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Share Name Share Symbol Market Type Share ISIN Share Description
Goldplat Plc LSE:GDP London Ordinary Share GB00B0HCWM45 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 10.25 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 24.81 -1.97 -1.87 17
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 10.25 GBX

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Posted at 07/2/2023 08:20 by Goldplat Daily Update
Goldplat Plc is listed in the Mining sector of the London Stock Exchange with ticker GDP. The last closing price for Goldplat was 10.25p.
Goldplat Plc has a 4 week average price of 0p and a 12 week average price of 9.85p.
The 1 year high share price is 12.75p while the 1 year low share price is currently 6.55p.
There are currently 167,782,667 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Goldplat Plc is £17,197,723.37.
Posted at 31/1/2023 17:54 by camerongd53
As a former auditor something is seriously wrong.
I would have thought that a significant and publically quoted audit should never get close to the apparent shambles GDP is in at the eminent and that is an understatement
The audit I would have thought should consist of 2 stages:-
1. Interim audit where operating transactions are tested for fraud, reliability etc together with a review of each month's results to see that the reporting systems (trial balance etc.) can be relied upon to produce accounts and the annual report. I would expect this to be completed by approx. the 9 month stage. Therefore any issues discovered can be addressed and resolved by the year end. This should require open and good communication between the GDP finance staff and BDO auditors. All issues should should be addressed and resolved by the year end.
2. Final Audit includes a review of the last quarter's transactions and results for unexpected movements, outturns etc. which will give us the P&L account figures. Verifications of all balance sheet amounts for which the reliability and reasonableness should and will have been tested during the interim audit.

Based on my experience as an auditor, and as detailed above, there is no reason for not having a completed audit within 4 months of the year end.

GDP issues quarterly update approx. 4+ weeks after quarter ends which implies the company is happy with their procedures.
The December quarter 3 update is now due.
The full set of interim accounts would normally expect to appear in a matter of weeks.

Being flippant I note the audit report is now only due by 20 February - did they say the year was 2023 or 2024??

Posted at 31/1/2023 09:31 by shill10
Alm, take a breath mate, you'll give yourself a heart attack. We are all angry but as above by far the most likely cause is BDO understaffing/incompetence - if that is indeed the case then of course BDO will be fired, but as it says in the story I posted, if BDO refuse to resign then Goldplat can do nothing to remove them until they complete the audit. The sad truth is that BDO likely know that Goldplat will fire them and are thus more bothered to keep other remaining clients happy rather than GDP, thus lengthening the delays further. They may well have insurance to cover any suing of their firm by GDP, taking that leverage away also - so we just have to sit and wait, for me little blame attached to GDP BOD as yet, let's see.
Posted at 31/1/2023 07:53 by lowtrawler
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.
Posted at 28/1/2023 13:44 by kimboy2
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.

Posted at 23/1/2023 17:17 by baht
Some folk seem to forget that as a LSE quoted company there are very specific rules and regulations regarding statements that a Company can release and how they do so.

We have to accept that the Final figures will be released by the end of January and in accordance with LSE rules the suspension will be lifted once the results are available.

It has been suggested that the Company’s handling of this matter has been poor, they should sue whoever is responsible, sack the Auditors etc. even that the lack of news will damage the share price when the suspension is lifted. I would equally suggest that if all the BB’s are posting such negative interpretations of what may or may not be happening these are just as likely to damage the initial share price when trading commences.

STAY CALM AND CARRY ON

I think it likely that there will be a GDP webinar in the next 3 to 6 weeks where it is also likely that shareholders will be able to put questions to the CEO. Lets hope some well fashioned questions, based on fact not speculation or fiction, will be raised.

In conclusion I expect to wait to see the Results and the immediate impact it has on the share price in the weeks immediately following the restart of trading, listen to what the CEO has to say, and finally how the Webinar questions are answered. Then I will join the lynch mob baying for the sacking of the “Culprit/sR21; but only if one exists!

฿.

Posted at 19/1/2023 19:51 by kimboy2
Whatever the communications failures between BDO and the SA auditor the GDP FO should have been on the case and harrying. Perhaps he was and was just ignored.

Frankly I think BDO have bigger embarrassments than GDP. There is HOME for a start. Whatever the reason GDP will have scored another own goal tomorrow if the results aren't produced, whatever the wording said in the RNS about being 'on or around'.

I am told it is purely an auditor issue, and the company is doing well. Given that the price of gold is presently over 33k rand it would be surprising if they weren't.

Posted at 29/12/2022 04:17 by baht
I've been a GDP shareholder since pre IPO days, and whilst we have seen similar delays etc, this feels a little different. No one has commented on the supposed technical charges to the issue of new shares etc. Perhaps ACT with his knowledge could add some clarity here. As Kimboy pointed out: why have the the board used similar but different wording to say what appears to be the same thing regarding Share Options and allocations?

The FD is and probably rightly so in the firing line for the Accounts delay and the 15%+ drop in share price that appears to accompany the delays.

I am glad we are out of "Kili". What started as a fantastic junior miner project soon became bogged down with dubious politically caused problems which of course had nothing to do with GDP's refusal to provide small brown envelopes to government fixers after they realised that Kili was a going proposition not a played out old pre-War mine.

Many folk here have also assumed that "In line with expectations" means the figures are all but guaranteed but most have omitted the important words
"Expected to be .."!

I would loved to have been able to go to the AGM but am in Viet Nam, too much of a commute.

I hope the AGM has no unwanted surprises for us.

Finally I'd like to wish all GDP holders a Happy and hopefully prosperous New Year.

Baht

Posted at 14/10/2022 07:54 by shanklin
Thought the GDP share price had escaped me, so under 9.5p was a bonus albeit could only get 125k in two trades. 9.226p to sell so spread a lot narrower.
Posted at 19/8/2022 13:23 by kimboy2
Well done sea. Some real information at last.

The third party was always going to be DRDGold. I presume the 5L23TSF is a dump they have acquired and going to process at Ergo. There seems to be a small spur to connect with the pipeline from GDP.

It is DRD's project and presumably they are in charge of the timeline. The timeline given is 2 years for construction and operations for 4 years.

It may be a phased construction which allowed GDP's material to go earlier then the 2 years.

If the processing of GDP's tailings take 4 years then that works out at about 30,000tonnes and 1700 ozs gold a month going down the pipe.

With the various assumptions that might yield about a $0.5m profit to GDP per month.

If the project was phased then GDP's material may go a lot quicker as there will be none coming from the other dump.

This may make sense as it would avoid the mixing of material which was an identified problem with GDP's material. Also presumably a better recovery rate, as well as some cashflow for DRD during construction.

I estimate the pipeline is 10 miles long, though there seems to be a spur to GDP. Presumably only this spur will be attributable to GDP's material.

The cost of an overland pipe of 500mm appears to be about £3-5m.

Posted at 26/7/2022 13:02 by lowtrawler
Norry, I can understand your concerns. GDP have been habitually undervalued for years. There are a number of reasons to be optimistic for the immediate future:

1. Martin Ooi is now in charge of generating shareholder value and as he holds almost 30%, he is well incentivised.
2. They did some share buybacks recently and we can reasonably expect those to continue at some stage.
3. They are generating sufficient cash to also introduce a dividend.
4. After years sitting on the back-burner, they seem well positioned to commence exploiting the TSF and that is likely to be worth our current share price.

Their past difficulties have resulted from moving into pet projects that failed to pay-off. The only current initiative that may fall into a similar category is their expansion into South America.

IMV, if they introduce a dividend, it will bounce the price over 10p. If they manage to unlock the TSF, a special dividend of over 10p could be on the cards as the cash is realised. If their improved trading profit is consolidated and becomes the norm, dividends could reach 2p or more and the share price 20p (without the TSF).

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