Scotgold Resources Share Discussion Threads

[pr100] 14/11/2018 08:43

Unless you and Nat know something we don't, Scotgold is still a public company subject to stock market rules and not the rules for private companies. And for as long as that remains the case, there will definitely be an AGM at least once per annum. Even our hapless CEO will get that right.

[glenalmond] 14/11/2018 04:17

28th November last year, Steel. That would have been two weeks from today last year.

However seems (to me) to suggest they're not obligatory.

Annual General Meetings
There is no requirement for a private company to hold an AGM, though some companies' articles, drafted when there was a statutory requirement to hold an AGM, will still provide for one to be held. In such cases the company must continue to comply with its articles until they are amended. There is nothing to stop a company to hold an AGM even if it is not required to do so.
The usual business of an AGM is to receive the annual accounts and directors' report and, in some companies to elect directors and/or auditors. Even if there is not going to be an AGM to discuss the accounts, they still have to be distributed to the shareholders.

Procedures
These vary from company to company and are determined by the interplay of the Companies Act and the articles.
There are statutory rules governing the period of notice that must be given for a meeting (sec307 - sec313). The minimum statutory period for any type of meeting is now 14 days (sec307), though a company's articles may require a longer period, and a meeting can be held on short notice with the written consent of a majority (90 or 95%, depending on the articles) of the members.

I would be glad to be stood corrected, as I assumed they were an annual obligation.

[steelwatch] 13/11/2018 17:03

AGM notification must be due anytime now..

[glenalmond] 22/10/2018 20:01

Notice of service disruption on Tuesday 23rd October

There will be minor disruptions to service on this site due to scheduled upgrade work.

Any down time will be kept to a minimum.

Please contact [e-mail] if you have any questions regarding this notice.

[glenalmond] 22/10/2018 19:57

Steelwatch's first 13:15 link reads:

"Gold and silver mine in Cononish Glen

The planning application for a gold and silver mine in Cononish Glen, near Tyndrum was approved on 19th October 2018.

Following completion of a legal agreement, the Decision Notice has now been issued for this application which was granted planning permission at a public hearing in February.

The applicant is now required to discharge a number of pre-start planning conditions before work can begin on the mine.

The National Park Authority has secured a unique package that will deliver multiple benefits for the area in order to reduce the impact to the landscape and recreational access during the mines operation and to support the long term improvements to Cononish Glen’s natural heritage.

This includes the Greater Cononish Glen Management Plan (valued at £268,000 in total) which will deliver a range of landscape and recreational improvements, habitat management and native tree planting.

The developer has also agreed to contribute £425,000 (£25,000 per annum) for visitor and conservation projects in the Strathfillan community area and across the National Park. The Countryside Trust will distribute the funds with 30% to be spent in the Strathfillan area and 70% across the National Park.

A Restoration and Aftercare bond of £537,000 has been secured through the Section 75 legal agreement. The bond is in place to ensure that adequate finance is available in the event of a future default by the applicant in relation to the restoration of the site and aftercare costs.

A voluntary contribution from the developer has also been agreed. Over 16 years a total of £490,000 will be donated to the Strathfillan Development Trust although this was not a material planning consideration in determining the application.

Although in the short term there will be an adverse impact in the Cononish Glen, in the long term the glen will be greatly improved, leaving a lasting positive impact through the remediation of the site and The Greater Cononish Glen Management Plan.

The mine will also bring a range of social and economic benefits for the local community and wider area through the creation of jobs.

You can view the decision notice including the planning conditions, legal agreement and approved plans, on the e-planning portal using the reference 2017/0254/MIN."

The day is drawing nearer people :)

[pr100] 22/10/2018 14:43

In view of the fact, stated therein, that today's decision notice RNS contains inside information, it was not the smartest move by NLR to announce his (token) share purchase beforehand. The regulators may deem it insider trading as it is not impossible that NLR was given the nod about the decision notice prior to his share purchase on 18 October.

Meanwhile, the hapless CEO hopes that mine development will begin in "the very near future" which is a load of misleading cobblers and should not be in this RNS.

[glenalmond] 22/10/2018 13:34

Richard Gray, Chief Executive Officer of Scotgold commented: "The issuance of this Decision Notice is a major milestone towards the commencement of development and ultimate commercial production. We are hopeful that the efforts that have been made in satisfying the conditions and the constructive engagement of the various agencies will result in the commencement of Cononish in the very near future. In parallel with the work to satisfy the conditions, the Company has been busy preparing for work on the ground and we look forward to the prospect of actioning these plans."

[pr100] 22/10/2018 11:22

It's misleading for Scotgold to continue to claim in the 2018 annual report that they still have an Au 7.9g/t resource in the stockpile. From the stockpile grades previously reported during the process, the Au grade is well below that figure.

But maybe that's why they left 0.5t of the stockpile unprocessed: while there are a few rocks left, they may be legally entitled not to report the Au grade and therefore not adjust the overall resource estimate - and indeed, not write it down on the balance sheet as part of the annual impairment review. Shoddy tactics if so.

Maybe that residual little pile of rocks - which presumably will now never be processed - also gives them some justification for not telling shareholders what price they got for the concentrates. It's shocking that this key metric has still not been revealed - but then Scotgold acts like a private members club with only 1.5 members. Even wee Graham/vfb/Baz/TLC, or whatever he is calling himself today, isn't being told…however many times he calls in.

[pr100] 22/10/2018 09:29

There's often only one reason for an AIM issuer chairman to announce a very modest purchase of shares. So, placing ahoy?

[pr100] 21/10/2018 15:08

Good grief! That list of planning conditions looks extremely onerous. And with the hapless Gray playing it cagey as usual, I reckon it will be around 18 months before Scotgold can hope to be cleared to start building the mine.

And they will need to deposit or ring-fence around £1m in the NPA-controlled bank account before kick-off too in order to cover the GCGMP Bond (£268k), the Restoration & Aftercare Bond (£538k), the first instalment of the £250-425k applicant contribution to mitigating adverse environmental impacts, etc.

My guess is that NLR's cash has been taken off the table until there is light at the end of the tunnel and that there will have to be more fundraising to get the company up to that stage. So, brace yourselves.

Of course, the hapless Gray could change the habits of a lifetime and tell the market exactly what's going on - but I assume he doesn't want anyone to know.

[y1phr1] 19/10/2018 06:05

Glad I sold my 10,000000 shares in this a long time ago.

[pr100] 18/10/2018 14:24

What a Greek tragedy this company is.

French asset valued at $268k in the 2016 accounts is written down to zero.

Worse, the hapless CEO has lost the conditional sale of the French asset which he proudly announced on 15 March 2018 would have brought in up to €1m.

And in the same farcical breath, the incompetent Gray has the front to tell investors today that Scottish Enterprise have conditionally granted Scotgold "up to" £430k under the RSA scheme (conditions which on all known form, Gray is unlikely to be able to satisfy).

For sure, the conditional grant won't make up for the loss of up to €1m on the conditional sale of the French asset. And it might not even compensate for the loss of the $268k asset value recorded in 2016. In any event, it won't be net cashier Scotgold.

This man is simply not capable of delivering. And when he occasionally delivers a titbit, it is almost always a smokescreen for bad news further down the page.

Scotgold is congenitally and managerially incapable of delivering good news to shareholders. But I guess we already knew that.

For goodness' sake, hire a CEO who is mildly competent.

[steelwatch] 18/10/2018 12:40

Progressing slowly, but surely...

[pr100] 09/10/2018 13:22

That depends on how wealthy he is.

If the hapless CEO were to buy some with his own cash, that might be meaningful. He has very little skin in the game - and presumably he - more than anyone - knows the likelihood of the shares increasing in value.

Of course, he also knows the likelihood of having to raise yet more cash, possibly at well below 27.5p.

[mineng] 09/10/2018 12:34

Surely a non-exec director ponying up a decent chunk of change is a positive is it not? Sounds positive to me.

[pr100] 09/10/2018 11:31

See my 3478 above. According to Gray, they already had the cash for their exploration programme back in May. So, oops, apparently not.

He can't be trusted.

[steelwatch] 09/10/2018 11:17

Broker share price Angel has a slightly reduced target this morning to reflect dilution - 58p

[steelwatch] 09/10/2018 11:04

Why nonsense?

The funds raised from this subscription will be used for the funding of the next phase of Grampian exploration programme and other corporate activities.

..without touching Cononish development funds.

#3476 and #3477 in the rear view mirror now.

[pr100] 09/10/2018 10:15

So, the NLR cash not being available, Scotgold announce yet another placing, diluting PIs to the tune of £750k and 2.7m new shares. Their justification for this is nonsensical: it is working capital, pure and simple.

On 18 May, the always-unreliable CEO assured us:

"Together with existing cash reserves, the Company believes it has sufficient funds to build the Cononish gold mine, execute a planned exploration programme and meet ongoing working capital needs."

And he was wrong. Again.

Nor is the 27.5p share price a premium since anyone buying 2.7m shares on the open market would have had to pay more.

Totally shambolic. Watch as the share price falls back again. Gray must go.

[pr100] 04/10/2018 15:41

Now selling at 20.5p. Gray had better start coming clean about the delay or the share price will be heading for 10p. Not that they give a toss about PIs - not even about wee Graham who would be losing a fortune.

Not that wee Graham will ever complain: he doesn't have the cojones.

[pr100] 03/10/2018 18:16

Selling at 21.6p. Oh dear, everyone's losing money - especially the big holders.