Altyngold Share Discussion Threads

[jeanesy] 28/4/2023 17:40

Can you blame them ?!
A delay in accounts is never good news .

[teaboy100] 28/4/2023 16:12

Well, that's the most volume shifted in about 2 years. Clearly, people are nervous and getting out.

[goldenshread] 28/4/2023 15:22

I was fortunate to sell out on the rise to £1.40p's having averaged £1.15p and holding for over 18 months, at times I was seriously worried that something shady was going
on, the huge prepayment issue was a red flag for me, it spooked the now retired auditors and now there is another issue.

Another red flag was the BOD failing to deliver the media they promised after every quarterly update, no explanation was ever given.

You do wonder if the BOD really want a rising share price, my suggestion, for a long time, was there would be a MBO, I still think this will eventually happen.Time will tell.

I have moved my investment into MTL who seem to be getting their act together with great operational performance and large free cash generation, paying down debt at the rate of knots.

[researchcentre123] 28/4/2023 14:40

Brokers fees for organizing loans in part?

[mold breaker] 28/4/2023 13:06

It’s the present lack of clarity.
Wtf is Administrative expenses - sponsorship programmes?
What has changed in Administrative expenses to add circa 3.5M($)

[excellance] 28/4/2023 12:54

And if the admin costs were for DD?

My opinion is that I never expect developing companies to run a profit, why would they? Every penny should be going into the business.

We refinanced our loans and repaid our bond obligation.

A new broom sweeps clean, so I expect our new auditor will be going over everything, bringing all the skeletons out of the cupboard, and we know that the previous auditor left notes.

Suspension is only necessary if the company fails to report, ie by 5pm tonight, so no need to suspend until after then. The company are simply warning us of a non material delay.

If we intend to evolve from a single asset 25k Oz pa gold company into a multi asset 100,000 Oz pa company, wouldn't we expect to see bigger corporate teams and higher levels of professionalism, and therefore bigger admin costs?

A few issue, I'm not really too concerned at the moment, wait for another 18 months...

[vish65] 28/4/2023 12:26

Which ever way you look at it this is all disappointing. But I'd be more concerned if they hadn't been been given the nod for $50m in loans in 2 successful loan applications in the past 6 months.

[redtrend] 28/4/2023 12:15

ODR - let's hope so, as it will be a pain pursuing legal recourse, but I won't stand idly by if I have to.

On me stating 2-3 weeks, I'm just being bit more conservative. With the bank holiday and other things, will the auditor complete the work by 5 May? I think they should have added some buffer in the time period, but let's see...

[onedayrodders] 28/4/2023 11:54

Redtrend .. seriously hope as you say, it's nothing to worry about

[bsg] 28/4/2023 11:35

PKF Littlejohn LLP has informed the Company that the audit will be completed in the course of the coming week. As such, the Company expects to publish its 2022 Annual Report on or about Friday 5 May 2023, following which the Company will apply for the Suspension to be lifted. A further announcement in this respect will be made in due course.

Looks like they'll be back sooner than 2-3 weeks?

[goldrush] 28/4/2023 11:08

Redtrend

Very good post and I agree.

There probably will be no changes to the figures....but the Notes and presentation may be subject to change. There are probably Letters of Representation outstanding and that kind of thing to be certified by Directors etc

[redtrend] 28/4/2023 10:50

ODR - it is the auditors themselves that have said there are no material audit issues causing delay. So by your insinuation either Altyn are misquoting the auditors and committing fraud or the Auditors are lying and committing fraud. And if true, opening themselves up to needless legal action if they remain suspended for a material cause, when they could just remain silent and have kept the RNS far simpler.

"PKF Littlejohn LLP, the Company's auditors, have requested additional time beyond the originally planned timetable to complete their audit. Whilst the audit process has yet to be concluded, the Directors have been advised by PKF Littlejohn LLP that the audit is substantially complete and that there are no material audit issues causing this delay"

PKF Littlejohn LLP became auditor only in late Jan and are no doubt doing a forensic job of going through all the past accounts and details for this year, which may include reclassifying certain costs in to admin expenses or the such. It's probably a far bigger job than they thought when taking on a company which had a low market cap, which doesn't do justice to the huge amount going on. They obviously want to do a proper job too after the last set of Accounts by previous auditor. It's not great for their reputation to delay the Accounts, but far better for them to get it right.


If it does end up being a material issue behind suspension, then I hope we collectively could pursue all legal avenues and use the RNS wording for our benefit / against them. It's now more common for shareholders to pursue their rights rather than just take it. On bigger scale, be interesting to see how the FOX shareholders do in suing FOX over the Dominion scandal.


Naive perhaps, but I think the Accounts will be out in at least 2-3 weeks and suspension will be lifted.

[highly geared] 28/4/2023 10:14

6 months of share price appreciation trashed in 2 hours. Should have suspended the shares at 7am and brought out of suspension when FY audited results published with full notes on the key metrics. Massive own goal…

[onedayrodders] 28/4/2023 09:56

Not a holder .... (held previously)

When I saw the suspension RNS, my first thoughts having not followed closely was perhaps an approach from a bidder.

In my experience, delayed accounts are NEVER a minor technical issue

GLA

[goldrush] 28/4/2023 09:56

King Suarez

Agreed. However they could be necessary to protect our licences etc and they will have to tell us all what they are doing.

[bsg] 28/4/2023 09:53

It seems it's just a family business run for their interest. So no need to sell it ever or pay divis. Just take a salary and pass it on to their children.

[sclper] 28/4/2023 09:53

They seem to want to deliberately hit the share price by publishing a huge rise in costs without explanation, problems with 2 lots of auditors and a delay in suspension of trading.The large amount of prepayments (classed as non-cureent assets) also seems very risky for shareholders

[mold breaker] 28/4/2023 09:52

I was hoping after last years debacle (massive fwd payment to contractor) that these set of results would be fairly straightforward. I can’t see any reason why Admin costs would rise so significantly in 6 months. All very disappointing.

[king suarez] 28/4/2023 09:39

goldrush,

Yes, we will find out in the full results release. The kind of admin spend you have suggested is not something a company of this size at this stage of development should be forking out for imho! I really hope it is something more sensible otherwise it puts many things into question...

Cheers

[bo doodak] 28/4/2023 09:39

Very odd not suspended immediately, never seen that before, a delayed suspension. Maybe they are going to take it private after all.

[tim000] 28/4/2023 09:37

Yes, you’re right of course KS that these accounting issues I mention are non-cash. It’s worth trying to get more info out of the company as to what has caused operating expenses to escalate.

[goldrush] 28/4/2023 09:36

King Suarez

The admin expenses will need explanation.

"Normal admin" expenses have increased from $5.1m to $8.6m....could be anything in there like setting up a pension scheme for all employees,licence fees to Government etc

Sponsorship of $3.7m is new. This could be setting up a university program etc.

Obviously they were trying to get the Audit out by 30th April but they have got caught out by this and whatever announcements they were going to make you would expect to make when announcing the audited results in 10 days or so

[sclper] 28/4/2023 09:33

It's disgusting how there is no explanation in today's RNS.