Lots of intrigue that's for sure.......most of which is not visible to we ,the unwashed....suffice to say, de Crespigny, ultra wealthy though he is, solely from his daddy's acumen, is attempting to emulate daddy, but primarily with other peoples' money.....a great trick if you can do it.
His brilliance so far has stretched to buying a gold mine, Henty, for 20 million, as part of CYL, to finance exploration at the Victoria tenements.....and hey, ya gotta have a dream...
Well, Henty in an ug mine built where the ground is known to be unstable, had to close two stopes recently, and production, instead of rising from 25kozs a year to 35k, as promoted, has actually fallen to just above 20kozs a year. Boldly continuing where saner people fear to go, he's pushing on, sinking more money into this unstable ground.
Didn't daddy ever tell him that, unless you're talking really high grade, stay away from unstable ground, whether for ug or open pit.....kinda basic.
How much money does de Crespigny actually have invested in CYL ? Or is it largely OPM ?
Second act, de C trades 40% of ' the dream', the Victoria tenements ( let's be precise here, 40% of the 50% interest in the tenements that CYL owns ) for 100% of Vango.
Vango has eh, well, no production, no mills, no hope of production or mills for years, and, give or take,15 to 20 million of debt. Also has highly discontinuous gold 'veins', same as SGI, and no inftrastructure at all, zero, zilch, nada, none......so, for underground, min.of 20 million reqd. Oh yes, and damage suite by Zuleiga asking 21 million, and, did I mention, after deal done, SGI won right to buy in to all tenements up to 40% Oops.
( would add, cyl/vango, or as i think of it, vango/cyl, raised 21 million ....before costs of financing ( million and a bit ? ), oh yes, and then de Crespigny is handed a cool million for 'putting the deal together' ).
Now, finally, swinging round to buy the only possible profit maker in the group, SGI, Superior Gold, de Crespigny makes a low ball offer accepted by the Bod in SGI ( who all together, own as close to ZERO shares as you can get )......and, who would have guessed it, holders of SGI are yelling foul.....they are also yelling, de Crespigny would not have paid such a ludicrously high price for vango ( not sure why he paid anything ), had he not already a firm deal with SGI.....unbeknownst to SGI holders, and of course, unannounced. Is that what he learned from daddy ?
SGI, for reasons that make sense to those who have delivered it to de Crespigny, on time and on 'budget', made 14 million profit in 2021, then, bizarrely ( unless you were aiming for the outcome ) spent 10-15 million dollars ( no accting yet ) on stripping for access to 60k open pit ore at mill site, spent all SGI working capital and more, to strip for open pit ore that they didn't have tailings capacity to handle...and wouldn't till 2024. Very odd, makes a girl suspicious.
SGI shareholders consider that strange behaviour, and suspect collusion....a suborning of a major member of their Bod. Not sure if that's what de C learned from daddy.....maybe.
Now, CYL, with SGI production and financial information that has been denied to SGI shareholders, has done a road show with fund holders ( about 20%), has won support from 5 (?) and opposition from Greywolf, holding 6%.
Shareholders are not even being given monthly production figures.
So, the odor is malodorous, the Bod of SGI have gone to ground.....SGI financials are due if not overdue....the vote is coming
Did I mention.....part of the contract vango agreed to when it purchased the marymia tenements was to agree to mill it's ore through SGI's mills. After something like 8 years of court battles, the WASC has upheld that contract.....so, if de Crespigny fails to secure SGI, he's got a bit of a problem
Too tired to check all this......you get the gist....
Just to finish on the topic of de Crespigny, he also, recently, within the last 9 months, received 2 1/2 million shares, or thereabouts, of CYL, from CYL, for....nothing, no cost, free.
So this year, not counting his salary from CYL, he's received cash and shares worth over three and a half million dollars.
Guess he did learn something from daddy.....if you use your own money, get it all back, as quickly as possible............
But I'm sure he feeds stray dogs and little birds....
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