Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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"Some massive drama queens one here." - can't argue with that.
I expect bigger buys at this price. Price will recover tomorrow.
Some massive drama queens one here.
Answer on a postcard is they have seen the business model and know they will get a return on their investment when IM is proved.
Stop being a dick.
Strange, probably best hold off until delay trades today or tomorrow before making those claims as I would expect some large sells now. Maybe some large buys too but who knows.
Looks like the market sees this for what it is.
Ignore the doom merchants on here and read the RNS properly.
Sold 182,599,120
Sold Value £639.10k
Bought 276,814,203
Bought Value £968.85k
.."The Company has issued a drawdown notice to Negma in relation to the first tranche of Convertible Loan Notes at an aggregate GBP5,600,000 in par value. Negma is to subscribe at a subscription price of GBP50,000 per Convertible Loan Note for an aggregate total of GBP5,000,000..."
Negma pick up £ 600K (ie 12% up front) on a £ 5 million loan.
And , re .." The fact they're willing to inject funds on favourable terms suggests yet another business has lifted the covers on SYME and liked what they see..."
It's not their money, it's their clients...and they have no need to do DD. What sort of clients are happy to receive no interest on their investment ?
Answers on a post-card...
IMO
.."CLNs (and today's RNS reinforces this fact) do not come with any voting rights associated..."
Sigh.
.."PRIOR TO CONVERSION, the Convertible Loan Notes do not entitle the holder to any voting rights in the Company;
HTH
Rodolfo Galbiati, Fund Director at Negma Group added: "We are very proud to support Supply@me during this period of very exciting growth. The management team is executing a business strategy in line with their ambitions, and the acquisition of TradeFlow will further this work. By creating substantial shareholder value and synergies, this acquisition will continue to drive Supply@me to a rapidly expanding global client base. Negma is delighted to support European Fintech success stories and entrepreneurs."
Not sure this makes me think downward spiral??? I'll stay here and see what happens.... Fortune favours the brave.
"A : If the s/p drops enough, they end up in control."
Come on Extrader, you're cleverer than that. CLNs (and today's RNS reinforces this fact) do not come with any voting rights associated.
Negma have done their own due diligence on SYME, and want to make a return on their investment. The fact they're willing to inject funds on favourable terms suggests yet another business has lifted the covers on SYME and liked what they see.
Three weeks ago, SYME said :
..""The Company intends to fund the initial cash component of the transaction from an investment of fresh capital being finalised with a group of new institutional investors."
Today's announcement isn't 'capital'...and @ £ 50,000 per CLN is clearly aimed at the retail market.
People need to wake up and smell - not snort - Colombia's finest.
IMO
yes only 1/10 is currently in play hence 5.6m with the option for more tranches but not the obligation. Still eye opening but no panic... yet.
.."the scary party of this is the total possible CLN of £56million - half of the current mcap.."
Wrong.
The scary part is that the lower the MCap, the more SYME shares the CLN holders get on conversion.
So - other things being equal - they have an incentive to see the price lower.
The CLN holders are unsecured and are receiving no interest income worth speaking of, what's in it for them ?
A : If the s/p drops enough, they end up in control.
IMO
MannaM,
I will when I see accurate numbers being claimed. If you are happy with this then you can just chill out can't you.
It’s up to the company how many tranches they use, I assume just the first for £5.6m to complete the TF acquisition before the first IM.
They are only taking up the 1st £5.6m not the remaining 90% of available CLN's.
Mick, Read this bit:
Supply@ME Capital plc, the innovative fintech platform which provides the Inventory Monetisation© service to manufacturing and trading companies, is pleased to announce that it has entered into a subscription agreement ("Subscription Agreement") with Negma Group Ltd[1] ("Negma") for the issue of an initial tranche of £5,600,000 of Convertible Loan Notes ("Convertible Loan Notes"). The Subscription Agreement allows for a further nine tranches to be issued at the same par value exclusively at the option of the Company.
mick2.."£5.6 million you idiot..."
The RNS :
.."The principal amount of the Convertible Loan Notes is GBP56,000,000, divided into ten tranches of up to 100 Convertible Loan Notes of GBP56,000 each. The Company has issued a drawdown notice to Negma in relation to the first tranche of Convertible Loan Notes;
-- Following the first tranche, the Company shall have the right (but not the obligation) to require Negma to subscribe for up to nine (9) further tranches of Notes of up to 100 Convertible Loan Notes each, over the next 24 months;.."
AIUI
it must be a typo.
100 Convertible Loan Notes of £56,000 each
that equals 5.6m not 56m
think there is a typo somewhere as the figures don't add up. 100 convertible loan notes of £56,000 each is £5.6m not the £56m it does mention....
That was my initial reaction when I checked what the current Mcap was but I would hope/assume that the only way the company would get to a point of exercising the full value of the £56m loan notes is if the company were seeing substantial growth. So while it may look like a potential of 50% dilution now, the first 2 or 3 tranches of loan notes could see the company grow 2 or 3 times. By the time the 10th tranche is exercised the company could have grown 10 times the Mcap it is now so the total diltion would only be 5%.
Possibly hopeful thinking but when the share prices drops 12% on this kind of news, hopeful thinking is all we have.
Mick, From today' RNS:
Details of the Convertible Loan Notes
The key elements of Negma's Convertible Loan Notes include:
· The principal amount of the Convertible Loan Notes is £56,000,000
If 0.33 is broken then .2 is in play ....timber
I understand the need to raise Finance for the TF acquisition but the scary party of this is the total possible CLN of £56million - half of the current mcap.
Is that level of dilution really necessary - christ knows how long they think its now going to be before they are cashflow positive.