We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Hi Weathergeek,
.."Article talking about 2019..."
Not so. It was written in March 2020, in the context of the RTO, justifying the step-change in valuation of SYME , from Euro 25 million to £ 225 million, by (1) deeper investment pool because of extension to 3 years/ better yield possibilities (2) now 'bullet-proof' legal structure, after investment of Euro 1.5 million and (3) the pipeline of business that StormHarbour was about to generate.
I fully accept that the journalist may have misheard/misunderstood/misquoted......if so, a prudent CEO would have managed expectations back to reality at the time.
ATB
Article talking about 2019.
3.5 billion euros in 2023
RNS - Sept 2020
In addition, Epic will perform part of the due diligence process in order to increase the scalability and efficiency (time to delivery) of SYME's onboarding process, contributing to the achievement of the Company's short and long-term commercial objectives.
The business alliance targets 75 Client companies originated by the end of 2020 and 250 during 2021.
RNS - Sept 2020
Obligated bank buying securities
o €4bn by the end of 2021
o €5.5bn end 2022
o €7bn end 2023
o €8bn end 2024
Cont...
My takeaways (with the caveat that there may be some journalistic license and AZ exuberance in the above) :
(1)"SYME" has gone from an equity value of Euro 25 million in June 2019 (extrapolated from a Euro 2 million investment for 8%) to an equity value of £ 225million in March 2020 (extrapolated from a 1.01% Placing Proceeds of £ 2.2 million). The balance of the 'equity value (ie 99%)' was made up of Consideration Shares, this value has since been written down/off as 'Deemed costs of listing' ....£ 224.4 million.
That's a lot of advisor's fees and 'corporate hospitality ' ;->
(2) The difference in ascribed value comes from the 'pipeline of future business' (see below) and a Euro 1.5 million investment in legal fees 'to have a bullet-proof structure'. Both are - Sept 2020 - as yet untested/unproven propositions (or, at least, not yet RNSable)
(3)The only specifics in the pipeline quoted in March 2020, were that StormHarbour would bring to market a Euro 250m + deal by April 2020.....as 1/4 tranches, hence the Euro 1 billion.....
(4) The seed investors , who got 8% of SYME in June 2019 for Euro 2 million , appear to have ended up with nearly 15% (3 x 4.98%) of SYME postRTO in March 2020, ie 3 x 1.63 billion shares 4,890,000,000, 'worth' on paper at peak £ 48.9 million and even today £ 25 million.
Nice work if you can get it. Euro 2 million to £ 25-45 million in a year....But only 'real' when you sell.
So far, on the above numbers/background, SYME is more a case study of 'financial engineering' than of 'fintech'.
The coronavirus is both a problem (delay) and an opportunity (demand), let's see how things pan out over the next few months.
But - in apparently suggesting in March 2020 that StormHarbour would have a deal ready in April - this appears to be another (fairly extreme : one month ?) instance of AZ 's enthusiasm getting ahead of the 'actualite'.
ATB
Buys flooding back in looks like heading back up
Hi all,
Interesting release from hxxps://bebeez.it/en/2020/03/18/italys-fintech-scaleup-supplyme-will-list-london-march-23-with-227-5-mln-pound-market-cap/
Gives some new background. Extract :
.."Supply@ Me is today 92.2% controlled by TheAvantGarde Group spa, which in turn belongs to Zamboni and other investors, while the remaining 7.8% is owned by a group of investors who in June 2019 had subscribed to a club deal investing 2 million euros in capital increase, based on a 100% equity value for Supply@ Me of 25 million euros . At the end of the operation, TheAvantGarde Group will dilute to 72.95%, while Equita sim and Ceresio sim will enter as new investors on behalf of their private customers, and the Maltese asset manager Parrot Capital (Global Capital Plc), each with 4.98%.
Supply@Me operates in the segment of the so-called inventory monetization, that is, the enhancement of the warehouse of industrial companies....
The important updated assessment of Supply@Me compared to that of mid-2019 is due to the fact that in the meantime “the company has originated contracts with client companies for the disposal of the warehouse for a total total of over 900 million euros and that it is three-year contracts, which offer investors of securitization notes a more competitive yield range than financial products existing on the market in the context of working capital”, Mr. Zamboni explained to BeBeez, adding that “in the meantime we are signing agreements with institutional investors” and that “we have invested more than 1.5 million euros in legal fees to have a bullet proof structure and be operational from this year “. And Mr. Zamboni added: “In April[2020], we will bring our first issue on the market for a value greater than 250 million euros, which will be placed by an important UK operator [StormHarbour] with which we have an agreement for a total of one billion euros of issues distributed in four tranches and we have a target of 3.5 billion euros in 2023 “.
THAT's the source of the 'new' Euro 1 billion business.....
Continued......