Member Info for Bebeto

There's a lot of good information that can be found in the previous audit, found on companies house.

Especially the auditing process, this is the second audit we're waiting for and the process looks to be exactly the same and following the same guidelines.

Therefore RM should already know what is required as it will be the same on a yearly basis.

All financial statements and estimates has to be tested as per the rules.

Due to the length of the suspension / breach of obligations, it may not be as simple to just publish the accounts for relist now.

We'll have to wait and see..

Has anyone else contacted the FCA regarding the GCAT situation or is it just me?

Going to be interesting that's for sure...

From RM email 'PKF Kenya done have any mining clients apart from us so it was a very slow process of almost educating them to mining and exploration.'

They were collating under the instruction of the Senior Statutory Auditor, 'almost' means they did not but it's ambiguous meaning because it could actually have just been a few terms /phrases to a lot of other things.

'On top of this PKF contacted SRK to audit the independent technical report done by DRA on Kilimapesa.'

Bravo PKF, this is essentially the company seen as verification of it being potentially viable or not.

This is the second audit of GCAT and the team are / were working under PKF instructions.

The full scope component was located in Kenya. The component auditor worked under our instruction. The audit of the remaining components was performed in London, conducted by PKF Littlejohn LLP using a team specific experience of auditing publicly listed entities. The Senior Statutory Auditor interacted regularly with the component audit team during all stages of the audit and was responsible for the scope and direction of the audit process. This, in conjunction with additional procedures performed, gave us appropriate evidence for our opinion of the group and parent company financial statements.

LOL due to the length of the suspension it is no longer in the company's hands whether this relists apart from whether they can prove they can continually abide by the regulations.

The length of this current suspension has further implications for the company than a short suspension.

The suspension is to maintain the integrity of the market and GCAT has actually failed twice in a row to publish audited result within the permitted timescale.

The birds are coming home to roost for RM.

The minoplex plan didn't massively adjust the SP and everyone knows without something concrete this will most likely crash on relist. RM has shattered his own value with a suspension this long and it's not his fault apparently lol

40% chance of relist IMO

Six months is a substantial period for non compliance of the company's obligation, four months from the end of the financial year is the expected period for audited published financials and we're now ten months past.

According to the listing requirements, the company is now at the discretion of the FCA and LSE.

If the company fails to publish its results soon, the FCA and LSE may consider further actions, including the possibility of delisting.

Interesting I've just had an email about Reinstatement post compliance.

'the decision to allow trading to resume will depend on the circumstances of the delay, the content of the disclosed financials, and the company’s ability to demonstrate that it has rectified the issues that led to the suspension.'

Dress it up any way you like but any small cap company that moves away from the structure of quarterly updates, not updating shareholders via RNS on transparency issues, is a big red flag.

The truth is the majority of shareholders here have totally over invested due to believing in the CEO and not looking for the facts that surround all the ongoing issues with the company.

40% chance of relisting in my opinion and if it does and RM hasn't got anything substantial to add it might as well not bother relisting because of the bloodbath for current shareholders, myself included.

Sparky21, there's no need to check as you have verified yourself as being truthful.

Thank you

'I went onto caracals website and found an alternative email which I thought I would try and got a response with an hour.'

Brilliant, so if there isn't an alternative email address on the website that would mean the email is BS.

Happy hunting everyone!!!

How do we know this email is even genuine?

RNS is the official way a company updates the market for all shareholders not just updating an individual (if that's what's happened).

Agree, I know the publishing of the audit and interims is what is keeping us from relisting but feel it's the additional funding in the background that appears to be holding the whole process up.

I am invested and do want it to return but I am immune to RM's ramps.

Granted but the previous audit was far more complex covering 18 months, which not only gives the new auditing company a good base to start from it also provides all the relevant information for the next audit as there's nothing much materially changed with the operations / financials.

Refer to 9th November 2022 RNS.

The real reason for the delay is because what is contained within the interim results, it's going to show how insolvent the company is and therefore the Company needs to secure further funding to provide the relevant authorities before it's able to relist. IMO

Therefore 40% chance of coming back.

I'm still giving it 40% chance of returning due to the ambiguity of

'worked round the clock on the audit since November '

This is a small Company with one operation.

Wonder why the Company couldn't have put that in a RNS for the whole market to see.

The prospectus required a shareholder vote (9th October) for the issuance of shares, which was passed and the Company has forward promised almost all of it and has already received the money.

'the company will come back on fully financed for the expansion and we will achieve our full valuation.

There will be changes announced to the board and management team also in due course that will rebuild confidence and demonstrate the ability of the company to attract the skills to complete the project.'

This part suggests another financing deal, not through issuance of shares, and the company has already mortgaged Kilimapesa, so there must be a third way.

Resolution voted by shareholders, to allow the issue of £1,068, 378.08p worth of shares. RM has virtually used the quota allowed. Mainly on working capital.

RNS 26th March

The Company has raised £780,000 by way of a Subscription ("Subscription"), through the issue of 260,000,000 new Ordinary Shares of £0.001 in the Company ("Subscription Shares") at a price of £0.003 per Subscription Share.

The funds will be used for working capital by the Company and its subsidiaries.

The admission of the Subscription Shares to trading is conditional upon approval of a prospectus by the Financial Conduct Authority ("FCA").

RNS 23rd January

The Company has raised £140,000 by way of a Subscription ("Subscription"), through the issue of 46,666,667 new Ordinary Shares of £0.001 in the Company ("Subscription Shares") at a price of £.0.003 per Subscription Share.

The admission of the Subscription Shares to trading is conditional upon approval of a prospectus by the Financial Conduct Authority ("FCA").

RNS 14th November

In addition, as part of the transaction the parent company of the Lender shall receive 13,000,000 new Ordinary Shares of £0.001 in the Company ("Fee Shares"). The admission of the Fee Shares to trading is conditional upon approval of a prospectus by the Financial Conduct Authority.

RNS 29th September

is pleased to announce it has raised £92,750 by way of Subscription ("Subscription"), through the issue of 30,916,667 new Ordinary Shares of £0.001 in the Company ("Ordinary Shares") at a price of £0.003 per Ordinary Share (the "Subscription Price").

The issue of the new Ordinary Shares to trading is conditional upon approval of a prospectus by the Financial Conduct Authority ("FCA"). Caracal continues to progress the prospectus through the FCA.

Following publication of the results, we will aim to finalise the prospectus with the FCA as soon as possible.

From what shareholders have voted on the PROSPECTUS it should contain £1,068, 378.08p worth of shares, RM has been forwarded issuing them at 0.3p, since 29th September RNS.

Looks to me like there's around £16.6k left in the issuing pot and therefore nothing more material is left to gain from the prospectus.

Happy to be corrected.

Each to their own but I'm doubtful this will come back, 40% chance at best.