Member Info for addicknt

smick, without cash we won't get them.

Bubble, at the moment this is ALL about funding. Nothing else matters.

DBW, I don't want to re-hash yesterday's discussion, but it wasn't a "standard" going concern statement. Anyway, as you say, it's good to see a slight recovery.

SM, I think recent events have proved beyond doubt that production is way beyond our capabilities. But we've always known that.

Novice, I don't buy this conspiracy theory about DC. Occam's Razor should be applied, which gives us the simple explanation i.e he's incompetent.

Who said the following?
"I'm so thrilled to be announcing that I will be joining SolGold plc as Group CFO. This is a wonderful opportunity working with an inspiring CEO (giggle) and Board whose passion (vomit), commitment and integrity sealed the day..."
Well, all that "passion" (vomit again) didn't really do the trick, did it?
I'm quite surprised she hasn't removed this from her Linkedin profile.

Fort, in answer to your question, yes it does - for exactly the reason you mention in your second paragraph.

the only thing I can say is, thank feck that's over! What a crap day.

Not according to the TSX site. It opened down 4% but seems to have recovered. Not that it's particularly relevant in the scheme of things.

I'm sure some of you will have seen it, but on TSX our share price is currently unmoved. 14% here, zip there.

RK you probably missed it, but earlier on today I asked if you'd had any recent contact with IH?

LM, yes, I assumed you were and I wasn't trying to teach Grandma to suck eggs!
PWC did include a "material uncertainty" observation, which is a partial qualification, but they did not go the whole way and have signed off on the comments made by DC. Under normal circumstances a company would have to be able to provide some evidence that there's a realistic prospect of funds becoming available...a letter of intent, or something similar. Of course, we also have a successful track record of raising money and that's important.
The failure to raise money has proved to be disastrous and DC needs to be quizzed as to why he went down a route that ended in failure and appears to have done so without a plan B. Just as an FYI, exactly the same thing happened at BCN.

LM, "going concern" is an accounting term and is not in the same category as the others you mention.
In theory, to get a clean Going Concern statement from the accountants a company has to prove that it's predictions for the next 12 months are viable and that it will have sufficient cash to cover all obligations as they fall due. The discussion that takes place between management and the auditors around this issue are exhaustive and subject to a great deal of scrutiny.(once upon a time you could pull the wool over their eyes and they'd accept whatever you told them. Life has moved on since then)
The above explains my comments today. We do not have sufficient resources for the next 12 months, but very clearly the board has managed to persuade PWC that we will find them. Given that we only have three months of cash left, our argument must have been very compelling and PWC have gone along with it subject to the heavy caveating in the statement.

Fort,having read your post of 13.48, I'm not sure you understand what a Going Concern statement is about - you appear to have got it arse about face.

Fort, why would I expect the company to go into administration today ? we still have money in the bank. We're three months away from that awful prospect.
When you say you flagged it weeks ago, what did you actually say? At that stage we did not know if the company was going to be able to raise more cash (I'm talking about after the aborted attempt), so no one would have known the nature of the Going Concern statement.
Today's announcement was not standard for this section of the accounts, but to repeat myself, the fact we avoided a qualification is significant and vitally important.

Fort, there's plenty in your posts with which I agree, but then you go and spoil it with daft comments about the Going Concern section of the accounts. It's perfectly clear you simply don't understand the significance of not having a qualification attached to the statement. It effects every aspect of a company's business, from being given credit by suppliers to raising cash in the market.
The board pulled-off a blinder in this respect, but you should never underestimate how critical it was. Had they failed, we'd currently be looking at a share price in the low single figures.

Woody, had the board be unable to persuade them, a Going Concern qualification would have been absolutely disastrous and would have made the task of raising more funds even more difficult. So, thank heavens they did.
Forget whatever else was in the accounts, this section is far and away the most important.
By the way, I think a few people have said it's all standard stuff - it most certainly is not.

DBW, I think that's been there for some time, but the failed fund raise may have turbo-charged the process. If we end up with a placing we're going to be royally screwed, but if that's the only option, I much prefer it to the alternative.
For those of you who've actually been involved in the process of signing-off accounts in difficult circumstances, you'll know full well how difficult it can be to persuade the auditors that you'll be successful in plugging a liquidity problem. The board have managed to do that, and although it doesn't change the situation in which we currently find ourselves, the auditors have obviously accepted the argument. Given the criticism accountants have faced in the past, this is no mean feat - particularly as we are only weeks away from a potential catastrophe. So, if we're looking for crumbs of comfort, this is it.
RK, have you had any further discussions with IH?

Fort, typical ostrich investor. Berry are a small outfit, but they do own a good number of shares. As for their location, have you never been to London? And in any case, it's totally irrelevant.

smick, that's not how I read it at all. Someone was falsifying expenses and covering their tracks by capitalising them. What we don't know is who was doing it, but we do know who carried the can. Nor do we know what steps are being taken to pursue the cash.