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A number of posts on ADVFN have suggested that Goldplat is operating mainly for the benefit of the board of directors , 'lining their own pockets ' but not for the benefit of the shareholders. I regret that I tend to concur with this opinion.
The minority shareholding in the South African operation was acquired. Sensible but at almost three times market value, A little dubious perhaps.
The Kilimapesa mine was transferred to a company now Caracal Gold for a nominal consideration with the involvement of Gerrard who appeared to be acting for both companies - seemingly a conflict of interests. Caracal Gold whose main and indeed only asset is this mine is now valued in excess of Goldplat.
There are continued vague and unhelpful statements made by Goldplat's management particularly regarding the position and value of the South African tailings and even more unacceptable regarding future dividend policy.
I would strongly suggest that when the company issues its next trading statement that a number of outstanding issues particularly dividend policy are dealt with clearly , specifically and professionally
The current gold price is strong, Goldplat is trading profitably and has cash reserves. Their share price should be considerably higher. This must reflect mainly on current management. It is important that the BOD of smaller companies is considered not only to be efficient but also one that acts with total integrity to return value to shareholders not a stagnating share price and zero dividends.
An optimistic statement combined with very encouraging half year trading results have seen the share price double over the last few days. However when the company is in a position to resume dividend payments that will be the time that the share will really show substantial gains - possibly up to 15p - 20p . Management has obviously been lacking over the last few years and hopefully the present board will be able to maintain this improvement and realize the potential of this very undervalued company.
Yet another very mixed RNS. Goldplat has in the past been a very profitable, cash rich and dividend paying company. Probably the basics are actually still there . The share price has fallen in excess of 65% in the last twelve months and any dividend payments in the foreseeable future are highly unlikely. Indeed a breakeven trading scenario is the most that can be hoped for. Virtually every positive trading projection made by the BOD over the last two years has failed to materialise and many of the reported problems should have been anticipated and dealt with before they occurred.
There is therefore little or no confidence in the existing BOD - a series of poor results which have borne little relationship to previous statements and a generally very incompetent performance. It is unlikely that the share price will materially recover until the board of directors are replaced and in particular the chief executive with a professional and realistic individual.
Yet another poor trading statement from a company that in the past has been profitable and paid good dividends.
Either the current overall business plan is flawed or the management is not competent probably in this case a combination of both. The share price will not recover until the company is in a position to and resumes dividend payments.