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To be fair, SYME MAY be able to continue/complete its Due Diligence on Trade Flow because it'll largely be relying on historic, already independently verified documents, if the Fund structure is anything to go by :
- Custodian Electronic Title docs : Bolero, UK
- Fund Admin : Apex, DIFC, Dubai
- Legal Advisors : Walkers, DIFC, Dubai
- Auditors : Deloittes & Touche, Cayman Islands.
Presumably the management co's own accounts and other corporate documentation are filed at the equivalent of Companies House, in Singapore.
.."Credit rating jumped so accounts are good..."
The only accounts published post RTO are the audited 2019, which raised 'going concern ' issues in the forward -looking statement. Unless SYME is sharing with analysts something it's not sharing with its shareholders ?
@Parm you are probably right, they will drag and sit as long as possible!
Always expected audited accounts end of June.
TBH I still do!
I have to agree even as a LTH this is incompetent at best and will send out the wrong signals. Hopefully we will not see a major drop today but I would not be surprised if we did.
The new CFO cannot start soon enough and quite frankly the BOD should be very embarrassed having to make this RNS today.
Good luck to all LTH's.
Shambles
Covid excuse is just that, a complete excuse.
All companies, accountants are set for home working, effective and efficient. In the time they've had to produce accounts they could have built accounts from ledgers up over and over again.
Covid extension only really applies to 2019 accounts when world virtually shut down for 3 months.
Doesn't change grand scheme, but does sow doubts.
Management team here need to sort this and quick, they need to rebuild confidence and start acting professionally, as this is amateur beyond belief.
Bonkers this brings back memories of G3E last year with citing COVID as a reason for delaying the accounts :’( that was a bit different though, turned out G3E was about to fail in court in a bid not to be forced into admin haha
More smoke and mirrors. Haven’t seen a single rns from any other company citing COVID as a reason to delay accounts.... this will turn good, but not for many moons. At least a dip to low 30’s will allow many to top up! GLA - marathon not a sprint!
Still get the rns notifications and I feel that there is no harm in providing some balance here
I assume you noticed this 6 months go, if so why are you still on this board ?
This could well be heading into to .2s today as it dawns on more people that getting out of syme would be a smart move. I feel terrible for the people not smart enough to see this 6 months ago.
Not again. It's always 'more jam tomorrow' :-(
Well lets hope we don’t get to May and receive another rinse and repeat rns ....... again !
Totally understand why they've done what they've done.
Probably works to our favour in the long run, worth the wait.
At least they told us now rather than on the 30th
Nothing surprises me with syme
Another day another bad news rns :( . Anyone else think AZ is shorting syme ?
This won’t be well received IMO !
During the current situation, this was to be expected and its fully detailed as to why.
Understandible if there is a lockdown in Italy. . . Won't be much longer. Patience required, as always with any investment. .