Member Info for extrader

.."Judging by the sometimes cryptic nature of some of his posts .."

I think you'll find that, like a certain Mr Scaramucci (aka 'the Mooch'), I know when to stab someone in the front and not in the back.

ATB

Hi Steve,

I'm surprised you didn't work this out for yourself when you were doing your own DD on this issue (see your exchanges ad nauseam with calamari).
It's set out (by implication, bear with me) in the 2021 FYE results RNS, the relevant bit being :

."Transaction costs of GBP2,009,000 have been charged to the statement of comprehensive income as a transaction cost. GBP1,900,000 of these costs represented the fair value of 500,000,0000 new ordinary shares issued as consideration to third party intermediaries who either (1) introduced TradeFlow to the Company or (2) who provided due diligence activities in respect of the TradeFlow business, market, sector and geographic location. The Companies Act 2006 required that when these shares were issued they be accompanied by (3) an independent valuers report as to the value of the services. However, due to an error on behalf of the Company, this was not done at the time. Despite this, the shares were issued in good faith between company and the third parties and remain legal and valid and the independent valuation report has now subsequently been received by the Company and, having sought legal advice, (4) this and an amended share issue form will be lodged with Companies House to rectify the situation. The remaining GBP109,000 related to legal fees that were directly associated with the acquisition..."

The key sentence I referred to in yesterday's RNS echoed (4) :"."The discrepancy [of 2 shares] has now been corrected and the independent valuation reports filed with Companies House."(5).

Most reasonable people accept/agree that Parzival (a newly set-up company) specialising in HR, provided the introductory service ie (1) above.

By a process of elimination, the second-named is most likely to be the party doing the valuation, no? Out of an abundance of caution, I put this as speculation on my part, see "Holiday International (the consultant/valuer?) .."

If not them, who do you think (feel free to speculate) who did the services described in (2) above, which seem to me to be - precisely -about a valuation? Why else is Holiday mentioned and not a third party ?

There's £ 1.9 million at stake here, in respect of a purchase that seems to be unravelling and hasn't 'done a Ronseal' so far.

Feel free to come up with your counter-theory, by all means.

HTH and ATB

PS Given the Panama domicile of 'Holiday International Investments' - great commercial name for a company providing consultancy and valuation services, btw - it's perhaps not surprising that the two named Italian (?) officers/directors, Filippo Ferrari and Diego Lissi feature in the eponymous Panama (and Pandora) papers, fronting companies based not only in Panama, but also in London, Monaco, Luxembourg, Malta, etc..
See https://offshoreleaks.icij.org/search?q=lissi&c=&j=&d= ;
and
https://en.datocapital.com.pa/executives/Filippo-Ferrari.html
Director reports about Filippo Ferrari in 395 companies and more than 771 appointments in Panama, Spain, United Kingdom, Luxembourg and Malta...

But - as Private Eye would say - Deloittes has signed off, so that's all right, then.

Really?

Although headed 'Total Voting Rights', with most of the text covering a discrepancy of 2 shares, I believe the real point of the RNS is to address the missing valuations issue, in the bland phrase
.."The discrepancy [of 2 shares] has now been corrected and the independent valuation reports filed with Companies House."

This was done on 22 Sep 2022 Second filing of a statement of capital following an allotment of shares on 7 July 2021
GBP 5,449,513.32206, see https://find-and-update.company-information.service.gov.uk/company/03936915/filing-history?page=1
whereby on 25 May 2022 Deloittes issued 2 letters, re Parzival and Holiday International Investments S.A. for their consultancy/introductory services, stating blandly that ' these were valued by us as at 9 July 2021 on the basis of a cost-based approach', whatever that is.

Whereas Parzival (the introducer?) was known to be a start-up, Holiday International (the consultant/valuer?) is a Panama-based entity that has been around for about 28 years per https://assets.opencorporates.com/companies/pa/280809.

So, another piece of the puzzle identified, but I'm not sure that we're much the wiser.

Ho hum.

Yes, you're right, there has been talk of co-ordinating with Sapro Mayoko (mentioned by GLEN rep at an investment conference, IIRC) , AT didn't confirm/deny...AFAIAA

Quick skim :
- glad we didn't have to wait until after hours...
- key bit for me : "Going forward ZIOC's operating costs have been reduced to a low level with no contributions at a project level until at least end Q2 2023 and no board or management remuneration in place (as announced previously)..."
- GLEN seems to have offered a strings-light carried interest : "On 29 June 2022, Glencore and the group signed a side letter to the Jumelles loan facility confirming that there will be no dilution of the group's holding in Jumelles as a result of this change in funding structure..."

Very much 'care and maintenance', if not 'mothballing', waiting for something to turn up ...
IMO

Landy7,
OK, I detect a bit of sarcasm, but I'll bite ;->

Negatives : IM guineapig is small, lots of deals (or scaling up) needed to achieve economies of scale/profitability; also highlights ongoing need for funding - so far we have visibility only of VeChain's remaining $7.5m; 'rather complex structure'; VeChain a startup in Italy (so very much using this as a test-bed/PoC - to coin a phrase); Cerved is 'studying' ie at early stage of devising a credit rating system for stock trading newco's.
Positives: AZ reports there's an Italian system bank (?) and 2 x IAM's doing DD on upcoming securitization transactions; mention in passing that investing in 'hard' assets might appeal as an inflation hedge, could be a useful selling point in present climate...
The dog that didn't bark: complete silence about 'captive bank', which - if anywhere near operational and if genuinely 'tame' - would have been the logical counter-part, I'd have thought.

It's not a case of the glass being half-full or half-empty, an engineer will just observe that it's the wrong size...

HTH and ATB

...cont
.. remains high even in times of galloping inflation, since it is expressed through the revaluation of inventory, whose value adjusts to the run-up in prices.."

I'd put the interesting bits in BOLD, but don't want to be accused of shouting...

GLA and ATB

Thanks for this. Worth reading a faithful translation in extenso, not the 'edited highlights provided by the fan-club :

"The warehouse? Now it can be securitized to finance the company
By Pierangelo Soldavini

First deal with an Italian company for €1.6 million for Supply@Me, also integrating the world of digital assets
Sept. 29, 2022

Buying corporate inventory and securitizing it in order to finance it, making use of specific vehicles, traditional banks but also blockchain. This is the innovative business of inventory monetization, which takes the form of selling inventory for the company, effectively anticipating future sales and generating cash flows without debt: "It is not a financing, for the company there is no debt load, but on the contrary an increase in equity thanks to the proceeds of the sale of the inventory, the risk of which ends up in the hands of companies, segregated from Supply@Me's balance sheet ," explains Alessandro Zamboni, ceo and founder of Supply@Me, a fintech start-up that closed its first transaction of this kind, which also integrates the world of digital assets.

The company involved is a medium-sized Italian company, with a turnover of around 50 million euros, which sold part of its inventory worth 1.6 million euros. It is active in the design and manufacture of industrial and special vehicles, electronic systems, electrical wiring and components for various sectors, with operations in Africa and the United States, in addition to Italy. The operation, which has a rather complex structure, pivots on the involvement of a trading company ("stock company") belonging to the Alternative Investment Fund promoted by Supply@Me, which goes and uploads the stock to the platform and then tokenizes it through the minting of an NFT, a non-fungible token subscribed by VeChain Fondation, which manages it on its proprietary blockchain. VeChain itself is launching in Italy with its platform targeting traceability and supply chain issues.

For Supply@Me, the market debut represents a crucial turning point from a strategic standpoint to raise awareness of this opportunity for companies to turn inventory into cash and for investors to be able to focus on the real economy. "We have negotiations with several Italian companies for an additional 100-120 million euros of inventory," Zamboni continues, "but also for the involvement of an Italian system bank and two international asset managers who are conducting due diligence on our model to structure one or more securitization transactions. At the same time, Cerved is studying the development of a rating for trading companies, which are nothing more than newco's trading on inventories."

Supply@Me was founded in Italy but then "a holding company listed on the London Stock Exchange was created to give international visibility to the business and facilitate access to liquidity." Remuneration [I think they mean, to the investor/funder]
...cont

.. MR Stoloff was very bullish in the last main article published a couple of years ago...EXITING times possibly in the coming months..

Now that’s what’s known in the trade as a ‘Freudian ‘ slip…

;->

.. On past form, certainly unlikely to see anything before the 28th or 29th Sep….

ZIOC exceeds expectations….;->
Will we get a dreaded after close of business on a Friday RNS……or is there such a content-rich update that they haven’t finished it yet ?

;-<

.."As far as I know that has not been in any RNS…."

With equal 'all due respect', to paraphrase Sir Mark Rylance ('Bridge of spies') would having a date announced make a difference?

;-> / ;-<

Touche!
:->

.."Ex, my guess without reading the article would be positive if indeed AZ retweeted it himself..."

So, to summarise, that's an uninformed hunch, based on an uncertain source...?
That's an illustration of 'confirmation bias', for sure

;->

Well, sort of…
The missing bit is that the Italian co doing the IM has turnover of abt Euro 50 m p.a.
The interesting bit is that Cerved, the Italian rating agency, is reportedly studying how to give a credit rating to a start-up stock company with no track record.

HTH

And another thing ...

.."Ask Tom / Ex and the few others who have multiple accounts .."

My sole account dates back to 2016.....you're particularly unsuited to be making unfounded assertions, I would suggest.

But then again, I doubt self-awareness is your strong suit.

ATB

.."I can tell you 100% not one person is paid to ramp SYME, not one. AZ is more than capable of selling it..... Which he has..."

You'd maybe have more credibility if you told us why you've changed your moniker since the halcyon days of 2020 you evidently witnessed.

IMO

.."you haven’t lost money until you sell up….."

That old mis-representation.
Depends on how you measure 'loss', you've certainly lost flexibility.
Do you recognise that there's an opportunity cost and that you're 'out of pocket' ?

.."You’ve given your perspective on paid rampers, what is your view on the notion of paid detractors? Why do you think the likes of castle/Rosie spend so much time on this BB?..!"

Similar: a rival company might conceivably pay someone to rubbish a competitor....but SYME isn't competition to anyone (yet. ) And, in any case, I'd have thought the market was big enough for everyone ....
As with the longs, anyone who is short will tend to speak their own book. SYME's historic volatility has made it a good 'trader's' share - lots of rumour/speculation (+ve and -ve) to get people excited or anxious and not much hard info to balance the emotions.

As to your 2nd Q, who am I to comment on the foibles of others? We're all of us at our own point on a distribution curve and all of us consider WE'RE the epitome of sweet reasonableness and enlightenment....

If you think of religion (Saul/St Paul) or politics (fascism/communism), the interesting thing is less the difference in world view, more that the extremes attract people who are basically very similar in temperament: the enthusiasm for the cause often seems - and maybe is? - more important than the 'cause' itself....

Maybe it's the same with Marmite...and SYME?

;->

.."you fail to grasp the fact there are no paid rampers. No business needs them for very obvious reasons. .."

You seem remarkably naive, if I may say so.

A business -particularly a good one - may not need or want paid rampers ('The share price will take care of itself in due course'), but short-term traders have a clear incentive to talk the price up in the meantime, so that they can make their turn and move on.
They may not be paid 'by others', but they're paid by results.

And you must be familiar with the concept of cognitive bias - having 'invested' in a share, a partner, a car, a football team, we tend to think better of them than they perhaps objectively deserve....;->

IMO