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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Goldplat Plc | GDP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 6.20 | 07:41:02 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 6.20 | 6.20 | 6.20 | 6.20 | 6.20 |
| Industry Sector |
|---|
| MINING |
| Top Posts |
|---|
Posted at 24/7/2024 22:45 by lowtrawler alm, it's difficult to reconcile your statement with a position where a shareholder owning almost 30% of the shares sits on the Board. Admittedly, Martin has been more patient than I might have expected but GDP will not be able to ignore shareholders much longer. IMV, GDP will transition to dividend paying within the next 2 years and most, if not all, of the TSF proceeds will be distributed as special dividends.Unless there is another banana skin, I can't see the bid price falling below 5.7p and it is just as likely to bounce back to 8p. Once the TSF has better visibility, we should easily move into double figures. |
Posted at 24/7/2024 11:22 by lowtrawler Although I said we were heading to the low 6's, it's still not nice getting there. At 6p, we have a market capitalisation of just £10m.This will be a poor year and yet we are still likely to make £3m attributable profits. Even setting aside the TSF, that is an atrocious valuation of less than 3.5x PER. I guess the market does not trust GDP to avoid further banana skins or to return profits to shareholders. None of us are able to predict what banana skins may lie ahead and it seems unlikely we will have any profits returned to shareholders over the next few quarters. As such, I can understand why the market is keeping the price down. GDP should be attempting to counter these views by: publishing a dividend / buyback policy; publishing a TSF financial forecast; improving governance so banana skins are less likely. These are all simple fixes and cost little. |
Posted at 15/7/2024 11:11 by lowtrawler alm, I understand your feelings. The last 10 years must have been very disappointing as a buy and hold investor. What matters today is the future share price performance and there are reasons to believe now is a good time to be invested:1. The TSF has been showing progress and could start to be reflected in the SP 2. DRD should be interested in buying GDP if they can get it at a reasonable price. 3. We are trading near the bottom of what would be a fair price just for the Core business and once the current capex disappears, we may get more buybacks or a dividend. With GDP, nothing is ever certain but I don't believe now is the time to give up hope. |
Posted at 12/7/2024 08:47 by dinky00 Agree with you, and sold half of my holding a few weeks back and put the proceeds into a US stock that is up 60-70% in that time. It's the opportunity cost of holding GDP is what kills shareholders, what have we missed out on in the last 10yrs by continuing to hold.Dow Jones up 170%, Nasdaq up 485%, S+P up 245% in the last 10yrs. GDP.L is flat in that period.This is a company who claim they have not a single penny for buybacks/dividends but can spring a £900k investment in Ghana out of the blue, or the £4.5m they magically got their hands on to buy a 17% stake of the S.African business that valued that business alone at £20.2m at a time when GDP.L's entire mkt cap was £12m.The truth is it would cost GDP.L no more than £250k/yr in buybacks to keep the share price in a 10-15p range. Mkt makers would know they can't drive the price down on small volumes and institutions would be more interested seeing the buyback policy. |
Posted at 02/7/2024 14:49 by lowtrawler kimboy, always good to hear your perspective.Essentially, GDP is being run like it is a private family company. The managers and family members know what is happening but they don't want to tell anyone else. Martin is now an insider and so is unconcerned if other shareholders are kept in the dark. Safeguarding jobs is their key concern, not making money for shareholders. I have said previously, GDP need to provide business cases for the investments they are making. They need to produce a long-term plan and make commitments on dividends. Investments should be at least part funded by debt, forcing them to realise retained profits is not free money. There should be regular and detailed updates on progress with the TSF. As a shareholder, I don't believe GDP treat me as a key stakeholder. There is no doubt, elevating shareholders to a key stakeholder will require GDP to make difficult decisions and add effort to their reporting. They will only do so if Martin insists as he is the only shareholder with sufficient voice. There has been little evidence of Martin making a difference. Whether this is due to resistance from management, capability or lack of effort, I don't know. |
Posted at 27/6/2024 16:21 by lowtrawler ertugral, the market is trying to look forward and value on future cashflows with countless other adjustments including risks, opportunities, threats, management quality, dividend policy etc. Ultimately, the long-term share price comes down to the attributable cashflows either being returned to shareholders or used for business expansion. At any moment in time, valuing using my simplistic method will not deliver any insight to the current price but over a longer period, the share price will tend to reflect the financials. Sometimes that longer period is decades but more normally 5 - 10 years.In the case of GDP, they have been making a lot of attributable profit but it has all been retained in the business. In theory, that should mean growth leading to additional attributable profit but Ghana is the only area of successful investment we have seen. The lack of shareholder returns means GDP sits on a low rating. The poor quality management and problems in SA are other black marks. Hence, we have a share price at the lower end of what the financials would support. |
Posted at 24/6/2024 11:03 by lowtrawler MF, there have been too many banana skins for any shareholder to be happy. Thankfully, the underlying business has continued to generate good profits.The main area for concern at the moment is SA trading and the fact it has fallen over a cliff. Little to no indication was provided by GDP to indicate this in advance. The obvious implication is, if it can happen so quickly in SA, why not Ghana. Hence, there will be a nervousness projecting profitability far in advance and we will retain a low PER. My other concern is the impact of higher interest rates on working capital costs. As we have seen, the interest paid to suppliers on WIP has risen substantially. Again, GDP gave little to no indication of this in advance. We have had some information to indicate how they intend to mitigate these costs but no formal projections. For the share price to improve, we need progress on the TSF and a full plan with timing, income and costs. I have seen no commitment from GDP to provide this. Frankly, what we need is a 5 year plan to see expected trading in SA / Ghana and the impact of the TSF. |
Posted at 21/6/2024 11:53 by lowtrawler kimboy, I think we may as well forget any possibility of money from GCAT.kili should stand as a warning for GDP shareholders. It was a strategic change of direction, paid for from core business profits. The expertise to run a mining operation did not exist in GDP. There is a danger of using retained profits to diversify into non-core areas where GDP lack the expertise or USP to make it a success. I would prefer them to stick with what they know, improve efficiencies and diversify geographically where it makes sense. |
Posted at 03/5/2024 22:08 by kimboy2 Well, the first thing is whether DRD would want GDP.DRD are used to buying up heaps of tailings. In this case they would be buying a heap with a profitable niche company attached. What is more they could buy it with GDP's share of the profit of a theoretical contract, Seems a no brainer to me. If a bid is to be made then Martin Ooi is key. Unless they get him on board DRD cannot make the bid unconditionalas as they need 90% of the shares. They won't be able to delist or mop up the rest of the shares. One or two reasons why I think a bid is better than a 50/50. Firstly DRD is the one in control of the TSF. They can string it out,or duck out or whatever and GDP don't have many alternative routes to monetise the heap. At least not as profitably. If DRD really wanted GDP they could play dirty and GDP shares may be marooned in much the same place as they are now, or less. Martin Ooi will be aware of this,plus the virtual impossibility of getting rid of such a large holding on the open market. He certainly won't want his money marooned for potentially years in such a risky environment as South Africa. The alternative for him is to develop the TSF and pay it out as a dividend. I believe the Aussie tax rate on the CGT of a sale would be half of the income tax on a dividend. I have no doubt that GDP will, in theory, be worth more if they develop the TSF, but cash in hand comes at a premium. I suspect MO is expecting 20p, but would take 17p. he is at an average cost of 5-6p (?). One thing that is never considered is what are MO's personal circumstances. He has a medical practice in Australia. Is he indebted? Would the cash be better deployed in his medical practice? The opportunity cost of the cash to MO may well be the deciding factor,if a bid emerges. |
Posted at 23/1/2024 18:39 by kimboy2 I reckon that the GDP heap is about 3 days supply to Ergo. ISTR that the suggestion was GDP would do about 1-200,000 tpm.Presumably they are not going to stop the plant to put the GDP stuff through. That means that the JORC is going to be the basis of the contract with DRD. It would seem sensible to leave it as late as possible to allow as much as possible to be dumped on there. Presumably DRD have already been doing tests on the material to find out how the GDP TSF fares under their processing. This also will form part of the contract. Once the button is pushed the only thing that will be unknown for GDP is the price of gold. The tonnage, amount of gold and recoverability will already be in the contract. It would seem a reasonable assumption that DRD's process is sub-optimal for the GDP heap. That may be why GDP is so cagey about the recovery rate. The question for the board was whether GDP could have a sufficiently high recovery rate to have compensated for DRD's low processing cost and relatively low capital expenditure. Plus of course the management time that would have been taken up with it. In addition GDP is getting a load of freed up storage space. Probably a no brainer but depends on what % of profits DRD want. I presume that this has already been agreed otherwise what basis are they proceeding on. |
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