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Whilst I am a regular visitor to SA I am slightly annoyed by the way this has effected production. Have I missed something or others also shocked by this revelation? There goes the Dividend?
Gerard Kisbey-Green, Goldplat's former chairman, is allegedly caught up in an FCA enquiry into insider dealing and market abuse of Caracal Gold, where he's a NED. Interestingly Caracal's Chairman Simon Games Thomas resigned 13 January 2023. Goldplat held shares in Caracal and completed the sale of all Caracal shares 2 Dec 2022.
Who knows! All very quiet here. The other news today on this site. Showed the 20th of February for goldplat . So really it’s going to be next week before we know what’s actually going on.
If FY results really are out this week, then changing chairman in week of them is ...???
NB Results "no later" than 20th Feb,
I'm getting a bit cheesed off with this since being told at the AGM by the Chairman that it was all down to administrative inefficiency on the part of the auditors.
I've emailed Werner and asked him to get the nominated advisor to independently contact the auditors to check that no serious issues have been identified as part of the audit process and that, yes, the delay is just down to a slow process.
Nominated advisors occasionally do have to earn their crust and if I don't get a response from the company I will approach them direct. They after all have a reputation to protect and will not want to be seen ignoring a direct request from a dissatisfied shareholder. Being asleep at the wheel is no protection if later it all goes t*ts up!
Just checking again the 1Q results statement you can see again that there might be numerous areas of dispute with the auditors. Operating in SA and in Ghana, in gold, will always make for numerous uncertainties/judgements.
Cash remains king and we have a good bit in the bank with 8 more months of it since the (old, unsigned off) year end, including the Caracal proceeds.
I suppose we will have 2Q update any time soon, even before the FY accounts finalised. Weird but there it is.
Seems that the ink is taking a lot longer to dry than was expected.
Perhaps just waiting for the ink to dry.
So all depends on tomorrow, to avoid another delay…
They said at the latest the end of the month. Not sure I like the way the RNS was worded "Annual Report for the financial year ending 30 June 2022 is still being finalised." The Annual Report should have been complete apart from the auditors approval, the fact they are still finalising suggests they are changing it based on what the auditors have found. Without any further information it's difficult not to be worried!
Would it be too much to ask for an indication of the reasoning behind yet another delay to the audit.
Mr Klingenberg?
Thank you Adam.
I personally Will continue to up my holding again, after resumption of trading.
Fortunately not holding. I only picked up on it last Friday, when reading the RNS issued.
As yes Revolution Beauty! I came across it by chance earlier this week and what a farrago! I hope you don't have shares in the them. From my brief scan it does look as thought there is some bad skulduggery afoot which, even with hindsight, could have been spotted by BDO. Still they do need to service their other clients. So GET ON WITH IT!!!
Thanks for the AGM feedback Adam.
I also see our auditors BDO have been very busy dealing with issues with another UK company(REVB) the last 6months. Looks like this is taking up a lot of their time.
The board clearly have believed the share price hadn’t reflected progress & results - witness our buyback programme.
This week we need clearer & more confident communication.
Cite the positive tailwinds of gold price momentum & operational progress.
Quantify better our stockpile reserves
Detail the positives on our balance sheet : reduction in share count + mayflower cash proceeds
Provide a positive forecast on operating cashflows.
Together, these blow 10p a share out of the water.
With gold up this should bounce up pretty high if the accounts look good as they should.
Yes I attended. No 1 question was was is the audit late? The response was that the auditors are solely responsible for the delay. Both the (independent) company secretary and chairman were in complete agreement. Apparently the twin culprits are wfh and the fright auditors have taken re: recent fines resulting in more box ticking procedures taking more time. I then asked both of them whether the greater time taken has meant a better audit. Both said no which was interesting.
I pushed them pretty hard on this and both maintained GDP had provided all the information requested and it was now just a matter for the auditors to complete their analysis and draw up the formal accounts.
Eyeballing them convinced me this was the case so we'll just have to see
Did anyone manage to attend the AGM last week, was there any more information / background on why the audit of annual results is delayed?
Based on this from the 15th Dec "The Company expects to announce the FY22 results in line with market expectations and to publish the FY22 annual report and accounts on or around 20 January 2023. Further updates will be made as appropriate." There should not be any surprises, but then why the delay?
Considering just over a month ago Werner Klingenberg was full of positives, would it not be wise to give some indication as to why such an important factor such as an annual audit has been missed?
Could be due to multiple factors, illness, batteries on the calculator dead or something to give concern going forward.
Radio silence will only add speculation.
Werner……
This is very odd. Must be something going on and can’t see it being anything good. Bit concerned.
It was getting to easy to hold here, I think they(MM)are trying to force a panic event to get us peasants to sell out cheap.
Hoping for sub10p, to start buying back in here..
Gla
Do we know why it is late?
Audit late. Useless.
With GDP disposing of their (entire?) holding in GCAT recently I was curious to know if any holders here have bought in for exposure? Good update today with further derisking of the stated growth potential and goal to expand production to 24koz.