Goldplat Share Discussion Threads

[wigwammer] 15/2/2023 09:09

Oh how will we ever sell our shares... I just can't imagine.

[russman] 15/2/2023 06:51

& shares still suspended..........

[shill10] 14/2/2023 12:25

no problem Cam

[camerongd53] 14/2/2023 08:56

shill
APologies

I meant 7 months from the end of tthe companies financial year end

[wigwammer] 14/2/2023 05:55

"Gold panning with Dan" said russman at under 2p... now 10p+... reputation in banana tatters lol

[russman] 14/2/2023 04:32

Chairman did not last long.

[kimboy2] 13/2/2023 15:30

Baht

My interpretation of the GKG situation is I understand the correct one.

[lowtrawler] 13/2/2023 14:18

baht, the links are not working again. They were when I posted. Very strange given they are past events. There should be no reason to touch them on the website.

[shill10] 13/2/2023 14:13

cam , the accounts are not "7 months late " - they are about 7 weeks late.

[baht] 13/2/2023 14:11

Thanks Camerongd53

[camerongd53] 13/2/2023 14:05

BAHT

We are in exceptional circumstances where acounts are now 7 months late so I suggest there should be no general form for what information is being provided to shareholders.

AS the directors have been emphatic that the annual report will be in line with expectations, I would suggest that as it could not be construed as misleading the market, there should be no issue. When the results are eventuality out, clarification, updates etc could clear up anything that could be considered misleading to the martket , prior to the listing being reinstated.
I consider in these exceptional circumstances, reasonable communication should be considered best practice.

An issue may arise if there is a major difference between market expectations and final audited accounts

[baht] 13/2/2023 13:39

Camerongd53 as a retired FCA can you confirm if, in accounting circles, it is regarded as bad form to release a quarterly update when the previous years full accounts should have been confirmed but as yet have not. Presumably you cant say production is up 10% compared with the same quarter last year if there is a question mark over last years numbers etc.

Kimboy2 I hope your interpretation of GKG remaining on the board is the correct one. However it could just as easily be a PR exercise to lessen the re-action when the true problem is confirmed, suggesting there is a bigger problem than just a BDO error and if the market reacts worse than expected, GKG could be asked to step down or be sacked if further action needs to be seen to be taken.

Lowtrawler thanks for the update on documents. Unfortunately I have tried again today via Google & MSN to access them and both are responding
"Not Found
The requested URL was not found on this server.
Additionally, a 404 Not Found error was encountered while trying to use an ErrorDocument to handle the request. "

It could I suppose be something to do with my computer settings but I am not that familiar with the controls.

Baht

[camerongd53] 13/2/2023 13:28

Shill
I was thinking of Q2 to Dec 22 not the outstanding annual accouns

[kimboy2] 13/2/2023 12:47

I believe that Gerard has stepped back because of the time commitments over at GCAT. The fact he is still on the board, and the warm remarks from Werner, would suggest nothing untoward.

They have said that the numbers are in line and there was no update to that assessment today. IMV they would have said something if there was something to say.

The finger is still very much pointed at BDO. I suspect that BDO are throwing down a smoke trail of wanting clarifications on minor issues which has delayed things.

IMV the Q2/23 update is more important than the 2022 AR. I am actually looking forward to them as I think that they will make interesting reading.

[shill10] 13/2/2023 12:41

Cam, what reassurance is needed other than "results are expected to be in line with market expectations" (twice) ?

[camerongd53] 13/2/2023 12:05

LT
As a retired FCA I agree with everything you say.
As the market is closed the market cannot really be misled by what they say or even do not say.
The lack of any trading update since Q1 2023 is at best discourteous to shareholders.
Even bland statements such as continuing operations are producing satisfactory results, what the bank balance is (simple stating what the bank reconciliation figures show although this can be influenced by what stock has been paid for! Capital expenditure which is a factual rather than one where judgement is required could be also disclosed.
Shareholders are justifiably unsettled also long silence is not misleading the market as the market is closed.

I suspect BDO are possibly camped 24/7 at GDP which will use management resources, but I would have thought a reassuring (even bland)update (so long as genuine)is required and necessary.

[shill10] 13/2/2023 12:04

thanks Dangers - that tips the scales for me, BDO are clearly a clown show

[lowtrawler] 13/2/2023 12:02

shill10, whether we speculate everything is innocent and about to come good or whether we speculate a problem, we are powerless until the accounts are published and the shares tradeable. Only then are we likely to have the information to make an informed judgement.

[dangersimpson2] 13/2/2023 11:57

It is worth bearing in mind that BDO also appears to be messing Ince around:



Not that I'm necessarily holding up Ince as a paragon of financial control, but there is a pattern here of them missing audit deadlines for more complex small caps.

[shill10] 13/2/2023 11:37

if GKG were taking the hit for anything bad(other than the appointment of a useless auditor perhaps) then Werner would not be stating his "sincere thanks" to GKG and keeping him on the payroll imo.

[shill10] 13/2/2023 11:33

Kimboy, not sure why you've changed your mind re BDO when we already have evidence of them delating the results of another company by NINE MONTHS simply due to understaffing ?

[shill10] 13/2/2023 11:31

All true, but GDP has twice stated that they still expect results to be in line with expectations....which leads us back to BDO as the culprit, like you say though, we must wait and see.

[lowtrawler] 13/2/2023 11:13

My deeper concern is whether the audit has identified an issue requiring investigation. GDP have complex accounting arrangements with their customers and there are also a lot of related party transactions. The complexity of the GDP accounts is way beyond their size. It would not surprise me were the auditors to find an issue.

It has been said that GDP would need to make a statement to this effect if it were happening. As the shares are suspended, I think they could argue for not making a statement until the investigation is complete.

[lowtrawler] 13/2/2023 11:04

cameron, we have been giving GDP the benefit of the doubt on the Annual Accounts, pointing the finger towards BDO. We have speculated they may not want to make trading updates until the audit is out of the way. These may turn out to be valid, we can only wait and see. Similarly, Gerard remains on the BOD and so it is a change of role rather than him leaving entirely.

The share suspension means we cannot know how the market interprets what is going on and we are powerless to act on our own views. My guess is, even if everything turns out innocent, the reputation of GDP management will take a hit and the share price will move back into single figures when the suspension is over.

[camerongd53] 13/2/2023 10:43

There would have been a board meeting, possibly zoom, to approve the change of chair.
They must have decided to say nothing on the information we are expecting that is overdue