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So my positive overview post and this thread was removed WTF clearly the disgraceful Telegram shorting group are getting worried. Admin WTF nice work - complaint going in to LSE! IMHO DYOR
Ah yes the dastardly telegram shorting group..
😂😂😂😂
Silly bùgger
'"Ah yes the dastardly telegram shorting group.."
We live in a victimhood culture : it's always somebody else's fault.
57% of pipeline is 1 customer, unnamed...
At the date of this announcement, approximately 9% of the £330.7 million current pipeline figures are supported by either signed term sheets or the signed new letter of interest.
It turns out that getting release from existing banks' floating charge has been an issue..
Quelle surprise. Not.
GLA
The pipeline details had some interesting notes:
" Client companies from the UK included in the overall pipeline KPI have inventory equivalent to £1.8 million as at 19 April 2024, (£212.1 million as at 21 April 2023). " A 99.15% drop.
"Client companies from Italy included in the overall pipeline KPI have inventory equivalent to £318.6 million as at 19 April 2024 (£162.5 million at 21 April 2023)." A 96.1% increase. This global funding platform seems to be VERY Italy-centric right now.
Total pipeline down from £374.6M to £330.7M, an 11.7% drop. And of the remaining pipeline, 91% has not signed an LoI or term sheet, so could have lost interest in the entire thing! Might be a good thing that the "€135M" funding will be released in €35M tranches, as 1 tranche would seem to cover the entire committed pipeline on current figures.
Why did you feel the need to get both my positive posts taken down why did it need removing with 12 recommendations? That’s a lot of effort guys! WL is coming down the track to spank you! Ouch! IMHO DYOR
The LOI is a new initiative that they have brought in that’s why - it’s only been very recently introduced as an extra DD methodology hence the included figs (new LOI) as opposed to previously mentioned figs (pre LOI required)It will catch up. You’re focusing on the wrong thing there Rich. IMHO DYOR
‘For this reason, in order to support the inventory funding processes managed by the CH Trading Hub, to date during 2024 a new process has been introduced where client companies are asked to sign a Letter of Intent ("LoI"), which going forward will be the catalyst to inclusion in our pipeline numbers, this new operational KPI is referenced below.
For the purpose of the Annual Report and Accounts for the year ended 31 December 2023 and this announcement, we include reference to the pipeline KPI used in previous years which represents the current potential value of warehoused goods inventory to be monetised rather than the pipeline revenue to be earned by the Group as well as this new measure which is underpinned by those client companies who have signed an LoI or term sheet ("New LoI pipeline number"). The new LoI process has been very recently introduced and the associated numbers are currently low, we anticipate being able to provide a stronger indication of the pipeline in our next market update.‘
Richred_uk
Can you be more specific in sharing the link where it claims there was a 99% shift from UK to Italian clients, cheers in advance!
"Can you be more specific in sharing the link where it claims there was a 99% shift from UK to Italian clients, cheers in advance!"
I can't give you page #'s as the RNS I am looking at isn't paginated, but in the CEO Statement> Our Delivery Model> Post-Inventory Monetisation Activities> Pipeline section, there is a "Country Breakdown" section, broken down into "Italy", "United Kingdom" and Europe (excluding UK & Italy".
Under Italy, para 3, it says "Client companies from Italy included in the overall pipeline KPI have inventory equivalent to £318.6 million as at 19 April 2024 (£162.5 million at 21 April 2023)."
The increase from 162.5m to 318.6m is a 96.1% increase.
Under United Kingdom, para 1, it says "Client companies from the UK included in the overall pipeline KPI have inventory equivalent to £1.8 million as at 19 April 2024, (£212.1 million as at 21 April 2023). "
The reduction from 212.1M to 1.8M is a 99.1% decrease.
In non-numeric terms, Italy has pretty much doubled while the UK has pretty much disappeared.
The numbers re: what is actually signed up to comes from earlier in the RNS - pretty much page 1 - para 2 of "Operational Matters".
Hope this helps.
Oh, in case it wasn't clear, the quotes/ numbers etc are all from the 2023 Annual Report and Accounts RNS released 1/5/24
Operational KPI dies mention country of orgin for IM pipeline..Results on SYME site only shoeing interms to Sept 23..RNS's again don't state country of orgin for the IM pipeline.
'doesn't'...typo correction!
Richred_uk
Annual reports arn't on the SYME website only up to Sept 2023 for the interim results which also don't state country of orgin for the IM pipeline.
hTtps://www.supplymecapital.com/page-results-and-reports/
I am not taking them from the SYME website, I am taking them from yesterday's RNS.
https://www.lse.co.uk/rns/SYME/2023-annual-report-and-accounts-8zpyiufqm3hvhow.html
Not sure if LSE will block the above link which is to the RNS on this website. If you go to yesterday's RNS and search for the text in quotes from my posts, they are direct cut and pastes from the RNS.
The IM pipeline.
Doe the UK pipeline mean companies located in UK or companies where the IM is funded via an entity registered in the UK?
Could it be that a company in UK is now being funded by an institution registered in Italy hence the shift in pipeline values?
Richred_uk
No mention of UK or Italy!
"The pipeline KPI represents the current potential value of warehoused goods inventory to be monetised rather than pipeline revenue expected to be earned by the Group (being the Company and its subsidiaries). As such, this provides a good indicator of the level of demand for the Group's warehoused goods monetisation services. This pipeline represents the value as at the most practicable date possible prior to the issue of this annual report (being 19 April 2024) and has been calculated on a consistent basis as the prior year comparative. It should be noted that of the current pipeline figure of £330.7 million, there is one single client that accounts for approximately 57% of the total pipeline.
As referenced in the business, trading and funding update announcement issued by the Company on 29 February 2024, the Group is in the process of conducting a full review of its pipeline and is progressing with requesting a formal letter of interest from each client company in its pipeline for which there is currently not a signed term sheet in place. At the date of this announcement, approximately 9% of the £330.7 million current pipeline figures are supported by either signed term sheets or the signed new letter of interest. This percentage is expected to grow as the new process becomes fully embedded."
"Could it be that a company in UK is now being funded by an institution registered in Italy hence the shift in pipeline values?"
I don't think so. It refers directly to the value of inventory held by "client companies". Here's the whole paragraph:
"United Kingdom
Origination in the UK has slowed in line with the market indications that corporates are trying to optimise their cost of funding and the availability of dedicated inventory funding programmes by the CH Trading Hub. As Supply@ME continues to onboard the existing pipeline and build its track-record, this will unlock further related client company opportunities in UK. Client companies from the UK included in the overall pipeline KPI have inventory equivalent to £1.8 million as at 19 April 2024, (£212.1 million as at 21 April 2023). The New LoI pipeline number is £1.8 million."
It hadn't occurred to me before, but the UK IM that was announced but hadn't happened yet per an earlier update - I don't know if that is the remaining £1.8M under LoI, or if that has now happened and is therefore not in the pipeline or if it has died completely.
"Richred_uk
No mention of UK or Italy!"
Keep scrolling down, it is quite a bit further down. I am not writing paragraphs of made up RNS, it is a direct c&p from the release. Do a text search for "212.1M" or "21 April 2023" and you should find the relevant section.
2g2d.. Rich is literally quoting word for word from yesterday's RNS. He's not adding words
@chewy, the uk pipeline is uk business, Italian is Italian business.
The funds can come from anywhere in the world. Still uk pipeline or Italian or other region
The team are now prioritising the completion of the first White-Label transaction, the implementation of the security token and the IM securitisation programmes. Alongside this, we are focused on ensuring our corporate funding is sufficient to implement these priorities as the Group moves towards the breakeven. Looking further ahead, we hope to be able to generate sufficient returns for our loyal shareholders which includes both institutional and retail investors."
While I think they are progressing and its good news the banks are taking an interest now, his focus has to be on funding.
Always honest and sensible Jarv.
It's a pleasure to read
Some highlights.
This leads me to conclude the Group is better positioned now than ever before in terms of commercial opportunities despite the challenges we have experienced with our corporate funding in recent months.
Looking further ahead, we hope to be able to generate sufficient returns for our loyal shareholders which includes both institutional and retail investors."
The team managed to overcome many challenges in 2023 and put in place foundations for SYME to start delivering in 2024 on its tremendous potential of reaching a large addressable market."
As for UK pipeline the figures are for companies signing letter of intent.
Seems a bit strange that in Italy pipeline numbers have doubled but in UK out the existing puprline from last time hardly non signed the LOI.
Need clarification from the company why this is.
No company wanted to sign.
Or they have not got around to sorting this out yet.
That would clear things up.
Not the first time things have needed clearing up after an rns, i am sure this will done pre or during the AGM.
"As for UK pipeline the figures are for companies signing letter of intent."
The entire UK pipeline is £1.8M, and that company has signed an LoI.
For Italy, the pipeline is £318.6M, of which £19.2M has signed an LoI.
For the rest of Europe, the pipeline is £10.3M and that is all covered by an LoI.
There is no 'extra' UK pipeline that hasn't signed an LoI.
Luckybob not sure about the sensible part I invested in Syme!
The only part that gives me some hope is the one client must be big.
It should be noted that of the current pipeline figure of £330.7 million, there is one single client that accounts for approximately 57% of the total pipeline.
Richred, thx i now understand it 👍
From march 2021.
'The past, we have had the opportunity to consider a transaction with a client that had inventory worth Eur150mn. Now, pursuant to the concentration limit of our risk mitigation policy, our cap means we look for client companies with Eur40-50mn worth of inventory to be monetised.'
Could this one big client be the same on which was previously not considered?
So UK pipeline dissapeaered, replaced with this one big client?