Member Info for extrader

I post as extrader on advfn since Sept 2002, on stockopedia since July 2016 and on lse since Aug 2016. I've posted under another name on lemonfool (successor to TMF) since the mid 90's.

I have no other 'handles'....and my writing style (like it or not) is sufficiently distinctive that it should be patently obvious that I'm not any of the other 'usual suspects' trotted out from time to time by the 'play the man' types that can't come up with anything better.

I note that you've only been posting on lse since Nov 2020.
In the interests of disclosure and reciprocity perhaps you'll be equally candid and post your and/or previous monikers ?

My only dealings with TW are that I (along with several others from TMF) was ahead of him on IGas, EFH and Globo ...and unwittingly likely provided him with some of his 'copy'.

Hi Doctor100,

I was surprised at your claim re the number of SYME posts - 178 - so I had a look. It seems I've actually done abt 55, or 1/3rd of my total.

I see that on the same metrics , you've posted 150 times, pretty much exclusively on SYME.

Fair enough it's been a 'content-rich 'period in the last 30 days, we've had

- announcement of abrupt departure of DW;
- announcement of renegotiation of the Negma substitute for loan facility inked barely 6 weeks previously;
- the AGM and discrepancy between BoD voting intentions and the 'actualite';
- launch of Global IM Fund, anchored by the TF funds;
- appointment of David Bull; and, most recently,
- confirmation of TJ/JC 'on boarding' with disclosure of directorship/partnership backgrounds.

I've skimmed through your posts over this period and they're mostly one or two -liners of little substance, personal abuse, up your guts, whoosh etc etc The one time you asked (I thought) a serious question - re SYME and possible money-laundering - I gave you some links and evidence, which you promptly pooh-poohed, saying, in effect 'they're all at it'. If so, why ask in the first place ? It's normally only lawyers who ask questions to which they already have the answers...and you don't strike me as the lawyerly type.

No lawyer would be so stupid as to write for example , re the suspension .."Extrader must have thought all his Christmases and birthdays had come at once, he was shouting fraud, fraud, scam this, scam that, illegal RTO .." without having some examples to point to.

Should be a piece of cake, shouldn't it. And the great thing, you'd only have to find a single example to back your assertion.

But you can't, because I've never written anything to that effect.

"Never mind - don't let the facts get in the way of a good story."

.."i would imagine a falling out over the direction of the company took place or Bolero did not provide the full funds..."

That , of course would be 2 x speculations, on your part. I merely observed the 'fact ' of insolvency.

When I go to Matt Cape's linked-in, he says he was on the Board of NR Capital Pte until May 2019; and Managing Partner of Navitas Resources LLP (another TJ/ JC vehicle) until Dec 2019.

Mind you, you can't always rely on what you read on linked-in : although Cape says there that he's currently Founder and Director of Staithe Capital, Companies House will tell you that he ceased to be a shareholder director in October of last year.

Ho hum.

.."im surprised you dont see the benefits of Syme to the world business community..."

I'm on record, quite often I think you'll find, as saying that IM is a great concept and that I hope it works.

I also think that (a) the case is still unproven and (b) that AZ isn't the right man to see it through.

Maybe TJ and JC are the right people for both ? They certainly have a lot more business experience and track records.

Which is precisely why the circumstances surrounding an earlier insolvency should be looked into, IMO.

This is the context, btw :

"Here's a little bit more about the precursor to TradeFlow
hxxps://recordowl.com/company/nr-capital-pte-ltd

.."About Company

In September 2016 NR Capital Pte Ltd in Singapore was established to develop financing solutions for the Commodities Industry. It's first trade finance solution was launched in Jan 2018 after a successful seed investor round in Q4-2017. NR Capital works in cooperation with banks to offer alternative approaches to support physical commodity trade flow in the real world economy. Focus is on SME firms and transaction ranging in the usd 500k to usd 10m range. NR Capital can assist in prepayment, supply chain, shipping, inventory and commodity manufacturing / processing transactions.

Description
NR CAPITAL PTE. LTD. (the "Company") The Company is a EXEMPT PRIVATE COMPANY LIMITED BY SHARES and it's current status is In Liquidation - Compulsory Winding Up (Insolvency).

TradeFlow's current blurb seems to be talking about the same USD Fund , at least :

..""The unique solution are the TradeFlow Funds, (1) CEMP – USD Trade Flow Fund SP (Live from May 2018) and (2) the CEMP – EURO Trade Flow Fund SP (Launched February 2020) which take a neutral principal position and direct ownership of the commodities during shipment or during a pre-agreed storage period. The USD Fund launched in April 2018 after two years of research and development work on the business model , a digitised technology platform to allow the Fund strategy to be scalable and the legal framework master agreements to connect everything together..."

It would be interesting to know what prompted the name change...and indeed, the circumstances of the insolvency (cause, timing, amount)

All AIUI...."

HTH

How about a meaningful comment ?

Just an answer.

Some observations on today's RNS :
Facts :

Today's RNS is a bit curate's-eggish : there are good bits and not so good bits.

The good bits :

- of TJames's current directorships, 3 are very recent : Skybird Records (May 21), Tijara Pte ((April 2021) and Commodity Partners Int'l (April 2020). So he's not getting distracted by his collaboration and responsibilities with SYME.

Of the not so good bits :

- Navitas Resources UK Ltd is dormant...but with a -£155K net worth;
- Navitas Resources Pte Ltd is described as dormant...but if you go to hxxps://www.sgpbusiness.com/company/Navitas-Resources-Pte-Ltd, it seems to be live;

- NR LLP , dissolved 1 /2020, with negative assets of £ 19K , forgot to disclose.

Of the previous directorships, more significantly,

- Navitas Resources Capital Ltd was dissolved 11/20, with negative net worth of £ 35K;

- NR Capital PtE Ltd is recorded as 'compulsory windup for insolvency', in 2016, see hxxps://www.sgpbusiness.com/company/Nr-Capital-Pte-Ltd.

Of the other current directorships :

- TradeFlow Capital Management Pte Ltd was incorporated in June 2019 and went live in September 2019 hxxps://www.sgpbusiness.com/company/Tradeflow-Capital-Management-Pte-Ltd; while
- TradeFlow Capital Management Systems was incorporated in October 2019 and went live in July 2020 . hxxps://www.sgpbusiness.com/company/Tradeflow-Capital-Management-Systems-Pte-Ltd.

It's hard to reconcile these start dates with what TF says elsewhere : ..."The unique solution are the TradeFlow Funds, (1) CEMP – USD Trade Flow Fund SP (Live from May 2018) and (2) the CEMP – EURO Trade Flow Fund SP (Launched February 2020) which take a neutral principal position and direct ownership of the commodities during shipment or during a pre-agreed storage period. The USD Fund launched in April 2018 after two years of research and development work on the business model, a digitised technology platform to allow the Fund strategy to be scalable and the legal framework master agreements to connect everything together..."

For the hard of hearing, both funds seem to have gone operational before the companies supposedly managing them actually started business .

No doubt someone will be along shortly to explain this. I'm not holding my breath.

I haven't bothered with Collis (where there's a fair degree of overlap), there seems to be enough meat just looking at James.

HTH, DYOR etc etc

FT
Energy sector
China puts growth ahead of climate with surge in coal-powered steel mills
AUGUST 13, 2021

QED

Hi Greend100,

Re 12 'other expenses', this was the (somewhat patronising ?) reply I got from ORPH on 3rd time of asking :

.."'Other' expenses 2020 of ca.£ 6m (= 25% of revenue) : there doesn’t appear to be a breakdown of what these were ? and : is this a reasonable baseline for going forward?

The “Other expenses” contains the following elements
· Cost of Sale: Pass Through Costs clinical services, outsourced services;
· Admin costs: Insurance, Marketing, Travel & Entertainment, office consumable costs (printing/postage/stationary/cleaning/utilities), telephone/broadband, bank charges, , FX on currency payments

Again, this is a reasonable baseline going forward but we would expect some growth and scale efficiencies as we grow our revenues. "

HTH - and thanks for your £ work !

.."There is simply no political or business gain to be had by making a Coal powered announcement at this time. The negative comments world-wide could be very damaging for the Moz government as it would be sending out all the wrong signals and lets face it countries such as Moz are reliant on world Goodwill in their nation building ambitions..."

In theory, yes. But the reality is that MozGov and a host of multilateral aid agencies and governments are already ' a bit pregnant' with the Tete power project and all the related infrastructure / broad-brush power-sharing plans, etc. And the 'court of world public opinion ' won't weigh particularly heavily, if China is on-side....

I quoted the FT headline the other day, of Democrat Biden urging OPEC to increase oil production , to keep (US) consumer prices down.

A joined-up thinking govt would slap an extra $ or two on the pump-price, with the revenue raised hypothecated to subsidize the transition to green.

There'll be a lot of talk in Glasgow about how we're all in this together, amongst the delegates who will have all flown in and been granted waivers of the coronavirus restrictions.....it's as Juncker of the EU commission once said, in another context : "We absolutely know what needs doing, we just don't know how we'd ever be elected again afterwards"

Meanwhile, lots of Asian nations, led by China itself are merrily planning more new plants , see https://carbontracker.org/paris-target-at-risk-as-five-countries-plan-80-of-worlds-new-coal-power/

All AIUI

Never let the facts get in the way of a good story.

I've never commented on the s/p on days/periods when it was down, why should I comment on days/periods when it goes up?

James and Collis have now been appointed .. and their shareholdings announced. So unconfirmed is now confirmed.

As the recent discrepancy between BoD shareholding and voting intentions discrepancy shows, things don't always happen as they're supposed to.

If I have time I'll look at current/prev directorships bit of the RNS.

This the full reply from Elizabeth

.."I know I owe you a reply and was hoping that we would have an update out this week however it looks like it will now be next week.
In terms of our technology partner. As per the RNS on the 28 September last year the Partners confirmed there was no change to the JDA signed in July 2019. A reiteration by CMEC was provided in the RNS that if and only if we needed to find a new technology partner the process would take 1 mth. We have had no such notice if we had we would have had to announce it..."

So - we should get an update shortly. Let's hope it's a good one.
Re the technology partner, does that mean that GE is still in - but doesn't want to publicize the fact?... is that how others read it ?

HTH, ATB and GLA

Today's depeches has Denis (son) visiting a public /private partnership at Mouloukou that is being relaunched 30% private Congo/30% Chinese investor/40% the State.
This is what they have to deal with :

.."Construction work on the Maloukou Industrial and Commercial Zone was started in 2011. On this site, 15 factories manufacturing construction materials, 4 warehouses and a cold storage were built by Asperbras on behalf of the Congolese state.
To date, not all of the facilities planned for the operationalisation of the zone have been completed. The roads within the zone have not yet been completed and the drinking water supply has not been completed.
Similarly, electrification work is still in progress. "

Ho hum.

FWIW, I've gone back to Elizabeth, conveying some of the sentiment and pointing out that , whilst some areas may be offlimits and 'sensitive' , this is both circumscribed and time-limited.

I've suggested she get the Nomad, Liberum, involved , esp as most of my info requests were for updates on previously RNS'd items.

Apropos things coal and all the pieties we can expect to hear in the run up to and during Glasgow COP, this headline from today made me smile :

.".Financial Times: The White House has called on Opec to boost oil production in an effort to curb high petrol prices that Biden administration officials say ‘risk harming the ongoing global recovery’...

"My opponent is a politician and a liar........but i repeat myself" (Mark Twain)

.." I wouldn't be surprised if the Chinese have observed NCCL basement SP, and just decided to swoop on NCCL now, before all the pricing elements of the project are closed-out..."

Certainly a scenario I've wondered about. Maybe EDM / MozGov is aware of this , but still wants NCCL in as a counterweight to CMEC in the negotiations...and is dragging its feet for that reason ? Quite apart from whatever legal obstacles there may be in seeking to change the sequencing/structure.

I'm wondering whether the internal political fallout of this
https://www.spotlightcorruption.org/mozambique-and-the-tuna-bond-scandal/
which has entered a new phase, is distracting EDM and its bosses in any way ?

Elizabeth hasn't got back to me, I'll send a polite chaser FWLIW.

.."the post by "extrader" yesterday at 16:27 if i'm reading it correctly has changed my view of CF.."

I'm with Lord Mandelson (famous for 'I'll have some your guacamole , please' when seeing mushy peas for the first time on a visit to his Northern constituency fish and chip shop ), who said that New Labour was 'completely relaxed' about people getting filthy rich - because of the tax they'd be paying and the jobs they'd be creating : if CF and mates do well out of POLB - good luck to him, 'a rising tide lifts all boats , his superyacht alongside my dinghy/coracle'.

But, having made a point of his frugality, low salary , lack of fringe benefits , 'shares bought = 2 x salary' etc etc in investor presentations and in the context of POLB , it's not unreasonable to put these claims into perspective, IMO.

Especially when , in the next few months, he starts talking about 'management incentives' for the remaining 3 spin-outs.

AIUI, etc etc

Today's depeches has Denis (son) visiting a public /private partnership at Mouloukou that is being relaunched 30% private Congo/30% Chinese investor/40% the State.
This is what they have to deal with :

.."Construction work on the Maloukou Industrial and Commercial Zone was started in 2011. On this site, 15 factories manufacturing construction materials, 4 warehouses and a cold storage were built by Asperbras on behalf of the Congolese state.
To date, not all of the facilities planned for the operationalisation of the zone have been completed. The roads within the zone have not yet been completed and the drinking water supply has not been completed.
Similarly, electrification work is still in progress. "

Ho hum.

.."This satisfies me that the board and particularly Scott Fletcher are unable to buy in to support the sp or clear the funding through the warrants..."

Thanks for this (qualified) reassurance.

However, to find ones room for manoeuvre restricted for being 'inside' at a time when they know that funds are running out would surely not come as a surprise ...and should have been addressed by a buffer that assumed 'Moz time' would apply ?

It's one thing to be pollyanna-ish when communicating to the market, it's another when you're managing your cash, the company's lifeblood.

.."The president of Moz has again and again said that he plans to..."

You left me on tenterhooks !

Seriously, though, it's NCCL's inability -or maybe just unwillingness - to share the sort of anecdotal evidence, reported in the local press or on the election stump or by electricity goods suppliers, or by respected NGO, or by another international aid body reporting on its own (related) in-country activities, that perturbs me.

I can understand that it may not want to be identified as the source, but it shouldn't be beyond their capabilities to provide an intermediary with some supporting material, for onward distribution ?

Sheesh!

If not seen by anyone, here it is

hxxps://wp-poolbeg-pharma-2021.s3.eu-west-2.amazonaws.com/media/2021/07/16153903/Poolbeg-Pharma-plc-Admission-Document.pdf

It's a good read about the business, but mostly way over my head.

It answered a question that CF rather ducked in the last presentation - Jeremy Skillington's 'skin in the game', if any - and puts a slightly different slant on who's actually incentivised :

(1) p90 - Skillington's salary is £ 250K, with a 50% discretionary bonus;
p91 - Cathal's salary is £ 100K with a 25% discretionary bonus;
- O'Connell's salary is £ 145K with a 50% discretionary bonus;

The 'incentivisation' comes with the warrants (p 78):

(2) Skillington has a total of 15 million in 3 x tranches, 1@ 10p, 2 x 15p;
Cathal has a total of 10.5 million , ditto;
O'Connell has a total of 10.5 million, ditto.

(3) Skillington doesn't have a 'regular' shareholding in POLB,
Cathal has 36.4 million, of which 15,965,257(=3.2% extra), as a (further) management incentive.
O'Connell has 8.3 million, which may all be management incentive, I don't know if he qualified for any in-specie.

On the face of it , Skillington is well remunerated and moderately incentivised (15 million in warrants)

Cathal, it turns out, is far more incentivised - and will be much better rewarded - by POLB's success (10.5 + 15.9 = 26.4 million in warrants + free incentive), quite apart from his in-specie entitlement.

And there are 3 more spin-offs to come.

How much time will he have for 'rump' ORPH ? Maybe that explains the allusion to a CEO at ORPH later in the year ?

AIUI, IMO etc etc.