Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I wonder why the company has suddenly stopped tweeting about anything though ?
Big thanks for sharing that email. It read very positively which bodes well.
Like so many small caps it seems comms are there biggest weakness.
What was written in that email all makes sense, if it had been portrayed to holders then a lot of anger might not have existed.
Heres to hoping what is written comes true.
Certaintly been one heck of a journey here for us all thats for sure.
We'll hopefully any restructuring would perhaps mean a better equipped BOD with more Mining experience and more business experience . It's certainly been a rocky start on this journey - hopefully the jigsaw will start to come together soon.
Agree, I know the publishing of the audit and interims is what is keeping us from relisting but feel it's the additional funding in the background that appears to be holding the whole process up.
I am invested and do want it to return but I am immune to RM's ramps.
The new auditing company also be looking at what the previous auditors did and, quite commonly, challenging some of the more material elements. They're also mandated to talk to each other which isn't the simplest of tasks.
I'm not disagreeing that there is a chance this doesn't come back, I'm just saying audit is rarely simple and a change in auditor is always more of a challenge.
There you go - context - brilliant insight and looking very positive!!
Granted but the previous audit was far more complex covering 18 months, which not only gives the new auditing company a good base to start from it also provides all the relevant information for the next audit as there's nothing much materially changed with the operations / financials.
Refer to 9th November 2022 RNS.
The real reason for the delay is because what is contained within the interim results, it's going to show how insolvent the company is and therefore the Company needs to secure further funding to provide the relevant authorities before it's able to relist. IMO
Therefore 40% chance of coming back.
If they've not worked on this sort of operation before then they won't fully know what they're doing - hence tricky to give a timeline...
I'm still giving it 40% chance of returning due to the ambiguity of
'worked round the clock on the audit since November '
This is a small Company with one operation.
Wow, to me that's an amazing email. I just hope it's all true ! Only thing I don't like is this re PKF : 'for the month of March and half of April they then did no work on our file - they recommenced work a week ago and are very near completion. I have asked them daily for a timing and they simply refuse to give one they simply say they are working on it.'. How can they refuse to give any sort of timing ffs ?
Wonder why the Company couldn't have put that in a RNS for the whole market to see.
The prospectus required a shareholder vote (9th October) for the issuance of shares, which was passed and the Company has forward promised almost all of it and has already received the money.
'the company will come back on fully financed for the expansion and we will achieve our full valuation.
There will be changes announced to the board and management team also in due course that will rebuild confidence and demonstrate the ability of the company to attract the skills to complete the project.'
This part suggests another financing deal, not through issuance of shares, and the company has already mortgaged Kilimapesa, so there must be a third way.
Reasonably positive. I have no reason to doubt that experience of auditors, I've had similar myself (although in a tech world, it's not uncommon for "experts" to arrive who have no idea what you're talking about). It's a process and a frustrating one.
Cheers Sparky21 for the update. GLA, Dan
Thanks for both emailing them and posting the reply, I can rest a little easier now, could the light at the end of the tunnel finally be getting closer.
Fingers crossed, the stars will align and in several months we will be in a much better place, and have an SP north of a penny :-)
Finally got a reply to my email,
Thanks for your email.
The team from Caracal has worked round the clock on the audit since November, we were giving many unique challenges by PKF, they made 3 site visits (1 by UK team, 2 by Kenya PKF team). 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. On top of this PKF contacted SRK to audit the independent technical report done by DRA on Kilimapesa. We had a deadline of end Feb which we didn’t miss it was missed by PKF and for the month of March and half of April they then did no work on our file - they recommenced work a week ago and are very near completion. I have asked them daily for a timing and they simply refuse to give one they simply say they are working on it.
We have our interim accounts ready, these however can only be published once we have the audit completed so we have the opening balances for the interims.
Both of the above are required for us to recommence trading.
The prospectus is complete we need to drop in the accounts and the working capital statement.
We have been working hard on the expansion plan and the funding and all of this will coincide with the publication of accounts and details will all be included in the prospectus.
I am very aware of the frustrations and anger of shareholders and I agree you all have every right to be frustrated and angry but the company will come back on fully financed for the expansion and we will achieve our full valuation.
There will be changes announced to the board and management team also in due course that will rebuild confidence and demonstrate the ability of the company to attract the skills to complete the project.
Please feel free to reach out to me anytime.
Cheers
Another week gone by another week or no news or update.
Another email sent to Caracal which will no doubt be disregarded and put into the junk folder.
This is becoming a bit of a farce
All, I've just also emailed them using their website option, may or may not be answered !! Just wondering if anyone here lives in London and could physically call to them at 'Caracal Gold Plc
27-28 Eastcastle Street, London, W1W 8DH " or is this just a 'postal address' with no-one present ?
You can see 2 post on the Digest , followed by one in the Main channel covering 8 weeks apart - the work is clear. It is not from Google it is from another US Satellite and SenteilHub 15th April .
Will try another one soon...
I actually hem on Google earth but nothing of interest going on.
Couldn't see much at all..... if anything
Resolution voted by shareholders, to allow the issue of £1,068, 378.08p worth of shares. RM has virtually used the quota allowed. Mainly on working capital.
RNS 26th March
The Company has raised £780,000 by way of a Subscription ("Subscription"), through the issue of 260,000,000 new Ordinary Shares of £0.001 in the Company ("Subscription Shares") at a price of £0.003 per Subscription Share.
The funds will be used for working capital by the Company and its subsidiaries.
The admission of the Subscription Shares to trading is conditional upon approval of a prospectus by the Financial Conduct Authority ("FCA").
RNS 23rd January
The Company has raised £140,000 by way of a Subscription ("Subscription"), through the issue of 46,666,667 new Ordinary Shares of £0.001 in the Company ("Subscription Shares") at a price of £.0.003 per Subscription Share.
The admission of the Subscription Shares to trading is conditional upon approval of a prospectus by the Financial Conduct Authority ("FCA").
RNS 14th November
In addition, as part of the transaction the parent company of the Lender shall receive 13,000,000 new Ordinary Shares of £0.001 in the Company ("Fee Shares"). The admission of the Fee Shares to trading is conditional upon approval of a prospectus by the Financial Conduct Authority.
RNS 29th September
is pleased to announce it has raised £92,750 by way of Subscription ("Subscription"), through the issue of 30,916,667 new Ordinary Shares of £0.001 in the Company ("Ordinary Shares") at a price of £0.003 per Ordinary Share (the "Subscription Price").
The issue of the new Ordinary Shares to trading is conditional upon approval of a prospectus by the Financial Conduct Authority ("FCA"). Caracal continues to progress the prospectus through the FCA.
Good morning Magoo79, I have also sent emails with no response. I have just emailed Novum Securities in an attempt to either get info from them or for them to get Caracal to release some update of sorts. Probably achieve nothing by this, but, nothing ventured nothing gained. I originally intended to contact the Company Secretary at Cargil Management Services but it looks like that is a dormant company according to Companies House, which is a bit worrying.
Is this company still operating? I emailed them a week ago but didn't get a reply. Or maybe the whole workforce is working on the audit whilst studying where to get the next payday loan.
What a farce
Following publication of the results, we will aim to finalise the prospectus with the FCA as soon as possible.
From what shareholders have voted on the PROSPECTUS it should contain £1,068, 378.08p worth of shares, RM has been forwarded issuing them at 0.3p, since 29th September RNS.
Looks to me like there's around £16.6k left in the issuing pot and therefore nothing more material is left to gain from the prospectus.
Happy to be corrected.
Reality is they didn’t have an auditor and it didn’t start until this year though.
The progress they made was internal. The reference to a lack of auditors to complete fieldwork is the key phrase in that.
Daniel
I would agree with you over a few weeks delay but this dates back to November 1st RNS ! see below
1 Nov 2023 07:00
RNS Number : 9408R
Caracal Gold PLC
01 November 2023
Caracal Gold plc
('Caracal' or the 'Company')
Delay to Publication of Annual Report and Accounts
Further to the announcement on 24 October 2023 regarding the Delay to Publication of Annual Report and Accounts, Caracal is clarifying the reason for delay in publication.
The Company has made good progress on the audit for the year ended 30 June 2023. However, due to a lack of internal resource, difficulty in arranging field work with the Company's auditors, the reduced number of auditors willing to undertake work for Public Interest Entities ("PIE") (such as the Company) and the Company's own cash constraints, the Company is unable to complete its audit within the required timeframe. The Company has since raised further funds and taken on further consultants to assist the Company to meet its reporting obligations going forward.