Altyngold Share Discussion Threads

[excellance] 07/12/2022 22:47

Which is why I'm still here and have happily added when the share price is in the buy zone, so others selling on the back of this issue may have benefitted me.

[researchcentre123] 07/12/2022 22:35

This is old stuff excellence. Frankly as long as they are delivering, I don't care if the subcontractor is a mate or relative or whatever. In fact if they are they're more likely to deliver and not overcharge, which clearly they are not. The bank clearly aren't worried and there is no way they lent $40m without looking deep into the company. The figures show the mine is run well and the prepaid amount was delivered on.

[excellance] 07/12/2022 18:46

I believe it to be a little remiss for the company to not RNS this with their explanation, but maybe we'll get that when the new auditor is appointed, assuming one is.

Also, maybe the issue isn't "material"?

Anyway, the auditors flagged this up a year ago, didn't resign then, but obviously tried to get to the bottom of it and couldn't, so resigned after signing off the interim unaudited report.

How do they prove that the prepayment isn't a related party, do DNA testing?

All the documents are there apparently, with the question being of "related party" or "recoverability".

So it does look like the company have entered into a deal that isn't fully transparent to bankable standards, leaving the auditor in a tricky situation after ten years of service.

The cynic in me says that the auditor knew about this years ago but only flagged it up because their service period is over and they needed to hand it over to the new auditor.

[excellance] 07/12/2022 18:31

It's at companies house

[sloppyg] 07/12/2022 18:23

Completely missed Auditors resigning. That requires an RNS as does appointment of new auditors.

Last I saw was resolution to reappoint at AGM.

Can someone please point me to the BDO resignation statement in the public domain ?

[excellance] 07/12/2022 18:09

Oil prices continue to fall as recession looms

[excellance] 07/12/2022 08:51

The $40m is secured, and first the $10m bonds will need clearing, this will likely be our next RNS.

Loan repayments will be about $600k pcm for 78 months, Easily achievable.

Armed with our shopping list Seki will progress over the next couple of years.

TS is the next BIG news, with drilling reports, reserves updates, mining plan, and funding.

2023 will be a busy year.

[researchcentre123] 07/12/2022 08:50

I think all that is old news anyway. They are clearly getting their act together, are highly efficient and a bank has just bet $40m on them doing the right thing and at a low interest rate. It's nice to see a plc where the top management take salaries not much higher than a newly qualified nurse, ie they are working on making their shares more valuable. I think they've given up on PR for the moment as management aren't selling for now, but they are certainly making the company work.

[stockknobjockeyvanbookstino] 07/12/2022 08:49

Thanks Research, that is helpful; I'm still heavily in here, just felt a bit overweight holding 1.1% of the share capital......had a re-balance,,,

[researchcentre123] 07/12/2022 08:41

Aidar the CEO also more or less swore on his life at the AGM that we wouldn't be having these problems going forward, and frankly I believed him. I think he was genuinely upset by this happening - I think that they were working so hard that they hadnt got all the paperwork sorted out, but they did deliver some spectacular results. Actually added a few shares after the AGM.

[researchcentre123] 07/12/2022 08:36

At the AGM the auditor matter was discussed. The partners changed and it seems the new ones acted differently and weren't happy with lack of prepayment documentation etc. I would imagine that whatever relation existed before evaporated so it's not really surprising there's going to be an auditor change. Given that prepayments etc happened before, the auditors shld have given them notice long before of their change in policy so Altn Cld sort it out - shameful for them not to have done so. My view is that management have such a big chunk of the company, they need to treat it properly and that gives me some confidence. Currently the share is at least quarter price which massively overly compensates for any of these issues

[excellance] 07/12/2022 07:26

The banks credit committee will have done DD and risk appraisal, but I wonder if our mystery third party and beneficiary to the prepayment may be involved in some kind of corporate activity with ALTN, hence the big secret?
Maybe that company is now also a creditor to the new loan?

A new auditor will have to be appointed, or else....I dare not say...

[excellance] 07/12/2022 07:20

Not sure what they mean by members and creditor's. What about stakeholders?

[goldenshread] 07/12/2022 07:16

There have been over 40 auditor resignations over recent weeks due to changes in policy of some firms, companies simply find replacements.

The recent $40m loan secured by ALTN must have gone through serious banking checks and passed.

[dofmeister] 07/12/2022 07:12

Usual max of 10 years,

[dofmeister] 07/12/2022 07:10

Ah, I see Excellence has significantly edited her last post that referred to unlisted companies.... try and keep up Ex!

[excellance] 07/12/2022 07:07

Yes, it was late and I was being lazy.

To be auditor for a decade is unusual, I thought they rotated between the big four every 3 or 4 years usually.

[stockknobjockeyvanbookstino] 07/12/2022 06:32

Your slacking Excellance, that’s for unlisted companies. What’s the rule for plc’s ?

[excellance] 06/12/2022 23:21

S519a of the Companies Act 2006 lists various exemptions to auditing, and the inability to get adequate information regarding the circumstances surrounding the prepayment isn't one of them, hence the auditor couldn't perform their duties and resigned.

[stockknobjockeyvanbookstino] 06/12/2022 22:29

Some as a speculative punt, most retained as cash….

[golden prospect] 06/12/2022 22:25

O/t

Stock, I also assume your recent sales have been applied to eqt

All the best.

[stockknobjockeyvanbookstino] 06/12/2022 22:21

Well done GP :-)

[excellance] 06/12/2022 22:16

There is no problem with the auditing of pre payments, the auditors completed their report and according to the website are still the auditors.