Serabi Gold Share Discussion Threads

[golden prospect] 28/9/2021 11:22

It's clear we all share a similar frustration. One can imagine that without the covid aspect, the fraud may have continued for many a year. Less visits from UK staff provided a window for greater indulgence for those seeking opportunity. Or perhaps it was a case of UK staff looking more closely at protecting the business during a difficult period that gave rise to greater scrutiny. Either way, the overall impression is not great.

[ppvn] 28/9/2021 10:42

Hi tightfist (et. Al.),

Whilst I agree that operationally serabi did pretty well during 2020 through the lens of this expenses quagmire the local staff have basically done a great job to nick a large part of our profits!

The further skeletons were an unwelcome development yesterday and really does smack of lack of attention- a $1.7mm hole with provision for a further $400k entirely covers the Greenstone bonds for example - very frustrating.

I'd like to think that Mike and Clive would show their support to the company by buying shares on the open market as many have suggested previously. With market confidence in serabi being so low that is the bare minimum I'd expect from them - it would at least make me think twice about casting a protest vote when we are next able to anyway.

Not happy with the further developments in the fraud but I suppose onward and hopefully upward.

[tightfist] 28/9/2021 08:26

Hi Sherry, the potential for "Throwing the Babies out with the Bathwater" comes to mind..The pilfering of $1.763m is of course deplorable - and enabled by a formerly trusted senior local manager and their colluders is even worse (Compare P68 of the 2020 report with P57 from 2019?). However, what-is-done-is-done and surely we need to focus on the adequacy of the countermeasures - the Audit Committee statement on P78 and the Concentrate Sampling for Assay revised procedures. SRB/SBI should emerge as a stronger and ultimately more valuable company..IMO it should not detract from what was achieved operationally in an extraordinarily difficult environment - others may have a different view. I am looking forward to viewing uncontaminated H1 results shortly and regular updates on Coringa progression..Cheers, tightfist

[king suarez] 27/9/2021 17:43

Means the upcoming interim results will be better than the 2020 'Report and Accounts' figures we've just seen - and not include stuff about missing cash(!) thus will be a clean slate showing improvement all round..

[borisjohnsonshair] 27/9/2021 17:31

What do you mean by this?

[sleveen] 27/9/2021 16:39

Imminent interims should show the R&A figures a clean pair of heels.

[glasswala] 27/9/2021 15:35

The market has lost faith in them. Especially after they stated 340K US cash loss which actually turns out to be closer to 2m US what a bunch of bozos these BODs. Unfortunately the clowns are us PIs as they are having a good laugh at our expense.

[borisjohnsonshair] 27/9/2021 12:17

It's not being suspended, is it Bell-end???? Buy or jog on!!!

[plat hunter] 27/9/2021 11:51

2 million quid over 4 years.. what was SRB's total net profits over the same period?

[golden prospect] 27/9/2021 11:50

PH, i guess we shall have to wait and see if the top 4 holders (64%) agree or not

I'm prepared to look forward to the bigger picture.

[plat hunter] 27/9/2021 11:48

Anyone can react to an event retrospectively, good corporate governance is meant to mitigate the opportunities for negative events to even occur in the first place.


What else aren't they're getting there heads around, just sitting at home waiting for the next kick in the teeth from some cad who has identified a way to exploit their incompetence.

[loganair] 27/9/2021 11:46

I notice this year Serabi are not giving any estimates for gold production for next year and any forward years.

[plat hunter] 27/9/2021 11:44

It's not good enough GP.. There's only one reason why this happened and that's CL.

[bad gateway] 27/9/2021 11:35

Shame we're all nominee accts nowadays otherwise we could get the 5% necessary for a vote to oust him.

[loganair] 27/9/2021 11:34

Anyone remember Serabi saying when there new ore sorter gets up and running they'd be a 50koz producer.

It was fully up and running last year and still unable to get above 40koz.

[plat hunter] 27/9/2021 11:32

CL at the very minimum needs to go

[golden prospect] 27/9/2021 11:25

PH, the consolation is most of the cumulative pilfering has been accounted for in previous periods, so now it's all about looking forward.

Once the interims are out I would like to see MH/CL increase their share holdings rather than carry risk free 85p options.

[plat hunter] 27/9/2021 11:18

2 million dollars nicked and the CFO didn't have a clue. Let's be honest if you was that way inclined you wouldn't even attempt it, if your boss was on the ball would you?


Damning verdict of the BOD's contribution to corporate governance.

[bad gateway] 27/9/2021 11:09

True the results look more than ok but they hadn't come clean on the level of theft so had to add more in the results RNS which has distracted potential buyers from the "good news" imo.
CFO resigning would likely have got a rise.