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Noticed today for the first time my caracal total on HL was missing. Previously it has always shown the total from the last day of trading before suspension. Hopefully just an admin thing but wondered if anyone else had this?
Yep, same. I think it's because six months have elapsed.
Maybe confined to HL - I can see mine still
Checked with HL and advised they get updates from third party. Could be due to suspension lapse of six months.
One can only imagine the rush for the exit and resultant destruction of the SP if .... and I now feel "if" this gets relisted.
It has now become a total joke. It's an audit of a small gold producer thats outstanding . It really isn't that difficult . Lords knows why it has taken so long .
Six months is a substantial period for non compliance of the company's obligation, four months from the end of the financial year is the expected period for audited published financials and we're now ten months past.
According to the listing requirements, the company is now at the discretion of the FCA and LSE.
If the company fails to publish its results soon, the FCA and LSE may consider further actions, including the possibility of delisting.
Possibly Lastofthesummer - my only comment or suggestion would be to consider any new news that comes your way before arriving at your decision. If the share is decimated temporarily (a great word from the Roman's) then it isn't going to change the underlying business. All assumes of course that there is a financed plan and it sounds like Robbie is primed to reveal once the auditors sort their act out.
Time for very cool heads in my view. But each to their own.
Just curious Ladtofthesummer after rereading your post - what experience have you got in auditing multi jurisdiction mining operations?
How do you know the level of difficulty?
Do you know the level of detail that these audits go into?
I am not saying that this has taking too long and I am really fed up with the auditors who appear to be dragging their heals ... but not complicated?
The minoplex plan didn't massively adjust the SP and everyone knows without something concrete this will most likely crash on relist. RM has shattered his own value with a suspension this long and it's not his fault apparently lol
40% chance of relist IMO
Cool heads, hot heads. Makes no odds doesn't it. We can't exactly do anything, it's suspended...
HL deletion of Caracal from its accounts is another nail in the coffin. Anyone have updated information?
The answer given earlier is the correct answer. It's on a feed and that feed excludes data that hasn't been listed for X months.
It was given by, checks notes, errrr, you.
Cool heads whilst we wait and upon news.
If people want to be hot headed or simply are - now and when news released that’s up to them.
Personally getting hot headed now serves no purpose now and will only cloud judgement and a view on any news.
So personally even though we are still in suspension- my view is it’s a time for cool heads if you can.
Some might get hot under the collar at reading my view - that is not my intention though. I want everyone here to make money.
@redkite. It has not been deleted from the HL accounts. Its still there, just with a note that, "We are unable to provide a recent price for this stock online and, as a result, it is not included in the totals above. For an up-to-date price, please contact us."
Its hard enough waiting without giving the scaremongers fresh sticks to bash your mental health with. Careful of some of the 'knowledgeable' folk on here. We dont know who anybody is, nor what their qualifications are.
This is classic GCAT. They issue a RNS in March which updates as follows: "The audit work is in the final phase..."
Now in May and it actually transpires, and only after an email to the CEO, that the auditors haven't actually done all that much work in March and April, and have cast some doubt on the company's previous reporting by requesting independent verification of parts of it.
Why would auditors slow down when they are in the final phase and the company is suspended. Would they not be treating this as a priority audit? Do they simply not care about such?
Why does everything have to be so tortuous here. Is it just sheer bad luck, or something worse than that?
Hey Legalwolf
Just to clarify a couple of things according to the email from Robbie posted below:
Your comment: .... cast some doubt on the company's previous reporting by requesting independent verification of parts of it.
The email says:....On top of this PKF contacted SRK to audit the independent technical report done by DRA on Kilimapesa.
So reading this - there isn't doubt on Caracal's previous reporting - the auditors want an independent assessment on the independent mining report - absolute overkill in my personal opinion given the original report was independent BUT if you read everything else in the email about this audit company, it sounds like GCAT have been holding their hand and teaching them the Jack and Jill of mining.
I think the just criticism can be levied at the company for not chasing the audit company long and hard earlier but the sense of frustration is palpable in Robbie's email.
You ask lot of very good questions about the audit company - they should be on the hook here frankly.
Auditors don't have neverending teams of people available, they schedule them in advance (quite often weeks or months in advance).
What I suspect has happened is that the GCAT audit has turned up a bit more than expected, that needed validating with the old auditors which is never quick, and subsequently we've got stuck at the back of the queue waiting for resource to become available again.
It's another example of terrible planning, but I don't think it's anything more malicious than that.
And I repeat - the auditors seem to be on a massive professional learning curve with a mining company - add in they have dropped the ball it seems!!
Grrrrrrrr
I must remember my own words about cool heads - this particular topic does get me hot under the collar!
Its worth remembering the context of a fetal mining industry in Kenya. We're pretty much a pioneer here and this isnt the first pain we've taken as a result.
Absolutely Swampmonster - and that extends from audit to consumables - no corner shop to drop in to when spares are required.
If investors just slowed down to consider the layers upon layers of complexity of running a mine and then add in as you say added context for the jurisdiction. But that is the industry and country we are invested in and if you didn't realise it's not easy - well I guess we all do now.
But on the plus side (and one of the main reasons that I originally liked GCat) we are in one of very few African mining jurisdictions that doesnt have Russian political interference. I am still comfortable with that compromise.
Thank you Swampy, your advice is appreciated and noted
Fair enough JC and thanks for the clarification.