Member Info for TigerByTheTail

I'm getting normal buy and sell quotes from my broker (AJ Bell) in the 39p range - even for decent amounts of shares.
No RNS either, I've just checked Investegate.
So, yes, a glitch, fat fingers, whatever. I HOPE!!!

Hi Colonel!
Thanks for the post.
But, if "nobody is going to buy Cornerstone and that's their problem", then how do you explain their reaction to Solgold's bid?It wasn't the usual "no, but if you improve the offer we'll think about it" kind of corporate reaction. Taken all in all, it is one of the most decided "no's" I've ever heard, coupled with a few insults thrown at Nick Mather as well.
And why, if Cornerstone have such poor long term prospects, are Solgold bothering to bid for their shares at all?
To me, it doesn't make sense.
I can only explain what we know by concluding that Cornerstone do have real value to others, and that they have either already concluded a deal with another buyer (but this is still confidential), or they are in negotiations to conclude such a deal.

Hi Smickster!
Here is Cornerstone's official response. It's a little more polite, but it's equally decisive in its rejection of the Solgold bid.
http://www.cornerstoneresources.com/s/NewsReleases.asp
Goodnight all!

Hi Colonel!
The owners of a publicly listed company change every day that it is traded. So how could any agreement rule out a change of ownership at Cornerstone TopCo PLC level? It's not possible.
And how else do you explain such a firm, bridge-burning, (even utterly contemptuous) rejection of Solgold's bid for Cornerstone?
IMO, agreements are already in place behind the scenes. I can't see any other explanation for the facts as we know them.

Hi Colonel!
But Cornerstone can be taken over at Topco level and retain all their rights to Alpala.
If I were planning a bid for Solgold I would want to quietly take out Cornerstone first, as a stepping stone towards my final objective.
That I believe is what has already happened here. But the deal is not ready to be publicly announced yet.
And that is why Cornerstone have so mockingly and contemptuously dismissed Solgold's offer.

Hi Gino73!
Corporate lawyers get paid a lot of money precisely to blur and finesse such niceties.
It's all about shades of greyness...

Yes, of course it's possible to call an Extraordinary General Meeting with a "sack the board" agenda.
I'm not sure what % of shares would be required by the company's constitution to call an EGM - it might be only 5%.
Certainly, Newcrest and Cornerstone would have enough shares to do it, even without BHP's support.
In such circumstances a lot of private investors often don't vote, so a big bloc of institutional shareholders can be very powerful.
So, yes, it's possible. Likely? I'm not so certain...

Hi Smickster and All!
My guess is that Cornerstone already have a confidential but legally binding arrangement with a major to sell their company to them at a certain date in the future. A decent lawyer could frame this option arrangement so that it wasn't in breach of BHP's no bid agreement with Solgold. I can't see why else Cornerstone would reject Solgold's bid so emphatically and contemptuously.
I'm guessing that the major concerned is BHP and that this will be unveiled in October.
I'm thinking that one autumn morning we will wake up and find out that BHP own more than 25% of Solgold's shares (their own stake + the Newcrest stake + Cornerstone's remaining shares), and that they are bidding for the remainder of the company. My own opinion is that such a bid will probably succeed. And, indeed, that it is in the best interests of all shareholders that it should succeed. Alpala is way too complex and expensive a project to be left in the hands of Solgold's current management, who are not fit for purpose.
A couple of caveats: 1) It could turn out to be another major, not BHP. Or is could turn out to be BHP + Newcrest in a 50/50 JV. 2) Outstanding drill results from a new target would change the picture. At the least, it would force up the bid price.
Whatever else, I'd be shocked if the eventual bid was at less than 40p per share. So that's a putative 100% gain over a 4 month period. And without much downside risk. That makes this an attractive trade to me.

Hi Quady!
I agree that he is annoyed. Not so sure about him losing the plot, though. It occurred to me that perhaps he is in on the plot.
I think I can see said plot's outline, but I could be just imagining things.

This is one brutal way to reject a takeover bid...
“There is no cure for stupid. I have never seen a more pathetic hostile [takeover[ attempt in over 20 years. It’s obvious that the SolGold management team and board will be replaced soon and it will be long overdue,” said Bob Sangha, a mining investment banker who owns almost 20 per cent of Cornerstone and is its biggest shareholder.

http://www.cornerstoneresources.com/s/NewsReleases.asp
You can find the Cornerstone official reply here.

Hi CookieCrew!
I know different opinions go to make up a world, but you do realise that Cornerstone have already made it clear that the bid is unwanted, and that it has no chance of success?
IMO, Cornerstone have already made other arrangements to sell their stakes in SOLG and in Alpala. By the looks of it BHP will be the buyer.
As for NM, sheesh, I watched the presentation yesterday. It's painful. A CEO is meant to have presentation and sales skills. But he's just a bit thick, isn't he?

Hi Addicknt!
That's how I see it as well.
Current offer by Solgold to takeover Cornerstone has almost zero chance of success. Even an improved offer will likely fail. BHP and Cornerstone most likely have some kind of understanding behind the scenes about a deal to be closed in October.
That means that BHP are likely to make a takeover offer for Solgold as soon as they can as well. IMO, this will either be in JV partnership with Newcrest, or they will simply buy out Newcrest's stake from them. However they do it, they should be able to amass around 25% of SOLG shares before they announce their bid - that's a very strong position to be in.
I don't know why the SOLG board are wasting their time on this unwanted bid for Cornerstone. Honestly, I don't rate NM, and I don't think he is CEO material. IMO, SOLG's only hope of a successful takeover defence are outstanding drill results from the new targets. That would mean all parties have to reassess.
I'm not sure what the takeout price for SOLG will be, but I'm confident it will be north of 40p, even without a rival bidder. Given October isn't that far away, that makes these shares an appealing prospect in my book.
As regards downside risk, even if the takeover doesn't work out, I still think these shares are worth every penny of the current price.

https://www.kitco.com/news/2020-06-30/Egypt-discovers-gold-deposit-in-southeast-ministry.html

30p on the uncrossing trade at the close. It wasn't a huge one, but it still bodes well for tomorrow.

Yikes - 14 recommends to my post. I'd better go away and think about how to make my idea work.
Meanwhile, we closed on 30p!!!

The share price of HUM vs. the price of gold is almost indecent now.
How about we all club together, raise the money to fund a successful takeover bid of the company, and then split the profits?

Hi GingerHippo!
This post should be deleted at it is blatantly misleading - ramping at its most ignorant.
I've corrected you once on this post, now why don't you take it down yourself?
Investors should do their own research, and realise that North American Platinum was a working mine, with a proven reserve in a very safe jurisdiction. NAP bore/bears absolutely no resemblance to the very early stage MT project which is located in a very high risk jurisdiction, and whose only actual resource is a small Russian standard C resource (i.e. less than "inferred" in JORC terminology).
Your "valuation" of MT is, frankly, idiotic.

Hi Magoo!
The offer is seriously prepared, yes.
But it is not pre-agreed with Cornerstone's board. The RNS announcing it admits that they have refused to engage with Solgold.
Cornerstone's reaction should be fascinating.

Sorry, maths is wrong in my last post.
Still, IMO the offer isn't at enough of a premium (@22%) to attract Cornerstone's shareholders.