Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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I expect a good rebound after yesterdayβs RNS.
GL
Bet you're fun at parties Trev
As an ex-auditor I can't see what the excitement is all about. If Banco wanted clarification re the audit report, I'm sure they would have received a copy anyway, no need for it to be put out in a RNS. Most conveniently, everyone appears to be ignoring the fact that the auditor expresses doubt over going concern:
"Material uncertainty relating to going concern
We draw your attention to note 2 which indicates the existence of uncertainties in relation to assumptions about future trading and the quantum and timing of financing transactions that support the going concern basis of preparation. As stated in note 2, these events or conditions, along with other matters as set forth in note 2 indicate that a material uncertainty exists that may cast significant doubt on the Group's and company's ability to continue as a going concern. Our opinion is not modified in respect of this matter."
All the audit report has done is confirm the accounts (within materiality levels) were prepared in accordance with statutory requirements,, nothing more, nothing less. It does not guarantee that the company is solvent/can continue operations for the next 12 months, quite the opposite, they have clearly stated there is material uncertainty as to the company's ability to survive.
TG2D - ππΌππΌππΌ very well put π
For clarity I believe yesterday rns was important. Awaiting next rns.
Positive RNS and clever timing. We could actually see a positive few days coming up.
WL will, as always, transform sentiment and positively see us move back to .15 level May 23. This has room for a huge re-rate.
Peakhope
It's a requisite for Banoco BPM that it's supplier has a clean audit before contract sign off hence the thoroughness and detail of that RNS's.
The key reference is 'independent' I'm the title that signals that this detailed request was triggered by the bank need when vetting potential suppliers hence the lengthy detail and transparency not just covering SYME but the three companies that form the trading group another clear 'signal' this is a formal bank driven requirement before contract sign off and for Banoco BPM to then be in a position to notify its own investors of the contractual engagement. SYME is small but the WL IM loan product would have a 'material' impact on the banks profits freeing up idle cash on its banks balance sheet and matching short term lending to short term customer deposits hence NIM margins and risk management enhances for Banoco BPM...hence the bank will itself announce an RNS to confirm on boarding SYME as a new key product supplier.
Unfortunately not - just speculating on the news and what it could possibly mean- bpm signing sace agreement is a positive imo and does pave the way for WL as it adds an extra layer of security for them - todays RNS just confirms end of year results are accurate and no breaches in filing - being independant auditors gives it credibility not sure why syme needed to do it weather it was forced or the boards decision to do it is unclear but I welcome it all the same and see it as positive - it could be waiting for bpm to sign sace agreement is the last hurdle before WL hopefully we find out very soon - tomorrow would be good for all invested and would reduce the risk significantly ππ€
Do you know something peakπ
Jarv55 you will find this in every report on the market it is all perfunctory required statements lol. IMHO DYOR
this will go up 15% in the morning then back into red at close! same **** different day!!
Not if we get an RNS in the morning confirming bpm WL - no one knows what will happen but some try to mislead π
Jemini one thing I can guarantee you have no idea what the market will do. Nor do we.
I see an RNS and can then see a big sell off.
Letβs watch it play out shall weβ¦
I am aware of those risks and i have highlighted them before , however IF WL gets underway with the juice men from the banco those risks will diminish considerably. This could all still blow up in our faces but for now at least there is still a chance we may get paid out...
Before everyone gets carried away I would suggest everyone reads the risks in the Annual report.
The independent audit , albeit for 2023 , and Banco signing up to SACE are all part of Banco & SYME positioning themselves for take off re WL then perhaps we shouldn't be too surprised because that is exactly what we have been waiting for. If indeed this is all about to kick off it will be interesting to see how quickly it can scale up , that is the critical factor , that's where the luca is , repeat , repeat , repeat...
I am in a - I'll believe it when I see it - frame of mind but we certainly are due some reward after such an agonising purgatory of waiting π€
G L A
I wonder if Bpm could take some of our equity for cash.
The WL Transaction
BBPM is Italy's third largest financial services group in terms of assets; of which over ?100bn is accounted for through loans and advances to their customers[1]. BBPM has a deeply rooted presence in the northern regions of Italy, including those with the highest industrial concentration in Europe.
The achievement of the commitment for the WL Transaction is a key milestone for SYME which involved the collaboration across a highly qualified working group consisting of the dedicated functions of BBPM, the WL Client Company, external legal specialists and an accounting team made up of two different Big Four accounting firms in Italy, of which one is the auditor of the WL Client Company.
We are still waiting for this to happen.
Could we see that long-awaited RNS tommorrow morning or Monday that is the key question?
"The allegations of mispropriety {sic} and director duplicity are now firmly put to bed!"
Let's not get carried away - AZ is still a duplicitous cretin with his fingers in far too many pies who has mercilessly shafted every decent long-term shareholder who was excited by his vision and invested at any point prior to 2022, and still has a long, long way to go to deliver any kind of value for those who've invested since (even the amateur and evidently sub-par traders who entered last week and arouse feelings of deja vu amongst the LTH's with tired, lame ramblings about short-term share price movements and conspiracies as to how the share price is being held down).
Crowe have audited SYME's 2023 financial statements only, not the endless RNS which have failed to deliver on their promise, not the outrageous and evidently improper valuation of Tradeflow Capital, not the highly suspicious trading patterns, not the unusual and suspect loan share arrangement, not the unusual presence of so many seemingly unconnected individuals united in their lust to see SYME fail and nor the utter waffle that Alessandro spouted during his many, many interviews.
Micky - bpm signing sace agreement could mean they are ready to WL - sace gaurantee adds an extra layer of security for banks - perfect if a banks going to monetise inventory ππ
Banco BPM joins SACE Garanzia Futuro to support Italian businesses
Milan, 9 May 2024 - Banco BPM has signed an agreement with SACE S.p.A., the insurance-financial group directly controlled by the Ministry of Economy and Finance, an agreement for the offer of financing assisted by Garanzia Futuro, for operations that are of strategic importance to the Italian economy in terms of internationalisation, economic security or of the activation of production and employment processes in Italy.
The loans assisted by Garanzia Futuro are dedicated to Italian companies to support their growth in Italy and abroad. They can be granted for the construction of infrastructures foreseen by the National Recovery and Resilience Plan, as well as for the construction, expansion or maintenance in Italy of other priority infrastructures, social, energy, water or digital. Future guarantee can
support international growth, through overseas investments, foreign acquisitions or may finance the working capital of orders from foreign customers. Finally, the tool can contribute to the development of strategic supply chains, technological and digital innovation, supporting projects in areas economically disadvantaged and the reduction of seismic or hydrogeological risk, as well as in favour of initiatives for the growth of female entrepreneurship.
Through a totally digitalized process, companies will be able to benefit from the Guarantee Future of SACE at 70% and receive medium-long term financing of up to 50 million euros, in capital line. The loans can be allocated to expenses to be incurred or already incurred in the 18 years months preceding the request for financing.
In 2023, Banco BPM disbursed almost 20 billion euros to the Italian production system. There cooperation with SACE demonstrates the Institute's desire to increase its leadership in business world, including the Corporate segment, taking advantage of the characteristics of a national bank and
local at the same time, close to the territories and characterized by a privileged positioning in the Italian regions with a greater entrepreneurial propensity which contribute significantly to the economic and industrial development of the country.
βThis agreement β declared Mattia Mastroianni, Corporate Manager of Banco BPM β confirms the close collaboration with SACE which best expresses the Bank's approach towards companies and their needs linked to development plans to strengthen their competitiveness, accompany them in internationalization and support them in projects capable of facilitating the transition towards an economy with a lower environmental impact".
"With Garanzia Futuro, our support for company investments has become structural, especially to SMEs, and to the Italian economy. Today there are 65 credit institutions that have joined the our online agreements and with a dedicated team we are ready to respond to requests companies.β commented Daniela Cataudella, Head of Dynamic Business Soluti
Nice to see positivity on Hive.Thanks Stephen.
What on earth is the hive?!