RE: Yes or No ?5 Jan 2026 09:15
Lost my shirt - the nly material asset RRR have is the historic cost of Kenya gold which is £10m.
The directors apply an accouting policy known as ongoing use. That is if they say it will developed then no impairment is required it stays valued at £10m . The audit opinion is heavily caveated that this value is NOT the realisable value. The licence renewal has been outstanding since Aug 23 , money is owed to a partner and no interest in a sale or a partner.
The assets are essentially worthless IMO. The auditors have expressed that more subtely.
The investment case IMO is purely will they get the £7.5m arbitration money. If they do this is a good entry price. If they don't it's likely wipeout.
The Arbitration money has been imminent for 4 years and that's why they have accumulated so much debt. That's the simple version.
Good luck with whatever you decide.