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I'm not sure this was a good primary bid offering. I received an email notification however I was not able to subscribe either by the primary bid app or my broker ii. So that might explain the low interest.
Yep, you were right, Troy.
Sorry did not see earlier post.
It is a stupid mistake. If he had sold in advance of buying there would need to be two PDMR notifications. The sale and the purchase.
They must correct it though.
I’ve had confirmation from the company that the RNS is misstated and the connected persons disclosure should state a stock purchase.
Just an irritating typo imo. Not plausible that he could have sold at 3.5p at that time.
The share price was hovering just above 2p a share by close on March 21st - the day of the transaction. No one without inside information therefore would have bought the shares from Michael Laurier at 3.5p.
So if he did sell then it must have been to either Somerston or to Vincel as the two institutional shareholders who took part in the placing and would have knowledge of the placing pricing prior to the RNS being issued in March 22nd.
It doesn’t make any sense for that transaction to happen with either party as they’re taking part in the placing. Even if it did, it the quantum of shares purchased from Laurier would require a disclosure by the buyer as it would push them through a percentage holding threshold.
I’ve sent an email to SYM to clarify though.
Michael Laurier could sell on that date because when I last checked he owned around 24m shares, so nothing to stop him selling then. If there is strong demand at this price then someone may have been willing to buy them from him at the offer price. I think we'll see a second release detailing his purchase once the offer is completed.
Wasn't impressed by the other directors lack of enthusiasm for the offer, either.
Good luck with emailing the company. I tried this once and got no reply. It'll be interesting to hear the clarification, if you get one.
Artji, always good that someone reads to the end of these statements. I had indeed thought that i got to the end when the text stated 'END' for the first time so didnt see this.
Suspect though that this is a typo. The transaction date is given as March 21st and at no point could anyone sell for 3.5p on March 21st. (I dont think that anyone could have sold for 3.5 for weeks). Laurier clearly stated that he bought £105k of stock on the Investor Meet Company call and it is clearly stated in the main text of the announcement that this is new money from him. If indeed he has bought and sold then there would surely be two separate connected persons disclosures of equal amount.
I'll email the company and ask them to clarify and correct the typo and then reissue statement so everyone is clear as this is an important point. Laurier has invested and he has done so because he believes that the short term looks good.
I sold out of this a while ago at 3.63p, taking a significant loss, but no regrets so far. Surprised nobody has mentioned the director dealing at the bottom of the RNS. Michael Laurier has pre-sold his subscription at the issue price of 3.5p, so he's put nothing into this. A bit sneaky putting it at the end of the release.
The extra capital will give Sym a bit of breathing space. The fact that they have been able to raise funds at a premium is a good sign. Always jam tomorrow and quite a ways to go before break even for moi ! Onwards and upwards, hopefully..
CEO buying £105k worth at a 67% premium is a good enough indication for me.
Your optimism overwhelms me! Check out director buys?
Michael Laurier also buying. When I’ve spoken to him in the past he’s stated that he doesn’t believe in the signalling power of directors stock purchases as there is too much day trading that effectively cancels out this signal. So I read the fact that he is buying now as more an indication that of growing confidence that he will make good money on his investment in the short term.
Can still buy in open market for around 3.2p so can’t see the retail offering getting taken up at this rate.
I’ve been too optimistic (obviously) on the share for so many years now but might as well continue. Quite a lot of detail in the rns on outlook and chance to delve deeper into the details of some of it in the company meeting later. My money still on share price moving up over next 12 months and potentially significantly up if India d2w approvals come in and full reg changes happen in Saudi.
A real rollarcoaster this one.
Amazing.
Frustrating to still be reading about seemingly endless delays in regulatory developments and pre commercial trials/testing etc. but this is a good outcome to bridge financing until some of these opportunities begin to land.
Several transformative opportunities so just needs one of these to come through and shares will be meaningfully higher from here.
MMs want shares, but will have to push the bid higher to get them.
To think this used to be 30p+
Should have opened at 3.5p+, don’t understand why MMs opened lower? Damn sure if placing was at 1.5p they would have opened at slight premium ie 1.6-1.7p level…as is normal.
Raising cash at a 67% premium in this market is amazing. Well done SYM! Should be a good day.
2 x RNS
He does mention it...
" Furthermore, it is resonating with several of our current prospective d2w customers in the Americas which we hope will accelerate d2w sales over the medium term."
I guess we will have to wait for the Preliminary Results to see how we are doing.
EU aside, SYM aren’t even selling big quantities of d2w in the Americas!
It’s a very strange RNS . Go tell the customers direct as they won’t be reading RNSs from SYM.
He wouldn't have needed to highlight the report if the EU weren't such a self-serving bunch of idiotic bureaucrats.
"SYM wishes to highlight the important 2021 report from the US Environmental Protection Agency"
Why now FFS, just 3 years after publication? What a a dope of a CEO.