Solgold Share Discussion Threads

[pob69] 15/7/2020 12:05

The gloves are off

Cornerstone to Requisition SolGold General Meeting to Replace Entire SolGold Board

[lowtrawler] 15/7/2020 11:45

Pathetically low volume again. As expected, the CGP response has been treated as a non event.

[oli12] 15/7/2020 11:02

Mpknight I wrote IF “Newcrest, BHP & Cornerstone come together” these three could easily muster enough PI’s to fold to do a deal IMO. Cornerstones takedown of NM is brutal.

[tibszol1] 15/7/2020 10:46

NM has repeatedly said that it is Solgold`s intention to develop the company into a major independent tier1 copper/gold producer, I for one will drink to that! He has also stated that everything has its price, and if someone makes a ridiculously high bid for the company, then they as a board would find it indefensible to reject such a bid, the board has a duty of care to all shareholders. Speculation regarding takeovers is futile, there are so many unknowns at this time, suffice it to say Citi will have constructed a defense by October that will require a very high price for any bid to succeed. If in the next two or three months NM`s hopes and expectations for Porvenir and Rio Amarillo are borne out by drill results, then any bid under£2 per share is guaranteed to fail.

[lowtrawler] 15/7/2020 10:45

As we have previously discussed, the SOLG timing is perfect to put CGP in an uncomfortable position. The PFS will contain information that is pertinent to their decision, but SOLG could choose to publish just after the offer expires. The actions of BHP, once they are out of purdah, will also be relevant but won't be known until after the offer expires. SOLG can sit on lots of price sensitive information relating to Alpala arguing it needs to form part of the PFS. This is all going to enrage CGP but they are powerless to do anything.

[arcadian] 15/7/2020 10:36

Goldman and JP Morgan very bullish this morning re their forecasts for the big miners

[arcadian] 15/7/2020 09:22

I can`t believe that you intended your response to one interpretation of their statement to be as condemnatory as it read. "Productive" might have been better.

Have a good day as we walk together waiting the news we all want.

[lowtrawler] 15/7/2020 08:50

It's not, and never was going to be, sensible to try and decode the rejection tantrum posted by CGP. Their backs are against the wall and they are lashing out.

They will not be able to sensibly avoid the SOLG takeover unless they can attract someone to bid for SOLG. If no bid comes, they need to decide whether to act against their own best interests and continue to reject the offer.

I believe the bad blood between CGP and SOLG may cause them to work against their own interests and put their entire company at risk but that's a discussion for October rather than now.

[arcadian] 15/7/2020 08:35

I missed the 87p bit but they must value holding the shares they have remaining
despite their opinion of the company.

"which exposes Cornerstone shareholders to shares of an illiquid company with a history of significant dilution, suspect corporate governance and self-dealing practices"

Is this why?

"SolGold has withheld and continues to withhold material non-public information in respect of the Cascabel Project (including information on the progress of the ongoing pre-feasibility study at the Cascabel Project)"

[mknight] 15/7/2020 07:32

Oli11

You are wrong BHP has 13 % cornestone 7%

Together they can do bothing

[greenelf] 15/7/2020 07:28

Bare knuckle fight. You are right, Solg is the juicier target, Cornerstone is only a side show. Who ever gets Solg, can much the little mouse at leisure.

[oli12] 15/7/2020 06:50

Come October if Newcrest, BHP and Cornerstone come together then there is little that NM can do to stop it. The Cornerstone rebuttal is a comprehensive knockout and reads like the opening salvo in advance of a hostile t/o, it raises several valid points about the way SOLG is run, it’s likely intention is to cause unrest, the hunter could become the hunted.

[phattrader1] 15/7/2020 00:51

BREAKING NEWS: Cornerstone formally rejects the bid - again!Today 00:29
Makes funny reading - INTERESTING lol

hxxps://www.globenewswire.com/news-release/2020/07/14/2062261/0/en/Cornerstone-Board-Formally-Rejects-Hostile-Bid-by-SolGold-for-the-Second-Time.html

OTTAWA, July 14, 2020 (GLOBE NEWSWIRE) -- Cornerstone Capital Resources Inc. (“Cornerstone” or “the Company”) (TSXV:CGP) (Frankfurt:GWN) (Berlin:GWN) (OTC:CTNXF) today announced that its Board of Directors, upon the unanimous recommendation of an independent committee of the Board (the “Independent Committee”) and following a detailed review conducted in consultation with its financial and legal advisors, has unanimously rejected SolGold plc’s (“SolGold̶1;) unsolicited offer to acquire Cornerstone (the “Hostile Bid”) for the second time. The Hostile Bid was formalized by SolGold on June 30, 2020 nearly a year and a half after SolGold announced its intention to make an unsolicited offer to acquire Cornerstone. The Board previously announced its first rejection of the proposed bid as outlined in Cornerstone’s press release dated March 8, 2019.

The Board unanimously recommends that Cornerstone shareholders REJECT the Hostile Bid and not tender their shares. In the Board’s view, the Hostile Bid:

is wholly inadequate and is not in the best interests of Cornerstone and its shareholders – in fact, the Hostile Bid has been swiftly rejected by holders of a majority of Cornerstone shares following the formal commencement of the Hostile Bid;
is exploitive, as SolGold has withheld and continues to withhold material non-public information in respect of the Cascabel Project (including information on the progress of the ongoing pre-feasibility study at the Cascabel Project) from both the market and Cornerstone shareholders;
is not compliant with Canadian securities laws, including the requirement that an insider (which would include SolGold by virtue of its participation, including as operator, in Exploraciones Novomining S.A. (“ENSA”), the Ecuadorian company owned by SolGold and Cornerstone that holds 100% of the Cascabel concession) provide enhanced disclosure and a formal valuation in connection with a take-over bid; and
offers consideration consisting solely of SolGold shares and exchangeable shares of SolGold Canadian ExchangeCo Corp. (“ExchangeCo”) which exposes Cornerstone shareholders to shares of an illiquid company with a history of significant dilution, suspect corporate governance and self-dealing practices
Greg Chamandy, Chairman of the Cornerstone Board and holder of over 10% of the outstanding Cornerstone shares, said:

“For the second time, the Board is unanimous that SolGold’s proposal substantially undervalues Cornerstone, a fact that has clearly been recognized by our shareholders, as holders of approximately 65% of the outstanding Cornerstone shares have advised Cornerstone that they will not support SolGold’s Hostile Bid.

LONG POST BUT VERY GOOD VALUATIONS - THEY VALUE ALPALA AT 87p/SOLG SHARE FOR ALL OF ALPALA.

[yufff] 14/7/2020 20:02

The UT was a false close

Rebound tomorrow.

A Traders close preemptive of NM webinar

[yufff] 14/7/2020 19:58

Sad little stalker .

Mmmmmmmm

[yufff] 14/7/2020 19:58

Sad little stalker .

Mmmmmmmm

[mknight] 14/7/2020 18:56

I see nasduck went missing after the 20% rise only to return when we give back 8%

Lol sad little stalker .

[mam fach] 14/7/2020 17:20

Not long before SOLG will be the darling of the market.
Hold on SOLGERS.

[nas_daq] 14/7/2020 17:04

What goes up on hot air goes straight back down......

[mknight] 14/7/2020 16:36

UT 21.20

DOWN
7.83%

Too cheap going up again tomorrow .

[1amulet] 14/7/2020 16:11

Gold above $1807 and rising.
Webinar and Q & A session with the CEO tomorrow with a corporate update.
All still to play for here.

[lowtrawler] 14/7/2020 16:02

Depends on how promising the drill results are. If they indicate something equal to or bigger than Alpala, I could see a 30p jump before slipping back.