any shareholder considering to vote yes to get new management should look at how incompetent cyl management is. they massively diluted cyl shareholders by buying vango a near bankrupt company with huge debt and liabilities, before waiting for pending litigation to complete. as a result, they lost 40% of marymia to sgi and may lose another $20+ mil in damages to zuleika when their litigation completes.
looking at how incompetent cyl management is at operating mines, their tiny barely profitable henty mine had 2 stope failures this q1 2023 with
people dying!:
[url=htthttps://www.abc.net.au/news/2020-01-26/henty-gold-mine-death-cameron-goss-loader-fell-ground-collapse/11901610ps://][/url]
"The national arm of the union representing workers at the mine site said it believed the ground underneath Mr Goss's loader caved in after he picked up a second load of earth, plunging his machine down a 15-metre deep crevasse that had not existed moments before.
The national secretary of the Australian Workers Union, Daniel Walton, said it was not clear why the section of earth collapsed."
they still don't know what happened or how to solve the problems at henty.
even at the worst of sgi, nobody died. the grass always looks greener on the other side, but in this case it would be replacement with poisonous grass and clearly incompetent management.
why settle for getting only 20% in a massive dilution highway robbery with upside robbed when you can get 100% and potential multi-bagger? especially when gold price is near record highs of a$3000.
those considering to vote yes in the
hopes of getting an arbitrage may not even get that if the cyl shareprice drops after the merger. cyl shareprice already looks like it wants to drop.
ask sgi management to do
toll milling or
joint venture with cyl, then sgi easily keeps 100% of the company instead of a tiny 20%. sgi would be in superior position for any jv of marymia because sgi has the expensive mills w/$300 mil infrastructure and cyl don't.