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Look even some one bought 2 shares , what on earth is that ? probably to risky and 28 shares that must be very risky or pushing the boat out ? shows no one trust these clowns at all ?
Just bought some more gold shares but it def not this one ? I want a dividend ? I want to invest in a company that delivers ?
Buy these and see your money disappear into the B.O.D clowns pockets ? They sit on their arse holes laughing all the way as we suffer years of drops !
When they sell the Co, the main market listing will be very attractive to many suitors....
The listing allowed them to raise money via convertible bonds (which have been repaid/converted) and non-convertible bonds which will be repaid later this year ( share options incentivised full bond issuing). Service providers have also been paid with shares instead of cash. All the broker has to do is convert the prospectus for the russian bond into english and sell bonds in the UK.
"The chances of them raising significant funds in london now are virtually zero with that qualified audit report.....therein lies the issue and is why we still sit at 90p mid."
And nothing as far as I can see to stop them making a tender offer to take the company private or simply delist the shares. The company is cash generative and the London listing isn't offering any route to capital, why bother keeping it especially if you pick the rest of the shares up so cheaply.
You say all that but the company is making money. The only issue is the share price. Over time as results get better that has to improve. There is a price for everything. Right now this is trading at under 20% of the PE of much worse companies....I believe that more than allows for any issues
Who would invest in this the record speaks for itself , Years of misleading operations , Years of mis-targets , Years of false declarations . On reflection this has been a shambles and anyone thinking to invest my advice would be " WOULD NOT TOUCH IT WITH A BARGE POLE ."
Since 2009 the share price has gone down thanks to mis management !
Don t trust these Clown of Directors they are money grabbers stealing your hard earned dosh !
"It would help if they issued a half-yearly report not just production figures."
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jt321, they did issue a half-year report on 6th September 2021. You will have to wait until September for the next half-year report....unless it is delayed of course!
It would help if they issued a half-yearly report not just production figures. That would start to restore investor confidence. Not that I'm worried but I do think current sp is mad
The point is why go to all the effort and expense of obtaining a main market listing to try and attract capital and liquidity to then throw it all away with a "misplaced tick in the box"!.
The chances of them raising significant funds in london now are virtually zero with that qualified audit report.....therein lies the issue and is why we still sit at 90p mid.
jt321, I hope you are right....that this was simply a misplaced 'tick in one of the boxes of life'.
With no realistic source of external funding - apart from a loan from dad - every penny is important & must be accounted for.....rather ironic because this is a gold mine!
I was being a little facetious bald eagle. Of course credibility is important but it's also important not to lose sight of the big picture. This was not a bad deal against the interests of the company. It was a good deal just incorrectly documented. You have to tick a lot of boxes in life. Your passport application will be rejected if you use blue not black ink. But it doesn't mean you're a crook. Hopefully they'll pay more attention to proper documentation from now on
"Who cares?"
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jt321, lots of people. Credibility is really important....especially when they need funding.
Who cares? Water under the bridge as far as I'm concerned. So they lent some money to a supplier so they could carry out the work. Supplier has nearly finished the work. Who has lost? No one....in fact the supplier dug up lots of gold for the shareholders. Can't really see the problem here.
The biggest issue with this is they are a main market listed business seeking large investment to fund their expansion plans. Up until now they have failed to get any institutions on the register in part due to management credibility and part geopolitical risk. Consequently strong governance and adhering to regulatory requirements should be of paramount importance to them in order to rectify these perceptions.
Funding options have obviously dried up in Moscow and hence they are now talking about getting a UK broker. They have completely shot themselves in the foot with this qualified audit report as it will now be nigh on impossible to attract funds in London; even more so than before.
Remain invested, admittedly at a reduced level, just because the valuation is crazy low on a pure PE basis; nevertheless they are not helping themselves and personally think the road to recovery is going to be a long one. We have not even really bounced back from the recent lows.
The company made it very clear in the last AGM that this problem won't be happening again. My view is that they're a growing business, and very busy just making it work and with the problems brought in by the last couple of years. In circumstances like this sometimes you get behind on paperwork - I certainly do - but they'll make sure this isn't a problem in the future.
Agreed bald_eagle - there is a very relaxed attitude to this that its just because things are done differently in Kazakhstan and the fact that a coach and horses has been driven through any acceptable form of minimum governance is neither here, not there despite investor confidence clearly having been hit further hence this trades on a PE of 1.5, with little sign of any change and a likely long road to winning what little there was anyway, back.
I also find it unacceptable they published financials via an RNS without disclosing the qualified audit opinion - its one thing blaming the local subsidiary, but those responsible at PLC level should have been aware.
ResearchCentre, I cannot understand why they cannot do both.....the best of both worlds!! Use a 'family' company to supply goods & services AND have the paperwork (contract presumably) to show what was agreed.
Would it be such an insult to have a piece of paper signed?!
Altyn have to realise that there are reasons why such 'formalities' are required by UK accountancy law....it protects management as much as it protects investors.
Hopefully the company is proactive on this matter and they communicate the resolution to the market. It is an unnescessary distraction from getting gold out the ground.
As a point of interest, there's no real temptation to act badly for the controlling family. Because they own so much of the company, if they take money themselves, it reduces the value of their shareholding by a multiple of that. They've taken ridiculously low wages for ages and were I believe quite upset by not getting the paperwork in order this last time. Mistakes happen but I think we will find this the last of that type
I think it's just a question of getting the right paperwork that makes UK pple happy. Over there they worry more about making sure they know suppliers they are dealing with well, that they've proved themselves before if it's a big contract and that they are trustworthy. For that environment where you depend on good families (ie if someone doesn't deliver they are in trouble with not just you but their own family) it's a very good system. In the UK you could do business as a plc with a bunch of pple you felt distinctly uncomfortable with and it would apparently be the right decision ie you wldnt get into trouble if the paperwork was right altho the supplier didn't deliver. I think the Kazakhs system is better but they will take more trouble from now on to get the paperwork right.
RightOn, I have read that about a lot of countries....that there is often a heavy drinking culture in business (perhaps slightly dated now). One needs to be able to handle one's drink. Personally I wouldn't last 5 minutes!
ResearchCentre, I'm not saying there is any here? It was more a general question about things in Kazakhstan.
For Altyngold it would seem the auditor has encountered an irregularity that they didn't like....possibly perfectly normal and OK. However financial practices need to be reviewed and 'possibly' tightened (which is what the company are doing according to the AGM Q&A).
However the company is owned & run by the same family and the temptation is there....so a strong finance officer (chosen by the family!) is required. Hopefully this is a wakeup call and not a sign of things to come.
Yes, bald-eagle, there is much, but it is often possible to avoid through the use of friends. I never made a corrupt payment in my times there (I was in senior management), but I did have to drink a lot of vodka on occasions!
I don't think there's any question of that here. Production costs per oz at $800 are amongst the lowest out there and this contract is being fulfilled, as it was last time.
RightOn, is there much corruption in Kazahstan?...to ensure speedy & positive outcomes.
In the UK one donates to the Conservative party!!