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The Sunday Times, for its part, has added to the confusion :

Revealed: Sanjeev Gupta’s circular money trail
Tycoon raised cash from Greensill by selling himself steel
John Collingridge
Saturday April 17 2021, 6.00pm, The Sunday Times

Sanjeev Gupta’s Liberty Steel raised cash from finance firm Greensill Capital by selling steel that it then planned to buy back itself, stoking concerns about how his stricken empire was funded.

Documents seen by The Sunday Times show that Liberty Steel Newport in south Wales used a circular trading scheme whereby it sold steel to a company with close links to the tycoon, which another Gupta business was then to buy back.

That £2.5 million sale allowed Liberty to borrow from Greensill via invoice discounting. Liberty was then free to sell the same steel again, this time to a different customer, and raise more cash from Greensill against that second sale.

The circular transactions raised alarm among several of Gupta’s staff. The disclosure sheds light......etc

Not SYME's business model - and in any case, use of blockchain would prevent this 'double-dipping' - but the over-simplification of words used - 'selling something and then buying it back yourself' isn't helpful if you're out marketing and have to waste time explaining what your product ISN'T, rather than what it IS.

And more CFO's/CEO's are likely to read the Sunday Times than the Mail. If they read a 'paper' paper at all, nowadays.

IMO

Re TF trademark, if you're going to re-brand the platform because TF has better name recognition, you might as well re-brand SYME's planned investment fund.

.."As in 2018, Supply@Me is evaluating the establishment of its own investment fund. At this time, we can offer to our clients two products: the “warehouse” [SYME - awaiting proof of concept] and “in transit” [TF - up and running] monetisation products"

Who / whom ?

All good stuff - they spelled OpenOrphan's name right.

Motley Fool , eh ? 16 'hot tips' for the year....but only 9 of the pundits have bought the shares they're recommending.

At least the ORPH picker did !

Correction : GLEN's pre-AGM webcast is 22nd, AGM itself is 29th...

.." Let's see what next week brings..."

Forgot to mention : it also brings the GLEN AGM on Thurs 22 (Ivan's swan-song and Gary /the BoD having to justify Gary's remuneration package)
https://www.northernminer.com/news/glencore-shareholders-revolt-over-ceos-pay/1003830157/

Doing something 'creative' with Zanaga's 'green' iron ore might usefully address that issue....and this one :

"Another bone of contention Glencore faces at the upcoming annual general meeting, scheduled for April 29, is to obtain approval for its newly set emissions targets..."

Come on Gary, hit the ground running !

;->

Hi allthatguff,

Fingers and toes crossed indeed !

I had a little refresher look at ZIOC's capital structure.
The last AGM authorisations - which are similar to prior years - give lots of 'optionality' in the absence of an outright sale (my preference !)

See https://www.zanagairon.com/wp-content/uploads/2020/10/Zanaga-Notice-of-AGM-2020.pdf

This was approved late October, a month after the interim report that first mentioned ' approaches received from a number of strategic investors in the Zanaga project'.

Resolutions passed include, if I read / understand correctly , authority for

- up to 195.4 m share issuance (66%) , with pre-emption rights for existing shareholders;
- up to 97.7m share issuance (33%) otherwise;
- up to 43.9 m share issuance (15%) for cash, no pre-emption rights;
- up to 43.9 m share buyback (15%) for cash , at market price(s).

So, lots of flexibility built in.
For instance, the second (33% share issuance) would give a strategic investor or investors 25% of the enlarged capital.

My vegetarian > piscatarian partner shudders when I say it but 'There's more than one way to skin a cat..'

Let's see what next week brings.
ATB

Great find, Feeks ! Already sent the link to a couple of 'wordsmith' friends.....
;->
Thanks.

Don't know about 'whelmed' or not : personally, I'd rather be 'gruntled'.

Trader_3's research was shared on a d v f n starting msge 14216 around 1130 on 12th April and may already have been posted here around that time.
He uses the same moniker on both sites.

HTH

Tks to marcusg71 from 2 days ago :

.."Had word from AT to say they are preparing the results announcement of the recosting. GLAH.."

'Steady, The Buffs !'

The Prospectus p.10 spells out the difference between NOMINAL price and ISSUE price....

"The securities subject to Admission are the Existing Ordinary Shares together with the Consideration Shares and the Placing Shares (the Consideration Shares and the Placing Shares and together, the “New Shares”), all being Ordinary Shares of 0.002p each which together will be registered with ISIN number GB00BFMDJC60 and SEDOL number BFMDJC6 and will with effect from Admission trade under the symbol SYME.

The NOMINAL [my bold] value of the Ordinary Shares is denominated in UK sterling and the ISSUE PRICE of the Placing Shares will be £0.006756p, payable in UK sterling. The ISSUE PRICE of the Consideration Shares will be £0.006945p.

If you look at SYME docs at Companies House, confirmation statement 31 March 2021, you'll find this :

Class of Shares: ORDINARY
Currency: GBP
Number allotted 32754944590
Aggregate nominal value: 655098.8918

Total NOMINAL value is £ 655,098. SYME wants to issue £ 218,700 (Resolution 5) and a further £ 32,750 (Resolution 6), total £ 251,450.
251,450 / 655098 = 38%

HTH

(1) I used SYME generically, as it's this business model they're selling. If there's a default on their watch, don't you think prospective lenders will be interested to see how their security is enforced ?
Ownership/title issues will be pursued by the SYME-created, TAG /Captive Bank (?) run SpecialPurpose Company/ Security agent.

(2) The request for authority to issue 12.6 billion shares approx is in Res 5 of the AGM notice :
https://www.supplymecapital.com/wp-content/uploads/2021/04/SYME-2019-AGM-Nom.pdf

"5. THAT, the directors be generally and unconditionally authorised to allot and issue equity
securities (as defined by section 560 of the Companies Act) up to an aggregate nominal amount
of £218,700....

Divide £ 218,700 /0.00002...or ask SteveAK1972.

HTH

Sigh.

Blockchain helps establish title through a sequence of security documentation.

For SYME to recover goods from customer's warehouse , it has to
- appoint lawyers;
- go to the court to establish the 'facts of the matter' ie that it has standing and that customer has defaulted on terms;
- await the court judgement (including any grace period for remedy /appeal);
- appoint bailiffs to enforce judgement;
- in a scramble for security, other nimbler and less ethical or more 'persuasive' lenders are likely to prevail.

There's a saying ' possession is 9/10ths of the law'.

Why do you think that might be ?

Blockchain addresses a potential weak link (bills of lading) in TradeFlow's already strong security position of physical possession of goods on the high seas.

The read-across to SYME's current business model is limited, because to enforce its security (inventory still in customer's warehouse), proof of ownership still has to go time-consuming and uncertain outcome legal processes (courts, bailiffs etc etc).

TradeFlow and SYME business models are chalk and cheese, IMO.

Has the penny dropped ?

https://www.msn.com/en-us/money/markets/as-sanjeev-gupta-rose-from-trader-to-tycoon-several-banks-backed-away

.."Traders in the world of commodities have long relied on banks to help finance the flow of goods on their journey from origin to destination. From the banks’ point of view, this type of financing is generally considered low risk. Should the trader run into financial difficulties, the bank can seize its collateral – the cargo – and easily recoup its money. That holds true so long as the shipping paperwork used, such as a bill of lading, is accurate.

ICBC Standard Bank stopped financing Liberty’s commodity trading unit by early 2016, after discovering it had presented the bank with what seemed to be duplicate bills of lading, according to two people with direct knowledge of the matter. Commonwealth Bank of Australia pulled the plug on lending to Gupta’s trading business the same year after the bank financed a cargo of metal for Liberty, only to be presented with what appeared to be the same bill of lading a short time later by another trader seeking a loan, according to three people directly involved..."

Should accelerate adoption of blockchain.

Every cloud has a silver lining.

With the cross-border implications, there' ll also be 'face' considerations coming in to play....not to say donor agencies pushing behind the scenes to keep things on track.

Check the ZIOC.GB.PL board ?

Here's a link to the Prospectus that was issued by Abal plc, a cash shell, when it agreed to an RTO from Supply-Me Milan, a fintech junior that wanted a London listing.

https://www.supplymecapital.com/wp-content/uploads/2020/03/2020_03_04_Prospectus-posted.pdf

It now trades under the EPIC SYME .

Things haven't (yet) worked out quite as advertised, but it's a good working example of the mechanics of the process.
The document is about 140 pages long , though and - being a 'selling ' document - has lots and lots of disclaimers and health warnings.

This example is 'fintech' but I imagine the format and topics covered will be broadly similar for ORPH's 'biotech' babies....

HTH

Fortescue Metals was touted as a possible investor in Zanaga, CEO Andrew Forrest used his coronavirus downtime to whizz around Central Africa on various projects, including Simandou.

His interests now to be more on the environmental side, with FFI (Fortescue Future Industry) as his flagship enterprise, pursuing 'green' initiatives, notably at Inga see

https://www.africaintelligence.com/central-and-west-africa_business/...
11/03/2021 · Executives from the Australian mining giant Fortescue have flown into the Congolese capital to discuss the modalities of a US$ 6 Billion deal to generate a total 70 gigawatts of electricity in the country. Their trip comes as President Félix Tshisekedi prepares to choose between the various bidders for the Grand Inga project.

A good overview of Inga (potentially 2 x the size of China's Three Gorges, without the population displacement or geological challenges)
https://furtherafrica.com/2020/08/10/drc-pushes-ahead-with-worlds-largest-hydropower-project-what-you-should-know/

What's the relevance to Zanaga, I hear you ask ?

This hydropower is nearer - under 200 miles , as the crow flies - to Pointe Noire and its planned SEZ /indistrial park than to the other major nearby potential off-takers, the Brazzaville-Kinshasa capital cities.

Maybe there's still a role for the Aussies in the mix ?

.."ex you know fine well those shares are held by the 3 lenders until or before next june..."

Keep up, mick !

The shares weren't originally returnable until the loans had been repaid , which wouldn't be before July 2022.
This changed to : the loans could be repaid any time.
Which then changed to : if the loans were repaid any time, not only do the shares not have to be returned, 1AF2 > TAG will accept cash......and the original RNS helpfully - and unusually - sets out the 'cash equivalent'.....0.075 to 0.09p...

AZ has apparently said that 'the hedges [ the supposed reason for allowing the lenders to trade the shares] are completed',
whatever that means.

You're right about one thing , though : the 5,800,000,000 shares don't belong to SYME, what seems pretty obvious is that they don't now belong to AZ either.

The easiest way of establishing the facts - or proving me wrong, which I'm sure would please a lot of people - would be to ask him.

Which is where we started.

Over to you.