100% correct AussieWazza. People don’t realise ‘that in life you...

100% correct AussieWazza.

People don’t realise ‘that in life you don’t get what you think you deserve but what you negotiate’. For whatever the reason(s) SGI have managed their operations to the current situation of despair. SGI are in no position to negotiate and to boot they have run out of time!

This bidder’s statement outlines precisely what Danny2503 highlighted for SGI holders… “that 23% of CYL is still worth more than their 100% of SGI in its current standing". Also what really needs to sink in for SGI holders is that SGI has only achieved its annual guidance once in six full years of gold production at the Plutonic gold mine. Furthermore the real kicker is if they say ‘no’ they will be suddenly hit with this realisation: SGI has notoriously dispensed generous salary packages and conditions to its executives; a few years back ex CEO Bradbrook was paid $2 million in severance pay ex COO Boyle got close to a $1 million in severance payments. You have similar golden parachutes for the current executive team together with a termination fee of bidder’s agreement payable to CYL.

(Side note: Highlights the absurdity from the ‘I got it wrong again’ Naysayer who had the temerity to question ‘Is CYL a lifestyle company?’)

Therefore, If the ‘no’s’ win an immediate cash impact of a $2m termination or breakup fee is payable to CYL, together with current executive golden parachutes of around $5m and with only $8m as at 31/12/22 you will have immense concern from Creditors around SGI carrying on as a going concern. Uncertainty = Bleak future! Especially if CYL executes plan B – which is the acquisition of Sandfire’s DeGrussa mine and plant (you will note it twice on CYL’s investor presentation).