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I am expecting an update this week!….
Due to the length of the suspension / breach of obligations, it may not be as simple to just publish the accounts for relist now.
We'll have to wait and see..
Has anyone else contacted the FCA regarding the GCAT situation or is it just me?
Going to be interesting that's for sure...
‘the company will come back on fully financed for the expansion and we will achieve our full valuation.’
No ambiguity in that. If he actually did mean something else he should probably use different words.
Next week feels about right if we were to believe Robbies email to a fellow holder here for submitting the accounts/audited to the FCA.
Will we be told when they are submitted or only when approved? I'm not sure.
Its hard to fully work out as we haven't been told anything but you can't imagine there being many more weeks of work to do now.
Robbie stated that funding will also be announced at the same time, although I do wonder if that is more a misunderstanding of his meaning and if he actually mean't, a plan for how much funding is needed will be announced at the same time, over securing the actual funding.
Naturally I would be over the moon if funding was secured too, but something Ive come to learn with GCAT is every underachieves your promised expectations, and as such not expecting to much is probably the best way forward here.
It could be an interesting few weeks ahead one way or the other.
From RM email 'PKF Kenya done have any mining clients apart from us so it was a very slow process of almost educating them to mining and exploration.'
They were collating under the instruction of the Senior Statutory Auditor, 'almost' means they did not but it's ambiguous meaning because it could actually have just been a few terms /phrases to a lot of other things.
'On top of this PKF contacted SRK to audit the independent technical report done by DRA on Kilimapesa.'
Bravo PKF, this is essentially the company seen as verification of it being potentially viable or not.
This is the second audit of GCAT and the team are / were working under PKF instructions.
The full scope component was located in Kenya. The component auditor worked under our instruction. The audit of the remaining components was performed in London, conducted by PKF Littlejohn LLP using a team specific experience of auditing publicly listed entities. The Senior Statutory Auditor interacted regularly with the component audit team during all stages of the audit and was responsible for the scope and direction of the audit process. This, in conjunction with additional procedures performed, gave us appropriate evidence for our opinion of the group and parent company financial statements.
LOL due to the length of the suspension it is no longer in the company's hands whether this relists apart from whether they can prove they can continually abide by the regulations.
The length of this current suspension has further implications for the company than a short suspension.
The suspension is to maintain the integrity of the market and GCAT has actually failed twice in a row to publish audited result within the permitted timescale.
The birds are coming home to roost for RM.
Fair enough JC and thanks for the clarification.
Thank you Swampy, your advice is appreciated and noted
But on the plus side (and one of the main reasons that I originally liked GCat) we are in one of very few African mining jurisdictions that doesnt have Russian political interference. I am still comfortable with that compromise.
Absolutely Swampmonster - and that extends from audit to consumables - no corner shop to drop in to when spares are required.
If investors just slowed down to consider the layers upon layers of complexity of running a mine and then add in as you say added context for the jurisdiction. But that is the industry and country we are invested in and if you didn't realise it's not easy - well I guess we all do now.
Its worth remembering the context of a fetal mining industry in Kenya. We're pretty much a pioneer here and this isnt the first pain we've taken as a result.
And I repeat - the auditors seem to be on a massive professional learning curve with a mining company - add in they have dropped the ball it seems!!
Grrrrrrrr
I must remember my own words about cool heads - this particular topic does get me hot under the collar!
Auditors don't have neverending teams of people available, they schedule them in advance (quite often weeks or months in advance).
What I suspect has happened is that the GCAT audit has turned up a bit more than expected, that needed validating with the old auditors which is never quick, and subsequently we've got stuck at the back of the queue waiting for resource to become available again.
It's another example of terrible planning, but I don't think it's anything more malicious than that.
Hey Legalwolf
Just to clarify a couple of things according to the email from Robbie posted below:
Your comment: .... cast some doubt on the company's previous reporting by requesting independent verification of parts of it.
The email says:....On top of this PKF contacted SRK to audit the independent technical report done by DRA on Kilimapesa.
So reading this - there isn't doubt on Caracal's previous reporting - the auditors want an independent assessment on the independent mining report - absolute overkill in my personal opinion given the original report was independent BUT if you read everything else in the email about this audit company, it sounds like GCAT have been holding their hand and teaching them the Jack and Jill of mining.
I think the just criticism can be levied at the company for not chasing the audit company long and hard earlier but the sense of frustration is palpable in Robbie's email.
You ask lot of very good questions about the audit company - they should be on the hook here frankly.
This is classic GCAT. They issue a RNS in March which updates as follows: "The audit work is in the final phase..."
Now in May and it actually transpires, and only after an email to the CEO, that the auditors haven't actually done all that much work in March and April, and have cast some doubt on the company's previous reporting by requesting independent verification of parts of it.
Why would auditors slow down when they are in the final phase and the company is suspended. Would they not be treating this as a priority audit? Do they simply not care about such?
Why does everything have to be so tortuous here. Is it just sheer bad luck, or something worse than that?
JC has been here quite sometime and a reasoned poster and investor, then along comes a newbie decrying the world is about to end because HL don't have a stock feed.
Well I"d listen to JC before the Newbie and the one that is forever rattling his head against the cage..., and whether it shows on any Broker it's pretty much not relevant at the moment. It does not impact what is going on. Yes there have been delays, jeez you get delays in everything .
It's inconvenient that's it. Invest in anything it will be down at some point , and invest in stocks at the start and expect a rollercoaster . Patience is required .
@redkite. It has not been deleted from the HL accounts. Its still there, just with a note that, "We are unable to provide a recent price for this stock online and, as a result, it is not included in the totals above. For an up-to-date price, please contact us."
Its hard enough waiting without giving the scaremongers fresh sticks to bash your mental health with. Careful of some of the 'knowledgeable' folk on here. We dont know who anybody is, nor what their qualifications are.
Cool heads whilst we wait and upon news.
If people want to be hot headed or simply are - now and when news released that’s up to them.
Personally getting hot headed now serves no purpose now and will only cloud judgement and a view on any news.
So personally even though we are still in suspension- my view is it’s a time for cool heads if you can.
Some might get hot under the collar at reading my view - that is not my intention though. I want everyone here to make money.
The answer given earlier is the correct answer. It's on a feed and that feed excludes data that hasn't been listed for X months.
It was given by, checks notes, errrr, you.
HL deletion of Caracal from its accounts is another nail in the coffin. Anyone have updated information?
Cool heads, hot heads. Makes no odds doesn't it. We can't exactly do anything, it's suspended...
The minoplex plan didn't massively adjust the SP and everyone knows without something concrete this will most likely crash on relist. RM has shattered his own value with a suspension this long and it's not his fault apparently lol
40% chance of relist IMO
Just curious Ladtofthesummer after rereading your post - what experience have you got in auditing multi jurisdiction mining operations?
How do you know the level of difficulty?
Do you know the level of detail that these audits go into?
I am not saying that this has taking too long and I am really fed up with the auditors who appear to be dragging their heals ... but not complicated?