Member Info for extrader

Thanks Mafuta

I dimly recall getting a formal allocation of some freebies decades ago that were labelled 'no par value' or 'nominal' or something similar.
My holding is pretty small, so the point is largely academic.
I know someone who had a pre-floatation holding in Twitter and there was a 'grey market' that emerged for employees and other shareholders who couldn't wait.
They'd be more interested in keeping track of things !

Hi G_G_G,

Our paths crossed !
I prefer your point of view...

Maybe my closing remarks bridge the gap ?
.."I only hope that our Directors scrambling to foist this further 'investment' on us is a sign that the Coal Project (remember that ?) is approaching completion and take-out "

ATB

Not sure I understand what is going on here :

(1) Our company NGP - 100% owned by NCCL* but see (7) below - is looking to acquire up to 40% of JVCo, which is looking to acquire initially 51% of the NIH Portfolio.
(2) NIH portfolio consists of a number of assets/projects that have been developed/managed by NESA (who will presumably start with the balance 60% of JVCo ...and then be diluted down by the subsequent capital raise).
Is this right ? What will new funds be used for ?
How is the NIH portfolio (which we're partly acquiring) currently funded ? It looks from NESA's website as though NIH itself is a VC kind of company, with EIS-like investors offered up to 45% tax relief and juicy income returns - are they not willing to continue funding ...or is the offer/portfolio not attractive enough to draw in more money from that source ?
(3) We're told what the NIH portfolio includes - in generation and battery terms - but not what it cost /is 'worth' , only that it generated revenues of $ 2.4M in FYE Feb 2021 and EBITDA of $ 0.8M.
(4) Its portfolio is 9.8 Mw commissioned and 5.8Mw 'work-in-progress'...how long to commission ? Are we bailing them out because of a shortfall in other funders ?
(5) Never mind new stuff, have we commissioned OUR project ('due end June') ? I guess not or we'd have heard.
(6) How long before this commissioning until we've paid back the Director Loan $ 500K ? At revenue of ?? $17K ?? it'll be some time.....
(7) Until then, we have this over our heads :..-- Lenders right to convert the Bridge Loan into equity of NGP with a coupon of 50% should NGP default on repayments or under events of default typical for a project of this nature.." How much equity ? And who will commit NCCL / NGP to this deal ?
And this
(8) NGP has also secured the RIGHT to fund a US$5.5m C&I project development pipeline in Mozambique through a Relationship Agreement with Captive Power Limited.

We must have been fighting off the competition.

This all looks to me a bit like two drunks propping each other up for support.

I only hope that our Directors scrambling to foist this further 'investment' on us is a sign that the Coal Project (remember that ?) is approaching completion and take-out.

Not a happy bunny atm.

O

.."Anyone know why ex rights date on 16th and shares on register record date differ?.."

AIUI, this is to take account of the 2 day delay between transaction date and updating of register ('record date') for settlement purposes.
So anyone buying tom 15th before close of business will buy 'cum' = 'with' rights...and join anyone already holding; shares will trade 'ex' rights from the 16th; results will be announced on morning of 17th, register will be updated by close of business same day to reflect 'Relevant Shareholders'; on or before 18th, ORPH BoD will OK distribution in specie (on 1: 2.98 ORPH basis) to Relevant Shareholders of our Poolbeg shares, where legal title will be held by a place-holder, Croft Nominees.

I THINK (not sure of this bit), we should be formally notified of our Poolbeg holding - and it may even show up in our brokerage account , on a memorandum basis - but this will only become 'live' at the end of the lock-up period.

AIUI, IMO, NAI, DYOR etc

Not sure this bit is quite correct : .." with subsequent performance based cash or share considerations based on performance the forward valuation targets of TFC @ £31m total consideration through 2025. ..."

Total consideration (amount unknown) is based on delivery (between Jan 2021 and Dec 2023) of targets commensurate with a business plan to 2025. The valuation itself of £ 31m is based on the business plan through to 2025

SYME hasn't stated what the relationship between 'valuation' and 'consideration' will be, in particular what happens if TF either (a) underperforms or (b) exceeds its business plan numbers.
As others have pointed out, if the synergy works as hoped for, TF could exceed its business plan.

Which would be a 'nice problem' to have.

Some of these 'unknowns' might be addressed in whatever transaction updates are RNS'd.

IMO

Hi beardozer,
I tend only to post when there's news..... have been reduced to scouring the local rag 'depeches' and the official gazette, which has also been a joyless experience.
The latest snippet from 'depeches' https://www.lesdepechesdebrazzaville.fr/ talks of the SEZ just outside Brazzaville, at Maloukou.
The Chinese contractor says it hopes to have assembly of electricity pylons finished by August (ie during the dry season)..'but this depends on somebody financing the land expropriation costs'.
There's barely 10Km to complete, from a 'stable' hydro supply at Imboulou.
The materials have been ordered.....but not yet delivered.
Plant and equipment at the SEZ - 15 plants for construction materials, 4 x warehouses and 1 x chiller/freezer plant - is 'still serviceable'.
Work began in 2011.

Something about p***-ups and breweries comes to mind.

VWAP is more commonly used when determining whether management has achieved a KPI target eg increased share price to X by Y date.

The share price has to be at/above the target for a certain number of days...and the 'volume' bit makes sure that it's a 'real price' and not something that's been briefly manipulated ...

VWAP, volume-weighted average price.

Most placings are at a discount, esp. likely when the buyers (in this case ) will be providing SYME with at least * 3x as much cash as was raised for it in the IPO.

* this placing will be for more than £ 4 million (which is only the cash element for TF) : the RNS a week ago told us that :
.."This investment of fresh capital will support SYME's strategic developments, including the acquisition of TradeFlow.."

I think you'll find an RNS is required because the 'news' involves a change (increase) in the number of shares in issue.....

It would have been a bit more informative - and less misleading - to have qualified your rebuttal by acknowledging that it was meaningless.

HTH

.." took me all of 5 mins to find on singapores equivalent of CH to find they were submitted a few months ago. .."

You'd have a bit more credibility if you shared what you claim to have found.

'Talk is cheap'.

ATB

Hi Jiving,

In fact, the table has Simandou at 2027+.....

Two historical references I came across last week re WW2, both things I hadn't appreciated/been aware of :
- apparently, Brazzaville was the capital of the Free French under de Gaulle, as Vichy was for Petain's collaborators ; and
- Franco denying the Germans land access to Gibraltar probably turned the war, as control of Gibraltar would have meant control of the Med/ control of Spanish Morocco would have controlled the Atlantic roads, together giving the Axis control of the supply routes to Middle and Far East.

When looked at from that perspective, C-B's strategic location in 2 directions - deepwater port and access to Central Africa - may yet come in to the equation at some point.

IMO

Well, clearly somebody isn't comfortable with the idea that a lot of s'pedia customers value their opinions.....

.."“ purchasing inventory from a supplier and holding it, before invoicing the buyer after delivery”

Whichever way you look at it, that describes on balance sheet funding, not at all AFAICS what SYME's proposition is about.
Whatever your views of its feasibility, SYME's approach is truly original.

IMO

.."there is a need for the £4 million funder to get their shares at 0.4p as a condition of the deal before the accounts [are ] CAN BE published..."

There, fixed that for you.

From the last RNS : .." the Company confirms that it will now publish its 2020 Accounts FOLLOWING completion of the funding facility with a group of new investors. This investment of fresh capital will support SYME's strategic developments, INCLUDING the acquisition of TradeFlow..."

Whereas, 9 days earlier, the fresh capital was needed exclusively for TF .."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..." it's now being represented as 'general working capital', with TF almost an afterthought.

The change of emphasis and missed accounts release self-imposed deadline strongly suggest to me that SYME needs the money to avoid a 'going concern' qualification.

The facts - drawn from SYME's own RNSs - favour this interpretation over any other I can come up with.

As often, I'm generally speaking with you, G_G_G.

My nagging concern is that Moz Gov - like politicians everywhere (hi Rishi) - have to juggle a host of competing political imperatives from different ministries.....and may feel that, with 1 x power station 450MW 'in process', enough has been 'delivered ' on the energy front, maybe it's time to allocate scarce resources to education , or health , or telecomms or defence or whatever....

The restatement of the target 10 million by 2024 may be some comfort , but ONLY if we're needed to achieve/get close to it !

Does anyone know how much of the target 10m will be delivered by the Temane 450 MW project ?

TIA

Hi PadRock,
I think you'll find the docs have been issued out of sequence :
- ORPH Pharma started as a £ 1 company;
- on 20 May (but filed 7 June), 'subdivision' , these were subdivided into 5,000 x 0.0002 ( = £ 1);
- on 20 May (but filed 7 June), 'resolutions', res # 2 allowed capital increase to £ 5,000 (@0.0002 = 25,000,000 shares;
- on 24 May (filed 24 May), confirmation statement divvies these 25,000,000 up amongst the 5 named , as to 24,997,500.

I'm not quite clear about the unallocated 2,500 shares ( =50p) , they may have been held back for some technical reason.

Presumably there'll be a further update(s) , as 'our' shareholding in ORPH Pharma (held by the 5) is diluted with the arrival of new shareholders, where 'we' as 'founders' are joined by them as 'funders'.......

AIUI, IMO etc
HTH

.."funder wants cheap shares before accounts..."

SYME has just said, per the RNS, that ain't gonna happen.

You seem curiously determined to prove me right :

.."Either pure ignorance or a deliberate attempt to mislead!.."
These are not mutually exclusive propositions.

IMO

.."Yet you pose it as a serious question.. are you deluded?
That is seriously a serious question!.."

My reply was to luckybob's belief that TF are attracted to SYME (despite being more advanced commercially, it would seem) because of SYME's funding potential, notably through Captive Bank.

From the last RNS .."the Company confirms that it will now publish its 2020 Accounts following completion of the funding facility with a group of new investors..." it would seem that this funding is actually a necessary precondition for the accounts' availability.

HTH

.." (a) 8bn worth of funding with our captive bank.
As opposed to (b) a 40m fund expected to grow to 100m (probably reached by now).."

(a) that's taking a lot on trust;
(b) what's holding TF back ? On the face of it, they seem to have cracked 'in transit' finance, and their Funds performance has been safe and (continuously) profitable - why haven't one of the big trade finance banks (BNP or StanChart) or private equity thrown some money their way ?

Another serious question.
That's enough for today.
ATB