Goldplat Share Discussion Threads

[sea7] 20/7/2017 17:03

Gerard talks of raising capital at 10p, well so far Goldplat have raised twice since listing,

April 13th 2007 raised £500k at 10p per share, issuing 5m shares - 109m shares in issue. These funds will be used in connection with the evaluation and acquisition of new mining ventures, primarily gold mining projects, and for working capital.

December 30th 2010 raised £5.5m at 10p per share, issuing 55m shares - 167.12m shares in issue. These funds to be used for banka and Nyieme projects, with £200k of working capital.

..........

The capital raised in 2007, will have gone towards Kili, as that j/v with IGE was announced in June 2007. We are just arriving at profitability ten years later.

The next fund raising, was wasted away and achieved nothing.

If Gerard does raise at 10p, it will be the third raising at 10p since listing.
I sincerely hope that he can do better with the money raised than Demetri did with the previous £6m that was raised.

[1rodson] 20/7/2017 16:19

You really have to laugh at those who claim to know it all and in reality know nothing at all.
So many on these B,Bs have called Kimboy names. I do not go for that childish stuff but when he posts as follows he appears to be very deserving.

So I have one question for the maestro rampet in view of his post copied below; please Kimboy are you saying that only the so called trolls are calling this dead beat share right.

It's down again today just as Dan a Miller said it would be.

Kimboy220 Jul '17 - 08:36 - 4332 of 4332 0 0
I mentioned on the troll thread the rating when GDP was floated and now. The numbers for the first interims and the latest set are;.......etc etc

[kimboy2] 20/7/2017 12:27

Do you mean how much of the £10m mkt cap is attributable to Kili?

The operating profits of the subsidiaries in the coming year will be something like;

South Africa - £3m
Ghana - £1.5m
Kili - £0.75m

Hope that helps.

[russman] 20/7/2017 11:58

So Kili appears to have reached b/even.What would you value Kili at 30th June.

[kimboy2] 20/7/2017 08:36

I mentioned on the troll thread the rating when GDP was floated and now. The numbers for the first interims and the latest set are;


£m H1/07 H1/17Revenue 2.12 14.4CoS -1.63 -12.29GP 0.49 2.1 Admin -0.22 -1.1OP Profit 0.27 1 Mkt Cap 10.4 11




The H1/17 figures of course included £0.7m loss on Kili which has now been reversed.

[1rodson] 20/7/2017 08:30

They won't know how to handle the surplus funds so they will probably come up with yet another madcap idea maybe buying ice from the Antarctic for refrigerators only to find its melted when it gets to port!

[wigwammer] 19/7/2017 22:37

"On that subject I notice that at the placing price of 7.5p the mkt cap was £7.8m, not far off what it is now. "The tangible equity has risen from £3m to £10m over the period.They have built a considerable asset base - more than tripling over time - yet the market cap hasn't changed.If we realise a reversion in the roe the share returns will be sizeable.

[1rodson] 19/7/2017 13:50

And to many RAMPERS pumping it up when with all its flawed holes it was designed to to only be pumped so far and deflate.

[1rodson] 19/7/2017 13:48

And it suffers from the dreaded duo Kimboy and S7 the champion PUMPERS.

[russman] 19/7/2017 13:15

GDP could have been a niche player.Sunk milions into Kili.Too many banana skins.Too few dividends.

[1rodson] 18/7/2017 20:17

No matter from which angle you view this share they just don't seem to be able to get it to work in the long suffering shareholders' best interests.

[sea7] 18/7/2017 19:47

Obviously the valuation they give, post listing is lower than mine, as the aim listing costs of £300k will have been paid out.

[sea7] 18/7/2017 19:32

Once listing was complete and the new entity and structure was set up, the valuations ascribed to the whole group, were:-

£8,059,407 minus £890,430 liabilities, which gave a post listing valuation of £7,165,977.

mcap on day one of trading £7.8m.

[sea7] 18/7/2017 18:57

aim listing valuation

Acquired Gold Mineral resources for a consideration of 79,000,000 shares at 7.5p each.
value of the transaction - £5,925,000 - conditional on goldplat plc listing on aim.

£1.5m cash raised, (which was for - £500k to purchase Goldplat recovery SA, £450K to establish Ghana plant, £300k Aim listing costs and £250k for evaluation of mining opportunities and working capital)

This gives us a listing valuation of £1.5m plus £5,925,000 which equals £7,425,000

Cash and cash equivalents In the company accounts as at January 31st 2006 were £43,915.

Add this to the figure of £7,425,000 we get £7,463,915.

Prior to listing the net current asset value of goldplat recovery was £151,422 when
added to the overall valuation so far, we get £7,463,915 plus £151,422 which gives us a final figure of £7,615,337

(GPL net current asset value - cash £82,567, Inventory £381,368, trade rec - £183,372 minus £495,885 current liabilities is £151,422)

That is how I think they arrived at the valuation.

Just after listing, for the record, the actual equity valuation of goldplat south Africa, which was acquired for £500k using capital raised in the IPO, was £1,553,364 after subtracting all liabilities.

[kimboy2] 18/7/2017 18:09

Historical performance is OK but how did they value it when it floated?

On that subject I notice that at the placing price of 7.5p the mkt cap was £7.8m, not far off what it is now. The company broke even in the previous 6 months to floatation and turnover was £2.5m.

There was of course no Ghana or Kili then, or an 82kozs stockpile etc etc

[1rodson] 18/7/2017 17:04

And don't forget when it was 8 I think Dan called for caution as it was going to 6p and look that's just where it is

[sea7] 18/7/2017 16:18

Sadly Kb, there aren't any comparables to Goldplat.

This is simply about where I believe goldplat should trade based on its historical performance and what it is doing now.

What a gold miner in south Africa is doing is of no consequence to me as Goldplat does not mine in south Africa, nor does it mine in Ghana.

I look at goldplats figures, share price, gold price over the years, its profitability at the same time, where it went after wards, what it was doing and
then make an assessment of where I think it will be going forward.

As for kenya, there are no commercial gold mines in country to compare it against, so again, we can only really look at what goldplat are doing in country.

Each to their own though!!

[kimboy2] 18/7/2017 15:45

I understand why you wouldn't make comparisons with other companies as GDP is in a niche of 1. However investors make comparisons all the time as that is how you make a choice.

If you are to judge GDP on historical evidence then you probably need to judge what other comparators (or as near as possible) were doing at the time.

[sea7] 18/7/2017 13:38

I avoid using other companies as comparisons, as it is flawed. Another company has too many differences to make the data reliable. Comparisons might work if you are comparing companies that do exactly the same thing, in exactly the same jurisdictions,
such as communications companies, however, goldplat does not have any one to peer review against.

I use the ten years of historical data that goldplat has generated about itself to make these assumptions. It was more guess work back in 2007, when I first bought into goldplat, as there was nothing to work with, however, at least now we have a lot of data to trawl through if needed.

[kimboy2] 18/7/2017 12:45

The p/e is difficult because there is nothing to compare it to as it is so niche. Perhaps PAF would compare? It is on about 6 but has a fair amount of debt.

On the capex with a p/e less than 1 they are in effect turning £1m of cash flow into £6m of mkt cap...eventually.

Kili will of course be susceptible to the gold price, expressed in local currency, which is a double edged sword. If gold did go down to $1000 they could mitigate the effect by buying in more artisanal gold, at a lower price of course.

[sea7] 18/7/2017 12:24

As goldplat operates the recovery business on a 20% margin, then even if gold increases, the level of profitability is curtailed somewhat as suppliers take more of the gold back and simply pay for processing and treatment fees. This gives us better visibility over expected earnings, however, with Kili in profit, any decent increase in the POG, will pump up the earning from the mine quickly, which if sustained could justify a higher p/e ratio or just simply a much higher share price.

Ignoring what cannot be controlled such as the price of gold, the big change in goldplat is the move to profitability at kili. If gold drops below a $1000 then kili will start to drag again.

[russman] 18/7/2017 12:19

When they took gdp to the brink.The MM took the spread to 50%.The NMS to 5k.

[sea7] 18/7/2017 12:13

That is true Kb, Goldplat did have a few projects in play, that have a p/e of less than one, however, I am looking at the p/e ratio overall, from the perspective of the market in relation to the actual traded prices and where, goldplat has always been placed, in its market, in relation to its profitability, actual or otherwise.

This historical market positioning allows us, with a fair degree of confidence, to be able to see where the share price is likely to be, based on a range of NPAT, less minority eventualities.

One good benchmark for goldplat is the all time high share price of 16.49p, the NPAT, less minorities was £4.467m, the cash position was £4.575m and an EPS of 2.53p. This gave us a p/e ratio of 6.2. This was in late 2012.

Based on this, I expect the share price to trend around a p/e of 5-6, as has been the case historically.

[wigwammer] 18/7/2017 12:01

Fact - shareholder7 and DD locked in losses here.Pleased a couple of losers are building the wall of worry.Cheers, ww

[discodave4] 18/7/2017 11:59

How do you remove your own posts using the app?Apols, shouldn't have posted, killing time!.Good luck S7 & S7.DD