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.."Maybe Cathal Friel might get some of his hedge buddies involved as well..."

The line-up of parties involved in the ORPH story is already very heavily weighted towards the Irish connection.

People talk of the Welsh Taffia and the Scots Spaffia, both after the Italian you know who , what's the Irish equivalent ?

Slightly more seriously, with so many if the Irish 'great and good' involved , CF has a lot of 'face' at stake as well as money, so doubly motivated to make this all work, IMO.

Good idea ! Maybe one we should all follow ?

Jes' sayin', like.

;->

I imagine it's still at Loan stage, because any conversion into shares would be RNSable (increase of shares in issue) and in any case they have to give 5 business days' notice....from the 16th.

The facts.

So maybe from tomorrow ?

The speculation.

(3) and the gist of Denis fils call for local investment in public-private-partnership (PPP) projects :

. " We found that most of the public-private partnerships were made by large foreign companies, which
demonstrates the appeal of our country as a land of investment, we must also allow Congolese operators to join in.

He urged local entrepreneurs to pool resources and make joint bids.

We need more "local content" .

The Minister's approach supports the various projects and reforms adopted by the government in to improve the climate
business, promote the diversification of the economy and make the Congolese economy more resilient, through the establishment of the Congolese Agency for business creation, creation of the Single Window cross-border operations
GUOT), the creation of the High Authority for the fight against corruption, the recent place of the ministry in charge of
state control - [" moi ?" ] and 'lots of other things'.

Well, there you have it.

(2) PM Makosso sets out goals for National Assembly. Starts by saying he and Nguesso go back a long way, it was Nguesso who enrolled him into Congo's Young Socialists some 30 years ago.....

First up : the aspiration/challenges :
In total twelve (12) to achieve the nine strategic axes of the social project " Forward together ". The twelve battles are:

-Primo. There will be no prosperous future for the Congo without a healthy people;
-Secundo. There will be no prosperous future for the Congo without a rigorous and balanced economic policy;
-Tertio. There will be no prosperous future for the Congo, without a diversified economy and inclusive growth;
-Quarto. There will be no prosperous future for the Congo without a fair and united social policy;
-Quinto. There will be no prosperous future for the Congo without a creative culture
-Sexto. There will be no prosperous future for the Congo without an ambitious youth supervision policy.
-Septimo. There will be no prosperous future for the Congo without peace and security
-Octavo. There will be no prosperous future for the Congo without a consensual democracy;
-Noveno. There will be no prosperous future for the Congo without ambitious diplomacy;
-Décimo. There will be no prosperous future for the Congo, without a healthy environment;
-Undecimo. There will be no prosperous future for the Congo, without effective decentralization;
[and, last but surely not least]
-Duodecimo. There will be no prosperous future for the Congo without good governance. "

Some nitty-gritty :
- targets reduction in debt: GDP from initial 110% to 98% @ Dec 2020 [USD 10.8 Bn] and target 70%. How ? By capturing unrecorded GDP.
- "we have to start sending strong signals to our partners and creditors, both national and international, especially in
in terms of improving governance on one hand , and making commitments for a strict application of the resulting program
with the IMF on the other hand. "
- need to stop tax dodging, influence-peddling, corruption, embezzlement, bribes etc
- we need hydroelectricity : Chinese co Gezhouba will start the Sounda and Chollet dams on BOT basis;
- in public-private partnership, we'll progress construction of the pipeline from Pointe-Noire to Ouesso via BZV.
- We will ensure the modernization of the Congo Railway Ocean (CFCO) and continue to rehabilitate the RN2, as well as its upgrading. We'll continue the Dolisie-Kibangou- Gabon border road ; the bridge over the Niari has already been fully completed.
With African Development Bank (AfDB) finance, we'll work on corridor N ° 13, -Ouesso-Frontier with the RCA and the bridge over the Sangha ;
We will top up the road fund for ensure the efficient maintenance of our network.

Concludes reminding audience , esp Denis that the most important challenge is 'good governance'

Amen to that.

After a long 'dry' period, depeches has several items of interest today, notably the rescheduling of China debt and the PM's statement of objectives to National Assembly.

(1) China debt snippets (some familiar names, I guess the talent pool is pretty shallow).
-" The experts of the two parties will thus examine the modalities of rescheduling of these receivables estimated at more than 1,300 billion FCFA. [USD 2.35 Bn]The Minister of Finances, Roger Rigobert Andely, international cooperation,
Denis Christel Sassou N’Guesso and Territorial Development, Jean Jacques Bouya took part in the interview between
two heads of state.
"Congo's debt to China is 1,100 billion FCFA [ USD 1.98Bn ]for the public part and banking and 225 billion [ USD 400m] for the private and commercial part "

- " rescheduling will allow talks with IMF to restart";

- Per Denis fils : "The two heads of state, he stressed, spoke of certain specific projects, in particular the continuation of national coverage in telecommunications, a project carried out with the expertise of Huawei company and the Star project
Times, regarding the switch to analogy to digital terrestrial television.

NB : The question of the rehabilitation of the Congo Ocean railway was also raised. "

- Re suspension of certain infrastructure projects executed by Chinese companies, Bouya, said that there are two categories of projects developed by companies from China.
For him, the partnership projects with Chinese financing are still progressing, in particular the Twin Towers building, the shopping center Brazza Mall and others.
“There are also purely Congolese projects that Chinese companies have won after international tenders,
who've suffered from the country's economic slowdown.
If we can sort out the domestic debt issue, we should be able to restart the projects that have come to an end ”.

-Probably most important snippet : Denis pere will be going to the centenary celebration of the
Chinese Communist Party in July.

E and OE

You've missed the boat re 1st - Poolbeg POLB (but can buy in the IPO ) - there should be 3 more spin-offs where you'll get free shares in newco IF you're holding ORPH on the relevant date (s).

If you scroll through the last few RNS's- or listen to Cathal's last webinar - all will be explained.

.."but would ncyt have been able to develop and market their products without CLN. chicken and egg..."

Hard to say, pharma products are usually years in development. NCYT certainly got a lucky break with Covid, if you look at this s/p progression ( Negma's involvement being from April 2019 to Nov 2019.)
- Jan 18 58p
- Jun 18 57p
- Jan 19 35p
- Apr 19 23.5 p
- Nov 19 7.5p
- Jan 20 14p
- Mar 20 190p

No speculation, just facts.

For comparison purposes, from the relevant NCYT RNS :

The Negma Euro 5m 3 year facility was pulled after 6 months [ a month before covid kicked off], when only Euro 2m had been issued, and replaced with a same -size €5.0m secured term loan repayable over 48 months @11 % fixed, with warrants for 8.5% of loan amount and a fee of 1.5% of loan amount.

.."I've said before; you may be right and I may be wrong, but I am not so naïve as to bet my shirt on it at this point, or claim an absolute. Keeping your powder dry is key .."

At last, something we can agree on .

Good night !
;->

.."Today is 21 June 2021; why are you wailing on so much?.."

I'm not wailing on so much, I'm simply pointing out that SYME's RNS's cannot be taken at face value.

With concrete examples.

As MY son would say :

'Refute....or retract'.

As MY so

SYME itself told the market it would be issuing equity to pay the cash element of TF. So the question of borrowing doesn't (or shouldn't) arise, for you or anybody else.

The accounts are legally required by the end of June (unless any Covid flexibility applies).

SYME has voluntarily given several earlier deadlines, each of which it has broken.

Who are TF's professional advisers ?
Thanks

"How much is bank funding, for this level of advance..."

Glad to see that you now appear to recognise that SYME is borrowing to part-pay its acquisition of TF, as opposed to the equity raise proposed until a couple of weeks ago.

As recently as 26/5, the cash element of the TF acquisition was fresh equity. And the 2020 accounts would follow shortly.

.."The Company intends to fund the initial cash component of the transaction from an investment of fresh capital being finalised with a group of new institutional investors.
.......
Following the achievement of this important milestone for the Company, SYME is pleased to confirm that the 2020 Statutory Audited Financial Statements are being finalised, with publication expected next week.."

The new institutional investors haven't materialised and the (evidently in SYME's view ) associated finalisation of accounts hasn't taken place.

The source of funds for TF acquisition - and linkage to production of the 2020 accounts - was repeated 9 days later :

.."the Company confirms that it will now publish its 2020 Accounts following completion of the funding facility with a group of new investors."

12 days later, this has morphed into a loan facility that will be used to

.."-- support the completion of the acquisition of TradeFlow Capital Management Pte. Ltd. ("TradeFlow");

-- meet the working capital requirements of the Company and support new potential strategic projects; ....."

and the Company is silent on when the accounts will be released, even though the apparent pre-condition of funding has now been met.

That seems to be where things stand now.
IMO

SYME can't/won't use CLN to fund monetisation for 2 reasons :
(1) it's not SYME, but an SPC that does the funding, SYME is only arranger/coordinator;
(2) Negma has charged 12 % up front, a higher rate than it's been said the typical ('only good credit') customer was expected to pay.

.."They will have 'evidence' via their professional advisors, of where SYME currently is and where it is going. Copies of management accounts, signed agreements, details of funding, evidence of partners etc etc etc..."

Now who's speculating or making assumptions....?

;->

Congo - B owes our 50% + 1 share partner Glencore a lot of money in oil pre-export finance loans, already overdue.

GLEN might play hardball, as Sundance appears to be doing.

But GLEN has more clout and connections.

IMO

I've no idea why TF have apparently agreed to be taken over by SYME....and haven't speculated as to why (which Havoc has).

But to speculate that .." they believe SYME will give them greater access to funders to help monitise the demand they are currently unable to finance..." is truly bizarre, since as it stands, the only funders that SYME appears to have access to are CLN-providers.

HTH