Firering Strategic Minerals: From explorer to producer. Watch the video here.
Https://www.afr.com/companies/professional-services/pkf-talks-down-damage-20051021-jjf2x
This is historic (2005) but for those that believe that auditors are always in the right!
The companies letter backs up what I am hearing that PKF have taken on too much work and are struggling. There was another recent example of a company who unfortunately used them and was also suspended. Do your own research on this one and make your own enquiries.
Very interested to see how today pans out. We clearly have one or two investors with deep pockets who are taking sizeable positions and given the near term multibag potential here that still remains, who can blame them.
The Moss - I presume that you have seen this email from the company? If not I suggest you read. If you have then I find it surprising that if you are a qualified accountant, that you are choosing to ignore the facts that work was simply not done on the file...... Can you understand why work was simply not done by the accountants? If so please explain based on your experience.
Thanks for your email.
The team from Caracal has worked round the clock on the audit since November, we were giving many unique challenges by PKF, they made 3 site visits (1 by UK team, 2 by Kenya PKF team). 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. On top of this PKF contacted SRK to audit the independent technical report done by DRA on Kilimapesa. We had a deadline of end Feb which we didn’t miss it was missed by PKF and for the month of March and half of April they then did no work on our file - they recommenced work a week ago and are very near completion. I have asked them daily for a timing and they simply refuse to give one they simply say they are working on it.
We have our interim accounts ready, these however can only be published once we have the audit completed so we have the opening balances for the interims.
Both of the above are required for us to recommence trading.
The prospectus is complete we need to drop in the accounts and the working capital statement.
We have been working hard on the expansion plan and the funding and all of this will coincide with the publication of accounts and details will all be included in the prospectus.
I am very aware of the frustrations and anger of shareholders and I agree you all have every right to be frustrated and angry but 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.
The largest single risk to the company at the moment in my personal view are these auditors and the inordinate amount of time they are taking. I hear they have taken on too much work and Caracal are suffering as a result. Believe what you want and if you have contacts in the city make your own enquiries.
Including some very chunky amounts - first threshold for a TR1 is 5% - interesting to see whether any new ones appear.
Interested to see the size of the last trade at 1.11
When talking about his optimism for Kochang coming on board as the 3rd JV deal, AB had to stop himself twice around 9 minutes in from saying "in the next ...over the next... in the short term" ....... so in his mind was he thinking few weeks or months??
I don't think I have ever heard AB so energised in one of his interviews - and rightly so - kudos to the team for sticking this one out!
Love it - from 6 to 9 months to be on the right side of caution in the RNS but pushing for 4 months as Guru mentions - fantastic!
Played to my advantage to be able top up once or twice and then some!
I have been here so long that I was gutted when it got to 1.5!!
I'll take it now as a pit stop though!!
MM's seem to be more confident now - narrowed the spread to 1.1 / 1.15
As you say there isn't a lot of stock here and whilst there will always be traders, I think that most can see the huge short term upside here and might be willing to hold for the bigger gains.
Paid - apologies for there ongoing commentary - I will stop shortly honestly
Far too soon for anything like that - this puppy is only just waking up again. So much news to come!
Buyout Bobat? Could you expand please?
Can you share what others are on please JWB?
Thanks
I would temper expectations AG - the last RNS talked about down time because of breakdown and power outages.
1.8M ticket at 1.14 yet to be posted?
Very professional presentation - covers all the key points in a succinct way with great use of graphics and plans. I am fully expecting this to be presented in an engaging way and remember - it's all about the all important conversations that this generates at the summit.