Member Info for TheMoss

I'm not impressed by some of the rampers on here who were ramping this mess of a company up while it was already beyond help and villifying people who expressed any negative, but realistic, views.

These things are simple to do. It simply confirms who the shareholders and officers are. This is totally pathetic. The shares have mainly been frozen. Not that it matters the whole company is messed up.

"I think RM did a number on them, and they absolutely refused to believe the negative argument or even counter it with known facts."

Yes There were a small gang of self proclaimed "expert" investors who in reality didn't know anything and tried to shout down anyone with a negative, but realistic, opinion

This has been dead on the water since the original loan fell through

The sad thing is shareholders of Gcat will probably end up with nothing, the company who put in 500k will end up with a profitable goldmine and I wouldn't be surprised to see RM in charge of their operations.

"How much are 2 gold mines worth in a fire sale"

Hate to say it but I can't see Caracal shareholders getting anything.

It is a going concern if properly funded

So you're the auditor. Investors and Creditors will rely on the accounts you produce and will sue if they do so and the accounts prove unreliable. Assets can have a different value based on the future prospects of the company. So if I've spent £10m to build a structure to access £100m of gold if would be reasonable to have that on your balance sheet shown as an asset and written off over the life of the mine.

For that to happen the auditors need to satisfy themselves

1 the finance will be made available

2 that there is indeed the amount of gold available to mine that the company is claiming

3 it can be recovered profitably

To complicate the situation the previous auditors have cast doubts on whether it is a going concern and resigned.

Looking at the books and seeing what has been spent and received is easy. Saying that the funds will be available and the gold can be recovered profitably is a big shout. I'm surprised they found an auditor. This is a high risk audit.

I*t’s conceivable all is on track too. You wouldn’t normally update to say ‘accounts will be on time’ but these are special circumstances, last ones were nearly a year late!"

I'm surprised they found an auditor. Firstly you wouldn't do the work without a personal guarantee from a director for the audit fee. However the big problem is the discussion over whether it is a going concern. Saying it is and someone acting on it would leave the auditor open to litigation. With the last auditor expressing doubts it's an even bigger shout for the present auditor.

"If they just unsuspended and started expanding you know it would be far too easy"

Obviously not as easy as they are letting on or they would have done it.

Dealing with the figures should be simple. The company hasn't even being operating for some long while. The big discussion is to what extent is the company a going concern and the consequent affect on the valuation of its assets.

Who are the new auditors?

Could be all sorts of reasons. He is probably receiving an attractive salary. Members of the board are getting cash via companies they own. It's all in the accounts.

He may be setting himself up for a nice little job with a new outfit that is going to bail Gcat out but dilute much of the existing shareholders interest. Wouldn't be the first time it's happened. If you've got no cash you are over a barrel

No rampers, no negative views. That doesn't leave anyone.

Did Cynergy not get a 25% stake as part of the £500k they put in? They get a further interest if they put the £5m in. Apparently part of it buys equity and part is a loan.

I'm not saying sharing an opinion is pointless. I'm saying there is nothing small shareholders can do to influence what will happen going forward. Arguing about the situation is pointless

As for having an open mind this company can't manage tasks that most companies do as a matter of routine ie file accounts and annual reports, when auditors cast doubt on the business being a going concern you question the competence of the auditors, the company owes millions in current liabilities and has a whole string of loan. You would have thought any new loans would need to be used to pay off creditors not to ramp up production.

In spite of this you stick to the narrative that this will prove to be a source of great wealth for all investors.

However you think it's me that hasn't got an open mind.

My view is the mine may well be a success but I think it is unlikely it will be the Gcat shareholders who benefit.

Posted accidentally

accounts. They are dire. Current liabilities run into millions. I don't see how this works.

It doesn't make much difference what individual investors think. The share is suspended and there are not that many people on this bulletin board.

I have looked through the

Clearly it would be great if Caracal made money and paid a dividend. However some of the posts on here are unreal. Every Limited Company from odd job men, plumbers, joiners, electricians etc up to large multi Nations have to complete accounts and annual returns. There is nothing special about it. Most seem to do it on time and as a matter of routine. To suggest it is anything special is deluded. When you read the annual accounts they are not even preparing management accounts. Far from being state of the art with regard to compliance they are failing miserably.

"Nothing we haven't heard but showing good governance and getting the paperwork sorted"

Good Governance? They were so late filing their accounts and annual return most companies would have been fined and struck off.

I know there is a trade off between risk and return but I'm happier with a gold producer that is producing and is well capitalised.

Call me a wimp.

Hopefully people have spread their money over a number of gold producers, and other sectors., and are benefiting from the booming gold price.

So you're saying the auditors are suggesting based on the information when the accounts were prepared, and not taking into account anything that has happened in the interim, the company was not a going concern. That is useless information. They really were bad.

It doesn't really matter. Most shareholder are not in a position to do much about anything.

"the auditors are looking at historic figures"

I've never come across auditors who base judgements as to whether a business is a going concern purely on historic data. These auditors must be really poor.

The gold price is high but unless you are producing meaningful quantities of gold that would be irrelevant.

Looking around there are gold producers with far better risk/reward profiles. You might put a small gamble on this but nothing of any significance.

There is nothing here worth arguing about. The share can not be traded at the moment and when it does relist I suspect for many the share price and spread may not be attractive.