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Hi Boys, I've nothing against your great board of investors into Solgold, but can you have a word please with the DICK who now infests the GGP board called Colonel (Charlie) Drake.
How do you guys put up with such a plonker ?
Rich3, quite right. I'm afraid only an ostrich investor ignores such things.
CD, don't talk such utter nonsense, "such a good/solid external audit system"...you're having a laugh, aren't you?
As for selling out, yet more total tosh from you. I have a large number of shares and the fact I find today's announcements unusual and concerning should tell you that I care sufficiently about my shareholding to take such things seriously.
Only an utter eejit would believe that fraud perpetrated by an employee and undetected by a quite obviously lazy management team, is anything other than concerning.
Colonel - you can’t polish a xxxx and this was one of those imho. How can that amount of money have been taken out under the radar? Checks & balances non-existent? Paints a very poor picture of how the company was being run at that time.
Thank goodness we’ve had a new CEO since the relevant time frames, or else there really could have been carnage for the sp today.
And I’m with add in wondering what if any consequences there will be for the alleged offender(s). Surely a criminal investigation? And surely the alleged ‘perps’ are long-gone?
Nevertheless a decent blue day to end a rough week.
All in my humble opinion of course.
I wonder what our main shareholders think of all this? Indeed, did they know about before December's agm? which may explain why they were lobbying to force a re-election vote for Mather.
Regardless as to whether they knew or not, they are not going to be happy and I'm sure DC has been rushing around assuring them everything is in hand. Was Jason removed from the board because of this?
I'm genuinely surprised we've had a pretty good day today (so far), this sort of scandal normally scares the bejeezus out of the market.
Decent buys coming in ,more news ??
No wonder we had a new auditor's - 12th Nov 2021 RNS - BDO LLP resign - obviously they didn't do a good job balancing the books !!!
by all accounts Cuzzubbo seems to be doing an excellent job..............
Thanks for your comments addicknt.
As I said earlier, I'd like to know who the criminal is and what action is being taken against him/her. Can we expect to see someone facing trial/execution?
Woody, 1&2) the amount was taken over a period from 2017 to 2021 so would have been easier to disguise. But you are right, someone i.e the CEO and FD, weren't paying much attention to the costs. Both are no longer in position.
3) I think you know the answer to that.
4) Possible, but unlikely.
I've got some queries:
1. The sum seems a significant proportion of the annual spend to slip through the net?
2. Why would £4m+ not have shown up as an extraordinary blip on the relevant year's accounts compared to others?
3. Who was CEO when all this was going on?
4. Maybe this has come to light as part of confidential due diligence going on?
Colonel, I think you are throwing stones in the Solgold (down from 40 to 26) glasshouse.
Definitely more right Charlie than Colonel….
Interesting that it's taken the company five months to inform shareholders of the theft, isn't it?
I also note the establishment of a Strategy Committee which has been established, inter alia, to examine proposed M&A developments.
FTJNY - I sincerely hope it isn't linked as that would suggest that Priy knew about it, raised it internally, got shut down and left in protest, only to have it continue for another 12 months before finally getting the light of day it deserves.
Australia-based SolGold has been without a permanent CFO since the departure of Priy Jayasuriya in November 2020. At that time, the company appointed Ingo Hofmaier as its interim CFO.
FTJNY - Which recent discovery and which FD resigning? Did I miss some news?
Just wondering if this is in anyway linked to the recent discovery as the previous FD left very suddenly with no explanation which was somewhat of a surprise and a bit mysterious at the time?