Email reply26 Apr 2024 11:48
Finally got a reply to my email,
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.
Please feel free to reach out to me anytime.
Cheers
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