The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
There's no getting away from it, barring a late miracle this has been an awful year, irrespective of whether you think we are going to get taken out or buy into the diverse book/production ******. Let's hope there is an offer because with no income and no exploration expect more of the same in 2023. What a mistake (again!) not cashing in the late 30's or 40p mark, if there is a next time I'm out, this is torture.
I've got Quady on filter for obvious reasons. Can people please stop feeding his ego by replying to him if he gets under your skin? He's being successful in ensuring 90% of the message on here revolve around him.
Spot on addicknt, in view of the perilous situation the auditors must have concluded that there is a plausible source of funds or a potential sale in the pipeline that will provide sufficient funds to avoid insolvency. Bearing in mind their professional obligation of prudence this is a positive point and a relief.
Quady, you totally miss the point: We cannot do any of those things because we do not have funds to get into next year. The key questions are what sources of funds are being investigated, with whom and when are we going to get an update. Solgold has steadfastly avoided updating on these points, for years, result is nose dive in SP. Get your head out of your arse please. Filtered again, should have done it before.
Hello SharketMare
On your points:
1. I was not specific, but was thinking of Ayten and Ingo. As Red mentioned if Ingo is subject to an NDA, maybe that's why Fawzi was short with me on that point as SG will be too. I hasten to add, I did acknowledge to Fawzi he was the fall guy taking the brunt of the disgruntled emails and appreciated anything he could say.
2. No I did not ask this. I had expressed my dissatisfaction with no updates for a year (Fawzi - I acknowledge poorly expressly by me in my frustration) - Fawzi was quick to point out the Cascabel PFS and Tandayama-America resource update) this year. I should have been more precise and referred to the lack on any information on what the funding strategy is and news - which is what I was getting at. I had asked how Solgold squared Nick Mather's recent volte face from saying we are going to production when he was chair, to saying we are an explorer and need corporate action (excuse my generalisation if the wording is not quite correct) a month or two back. I got no response on that. If Nick Mather and Cuzzubbo did see my emails as far as I am aware neither they nor the company have clarified this. Hopefully they are reading.
I am not de-ramping BTW, I am holding, no choice really, but very fed up with SG and myself.
Hi Red, thank you. For the record I have not sent any abusive emails to Fawzi, he has rightly said he does not reply to abuse. I have also asked him to forward to Darryl and Nick which he says he does. Point noted re Norge and Black Rock buying in the 30s, they should have waited. I am not scaremongering I have a lot of shares, I am ****ed off.
The insolvency question is highly pertinent hence the market reaction in the face of absolutely zero reassurance from the company. The fact we as minor SHs have done a back of a fag packet calculation and think we have approximately £20m left is fine, if that makes you feel re-assured. However Solgold is not a trading company, it has no income, so the means to assess its solvency are different to a trading entity that knows it has billed or billable anticipated receipts. Solgold has no income, so the ticking is potentially a lot louder than a trading company which can go to the market and say 'yes we know we have cash flow difficulties but look what funds are just around the corner'. I got a prickly reply from Fawzi towards the end of last week which I've not had the time to consider in detail. A couple of points that stood out to me are that (1) the company had no obligation to comment on the various key exits: 'since when has a company had to "explain" why employees leave?' (Ouch!!). My initial thoughts are yes Fawzi technically correct - however when the departures are of key players that the company has been trumpeting for years, then if the company does not comment, expect a fall out in market response. (2) the PFS addendum and Porvenir PEA are both still due by the end of the year - note not before the AGM. (3) 'Solgold is investigating a number of strategic initiatives to provide the Company with funding options for the development of Cascabel and progression of the regional projects.' - so watch this space, the same nebulous deflecting response the market has been fed as long back as I can remember.
Come off it you lot DC is having to fly over to this place next week (unless he's having the weekend there first) for the Denver Gold Forum shindig: https://www.broadmoor.com/. Can't be much fun...