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Extract from Rns
Strategic Outlook
As well as completing the first Open-Funding securitisation transaction, the Company expects to have delivered on Captive-Funding and Self-Funding initiatives by the end of the first quarter of 2021.
There is a large and growing international addressable market for inventory funding. Supply@ME is aiming for its Inventory Monetisation Platform to be the leading fintech operator in the sector. We expect the number of Client companies being sourced and monetised to continue to grow rapidly, in direct proportion to the funding available.
The model is highly scalable as can be seen by the availability of partners in the UK, Middle East and US to join with the Company to develop an international Platform. In 2021 Supply@ME aims to have started operations in each of these regions.
Directors' statement under section 172 (1) of the Companies Act 2006
Section 172 (1) of the Companies Act obliges the Directors to promote the success of the Company for the benefit of the Company's members as a whole.
This section specifies that the Directors must act in good faith when promoting the success of the Company and in doing so have regard (amongst other things) to:
1. the likely consequences of any decision in the long term,
2. the interests of the Company's employees,
3. the need to foster the Company's business relationship with suppliers, customers and others,
4. the impact of the Company's operations on the community and environment,
5. the desirability of the Company maintaining a reputation for high standards of business conduct, and
6. the need to act fairly as between members of the Company.
The Directors believe they have acted in the way they consider most likely to promote the success of the Company for the benefit of its members as a whole, as required by Section 172 (1) of the Companies Act 2006.
At this time, the Board believes that it is compliant with all ten Principles of the QCA Code. More information can be found on pages 18-25.
Approved by the Board and signed on its behalf by
Alessandro Zamboni
Director
27 January 2021
Directors
The current board comprises four directors, whose details are set out below:
Dominic White - appointed 23 March 2020
Mr White has invested in public markets and private equity for 25 years. He has acquired and managed more than £3 billion of assets across Europe and held board positions at a number of public companies including KCR Residential, REIT Plc, Eight Capital Partners Plc and Limitless Earth Plc, as well as at international investment institutions such as Security Capital European and Henderson Global Investors.
He is a member of the Institute of Chartered Financial Analysts.
Susanne Chishti - appointed 23 March 2020
Ms Chishti brings over 20 years of financial expertise, board-level experience focused on organisational governance, and a strong understanding of t
*emailed
Here kitty
Adamadd
Marlena
I email AZ to ask him about that part if the RNS and find out if it's a historical going concern or current as well as a couple more things.
If I hear back I will post the response.
Yes Kitty, Telsa was losing money hand over fist for about 18 years (I think)
"Syme are in exactly the same position regarding funding as they were prior to the suspension"
Not quite, surely, because existing and potential shareholders and clients are now formally aware that - as at 27 January 2021 - SYME had no 'live' customers and no 'funding mechanism' in place , which might have commercial consequences.
IMO
.."
Analyzer,
"The going concern assessment is based on 12 month look forward from 27 Jan 2021 ie on group as it is now and it clearly says in RNS and that states no investment yet achieved. No doubt those facts escaped your attention."
This is indeed correct.
Syme are in exactly the same position regarding funding as they were prior to the suspension.
This is not new news.
The forward look is just that considering the companies current position.
Any progress on that will be notified, by RNS, to investors directly, not stated in a forward look contained within an auditors report.
I really don't know why you would suggest otherwise.
HereKittyKitty, no problem with you estimates.
If AZ over delivers we will all be pleasantly surprised then !!!
My time frame is Dec 2022.
Lets see what the share price is then!
https://www.proactiveinvestors.co.uk/companies/news/939725/supplyme-capital-expects-to-deliver-on-initiatives-in-first-quarter-939725.html
Supply@MECapital PLC (LON:SYME) has said that by the end of the first quarter of 2021 it should have completed its first Open-Funding securitisation transaction.
In a statement alongside results for the business before Supply@ME reversed into it in March 2020, the inventory financing platform said it also expects to deliver on Captive-Funding and Self-Funding initiatives this quarter.
Q1 2021, that's all I meed to know!!
Excellent.
Ready to Fly ......
Late start flwg long run and outside appt.
Quick skim :
(1) Good that they got the annual preRTO figs done and dusted; let's see what the interims to 30/6 say - when they come out - we know they'll show less than the Sept figs already out;
(2) Going concern issue flagged by auditor , mitigants provided by co, have to look in detail;
(3) acknowledgement that 'origination' *as a metric is irrelevant, funding is key.
*Interesting footnote : "Gross origination" includes all client companies that have signed (1) an NDA, (2) a term sheet, or are (3)in or (4) have completed the onboarding process.
.."the group has a portfolio of interested customers, with SOME having signed term sheets.[ie stage 2] The cash flow model assumes a growth in customer base in line with the INTEREST THAT HAS BEEN RECEIVED in the product but there is uncertainty over the ability of the group to be able to secure these new customers."
In the 4th March 2020 Prospectus, SYME's endowment from Italy included 'originations total Euro 972 million/66 Client companies'.
ATB
Oh and heads of terms not gears of terms.
Sorry in a rush.
Sorry prospective clients, not funders.
Kitty nothing has been securitised, the originations are a pool of prospective funders who have agreed gears of terms.
Funding has not been secured yet - which for me in now the foremost issue.
We are in advanced stages but no means in the bag yet.
[1] "Gross origination" includes all client companies that have signed an NDA, a term sheet, or are in or have completed the onboarding process.
Come on Syme, 165 clients, 2.1 billion euros.
In AZ we trust!!
Angus, stay strong. We , strong investors, want this to work. Honesty is imperative and that is what Syme have done today. They have been upfront, no matter what our opinions are about the rns. Syme want this to work and have the true investor's at heart. Remain optimistic, we will be rewarded here.
Are you referring to me
Calamari, But when its a p-i-s-s Head drunk and pill popper and corrupt failed business person, WHY would you listen to anything this loser has to say ..
Touchy touchy Squid.
Olives for breakfast? Lol.
Squidboy, sleazy doubtmonger tying your best to scare the honest investors eh!! What a sleazebag.
TW reading through accounts is perfectly acceptable. Problem is he won't be reading through the accounts with an open mind or even critical eye. It will be with a biased opinion to panic investors into losing money. #EUA #NOVACYT #previousmistakes
Morning Ladies and Gentlemen,
I have not had time to read through all of the RNS yet. I have seen the figures. looks like a good solid start from what I have skimmed, I will read more of the RNS throughout the day while avoiding my boss.
as I stated above, I see some nice figures, but dont get carried away on hopes and dreams 165 clients is more than I was expecting which is good. this one could be a slow burner for a while as it gathers momentum and a wider audience ( ii's) once/if they notice SYME in a serious light then you can think of your houses and ferrari's
This is all my opinion scattered with a few facts. I look forward to seeing where we go from here.
GLA
Well I have had a really bad few years was very close to taking my own life at one point lost a lot of money on excite energy and cloudtag hope to make some back here
I have always maintained that TW is not the protector of AIM investors from bad companies, he actually exploits PI nervousness by targeting their specific stocks and costs PIs fortunes in the process whilst lining his own pockets...all IMO of course and WTFDIK anyway.
After today's revelations Angus I think you will be getting your house, and much more, this year!!
TW says he is going to read through the findings and then take further action. !! WTF is wrong with the bloke? !!!!
Dreams cost nothing Doc, good luck mate.