Member Info for extrader

.." Harvard Business School are really going case study a penny share when there are far bigger companies that have seen share holders swindled out of billions.."

It's not the size of a potential swindle - your word, not mine - but the ingenuity of the concept that might merit inclusion as a case study.

HTH

As suggested yesterday, because I think this has potential to be a Harvard Business School case study...

HTH

.."July is a 2 year milestone for loaned shares..."

No , it isn't. As pointed out - with relevant RNS extract - several times already.

Let's hope that CF doesn't decide to award himself another 'management incentive' and agree a 9 month + lock-up of the in-specie....
I look after my sister's portfolio and her POLB inspecie at iDealing hasn't yet shown up...and my own at HL was much delayed.
Not a happy camper !

.."If learning off this board helps you in life, you must be truly fcked up. What a weird statement..."

It's entirely possible that the SYME story - or at least parts of it - may some day make an appearance in a business school case study.

IMO

.."So (a) repayment at any time (maybe it's already happened, even ?) and (b) introduction of a cash option (maybe already exercised - who knows ? In which case , no need to raise a TR-1)..."

This would be a good question for someone to ask AZ at the AGM, of course.....

;->

.."Far from certain that the resolutions (not public yet - why?) will be voted through...and then what??.."

Can't help matters that BoD has - twice now - declared their intention to support an AGM proposition with their shareholdings ....and then fallen short (which begs the question of how much they actually own...and whether this time they intend to put their own money in the Open Offer...and , if so, how much ?)....
And on the other hand...
...if the majority of shares are in the hands of PI's , how much 'good money after bad' will they be prepared to put in ?

Decisions, decisions....

Do keep up, Hallowed !
;->
From the 24/12/2020 RNS - topic New Investors - there was this little 'tweak' to terms :

.." At the end of this stock-lending transaction or on the repayment date (in July 2022), the collateral will be returned to the Group in shares or cash, at the choice of the borrower.."

So (a) repayment at any time (maybe it's already happened, even ?) and (b) introduction of a cash option (maybe already exercised - who knows ? In which case , no need to raise a TR-1).

Things may not necessarily be what they seem to be at first sight.....

IMO

.."AZ doesn't want the shares back... They are worth a fraction of the sale price now..."

Maybe. But the current s/p is remarkably close to the value ascribed to the shares for security purposes when the loan(s) were taken out nearly 2 years ago.

May be coincidence...? Or maybe not...?

Ho hum.

Don't know who SEC at LSE might be, if you've tried Andrew Trahar UK 02073991105 / 07841490035 without success, suggest you contact the Nomad, contacts on website or at end of any RNS.
Speaking of which, annual results have to be published by 30th June, so there may be someone actually preparing for this by now...

Good luck ! and let us know how you get on.
ATB

Yes, if taken out by one of the existing competition (which would increase the 'quasi-monopoly' worth, to a purchaser).
That's a 'lorra lorra' hope value, though....

My take, FWLIW - 'the good, the not-so bad and the ugly' :

(1) Quite a turnaround YoY at both hVivo (t/o doubled, 6.8m swing in EBITDA)and Venn (static t/o,but serious cost-cutting)

- hVivo 2021 31.9m inc / pre exceptional EBITDA 3.1m, vs 2020 14.3m and (3.7m);
- Venn 2021 7.1m inc / pre exceptional EBITDA (0.25m), vs 2020 7.8m and (2.4m).

(2)In 2021, hVivo had high dependency risk on key customers (top 4 contributed 73% of revenue) :
.."During the period ended 31 December 2021, the Company had four customers, out of more than 30 customers, who each generated revenue greater than 10% of total revenue which was £30m. These customers generated 34%, 14%, 13% and 11% of revenue respectively..."
This may explain ORPH's seemingly low pricing power - hVivo's supposed 'semi-monopoly' status vs its key customers' 'semi-monopsony' status.....

(3) what was CF smoking when he airily talked about paying a dividend ? That all seems quite a stretch.

All in all, I think this leaves ORPH relatively well-placed, but a likely 'slow burner'.

Ho hum

Ah ! My Asperger's kicking in : I took your question literally.

Re your follow-on , Einstein is supposed to have said that “Insanity is doing the same thing over and over again and expecting different results.”
;->
Ho hum.

Wiggy81,
Q : "How many shares can each holder buy?"
A : "Do you genuinely not know the answer to that castle?"

OK, I'll bite - I queried this at the time. What's the answer, pls ?
All we've been told, AFAICS, is this bit, from the 27 April 2022 RNS :

.."-- In June 2022, the Company will launch an Open Offer reserved to existing shareholders giving them the ability to participate on the same terms as Venus Capital as to the subscription price and associated warrants related to the mandatory tranches. Any Ordinary Shares not taken up by existing shareholders through the Open Offer will be subscribed by Venus Capital in July 2022, as part of its binding commitment to provide up to GBP 7.5m..."

This tells me the subscription price and associated warrant details, but not the ENTITLEMENT : is it , say 1 new for every 10 already held, 1 for 50 or what ? As an Open offer, SYME could theoretically offer, for example, 1 for 2 (and hope to raise a serious amount of new money), more , even, than the Venus contribution.
The Offer, when it comes, is only underwritten (by Venus) to the extent of the room then available/undrawn under its £ 7.5m facility cap.
There's a trade-off between how much cash SYME might hope to raise ....and at what cost that has in terms of shareholder dilution.

It'll be interesting to see how the Open offer terms are couched, when it comes to the enabling AGM resolution(s).

IMO

People 'bigged up' JC - understandably, based on a critical review of his CV.
Would you treat the new man any differently ? And, if so, why ?

My observations, FWLIW :
(1) AG's appointment isn't effective until AFTER AGM,which is ENVISAGED to be by end June. Why so slow (4 months since JC resigned and AG started his advisory role) in coming on board ?
(2) This won't be the first time that a consultant's key recommendation is that he / she be hired : indeed, the 4th March RNS included in AG's brief as advisor : .." the Adviser will make recommendations on any additional expertise and capabilities required to ensure Supply@ME is positioned to realise its planned global growth and diversification of revenue streams. The Adviser will also make recommendations on the potential appointment of a corporate broker and any additional advisers to the Group...."
(3) AG's recent directorships all appear to be in management consultancy and/or HR provision roles :
- Austen Grove Capital Ltd, management consultancy, incorporated 28/7/2020, with a business associate , Anselm, dormant as at 9/2021;
- Westcott Hill Capital Ltd, management consultancy, set up 5/2021, initially with 2 family members;
- Westcott Hill Limited, holding co, set up April 2021, voluntary strike off Aug 2021;
- Wotton Hill Capital LLP, incorporated Aug 2020, micro company a/c s to Dec2021 show dues to/from of £274/£277K;
- Dr Peters Asset Invest Limited, which AG left in July 2021 (after Anselm), has as its business classification "Human resources provision and management of human resources functions " and net current assets/total equity of £ 14K as at Dec 2020.

(4) A quick look at his linked in shows his expertise in .."CEO, CFO, CIO, IPO, Board Member, Fintech, Capital Markets, Listings, M&A, Infrastructure, Shipping, Aviation, Asset Management, Alternative Assets, Listed Funds, Direct Equity Investments, Real Assets, SPAC/de-SPAC.."
While Dr Peters own press release here https://www.dr-peters.de/die-dr-peters-group-erweitert-internationales-geschaeft-durch-eroeffnung-eines-neuen-bueros-in-london
describes his work for them thusly :
.."The UK office is headed by Albert Ganyushin, Head of Capital Markets at Dr. Peters Group. He has been working for the tangible asset specialist as a competent contact for international institutional investors since 2017.
In this role, he is responsible for and coordinates Dr. Peters Group's relationships with investors and business partners, providing them with access to the Group's distinctive tangible asset expertise in the three asset classes of aircraft, ships and real estate...."

It's not obvious from the literature how much responsibility AG himself had in the .."investing and managing over US$8bn in real assets across the transportation infrastructure (shipping and aviation) and specialist real estate. .." mentioned in the RNS, maybe more of an intermediary/ relationship manager ?

Ho hum.

The obstacles remain....from the same article :

.."However, there are still major obstacles to be overcome
However, there is currently a major obstacle to economic activity throughout the Economic and Monetary Community of Central Africa (CEMAC). "With the Bank of Central African States (BEAC), we have a problem with currency transfers. Today, all currencies are blocked, which makes it very difficult for us to carry out current operations to pay our suppliers and transfer our dividends," says Christophe Pujalte, regional director of Bolloré Congo Transport and Logistics, who knows what he is talking about having managed the emblematic example of a PPP in Congo: the port of Pointe-Noire. This port has been praised for its efficiency and has taken the lead over its neighbors in capturing the flow of goods to Central Africa, the DRC and even Chad. In 2021, it passed the milestone of one million containers transshipped. "When you are an investor, there is the construction phase. Many companies in the area are in the installation phase and transferring funds to build. Once you enter the production phase, when the company generates cash, you have to be able to pay back the headquarters. If you generate profits, you must also pay dividends. Today, we are taking more than a year to pay our dividends and have not yet paid our 2020 dividends. This problem, which started a little before Covid, is linked to foreign exchange reserves, which have fallen sharply," explains Christophe Pujalte.

The port operator highlights another difficulty, again in the financial field: the refusal of compensation between parent companies and subsidiaries through the holding of foreign currency accounts. "We have had to repatriate all of our offshore accounts to accounts in the country and no longer have the possibility of going through these offshore accounts to pay our suppliers. We are forced to go through our banks here and then via the central bank. As a result, we are out of stock, because we can not pay our suppliers. This is extremely problematic," he continues. The illustration that it is necessary to go beyond statements and be attentive to the problems encountered by operators on the ground. A requirement that the Congo seems to have become aware of to get out of the rut..."

Let's hope so...

PS Given Olam's interests in the food sector, could the reference to minerals in the mooted port suggest a tie-in with Kore Potash's project ? My impression was that this had an alternative route to market.

Here's something about ARISE track record and other activities in Africa
https://www.olamgroup.com/news/all-news/press-release/re-organisation-of-gabon-special-economic-zone.html

.."The ARISE group focuses on originating, building and executing large scale infrastructure and logistics assets to address the infrastructure gap in Africa.

ARISE P&L manages ports and logistics infrastructure projects in West Africa, including a mineral port and a general cargo port in Gabon, a cargo port in Mauritania and a bulk port in San Pedro, Côte d'Ivoire. ARISE IIP manages the special economic zones in Nkok, Gabon, while ARISE IS comprises other infrastructure management and development projects.

Each vertical is a unique joint-venture partnership, with strategic partners and host government shareholders, including Africa Finance Corporation (“AFC”), Meridiam, STOA, SNEDAI and CDC Gabon. .."

Olam International is a leading food and agri-business supplying food, ingredients, feed and fibre to 19,800 customers worldwide.
Headquartered and listed in Singapore, Olam currently ranks among the top 30 largest primary listed companies in terms of market capitalisation on SGX-ST.

Ho hum.

It looks to be belated catchup on admin, as has been suggested :
In May 2021, Open Orphan surrendered maj control of what was then called Orph Pharma Ltd to CF and IO'N, as part of the carving out of what became POLB.
In Jun 2021, CF and IO'N in turn surrendered maj control and at the same time Croft Nominees arrived, with significant control of re-named PRIVATE co Poolbeg LIMITED and 2 days later it was turned into a public co ie Poolbeg PLC.

AFAICS