Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
'Anyone who attempts to mislead others or who sets a false picture as to the dire situation this company and all operators in the KRI, deserves immense disdain.'
What a load of tosh.
Stop looking back at your pain pre Restructure and start looking forward to post Restructure options.
We're in a re-negotiation, nothing more or less. It's tough, sure.
But GKP are not in a 'dire state'.
They're looking at what's in front of them and deciding what's in the shareholders best interests.
I'd rather have that debate than the fatalistic summary you provide.
Because you're wrong.
We've no debt and a vision for the future which is self-funding.
Sell out if, in the end, you're just whining.
The KRG are no longer in control of events.
And APIKUR are not even being invited to the revised contractual negotiations.
As for Colonel Myles B Caggins, the leader of the APIKUR negotiating team…great war record but hapless in this field of battle. Who chose him? He has no skin in the game yet he’s taking money to negotiate on GKP’s behalf.
Such a simple but HUGE mistake.
Hanging your hat on APIKUR to resolve these issues satisfactorily is a pipe dream.
Because each member has different needs depending on their very disparate financial circumstances. Which means they’ll be prepared to settle on different terms one from the other.
GKP has no debt and is still self-funding, despite the traumas of the last year. And will continue to be so, even if it has to regulate its local trading policies. Which makes it unique, thanks to the 2016 Restructure.
But unless JH acts in GKP’s best interests and refuses to be emasculated by the APIKUR side show, then GKP is just another high-risk investment that failed to adjust to changing terms of trade.
So it looks to me like GKP will have to face a new reality and deal with what’s in front of them, presented to them by their new contractors, the ICG. Existing contracts notwithstanding.
But in any event APIKUR is clearly not the GKP bedrock for a successful outcome.
In the end all will depend on whether the new terms mean GKP can pursue their plan for self-funding growth.
Otherwise what’s the point?
Stakes are high.
Don’t you just love this share?
Three things:-
1) It was a hypothetical because I used the prefacing word 'suppose';
2) I bottled it and used the investment as a corrective avco because I'm not sure we've hit the bottom yet;
3) I might be lying about my finances and investment potential. You never know. It's the anonymity of the Avatar that protects them from the truth being evidenced...
In any case I cannot be used as a barometer of GKP sp performance over the next period because I've turned into a post re-structure long term believer...God help me.
As a long termer believing the dream I'm now back in.
Irresistible to me...hmm...
One question though. JH obviously knew his CFO didn't have the confidence of the majority shareholders. It was voted on and is a matter of record.
Is Legris the chosen man?
Because he's definitely got skin in the game, and has had for years i.e. was IW dumped?
Looks like JH wanted a change...
Lightweight accountant Ian Weatherdon never attracted serious shareholder support, failing twice to attract more than the required 80% AGM shareholder backing along with his Chairman Jaap Huijskes.
Truth is that doesn't matter as long as all GKP just have to jump through the Regulatory hoops to maintain their people in place. The regulatory framework is that fragile.
Check out the sanctions if a shareholder wants to depose an Executive Director.
They just needs to say sorry and 'I'll do better'.
And that's it.
But IW's taken a sh*tload of free shares with him.
Just look at his previous CV and ask yourself why he was recruited by Jaap Huijskes and his acolyte Jon Ferrier in the first place.
IW's replacement has been sitting on the sidelines for years.
Papineau-Legris, who has also made REAL money out of his involvement with GKP, often fronting their PR campaign, is at least invested in the business.
As for Kimberley Wood, no loss. She was only ever unnecessary ballast.
I reckon this is now a good time to buy once things settle.
It's all about the fundamentals...
It's Friday and I've just paid a serious tax bill via my accountants.
Ouch.
So I'm being frivolous. The weekend beckons.
Just supposing I have another £100k to throw at this share.
What would you do?
A tick means yes, but you have to give reasons.
Otherwise I want to know the counters.
What it tells you is that BDO have taken a view on the delinquent debt after consultation with the Board.
Who are directly accountable for the information they provide.
I grant you it's not a perfect system for financial oversight but it's all BDO have got.
So in the end it all boils down to whether you trust this Board and their leader to tell the truth.
If BDO didn't/couldn't rely on the information provided then that would result in qualified accounts for 2023.
But that's not going to happen.
Because JH has played with a straight bat all the way down the line...
BB,
You actually don't understand financial accounts do you?
In the half year financial statement, GKP made a $17m impairment allowance for delinquent debt. That treatment will continue unless and until that delinquent debt is repaid. And if not, it will be progressively written out of GKP's Balance Sheet over the next couple of years. See note 11 to the half year statement.
For God's sake...
'Maybe soon this dog of a stock will get some bite, or maybe not.'
So defeatist. Quit then.
I've tracked your avco given what you've posted previously. ..I'm that sad.
You're in the money. Not the money you wanted, but including dividends still a tidy profit.
If you don't believe then get out.
The inverse is true for me...I do believe so I'm doubling down and re-investing at these prices.
Who knows?
Certainly not me.
Hope is not the answer unless you've never run a business.
Belief in your core business fundamentals is the answer.
And the confidence to see them through the hard times.
I get tired of bb ditherers spouting propaganda because they're afraid of change.
Embrace change because It's real and it's now. And it's difficult.
But it is essentially binary. Stand your ground or yield.
There's no escaping JH's responsibilities as to what he's facing.
The only question should be how he he deals with it.
Whatever he does, he shouldn't rely on hope. What a load of tosh.
He should trust his business model.
And manage himself accordingly.
The re-negotiations will not be easy.
But he needs to keep his eye on the 100k bopd prize.
Because the GKP self funding model makes real commercial sense even in a revised agreement.
BB,
For a man who can't recognise the difference between an invoice and a payment i.e. the P&L and the Balance Sheet (as you will recall last time I embarrassed you) it's pretty rich for you to procrastinate about how BDO present GKP's accounts.
Ridiculous.
Come on P,
You've missed me haven't you?
But you've got to make an argument that flies. And denying basic accounting practice isn't it.
Otherwise there'll be others more intelligent than me who'll come to challenge you....
No it's not. The value of assets are a benchmark as to core value.
Not the only one, but certainly helpful. Updates are also signals.
But You just ignore the Balance Sheet as as a snapshot with nothing to offer to investors....you're wrong.
It's all we've got to make serious investment decisions along with the updates.
Dismissing the financial accounts of a publicly quoted business is always going to be contentious if you're a real investor.
So you're now arguing Armageddon?
Really?
Is that all you've got?
P, you've got to step into the new reality which is that GKP's world has turned and they need to adapt accordingly.
And that means adjustments to take GKP forward...not backwards.
'The fixed asset register is illusionary'.
Of course they own what they've bought. Don't be stupid. Otherwise it wouldn't be represented in their published accounts.
You have a major disconnect with what investors rely upon to invest, and your own particular take on what the numbers mean in your own dystopian world.