Goldplat Share Discussion Threads

[lowtrawler] 04/4/2024 16:46

kimboy, appreciate your views. I'm a little concerned Martin had to intervene on kili. I believe it was obvious to most we needed to get rid.

In terms of the TSF, the JORC is out of date and we have no idea what timeline GDP are working towards. It is an easy ask for them to confirm they will prepare an up to date JORC by x date, expect to have an agreement in place with DRD by x date and will publish a full plan by x date.

Asking for a dividend / buy back policy is not asking for a dividend to be paid or buy backs to happen. They may need to retain cash for the TSF, generators, ore acquisition etc. It simply sets an expectation of how shareholders will be rewarded.

None of what I am looking for would necessarily alter what they intend to do. It would simply allow shareholders to know what it is they intend to do.

[shill10] 04/4/2024 16:41

spot on KB as usual.

[kimboy2] 04/4/2024 15:19

AIUI Martin refused to agree to further investment in Kili, which left only one alternative.

On the TSFI am not sure what people expect to know. We know the tonnage and the grade of the JORC.

The other things we would like to know is the recovery percentage, the processing cost and how the agreement woth DRD will work.

All these are subject to negotiation with DRD, so there is zero chance they will make an announcement prior to an agreement.

On buy backs, given the advanced atate of neogiations with DRD, I suspect that they would be impossible.

On the dividend there was £1.68m in cash at the interims. That is about 1p per share. How much of this do we want dished out in dividend?

Every ton of ore that they buy there are competitors bidding for it as well. That is why they are having to fund up front for so much, which they didn't used to. Of course this is expensive when you get unexpected refinery problems.

[shill10] 04/4/2024 12:59

Do I think communication could have been better? Of course. Am I surprised, of course not. This is a £12 mill AIM microcap. And for all you know DRD may have insisted on a NDA, perhaps they are involved in other similar negotiations at the same time. Either way whining on here will achieve nothing, ditto to Werner/Martin.

[lowtrawler] 04/4/2024 11:28

shill10, you appear to believe Martin has been behind the kili disposal and DRD deal. If so, we are in his debt. I had thought the kili deal was more likely to be Gerard and DRD are most likely to have made the proposal to GDP. If Martin has been actively involved in making these events happen, I stand corrected. I had thought he would only have nodded his approval.

In terms of my "demands". These are about good governance and proper shareholder communication. Activities which any Director should support and which will lead to share price appreciation for little effort. It will help all shareholders, Martin included.

None of us are minority shareholders. You only become a minority when someone control's over 50% of the shares. We should expect good governance and to be kept informed what is happening to our company. As you say, Martin will have the loudest voice on what should or should not happen but we need to understand the direction of travel and it is poor governance to leave us in the dark. It is not possible for us to "trust him to deliver" as we don't know what it is he is trying to deliver and whether this might conflict with the 70% of other shareholders.

[shill10] 04/4/2024 10:51

Either you trust him to deliver and hold, or you don't and sell, that's how being a minority shareholder in a listed microcap like Goldplat works. Dreaming that you can influence a 30% shareholder's plans for Goldplat is extremely naive.

[ih_692232] 04/4/2024 10:32

I am sure Martin cares what shareholders think and Martin has the same problem that other shareholders have - how to realise a profit from his investment
Who will buy his shares - if he tries to sell on a drip basis the share price will shrink
He can sell on a buy out - and if he does we will all be happy
Conversely if he holds he will want a reward from the TSF -dividends of a significant value

He will be pressing the board in the same way as a grouping of shareholder to do these things
At the moment he has made nothing from his investment
Alm

[shill10] 04/4/2024 09:13

you are getting a free ride on Mr Ooi's efforts to turn this ship around, which he has nearly achieved - let's see what his reaction is to your list of demands, I've got a pretty good idea.

[michaelfenton] 04/4/2024 03:59

Goldplat is run like a private family run company. So many fundamental banana skins over the years. Shareholders apart from MO and the Board are not considered or consulted. Too much money that could have been used to pay a Dividend has been wasted and lost by poor management. I have cut my holding substantially to just 100,000 shares in the hope of a decent TD payout.

[lowtrawler] 03/4/2024 23:53

If we can find a way to engage with Martin, what I would initially ask is:

1. A published dividend / share buyback policy - along the lines of return x% of attributable profit over a 5 year cycle.
2. Publication of projections for the TSF. Similar to what you might see in a feasibility study with sensitivities to timelines, metal prices and costs.
3. A statement on how much of the attributable profit from the TSF will be distributed to shareholders.
4. A commitment to publish business cases for any strategic changes of direction (e.g. South America / coal).
5. A commitment that strategic changes of direction will not be fully funded from existing shareholder assets.

[shill10] 03/4/2024 23:50

you will achieve nothing - Martin Ooi has managed to take Goldplat from almost a basket case in 2019 with the Kili disaster to the brink of a transformational deal with DRD that if sealed should send the share price above 20p in short order. As someone who invested at 3p that would make me very happy. Martin will continue doing his thing, if you are happy with that then invest in GDP, if not then sell - if you think he cares a jot what you or anyone else on this board thinks then you are deluded, he's done all the hard work while other shareholders have done zilch apart from moaning :)

[lowtrawler] 03/4/2024 23:35

shill10, we all know GDP has not been run in the best interest of shareholders. When Martin acquired his stake, there was a lot of hope he would cause that to change. Other than a lukewarm share buyback, we have seen little evidence of improvement.


We can give the benefit of the doubt. There have been reasons for retaining cash rather than returning it to shareholders. However, the continued poor communication and absence of dividend policy indicates shareholders are still not high on the agenda. As a director, Martin may not need improved communication and he will likely set the dividend policy which could be why we have seen no improvement.


As a small company, I don't want to distract management from running the business by focusing on us but we do deserve better. A shareholder group is highly unlikely to make any difference but proper engagement with Martin could.

[shill10] 03/4/2024 23:03

total waste of your time...but if it transfers the moaning off this board then I'm all for it :)

[ih_692232] 03/4/2024 21:20

Low
A grouping is in the making why not join up
Martin may welcome further group assistance in pressing the board
The board need to start taking notice
Of what shareholders want and doing something about it
Alm

[lowtrawler] 03/4/2024 16:47

alm2, to my mind the solution is easy. As a Director, we are paying Martin to be the Shareholders representative and so we need GDP / Martin to make arrangements for him to engage with other shareholders. Whether that is through email, a discussion forum, webinar's etc., is up to them.

If we feel Martin is not adequately representing our interests, we may wish to mobilise differently but I doubt that would prove effective. In essence, the hurdle to overcome of mobilising shareholders with more shares than Martin, all speaking with the same voice, would be a challenge.

[michaelfenton] 03/4/2024 15:48

Have emailed you Allan.

[ih_692232] 03/4/2024 14:25

Moves are afoot
Any shareholder wishing to join in a concerted action in respect of bringing pressure to bear on the board can e mail me at [e-mail]
A grouping of shareholders is needed to effect change. Alm

[lowtrawler] 03/4/2024 14:23

MF, with Martin owning nearly 30%, any shareholder action is only likely to succeed with his involvement. He has a place on the Board and can effectively veto initiatives he does not support.

The implication is, he is happy with the coal investment. He is happy at a lack of dividend. He is happy not to publish more information on the TSF. He is happy that nobody in GDP was responsible for the audit issue, Ghana license issue or generator delays. In short, we are reliant on Martin looking after our interests by looking after his own. He was specifically put on the Board to represent shareholder interests and so has a responsibility as a Board member to engage with Shareholders to understand our opinions and represent us at a Board level. I have seen no evidence he has attempted to reach out to engage with shareholders. Perhaps he believes his needs will be aligned to our own and so such engagement is not necessary.

What I am trying to say is we will only get influence through Martin and so must find a way to engage with him.

[michaelfenton] 03/4/2024 13:43

alm2 - what can we do to correct this.

[ih_692232] 03/4/2024 13:29

All of which says nothing about the recent abject failures of the company which have depressed the share price coupled with the complete silence of the company as to the information which they must have at this stage as to the TSF or any intention whatsoever to reward shareholders with dividends from TSF development -complete silence from a tge self focused present board
They are self focused on their financial benefits both now and for the very long term ahead -coal is dramatic illustration of that -which will swallow the cash -they express nothing by way of concrete plans to reward shareholders
With gold the price it is the share price is an appalling reflection on their failings and it is no wonder shareholders exit for they see no rewards ahead
It’s time this board were shaken up by its shareholders
And I suspect that day is coming before too long
Alm

[dangersimpson2] 02/4/2024 22:19

I think the presentation is because they issued H1 results, so not expecting anything big between now and then. The rise seems to be simply because the rise in gold price has cleared some stale holders, presumably those who are disappointed that no dividend has been declared yet. The reality is that the unexpected capex on geneators and making sure the historical TSF gold can be accessed has delayed this a little, rather than being a fundamantal lack of desire to pay dividends or do buybacks.,

The result was that this had become seriously oversold on some concerns over short term issues. With about 1% of the shares traded each of the last 2 trading days it would seem that any overhang is now cleared. So if anything this is the start of a re-rating. However, for this to go materially higher it needs the company to start to deliver profitable quarters in South Africa again.

The gold price doing well should help, both in terms of making more marginal materials profitable to process in SA, but also the embedded value in the TSF goes up significnatly and the impetus to solve the permitting issues and reach a commercial agreemnet with DRDGold accelerates. Long term, higher gold price encourages more mine development which means more mine waste and keeps the Goldplat business model (which in normal times is highly cash generative) going. So while we may not see the high gearing of a high-cost miner, currnet gold prices are great news for the company.

[shill10] 02/4/2024 10:22

market cap £12 mill lol

[smackeraim] 02/4/2024 09:54

Looking much better. Still way undervalued too

[shill10] 02/4/2024 08:36

pure guesswork but Investor Presentation on Monday, having done one recently, would they really bother doing another one unless and until something has been announced on TSF ? Not long to see either way.

[smackeraim] 01/4/2024 10:13

Gold $2260