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GosiaS, If your theory is correct, this could turn out to be a long suspension. Who is to say, they will have all the evidence required to be fully compliant with FCA by June. This could drag on a couple of more months. AZ has to step real carefully if this is to go on a few months, even though syme has a really good business plan, Investors will start losing confidence (look at adamad, he is going crazy).
I'm not bothered when it gets relisted but I don't think this will go on for months otherwise AZ would of given some form of hint. I personally believe we will be relisted this month.
I hear what you are saying but this isn’t some private company that’s been building nicely in background and is ready to pop in an IPO.
It’s still a notion to a large extent. To add another board member you would have to question what they are doing - especially an FD. The accounting so far should have been reasonably simple. A pass over of the books from Abal to SYME, accounting for the RTO and then the rest should have been overhead processing, wages and some accruals and prepayments.
I get you want sales directors, etc, when you’re trying to secure funding and clients, an FD though?
If you trade shares of PLC then it would be good to have FCO or at least Finance Director, who is skilled in running finances compliant with the UK regulations. Would help a lot avoid a situation like this right now.
Confirmation statement is not complicated so I don't see why that shouldn't be on time. I can't believe they changed the accounting date knowing it was likely to cause problems. If they didn't realise they should have done.
Is the company big enough to require a CFO? They’ll be more board members than staff at this rate. They already employ a firm of accountants who should be mopping all this up, and have auditors as well.
And to support my above post, this is the exact text from RNS:
"The Company successfully addressed the technical DTR breach regarding the timing of the publication of its financial statements on 29 January. SYME has since been in regular communication with the FCA in support of the regulatory steps and due process required for the lifting of the temporary suspension."
Hence I think DTR breach of the publication of its financial statements could be one of issue picked up by FCA. Now AZ needs to address hole can of worms and other potential breaches or make corrections to be compliant. If that's the case, he really needs experienced FCO and compliance experts.
I seriously doubt delay in re-listing SYME is FCA fault. I think AZ was asked to supply further evidence of compliance with FCA and other regulations or to make change necessary to be compliant. Or maybe the condition of re-submitting is a submission of full audited accounts for 2020. Looking at the Companies House website, the Supply@Me Capital PLC has a deadline to submit those by end of June 2021. This means we may sit here like ducks till then. Is that a bad news? It's depending what those accounts will show and how cash strapped you are (ie. desperate to get rid of the shares). Usually we see unaudited accounts for a year before hand. Unfortunately not here, which is a shame. Someone has mentioned on this BB that AZ is looking for FCO. Maybe that's what is holding this off.
I think will see what is going on with the business soon - today is another important date in the company's calendar - AZ needs to file his first confirmation statement and on time (deadline 12 April 2021). If hi is not on time with this one either, then this share is in serious trouble.
I am hopeful that whatever is happening now behind the scene is for the SYME's good and will strenghten the company's position on the market and increase the share price.
Buy the looks of things the future is Bright for SYME !imo
Why won't fca be ready, they've only had a whole month to prepare
Why do you think it will come Tuesday ?
It will not be today. FCA will not be ready.
https://www.thenationalnews.com/business/technology/rishi-sunak-reveals-fintech-inspired-fast-track-visa-scheme-in-budget-build-up-1.1173846
Any reason?
Tuesday imo