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Imagine other posters getting upset about being reminded of comments made in a RNS, says it all really.
A fool and their money is easily parted JC ;)
Lol it's very nice for others to take ownership of my posts but I'm pretty sure that I'm meant to be filtered and therefore my posts aren't meant for their judgemental comments.
I'm a shareholder here and I'm entitled to have a opinion the bully boy tactics deployed doesn't work with me as I've been in this game long enough to know that certain people are saying one thing and totally bricking it behind the scenes.
I took my loss early on and hold a sensible position and those who think I'm just here to cause trouble are actually odds on for a very expensive lesson in the world of small caps.
Happy to remain filtered as the trash always takes themselves out.
Strange people lie when they say they have filtered and haven't, curiosity killed the cat.
Swampmonster - I think that is my all time favourite opening to any post I have ever read here. Marvellous.
Bebeto
Thanks for the financial advice but I don’t we all need to be told to read RNS’s and how to go about our own investing decisions.
Listening to you certainly isn’t a good idea that’s for sure. You’re talking facts and look at the facts yet you’re the spouting nonsense and non factual statements / comments.
Listen to your own advice and post facts not rubbish.
Or better yet, don’t bother posting at all and do us all a favour….
Sweetfknbabycheeses! Does he never just stfu? We get it. You have Trumpian levels of expertise is everything. You are better than us stupid shareholders who bought shares. You win. Now please, with tears in my eyes, go. somewhere. Else. Go cure cancer or end poverty or something. Anything. Just leave us alone.
People not liking facts presented to them, if you're in any doubt that the HGZ bumped up the production figures to give an inflated view of production, again I refer to the
RNS 21st March (near end of Q1) 2023
A mining plan confirming 90 days of high-grade material has been prepared and is being actioned.
May I suggest anyone who has a significant amount of money invested in this company, to review thoroughly every RNS that has been issued and then cross reference.
At some point in the future you may need to know things that might help you.
And there's me thinking I was filtered by you lol
Here we go :
RNS 21st March 2023
360tpd of high-grade material with average grades from 3.31g/t to 4.74g/t being processed,
6 zones have been mapped, sampled and a bulk samples processed - these zones are numbered 1A, 1B, 2A, 2B and 3A, 3B.
the resulting information put into a mining plan which supports throughput of high-grade ore through the milling plant for the rest of March and for the 2nd quarter of 2023 (April, May and June).
So the HGZ grades are between 3.31g/t and 4.74g/t and the mining plan is only for April to June.
RNS 7th March 2024
Open cast mining continued in pit 3B with a total of 11,400 tonnes mined at an average grade of 1.82 g/t
3B from the HGZ in the first RNS is now at average grade on 2nd RNS and the 5 other zones there's no mention.
It would seem pretty feasible from months of satellite images that GCAT are still extracting and processing High Grade Material from the hill.
In fact it's pretty straight forward to see imo....
Posters on here are sounding increasingly worried by defending RM at any cost instead of seeing the king has no clothes on.
By far the biggest red flag RM has made was moving the company away from the structure of quarterly updates.
Any company that does it will only means bad news for shareholders. It's a very old trick for hiding information from the whole market.
Worse still the Q2 update contained inflated production / sales figures due to the presence of the High Grade Zone material.
The HGZ material was used up (as it was forecast to be) from the end of Q2.
There's been no quarterly update since and therefore the shareholders don't have a scooby what's happening behind the scenes here.
The was a RNS update on 7th March 2024 but this only contained limited information, confirmation of no HGZ material and some (limited ounces) gold contained in the process.
JC - Thank you for the continued reasoned posts .
Others would do well to follow your example.
RM should now be focused on the FCA & LSE as they're within their rights to end the main market listing (which is at the extreme end of options available to them) and he's developed a pattern for non compliance issues.
When a UK main market listed company wants to issue a larger amount of shares, they have to do it through a prospectus.
As shareholders in the company, we have first dibs to buy these extra shares but to get around this, the company has to have a special resolution & resolution passed at a general meeting.
The above was confirmed in the 9th October 2023 RNS.
We know the value of the extra issue as being
£1,068,378.08p from the resolutions.
RM dash already raised the funds from virtually all of the amount and owes the shares out.
There's nothing material left for the company contained within the prospectus other than paying off what's owed.
So RM talks of being fully funded on relist and raised the transaction costs for funding last July.
Something doesn't add up unless the funding is via another undisclosed source.
I think they have until the end of June to sort the situation out, otherwise they would be close to needing another audit shortly after (within 4 months).
It looks a total mess at the moment and the audit is only one part of the jigsaw.
Thanks Zan - I think Robbie will accept that his decisions have lead us to this point and of course we are all experts looking at this with the benefit of hindsight. Not sure how many people here have either ran a business or close to someone who has. I was brought up on a sole traders income - I saw first hand what it took to run a small successful business - stressful as hell and you had to be all things to all men.
Everyone seems to be an expert in Kenyan mining here - the politics, the regulations, the mining ministry, the relationships with locals, the conflicts with artisan miners, the heightened security requirements of gold transmission, mining consumable supply chains, cross boader considerations, keeping HNW investors appraised and onside, maintaining a happy work force, cashflow constraints, rainy seasons, negotiating funding, dealing with the FCA, contracting a prospectus, day to day issues from any angle at any time - I mean we are all experts because it has to be easy right?
Would Robbie do things differently with hindsight? I am willing to bet a big fat yes. But then wouldn't we all with the benefit of hindsight? As the saying goes - don't judge a man until you have walked a mile in his shoes.
I get the frustration here is creating a myopic viewpoint for some. Its understandable.
Thank you for clearing up.
I don't disagree that the blame lays at the CEOs feet but I think what JC is getting at (and I might be wrong here) is that Robbie is to blame as its his decisions which have led us to where we are, but there is also mitigating factors to consider such as PFK taking 2 months away from this audit which haven't helped us either.
Zan, clearly you commented in between me writing my post and posting it.
PKF has to maintain the & their integrity of the audit there's absolutely no need for them to be blamed in any way for the audit.
Companies are not just sitting there waiting for a job to come along.
I'd be more concerned at managers getting nervous at checking out the going concern status. The auditors would look daft if they signed off the accounts which contain a statement that it is a going concern and it then ceased trading.
The only criticism I would have of the auditors is taking the job on. It's risky at best.
Bebeto,
How does me saying thanks result in the suggestion of not understanding audits?
Not that I'm proclaiming to be an expert either as I'm not a qualified auditor.
Bob - do you understand that they need to complete the audit, to get the prospectus out, to sort the funding out and move the strategy forward? Where is the logic? Don't you think the auditors would be red flagging with the FCA if the company was playing games?
In my view its simply a good excuess to suspend the shares.
onging delays to funding would drive down SP. Better to be suspendended than drop 50%
Lol how to say you know nothing about audits without saying you know nothing about audits.. Answer poster below ...
BTW if this does go down the pan, the lawyers would be interested in the 13th July 2023 RNS as RM would probably find it hard going to explain
'The proceeds of the Subscription shall be used to fund the transactional costs for the Kilimapesa expansion funding currently being finalised.'
Thanks for Upland info JC.
Appreciated
Daniel - at the start of the suspension you are correct in terms of the company hadn't delivered - and we know why that was - lack of money and resource to have the required personnel on the job - they have been plate spinning with limited cashflow and they have prioritised the mining operation rather than the accounting function as the latter does not generate income. Clear enough?
At this point in time I think that we remain in suspension because of PFK dragging their heals - especially with the deployment of an independent mining company to independently go over the mining plan that was independently provided to Caracal - shear overkill in my view - does that make it clear and balanced enough - it is my opinion that's all.
Jersey - your words "And CGAT is not the only company in suspension due to PFK not delivering!"
It was in response to that. We are in suspension due to the board not delivering. Don't let them deflect it onto PKF. Audit should have been finished before PKF were even asked to start.
Hi Zan - fair comment on Robbie’s email - hopefully an official update will be here soon.
ATB
It's a bit rich to blame the auditors when the company did a fundraiser on 13th July 2023 for £351k
'The proceeds of the Subscription shall be used to fund the transactional costs for the Kilimapesa expansion funding currently being finalised.'
The funding is nowhere to be seen 10months later, so where were these costs coming from? and where's the money gone?
That money could have been used to start the audit and there wouldn't have been any suspension.