Solgold Share Discussion Threads

[havinthelasttoast] 19/4/2024 08:23

Hehe Franny

Enjoy ya daft mug

[francoismyname] 19/4/2024 08:18

Oil up

Oil stocks up

Seems to be efficient there.

[hazl] 19/4/2024 07:42

After that turn around in posts yesterday I have nothing to add really.

[hazl] 19/4/2024 07:41

3 Posts in a row he must be concerned.
Good to see that somebody worries about me anyway.

[original fastjet] 18/4/2024 20:00

All kicking off again.
Who in their right mind would invest in that corrupt country??

[original fastjet] 18/4/2024 19:02

Anyone seen hazl?🐪Ԁ04;🐖🎟;
I'm worried she is stuck in the boiler room and won't make it to bingo tonight 😪💃

[original fastjet] 18/4/2024 18:33

Cheers for your view knight.
Very enlightening ...

[mknight] 18/4/2024 17:13

Ok thanks for that .

[original fastjet] 18/4/2024 16:23

Either a bid or a placement knight.
Flip of a coin tbh.
But Solg has a history of bluffing and hoping for the best treading water.
Placement by law must be being worked on behind the scenes but a case of who blinks first...

[mknight] 18/4/2024 16:02

The price has not moved . Not up or down .

Its waiting for something its your job to find out what that is . Any sensible ideas original fastjet ?

[original fastjet] 18/4/2024 15:56

Sp flying today lads??
Knight did it right taking profit.

[mknight] 18/4/2024 15:24

Nick and BHP have history so if he had another choice i am sure he would take it .

[lowtrawler] 18/4/2024 15:00

MK, both of them are used to JV's, even if not with each other. Cascabel is a large enough project to satisfy 2 large players. I wouldn't rule out them coming together, particularly now NCM is part of Newmont. At least if they went down that route, they would only need to agree a price with Nick. Acting together, they would probably scare off any competing bids as well.

[mknight] 18/4/2024 14:46

I checked out if i could see any JV with each other ,.

[original fastjet] 18/4/2024 14:32

Francois,
How's the bid going??lol
If selling Solg was as easy as your lass we would all be rich...
Dam easy

[lowtrawler] 18/4/2024 14:29

Neither BHP nor NCM have any Board representatives as they declined and resigned respectively. If they did, they would be forced to act in the best interests of all shareholders. As it stands, they have no responsibilities to other shareholders.

It is possible they are what has prevented any incoming bids. It is not clear what they would hope to gain by blocking a bid. If they aspire to own Cascabel themselves, the share price is already cheap enough for them to make an offer. Perhaps they both wish to own Cascabel and are standing in the way of each other and don't wish to bid together?

If any of this were true, I would expect Scott to go public in shaming them and so my view is neither BHP nor NCM are blocking bids and will be happy to consider bids through the usual NDA approach. Whether bidders can reach a suitable price to satisfy Nick, BHP and NCM is then the next obstacle....

[lowtrawler] 18/4/2024 14:03

MK, they have to show their hand sometime. It is possible parties have attempted to go down this route and run into exactly that problem. It could be why a bid has never been made. After all, if BHP and NCM refuse to sell they could even choose to remain minority shareholders if a bidder achieved 51%. No bidder would want that. (BHP and NCM both own over 10% and under LSE rules, a bidder needs to gain 90% acceptances to force out the minority holders)

[mknight] 18/4/2024 13:37

That might not be that easy if BHP or NCM want Cascabe and they would be showing their hand .

[lowtrawler] 18/4/2024 13:14

MK, I doubt it. Were they to pay a premium, the market would assume a bid was incoming. Potential bidders would undoubtedly be able to build a position of around 100m shares at a lower price by buying in the market before having to disclose their holding. They could probably build up 150m shares in total at a lower price than paying a premium from SOLG.

The most likely approach from a bidder is to enter negotiations with SOLG, BHP, NCM and Nick under a non-disclosure agreement before submitting an offer which has already gained support from the 3 major shareholders and management accounting for 36% of the total share capital and slightly more of the voting share capital. If they have accrued 4/5% themselves, it will be almost a done deal.

[mknight] 18/4/2024 13:00

Low , My guess would be to buy the 154m first and then bid later .

[lowtrawler] 18/4/2024 12:55

MK, as long as SOLG own the 154m shares, they cannot be voted for or against a bid. Any successful bidder would own the 154m shares and simply exclude them from the price paid. I think it unlikely SOLG would be allowed to sell the shares once a bid was underway. I still don't understand why they are not classed as treasury shares.

As you say, if anyone wants to make a bid, purchasing the 154m shares could be a good start but I don't think SOLG would be allowed to sell them to a party knowing they were about to launch a bid.

Without understanding how the shares are not classified as treasury, it is impossible to be sure of the restrictions I am assuming. Those restrictions would certainly apply to treasury shares and it is why UK companies are generally not allowed to own their own shares outside of treasury.