 13 months ago. Apparently, Mather has given up the idea of developing Cascabel independently and has agreed instead to bring in the Chinese for a face-off with BHP/Newcrest. Sources said the decision to drop Cuzzubbo and delay both the Cascabel definitive feasibility study and the Porvenir preliminary economic assessment was rooted in a desire to make SolGold/Cascabel more appealing to a bidder by shrinking overheads. It would also accelerate the sales process - which might have been more difficult if Cuzzubbo had remained in place. The last two years have seen as series of spats at SolGold with Mather and his allies determined not to give BHP and Newcrest creeping control of the company via equity that would dilute the stakes of smaller players.
Never mind, found the info on SEDAR.
Did any one of you have luck with the Investorvote control number provided in the proxy form? I get an "incorrect number" error message.
Sorry, being dense today, can't find it on the Solg website.
Forte, I think one aspect is upside down here.
I doubt that we need to complete the SR to then put the sale sign out.
I am pretty confident that a Dataroom has been open for a while and the company is rather hoping that the result of the SR is accompanied by some offer or financing structure that counters the theoretical sale prices that DZ discussed in the last presentation (the 78p slide).
Bu that is me...
Thank you Q.
To be honest it's still better to talk about other shares than to start the mutual attacks and insults, at least we are sharing the same goals.....
Q, I looked at VRS a few months back and decided to postpone the investment, luckily. Why do you think it's a good entry now? Sorry all for O/T.
How much lower does the price have to go before it start going up again?
This must be the bottom price we will ever get or the Chinese would have not invested, so I topped up.
GLA
Q, you don't really need to reply to my message.
A point here is that you always claim that you are just listening to what the company says, the rest is noise, and on that basis you conclude that SOLG would keep going until it goes to production, UNLESS someone pays up for the company.
Fair game.
But if the narrative changes, production-related initiatives like the DFS go to the backburner, and the messages from the new CGP masters point to the solutions listed as possible outcomes of the review, why do you apply a different standard to this narrative vs the previous one you have been banging about ad nauseam?
For the love of God, can you guys please give it a rest?
Like any single one of you, however you may think of yourselves as the next coming after Warren Buffet, I have no idea how to really trade otherwise I would be like one of my hedge fund friends trading in the Billions and would not be here discussing with you.
Instead we are all here, and this is nothing more than an after-work club, and we don't even know who everyone else really is.
So really, stop pontificating about how you are right, everyone else is wrong, who can and cannot say what, who is entitled to share an opinion and who is not.
All in all, even if some of us make some money, we are just a bunch of amateurs in this game.
It's good to share, just don't overdo it and with contempt for the other participants.
Let's enjoy this please!
Spin off the four subsidiaries, which NM has interest in to fuel his further exploration ambitions, and sell what is left of SOLG, which is the big slice of the cake, satisfies the CGP gang and takes us PI out of our misery once and for all.
If a deal is being worked out, this is the most obvious outcome.