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He's raised over £2.6m in the last 10 months and the company is still in financial difficulties.
This listed at 1p and since then the company has been in decline.
I doubt he will ever to be in a position to say any of the statement below again, such a poor performance why shareholders even put up with it is beyond me. As none of anything he's promised has come to fruition.
RNS 8th October 2021
Robbie McCrae, CEO of Caracal, said, "Our focus at Caracal is on rapidly delivering on our strategy of becoming a +50,000oz p.a. producer and building a JORC compliant resource base of +3Moz within the next 12-18 months. Whilst we will continue to increase production at our Kilimapesa Gold Mining and Processing Operations, in parallel with this we will be focused on our aggressive acquisition strategy and on our exploration activities on our mining and prospecting licenses at Kilimapesa where the potential to increase our resource base is significant.
I'm not bothered about old articles, we should be calling for an EGM and have the BoD removed before the pending car crash happens.
Imho it's naïve to ignore them completely, when you consider what has happened to GCAT. But I'm not invested here, so don't need to worry that too much.
I hope there's a happy ending to this suspension for those of you invested here. Can't be easy this, especially if you have a sizeable investment here. GLA
LW,
I meant I'm not bothered at this moment in time, I haven't ignored them (if it's what I think it is about a family member).
There's a whole host of things that need to play out and then we can see the direction of things.
I'm beginning to think that some people are in so deep they have no choice but to publicly display a positive attitude towards RM.
The rest of the world can see the gravity of the situation and the possible collision course.
Beginning to think the thing you've been saying twice a day for the last year? Yep. We got that.
Why do you feel the need to reply? Clearly you're not in this conversation as your condescending reply suggests your motive is to discredit and intimidate me into not airing my views because you don't want to read them.
You know how to resolve this and that is by you using the filter facility.
Have a nice life.
I think Im compelled by the contrast of you insulting most of everybody here, multiple times a day, while simultaneously playing the victim card at anybody who calls you out on it.
Bebeto, I don’t feel the need to big up Robbie or constantly post positive things just because I have a holding here.
For me it’s been a long and very frustrating 18 months almost, not ideal by any means but am I worried, no, not much at all to be honest as even if the funding doesn’t land straight after re-listing they have other HNW individuals waiting in the wings who have already sunk quite decent sums of money into this and they won’t want it to fail due to a lack of funds, so I’m betting they’d be more than happy and willing to offer more funds if they’re needed, to protect their existing investment, they’re not stupid and only invest if they are very confident of a good return.
I pretty sure we’re close to getting ducks lined up and newsflow starting and being told that the company will come back fully funded, and reading the way last nights RNS is worded suggests to me that funding is all but waiting in the wings for things to get back to normal and prospectus sorted, accounts/audit done and we can move forwards.
People here are just seeing the basics and seeing just negatives and constantly posting negative comments to fuel others fear and scaremongering.
A lot of non factual posts too which doesn’t help.
I’m not wearing rose tinted specs either, I’m just seeing things for what they are and taking all past information into account and keeping a level head based on the facts.
I remain cautiously optimistic of a good outcome here and will continue to do so until official news comes out to the contrary, although I don’t think that’ll happen.
@Bebeto…….AGAIN
You say you’re not bothered about old articles, but you had just posted info from October 2021 in your message immediately prior. Make your mind up or are you just telling everyone else what to do and ignoring your own advice?.
If you’re not bothered by old articles why quote them?
I would just ignore Bebeto, he's just a walking contradiction who has wasted many a day of his life on this chat board instead of doing something useful with himself or for anyone else in his life. Every few weeks when I glance at this board and still see him posting here it tells me he's likely a very unwell individual. I hope he gets the help he needs. x
Hodgeyd,
The RNS updates every UK listed company issues is to update the market, all entities /investors can use this information to form a basis for them to make investment decisions about the said company.
The particular RNS segment that you have taken issue with, has actually helped form this thread title and has nothing to do with the date or an old article not issued by the company.
I've reposted the segment at the bottom and understand this:
If the Company continually fails to deliver it's aspirations set out in a RNS then the market update cannot be relied upon to form a basis for making investment decisions.
There's no point in having a mining expansion plan, no point in raising funds, no point in relisting on the market if none of them can be delivered.
RM has continually failed to deliver, the company has actually declined significantly and therefore in my opinion he should be sacked, he's totally out of his depth.
The Company had issued to the market an official update from the CEO on delivering the Company's aspirations for the next 12 - 18 months.
A lot of money was invested on the back of such an update as the one below and he failed to deliver.
RNS 8th October 2021
Robbie McCrae, CEO of Caracal, said, "Our focus at Caracal is on rapidly delivering on our strategy of becoming a +50,000oz p.a. producer and building a JORC compliant resource base of +3Moz within the next 12-18 months. Whilst we will continue to increase production at our Kilimapesa Gold Mining and Processing Operations, in parallel with this we will be focused on our aggressive acquisition strategy and on our exploration activities on our mining and prospecting licenses at Kilimapesa where the potential to increase our resource base is significant.
They're running scared because they don't want a shareholder revolt and probably by the time there would be one it would be too late.
The weakest comeback is to say HNW individuals have invested but they use their losses as a tax benefit which mitigates their risk.
HNW individuals is a very poor arguement to use imo.
Many a stock which has gone under was previously funded and had HNW individuals money in.
The whole idea that they just won't let something go under has no history or facts behind it.
Yes they have wealth, but that doesn't mean they will just keep pumping good money after bad. Everyone has a line in the sand for whens enough and dispite the fact some of us might view things as rosey or having great potential, it doesn't make it true or a view everyone else will have.
Its like the old line "to big to fail". Tell that to Lehman Brothers, tell that to the literally thousands of big timers which have hit the walls over the decades.
Offsetting losses is the same. Its not some magic money tree. Its still a loss and while it can reduce a tax burden, I'm pretty sure most would have just not have lost in the first place.
GCAT could become a great success or it could fail, but either way will have zero to do with the above two myths. It will be because the company can make a good enough business case that if you fund it, it will provide you with a larger return.
I’m most definitely not running scared Bebeto. Far from it. With all the nonsense you’re posting that sounds more like you are….
Citing HNW isn’t a weak comeback whatsoever, there’s not many HNWI’s out there that chuck $780k into something in the hope it fails so they can declare the loss for tax purposes.
You feel the need to argue down everyone else’s points, opinions, even facts, but expect everyone to accept yours, the fact you post so often says it all really. I’ve been on LSE several years now and have posted 242 times, you however have posted 3,321 times, we both joined LSE in 2018 a few months apart. Like I say, says it all really.
Caracal is no different to so many other AIM and Main market listed companies then repeatedly make promises and fail to deliver. Some go under, do a reverse takeover or continue and tune thing around. By they’re are many far worst run companies than Caracal.
Funding collapse was down to a legality, not Robbie’s failure. He’s worked hard to keep the company going to date, although I agree, he has most definitely overtones and under delivered. But when you’re trying to run a company single handed and be everything to everyone he’s bound to drop some balls and make mistakes. How he’s learns from this mistakes is key. Let’s hope he has.
We have a new Chairman, I say new, he’s been in a while now but we never hear from him, he never communicates to us shareholders, in my view he’s failing us more than Robbie but that’s purely based on the fact we know nothing about what he’s doing, how he’s helping or what he’s achieving. If anything.
Once funding hits and we get new board members, as has been RNS’d, hopefully Robbie can concentrate on his key skill areas and let others do the things they’re good at.
At the end of the day we all want this to succeed, I’m convinced it will, eventually, and we can all laugh at your posts, scaremongering and nonsense posted on what clearly is your only job and purpose in life here on LSE. I certainly don’t have the time, or care to post as much as you do. I’m only posting this and taking the time to do so as I’m waiting in a BT engineer to fix my broadband.
RM needs to step down for the future of the company.
We need someone with real experience who can deliver:
A credible business plan with achievable asperations, for the market to use in order to form investment decisions.
Company following the guidelines for listing requirements.
Updates to the market in a structured timely fashion.
I come on here to talk about the company but if people really do not want to read my posts then please use the filter facility.
There's no point in trying to antagonise me with your replies because you're taking the discussion away from the company and whatever you say has no affect on my posting. :)
Antagonising with replies. That’s all you ever do with peoples posts Bebeto.
I for one think Robbie works damn hard and once they have the right people in the right positions in the company he can crack on and concentrate one what he’s good at. Since taking on Caracal he’s tried to be everything and no one can do that well or successfully.
Once they get new board members and a CFO things should look better and the company run better too, and hopefully our Chairman will be more involved and this is communicated to shareholders so we know and understand what he’s doing for our company.
Come on PKF, let’s get this audit out and let Caracal move forwards for the benefit of us all.
Hodgeyd,
With a smile on my face, I would gladly make anyone a nice cup of tea but certain posters will also know that theirs would be made using a dirty spoon. :)
Back to the Company,
I've no reason to doubt the work effort by RM and have never commented on the subject.
(Myself included) The vast majority of investors here, would have seen this company as a good opportunity to buy in when the company is small and wait a few years for the company to grow before selling with some really decent profits... Simple effective plan.
As time goes by the market /Investors want to know how the company is doing and want to also gauge the progress against the company's (and their own) expectations/ aspirations.
It goes without saying, that they also want the company to follow the listing requirements and obligations.
The above isn't rocket science, it's just the basic duties that is required of the company to the market /shareholders.
A properly run company,
Would have the proper update structure in place, using the same metrics and performance indicators, for every periodic update and it would also contain a view from the company on its own performance and an explanation as to why.
(in-line with expectations is a very common phrase for various companies )
Currently,
The company does not adhere to this and uses a variety of methods, when updating the market / shareholders.
Current Shareholders,
The majority seem quite content using the "word of mouth" as a metric method.
For example,
People really believe funding is close and it will be like a domino effect after the audit but in reality it might be not much further than two people talking in a bar.
This is because of the procedures in securing funding include, due diligence, legal teams drawing up agreeable legal terms and then the signing of a non-binding terms agreement (that has to be put into a RNS to update the market) and only then the funding can be considered close...
For me, there's been far too many mishaps and false dawns to argue that RM is absolved of any blame, or that his reputation survives intact, or that he should be seen in any positive light. It's really quite the opposite actually and just look at his record - the charge sheet is full of examples. Remember, there was supposed to be a governance review after the last suspension to clean out the mess. Who would have thought that 6 months later the company would find itself suspended again and this time for several months for far worse governance?
It's not that I am looking to be negative for the sake or fun of it. The implications of the last RNS are very bleak indeed. If we are here debating whether the shares will tank of any relisting, where does that leave any dilutive funding that the company might desperately need. Who is going to want to take the shares in return for giving funding. No wonder the RNS is warning that funding is now at risk.
If GCAT goes under, are you all really going to have warm and fuzzy remembrance of the (imho) chief architect of the demise?