Member Info for JerseyCrew

Predator - 7pm on Stockbox Premier. GCAT is one of 3 companies presenting - GCAT go first with Q&A at 7.15pm for 15 mins.

We agree on that Bebeto - temporary suspension was the correct course of action and the facts will come to the fore in due course.

Bebeto - presumably you have dealt with auditors - I certainly have. The detail on minutia can be something to behold and it might be one line on a tick list that runs into the 1000's. It depends on how tenacious the auditor is and the depth of the paper or electronc audit trail he or she wishes to follow. It takes time. Remember also that the auditor might be carrying out a number of different audits all at the same time and therefore might not be 100% devoted to sorting this issue out. Throw in a weekend when the auditor might not work. Think through this logically - Robbie has an abundance of news to share and this is simply embarrassing - there is no upside to creating a delaying tactic in the full glare of the regulators. Any conspiracy theory simply does not hold water imo and furthermore, having spoken to Robbie, I trust him implicitly. You will struggle to find a harder working and more conscientious CEO, with may I add - serious skin in the game.
Please wait and see - not that anyone has a choice on the waiting front at the moment!

Hi RPdard - all the more reason for Robbie to present tomorrow - the shares are temporally suspended on an audit technicality - tomorrow gives him a platform to explain and answer questions but more importantly it allows him to showcase the tremendous progress made. I suspect that the Nairobi listing issue is being delayed until financials are complete but that is for Robbie to answer to.
We must remember that the company is still working hard to deliver against the strategy - the workforce weren't sent home when the suspension stated. There is a lot of good news coming very very soon imo.
ATB

Bebeto - are you an auditor? :-)
My guess is that this has been a large audit and there is a little piece of the jigsaw to complete - it's always under the table and it will be found! The picture isn't spoilt - you still know what it is - but it needs to be completed.

Yes Bebeto - that is what I am saying. As a main listed company if an auditor is raising a question then the company are duty bound to sort it - even if the company themselves believe that this is not a material issue.

For my own learning I looked up the definition of materiality in accounting terms:
Immaterial Definition. Immaterial is the description of an amount not impacting financial statements significantly. In other words, information is immaterial to an entity if it doesn't impact the financial decisions of users of an entity's financial statements.
So Bebeto - it does not mean no impact - i.e. a number can be in question but the amount in question is insignificant to any user in their financial decision making. I stand by my original thought of a small question in the balance sheet - likely something like consumables which are normally totalised but not mentioned by individual component. If an auditor therefore has a question on one component of consumable they might wish to bottom the issue out but the materiality to the overall asset number is immaterial.
I repeat I am not an accountant and happy to be corrected. Just my thoughts on what might be happening in the background.

Just what we need Bebeto - trick questions...
I did say I was not an accountant and simply trying to have a stab at answering your question.

Key thing to remember though is that the number in question is not material - but if you have ever dealt with auditors you know that they can get their teeth into small details at times which have no bearing on the big picture.

You asked a question on the financial statement Bebeto - I am not an accountant but my best guess would be the opening balance sheet if it was a number being transferred from the previous company. Happy to be corrected by accountant professionals.

Separate and unrelated issues Bebeto but I understand why you might think there is a connection.

Bebeto - you are completely off the mark as you will see very shortly.
They remain listed on the main London market. They are temporarily suspended on an audit technical question regarding a non material figure.

Yes PF Builder - and I have 100% confidence in him. This will be resolved quickly.
GCAT has an incredible future ahead of it.

Stay calm everyone - not the news we hoped for this morning but it will be resolved quickly.
Watch out for a twitter from Robbie later today explaining that this is a technical audit issue on a non material number in the balances transferred from the previous owner to GCAT. The current CFO is working very hard with the auditor to satisfy all the requirements for a main listed company. The CFO was not in situ when the transfers happened but he has been working hard with his team to get the issue resolved.
Robbie still plans to present tomorrow evening when he will address the issue. Clearly he is bitterly disappointed as he expected the issue to be sorted this week - he has an exciting schedule for positive news as I understand (obviously I don't know the detail!) and no one wanted this temporary distraction.
Stay calm - watch out for twitter today and listen to Robbie tomorrow - the suspension should be very short lived as they work hard to answer the auditors question on a non material number.
Great news coming - this is a legacy issue and will be sorted!!
I have supreme confidence in Robbie.
And to stop any conspiracy theories - the Goldplat sale yesterday was preplanned and totally unrelated - coincidences are sometime just that - coincidences!
ATB

Rarely seen a spring so tightly coiled as the GCAT SP currently is.

Frustration could turn to joy with the right news Bebeto.
ATB

Excellent backdrop within this production update for a bidding contest to be played out in front of. And as others have mentioned, if nothing comes as a result of any bids, the trajectory of this company is already a reason to take a position here.
ATB

Look at the value of some of the purchases this morning. Some large positions being built here! I’m in!

Thanks Trek.
I was offering an alternative approach for people like me who struggle to trade or call the peaks and troughs but I think the good news with GCAT is that at these prices, whatever your strategy it should be relatively easy to make money - as long as you follow the usual rules of giving yourself time.
ATB

Hey Trek
Or go old school.
Understand and invest in the strategy of a well organised and motivated company. Invest hold and let the BoD deliver.
Old school.
ATB