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I've been investing on what I read in RNS's and what I see being printed and written about in the industry. Not what I wish to see.
This one is worth a read.
(1) I didn't change the subject matter, I was addressing chalker in the context of 'momentum/hype' investing. The Snowflake example quoted a lot of PI's chasing a few shares. There's a parallel with the 1% of SYME shares available at the placing.
(I2) I quoted Theranos as an example of everyone assuming someone else (usually big/important/well-known) has done DD and endorsed. There's clearly no parallel with SYME because no-one (yet) has endorsed the product, that we know of.
(3) Re NKLA, I said that it had got ahead of itself. Many on this board have acknowledged that it's time for AZ to msge less and deliver more
I'm looking at things as they are - currently , not as peeps might wish them to be. Maybe I should get out more.
... which is all about supply chain management and nothing to do with SYME's business model.
Thanks for this article. This was my takeaway :
"“At its most basic level, the core logic of blockchains means that no piece of inventory can exist in the same place twice.”
EY Global Innovation Blockchain Leader
A very important issue from a tracking/control perspective. Of course, SYME's " USP" is that the inventory doesn't actually move at all...and yet it somehow has to persuade folk that it does.
for the derampers, a little homework on the use of AI and blockchain inventory which you conveniently never mention.
Deja vu? Ground hog day... Reading a lot of what I was last month from the same names.
@extrader, nice change of subject matter there to give other examples. We had already discussed the accounting of the good will, and also discussed how the market reacted to it. SYME is still 50% down from back then as it was over 1p.
You put up Theranos, A company that got to a valuation of £10bn. In the tech health care sector.
What has this or any of them got to do with SYME other that provided a random example to back up your opinion SYME is a fraud?
You post a lot of intelligent looking fluff.
Now adding your own words to suit you to an RNS and saying it's what @savvy & I said to do.
No we said read it, not add your own interpretation.
You accused me off being politician like, however when asked a question, you answer with a different subject matter.
You are a bigger fraud than SYME.
How do you explain the 2 x £250k buys? Spare cash just sitting around. That’s not punt money that’s someone on the inside track.
Extrader .. see gibberish ..
1-it is proven as it’s in the RNS .. the RNS proves it
2-identity .. yes identity of the indirect ii buyer
Note .. both directly and indirectly.. so plural
ventory monetisation service, the strategic PartnerS [NB]above have been asking to SYME to invest - directly or indirectly - into the capital of the Company, pursuant to confidentiality agreements in place relating to the business alliances which are on track
3-completion . Exactly the ending of . We await the news of completion.. again known knowns
4- out of context
Note . The Supply@ME service EXPECTS TO enables strong companies to improve their working capital cycle.
They expect it to happen but until companies tell them they can’t prove it .. what of it?
See pulled apart again .
Now I am rushing. Thanks you D****
Over and out
Re extrader talking about possible GAAP issues (Generally accepted accounting principles) good to remember SYME have Ferrarini now via EPIC.
Epic's Chairman and founder, Guidi Ferrarini, is a founder and former director of the European Corporate Governance Institute, Brussels. He was also a trustee of the International Accounting Standards Committee, London.
Gives me confidence.
..." it won’t be long before I pull you apart again.."
Well, there's always a first time. it obviously wasn't memorable ;-<
5. Institutional equity agreements
By virtue of the huge underserved market and the unique - PROVEN [? WHERE ?]- inventory monetisation service, the strategic PartnerS [NB]above have been asking to SYME to invest - directly or indirectly - into the capital of the Company, pursuant to confidentiality agreements in place relating to the business alliances which are on track. These agreementS[NB] anticipate both broker to broker transfers and open market transactions
The Company will provide full details of THIS [IE ONE] institution's financial support, and ITS[IE ONE] identity, following COMPLETION of the contractual arrangements and the ADVANCEMENT [?] of the contract referred to the business streams above.
Supply@ME INTENDS TO enables businesses to generate cashflow, without incurring debt, by monetising their existing stock. Before a business has found an end-customer for its inventory, the Supply@ME platform WILL enables them to sell ("monetise") their stock and receive cash immediately to boost their working capital. The Supply@ME service EXPECTS TO enables strong companies to improve their working capital cycle. SYME does not PROPOSE TO monetise inventory for companies in financial difficulty or with inventory that they are struggling to sell.
As weathergeek has said, you have to read what an RNS says ...and what it doesn't.
Gotham,, you may be right. But looks more like two people using same account.. a few posts are brilliant then complete gibberish ..
Don’t know, don’t really care, but he/they sure is a better deramper than Chalker
Anyway work to be done, dogs to walk.
Good luck and best of health
@extrader. Agreed. The comparisons some are making to companies like Facebook and Amazon are just ridiculous. There is no natural monopoly here. Similar financing arrangements such as invoice discounting or reverse factoring were all at one point designed by one company. And these schemes actually worked! But other finance companies just quickly copied them. And now they are offered by all.
I've gone to the 10th Sept RNS as you've suggested and borrowed weathergeek's pen :
Supply@ME Capital plc, the innovative fintech platform which [INTENDS TO] provides a unique, market leading Inventory Monetisation(c) service to European manufacturing and trading companies, is pleased to announce the following updates.
1. Securitised Note Issuance (through StormHarbour Securities)
As planned, the Company has received OFFERS, SUBJECT TO CONTRACT (THE DEVIL IS IN THE DETAIL] from a number of large, global institutional investors, to provide funding, in the form of securitisation notes, in order to monetise more than EUR300m of inventory. There has been strong demand from a number of investment funds (including private equity and multilateral financial institutions supporting businesses that are promoting post COVID growth) which are individually requesting exclusivity for the securitisation notes issuance, and which are also REMAINING AVAILABLE for strategic support to the Company for the next funding rounds. The Company is currently analysing whether to syndicate this first securitisation issuance or work on an exclusive basis with one of the Funds mentioned above. Meanwhile SYME is keen to complete the signing of binding contracts with regard to the Client companies forming part of the securitisation portfolio by the end of September[IT IS..ARE THEY ?].
2. UK Programme
The funding due diligence provided by a leading UK capital markets organisation has been positively completed. The Company is negotiatING a funding term sheet [TERM SHEET IS AHEAD OF MoU, BUT BEHIND 'HEADS OF AGREEMENT] in order to commence delivery of the inventory monetisation SERVICE in respect of the first portfolio of UK Client companies.
3. Italian Sell-funding agreements
The Company has agreed the key terms of the partnership with 2 local Banks. With one of these, the Parties are STUDYING a more extended relationship. Pursuant to banking regulation, the agreements with SYME will be approved by the relevant internal committees by the end of September.[HARD DATE]
Furthermore, the Company has been INVITED TO A TENDER promoted by Finlombarda (the main Lombardy public bank) in relation to FINTECH SERVICES (?) to be provided to local SMEs. IF IT'S A TENDER, OTHERS ARE IN THE RUNNING.
4. Middle-East Programme
A Shari'a assessment on the Supply@ME Platform provided by an internal specialised department of a global bank has been positively completed. This Bank WON'T PARTICIPATE ITSELF BUT has also IDENTIFIED a local Funding Partner AVAILABLE to SUPPORT the UAE Programme of SYME and iMass (MENA strategic Partner - as announced by SYME in the RNS of 10 August).
The Parties above are currently agreeing a MEMORANDUM OF UNDERSTANDING [= TALKS ABOUT TALKS, BEHIND 'HEADS OF AGREEMENT'], details of which will be published in a separate announcement.
I can see you don’t understand shares so I will use the filter on you, good by looser.
Extrader very very naughty
WE ARE SYME only. Not any other company
Let's see what transpires by 30th September, (new) end of SYME's trading year.
Accounting not published till January as you know, but yes let’s wait till 30th sept .. we shall talk then.. till then your viewed as the rest of them placing doubt when we can all read the 10th RNS.. so till 30TH September have a good few days as it won’t be long before I pull you apart again
gregorio, I have noticed that the share price usually takes a downturn after a reverse split (usually because they are angling for a rights issue) but AZ has already addressed that the bigger institutional investors will not invest in penny shares. so I'm not sure, could be a good thing for the SP.
Gregorio do one with your repeat posts and annoying bs. It’s based on absolutely nothing.
.."This is becoming quite interesting. I'm sticking around for a while..."
I'm a big fan of 'disruptive' technology and would really like this to succeed. But - if success ultimately depends on a (favourable) re-interpretation of 'GENERALLY accepted accounting principles' - by definition SYME won't have a moat. It MIGHT have 'first mover advantage' but not for long, AFAICS.
Whilst awaiting news here, you might have a gander at the Weekend FT (pp 11 and 12) which gives some interesting insight into PI behaviour in Snowflake , a company priced at 35 x NEXT year's EXPECTED SALES ('the high volume came from retail investors furiously trading the same limited number of shares'), Theranos ('It appeared that each new investor or customer assumed the others had done their homework') and Nikola (' a company whose lofty ambitions are not matched by the state of its development').
Let's see what transpires by 30th September, (new) end of SYME's trading year.
Does anyone have any idea if the upcoming consolidation will be 50=1 or 100=1 in my opinion it will be 100=1 but that is my take on it, I have never noticed that it helps the share price in fact it almost always goes down.
Probably and Extrader you are talking to one person with multiple accounts. Extrader claims not to be an accountant but acts like one. Its a writer with financial knowledge. Someone who can convince someone that he knows what's hes talking about and can twist it to his way of thinking.
Extrader, love your effort but somewhat deviating from the actual conversation about accounting regulations
‘The transaction was effected by way of the issue of consideration shares. Due to Supply@Me Capital plc effectively having no substance’
Institutions investing here, note plural,. straight from 10th RNS, see there is substance or they wouldn’t be invested
The chair sees value at 0.7p,
So sorry I don’t agree again
Have good day extrader . Need to get going again ... onwards sir forever onwards
Stop looking back ... look forward ... we have ,,,,, PEG
Is Chalker TW in disguise?? ;-)
@Chalker, again you have not answered my question. You have no investment here, what do you care, what does it have to do with you? Surely if you are that concerned there may be other channels you can go down? I thought this was for investors, to share the good the bad, positive, negative?
It has nothing to do with you, people here and I am one of them have savings invested and happy to hear from like minded investors. Just do not understand your agenda???
‘oh sorry all we forget or missed a regulation, the games off’ .
Unfortunate example, I fear : that , or something fairly similar is pretty much what happened in the change of accounting treatment of the Consideration Shares, between Prospectus and the 30/6 RNS Interim Statement , wouldn't you agree ?
To recap :
..."PRIOR TO THE COMPLETION of the reverse acquisition, the current directors considered Supply@Me Capital plc did not meet the definition of a business in accordance with IFRS 3. Consequently, the reverse acquisition has not been accounted for as a business combination, but as a share based payment.
On 23 March 2020, Supply@Me Capital plc [NEVERTHELESS] completed the following transactions, details of which are disclosed in the prospectus dated 4 March 2020 (the Prospectus):
-- reverse acquisition of Supply@Me S.r.l., a company registered in Italy;
-- placing of 331,604,094 shares; and
-- admission to the Official List and trading on the London Stock Exchange's Main Market.
The transaction was effected by way of the issue of consideration shares. Due to Supply@Me Capital plc effectively having no substance, and that Supply@Me S.r.l. was acting as the parent company, the consolidated Group is accounted for as a capital reorganisation rather than a business combination. These interim financial statements have been prepared, in consultation with our accountants, on the basis that Supply@Me S.r.l. is the accounting acquirer and Supply@Me Capital plc the accounting acquiree....
As such, from an accounting perspective, the previous comparatives, and any results prior to 23 March 2020 of Supply@Me Capital plc have not been presented and the assets and liabilities of Supply@Me S.r.l. have been recorded in the consolidated financial statements at their pre-combination amounts..."
So in the Prospectus, the Consideration Shares have an ASCRIBED value of £ 228M, of which approx £225M is classified as 'intangible ie goodwill", barely a week later, under the new presentation, that amount is WRITTEN OFF.
Apologists will no doubt rush to say that this is all legal - and it may well be - but it looks awfully like sharp practice to me. I think you're right that investors, funders and borrowers will all scrutinise every detail before signing up...or maybe let someone else go first and see how it plays out in practice.