Goldplat Share Discussion Threads

[kimboy2] 31/1/2023 08:06

Thanks shill10. I no longer find it difficult to believe BDO can be this inefficient.

[kimboy2] 31/1/2023 08:03

Lowtrawler
You would imagine there must be a dispute. I find it difficult to believe that BDO can be this inefficient.

The thing is the accounts were very late last year as well and IIRC the AGM ran in to the New Year then as well.

[shill10] 31/1/2023 08:01

Well Lowtrawler, here's an example of such a delay of several times the magnitude (9 months!), caused by BDO taking on too much work and being short staffed. Given we are unlike Tetrosyl a listed company (and hence far more embarrassing for BDO), one would hope that they give a little more priority to us, but this news clearly makes the cause of the delay likely to be benign for GDP.

[lowtrawler] 31/1/2023 07:53

Kimboy, BDO are not going to provide an audit opinion until they have completed their work. They have had ample time to do so and something must be preventing completion. Usually, it is failure of the company to provide supporting evidence for key disclosures. Occasionally, there will be disputes over accounting treatment but those are generally easily resolved through enhanced disclosure.Given statements from GDP, neither of these seems likely. The more worrying possibility is BDO found a major issue which alters the accounts. Again, GDP are not showing any signs this is the case. GDP are pointing the finger at BDO being incompetent in completing their work. I found it difficult to believe this was the cause of our initial delay causing suspension. I think it highly unlikely to have caused a delay beyond January.We are in the dark.

[shill10] 31/1/2023 07:51

I'm, not worried, just annoyed and angry at this incompetence by BDO. Its been said before, if anything untoward had been found then there's a legal obligation by the BOD to announce as soon as discovered - we have had the opposite, so the cause is a boring a frustrating as BDO not doing there job in time. They will be out the door asap and this will be tomorrow's Fish and Chip paper.

[kimboy2] 31/1/2023 07:47

Q2/23 update is due the beginning of February, before the results.

[arlington chetwynd talbott] 31/1/2023 07:36

20th February now. This is just appalling. We need them to explain exactly how this has happened and what they are going to do about it.

[lowtrawler] 31/1/2023 07:35

They didn't issue a statement until after 2pm on the 20th. I expect the same today. If the accounts were ready, we would have had an early RNS. If they expected BDO to hurry up in response to lame threats, it didn't work.

[kimboy2] 31/1/2023 07:33

Well I would be interested in anyone who is an auditor to tell me what they think is going on.

[arlington chetwynd talbott] 31/1/2023 07:21

This is farcical.

[michaelfenton] 31/1/2023 07:20

WTF no early RNS? Surely they have to declare something today? Or what?

[michaelfenton] 31/1/2023 04:54

No way. daijavu.

[daijavu] 31/1/2023 00:39

Is GDP likely to fold?

[michaelfenton] 30/1/2023 09:05

Suer thing LT not so long to wait and i have been a long term holder and will hopefully continue to be so after witnessing many banana skins.

[lowtrawler] 30/1/2023 08:43

MF, the time to question is tomorrow afternoon.

[michaelfenton] 30/1/2023 07:44

It is Monday today right? And tomorrow is the last day of the month? WTF?

[kimboy2] 28/1/2023 13:44

I can't see a qualified opinion coming out. There just seems very little scope for one given what we already know. That may be a lack of imagination on my part though.

The threat to publish without an audit is clearly designed to gee BDO up. Presumably they want to avoid the embarrassment of one of their clients doing this. No doubt GDP would provide an explanation as to why they are doing this. GDP's explanation would be unlikely to feature in BDO's marketing literature.

BDO let them down on the Jan 20th deadline, and GDP is saying that there will be a price if they do it again.

Hopefully Monday.

[arlington chetwynd talbott] 28/1/2023 11:27

Lowtrawler is right though - if we have to publish without an opinion or with a qualified opinion, this will head south when it should have been springing north. Even if all is well and the ducks are finally in a row, there has to be accountability and an explanation of how this situation will be avoided in future (FWIW I have emailed the company to that effect).

[michaelfenton] 28/1/2023 09:28

Maybe a mess Lowtrawler but we have no idea what kind of mess or who is to blame? Supposition does not really get us anywhere?

[lowtrawler] 28/1/2023 09:15

ACT, we can only wait. I'm concerned what will happen should they publish either without an audit opinion or with a qualified opinion. This is a mess.

[arlington chetwynd talbott] 27/1/2023 17:34

RNS Monday? Hope so: we need to put this episode behind us.

[baht] 26/1/2023 11:35

The main reason preventing Kili being a success I suspect is corruption in Kenya

CORRUPTION PERCEPTIONS INDEX

Kenya 128 out of 180 and getting slowly worse.

hxxps://www.transparency.org/en/cpi/2021

Interesting to note the Tanzania is rated 87 out of 180 and getting slowly better. Of GCAT’s two projects I know which I suspect will become profitable 1st.

Baht

[lowtrawler] 24/1/2023 16:40

Kili ran at a loss for GDP and needed far more investment than we were willing to provide. GCAT has hundreds of people on site developing the mine and so even if they were to get production up to the planned level, any profits would be small. The risk v reward balance just isn't there unless you are a Director / Senior manager pulling in a large salary.

You need financial backers with deep pockets and a healthy appetite for risk to make Kili work. With GCAT losing a key financial backer, the remaining financiers need to assume even more risk. As kimboy says, existing shareholders are likely to be wiped out - either through failure of the whole company or a major financial restructuring.