Member Info for extrader

Hi all,

Haven't checked latest Champion project status , but 3 years back GLEN entered into a US$ 25m finance deal with these people, including a 10 year production offtake and seat on the board for a GLEN director Jyothish George.

George is currently head of GLEN's iron ore division (previously, iron ore marketing) and sits on the Jumelles board, see
https://wallmine.com/asx/cia/officer/2084796/jyothish-george.amp

Hmmm....

Hi PeterS23,
I think it's just the usual 'closed period' stuff, aggravated by his position and ORPH's newsflow.

PDMR's are restricted as to when they can buy (or sell) shares - mandatory dates around 'known' price-sensitive issues like release of financial statements and trading updates, but also if there are things happening on the commercial front that might have an effect on s/price. Commonly called 'insider trading'.

With so much activity on so many fronts, it must be hard for Cathal to find a period when he can safely/legally buy or sell shares without risk of running foul (or being accused of running foul, which may be perceived as being as bad) of the regs...

IMO
HTH

Hi Trader_3,

.."Seem’s to be a lot more interest and planned discussion (in the scientific field), around Human Infection Models at present:..

Indeed. And not just discussion. And not just re the young.

hxxps://www.msn.com/en-gb/news/uknews/volunteers-wanted-for-trial-that-will-mix-and-match-covid-vaccines/ar-BB1dmWSP?bep_ref=1&bep_csid=21416

ATB

Hi WolfofWarks,

The biggest hurdle to overcome, IMO, is Gamma Capital's shareholding.

I've already written about this, so in deference to those who prefer to stay in a 'safe space', will leave it at that.

Did you have a look at SVE, as an indirect route into GGP, btw ?

ATB

For those who misunderstand why this often appears at the end of my posts :

It's a reference to a line from a movie 'Shakespeare in Love' - about the ups and downs of theatre in 16thC England, in a time of plague.

It's quoted several times, in different contexts, by the character played by Geoffrey Rush, expressing wry uncertainty about the 'fickle finger of fate'.

Here's a sampler
www.cinetropic.com/shakespeare/page5.html

The parallels with SYME (another 'work in progress'/ play within a play), full of twists and turns, with moments of high drama alternating with mind-numbing banality (from the groundlings) in coronavirus-struck 21stC England are intriguing and entertaining.

We're seeing atm 'The Comedy of Errors', in JMT/DW we saw 'The two gentlemen of Palermo', let's hope that 'All's well that ends well '.

ATB

You asked 'is it speculation' ?

My comment, preceding Gotham, concluded :

.."This may be one of the 'complexities surrounding the RTO' that the FCA is looking at..."

That's saying 'this is speculation ' to my understanding.

Hi Burnley1882,

I try to make my posts original content , as opposed to the endless c+p which you don't find objectionable.
This is the first time I've looked at this issue and only prompted to do so by wondering what the hold-up with the FCA might be.
This seems a possible explanation.
No-one else has come up with anything.
Maybe you'd like to ? If not, don't begrudge someone who does/has.
Apart from anything else, I'm hoping to learn how serious/diligent/competent the FCA is - it doesn't have a very good rep, but I've not had a 'live case' to look at before .
So indulge me.
Or filter me, I don't mind.

HTH

You missed the point that I was addressing Gotham's statement that the FCA would be aware via algorithms and I wondered how that would be possible in the circs I've described.
You appear to agree with me that they can't /aren't.

This is what the FCA says is the extent of its oversight :

.."THE FCA ONLY APPROVES THIS DOCUMENT AS MEETING THE STANDARDS OF COMPLETENESS, COMPREHENSIBILITY AND CONSISTENCY IMPOSED BY THE PROSPECTUS REGULATION..."

I wasn't aware of the algorithm check (so thanks for this nugget) , how does that work with 'concert party' holdings held by offshore front companies ?

I come back to : Why unnecessarily include in the Prospectus 3 x ordinarily 'non-declarable' holdings ? When you look at it from the perspective of a 72% 'nudging the limit' shareholder - TAG - you can see why they might want to do this.

And then, in the event, at least 1 - Ceresio - does indeed join - or rejoin ? - the fold , with the Orchestra transfer.

In some ways, you could look on it as a reverse of the 1AF2 sell-down to the 3 x securities lenders, as a way of possibly masking the disclosure on sell-down rules there.

'It's a mystery'.

I’m circling back to John Michael Treacy , who was involved in the Palermo football deal that wasn’t and who ran Epsion - the ‘captive, boutique, purpose-created’ Broker - on behalf of ECP /DW.

The shares were allocated (Prospectus p 60) based on the level and nature of demand; Prospective Investors’ profile; and which firm made the application. Epsion also had to make sure that at least 25 per cent. of the Ordinary Shares would be in public hands (a Listing requirement).

So the Broker is gatekeeper, vets/decides who gets shares...and has to make sure the Co achieves the 25% public hands target.

JMT / DW must have been asleep when they let ‘Parrot Capital (Global Capital p.l.c) ‘ (sic) pick up a 4.98% (1.63 billion) shareholding .

This is one of 3 x 4.98% holdings that were under the 5% threshold applicable to investment managers, so didn’t need to be declared (and yet they were) and didn’t need to be declared on the disposal that subsequently appears to have happened (per Bloomberg).

Global Capital plc is a Malta-based, Italian-owned and run financial services company with a history of questionable governance and opaque ownership. See
What, exactly, is Global Capital plc all about? - The Malta Independent; and
Major shareholder of Global Capital plc fails to file annual financial report and accounts - The Malta Independent

Of the other 2 x 4.98% shareholders,

Equita SIM, is a securities brokerage company, wholly owned by Equita Group and accounts for most of the Group's operations; and

Ceresio SIM SpA offers private banking services, in particular asset management, and Corporate Advisory services to Italian customers. Ceresio SIM is wholly owned by Banca del Ceresio and wholly controls Global Selection SGR and Eurofinleading Fiduciaria *

Both were effectively short term ‘fronts’ for the ultimate, un-named owners and their shareholdings have since been sold down or liquidated. We don't know where their shares went.

* In the case of Ceresio Sim, however, we learned that its shareholding was passed to Orchestra Group / AZ , ('direct transfer to custody account' ie from Eurofin to Eurofin), see the 18 August RNS.

With TAG holding 72% at time of RTO, if any one of these 3 x 4.98% unnecessarily declared holdings turned out to be connected to TAG, the RTO would be in breach of the ‘ minimum 25% in public hands’ Listing requirement.

This may be one of the 'complexities surrounding the RTO' that the FCA is looking at.

IMO

I’m circling back to John Michael Treacy , who was involved in the Palermo football deal that wasn’t and who ran Epsion - the ‘captive, boutique, purpose-created’ Broker - on behalf of ECP /DW.

The shares were allocated (Prospectus p 60) based on the level and nature of demand; Prospective Investors’ profile; and which firm made the application. Epsion also had to make sure that at least 25 per cent. of the Ordinary Shares would be in public hands (a Listing requirement).

So the Broker is gatekeeper, vets/decides who gets shares...and has to make sure the Co achieves the 25% public hands target.

JMT / DW must have been asleep when they let ‘Parrot Capital (Global Capital p.l.c) ‘ (sic) pick up a 4.98% (1.63 billion) shareholding .

This is one of 3 x 4.98% holdings that were under the 5% threshold applicable to investment managers, so didn’t need to be declared (and yet they were) and didn’t need to be declared on the disposal that subsequently appears to have happened (per Bloomberg).

Global Capital plc is a Malta-based, Italian-owned and run financial services company with a history of questionable governance and opaque ownership. See
What, exactly, is Global Capital plc all about? - The Malta Independent; and
Major shareholder of Global Capital plc fails to file annual financial report and accounts - The Malta Independent

Of the other 2 x 4.98% shareholders,

Equita SIM, is a securities brokerage company, wholly owned by Equita Group and accounts for most of the Group's operations; and

Ceresio SIM SpA offers private banking services, in particular asset management, and Corporate Advisory services to Italian customers. Ceresio SIM is wholly owned by Banca del Ceresio and wholly controls Global Selection SGR and Eurofinleading Fiduciaria *

Both were effectively short term ‘fronts’ for the ultimate, un-named owners and their shareholdings have since been sold down or liquidated. We don't know where their shares went.

* In the case of Ceresio Sim, however, we learned that its shareholding was passed to Orchestra Group / AZ , ('direct transfer to custody account' ie from Eurofin to Eurofin), see the 18 August RNS.

With TAG holding 72% at time of RTO, if any one of these 3 x 4.98% unnecessarily declared holdings turned out to be connected to TAG, the RTO would be in breach of the ‘ minimum 25% in public hands’ Listing requirement.

This may be one of the 'complexities surrounding the RTO' that the FCA is looking at.

IMO

.."much of the valuation of SYME was the prospective clients?.."

Maybe - it's a pity though that they didn't advance that argument at the time they announced the change.

Hi earache,

Hate the sin, love the sinner !

Not sure which Wuhan scientist you mean, there was a great interview yesterday with the obituary writer from The Economist, she mentioned having done one on the whistle-blower.

HTH

Here are two 'oven-ready' prospects (from today's FT) :

.."Carmakers consider supply chain overhaul to avert more chip crises
Mercedes-Benz and Porsche look at building semiconductor stockpiles to prevent bottlenecks....

ATB

Hi all,

As mentioned, I took part in a zoom focus group meeting last night, hosted by Imperial, as part of feedback for Ethics Committee (we were told) - maybe , per today's news, a decision has already been reached.....

Snippets :

- Catchpole was in attendance but didn't say anything in the Group session and wasn't part of my 'breakout' group subsequently;

- emphasized that goal was to calibrate MINIMUM dosage of live virus needed to trigger a response;

- some concern that public attitudes may be less 'pro' because of vaccine rollout, this was reflected in some participants' views, others had changed the other way through family/friend experience (incl fatal) since last group mtg in Oct

- some question of whether able to get appropriate BAME representation (interest/willingness on the one hand vs considerations of possible 'extra risk' predisposition on the other);

- sidenote : there was only 1 x obviously BAME participant in our 30-person group;

- sidenote 2 (for earache ;->): most of the Group session was led by an ethnic Chinese https://www.imperial.ac.uk/people/c.chiu

- the 'window' for covid -19 related conventional vaccine testing 'in the wild' is reducing, because of rising 'herd immunity' in the UK (combination of natural exposure and vaccination), placing a premium on small number/quick result under controlled conditions offered by HC;

- suggestion that - if variants cropped up that rendered existing vaccines ineffective - a successful HC outcome using an experimental new vaccine would make it easier to argue for 'fast-track' approval ie quicker off the mark if there's a resurgence /new pandemic in future;

-acknowledgement that HMG had accelerated approval of AZ and the change in dosing gap on the basis of 'opportunity cost' considerations - partial cover for many , rather than fuller protection for fewer.

All IMO and as I understood things.

HTH

His investment vehicle is called Orchestra Group...

AZ beat me to it ;->

Hi colintrade,

Who knows ? I think you have to distinguish between 'Investigation' = formal and ' review' = 'informal, whilst we check a few of these 'complex' things out'.

IMO

No one has commented so far on the curious title to today's RNS : 'Update on Re-listing'.

SYME hasn't been delisted, it's been suspended.
It should be updating re 'lifting of suspension and resumption of trading'.

People will say this is being pedantic.

But it shows , at best, muddled thinking that - coupled with the 'rooster-up' over accounting dates - suggests that they're a bit overwhelmed atm.

IMO

Hi all,

The accounting treatment issues are, IMO, interesting but secondary.

The FCA might be including in their review of the RTO a look at the role and background of some of the principal players , to wit :
- John Michael Treacy (JMT);
- Epsion Capital (Epsion), 11238881, owned by Eight Capital Partners (ECP) and Broker for the Placings;
- Eight Capital Partners, 09301329, where a significant shareholding and Chairmanship is held by IWEP; and
- IWEP, 11326360, vehicle of Dominic White, Chair of SYME and holder of 30.6% of SYME after RTO, by virtue of IWEP's 42 % in TAG's own post-RTO 72.95% shareholding in SYME).

(1) JMT was a Director of the 'seller' of the listing, ABAL until 3/20, having previously been instrumental as Director in the post CVA re-activation of ECP (a pre RTO 22% shareholder in ABAL), before moving to Epsion in late 2019.
See Companies House links.
(2) Epsion as broker to the 'seller' in an RTO is effectively working for the 'buyer' of the listing, SYME Italy, by procuring a market for its Consideration Shares
(3) ECP's shareholders as at June 20 include a 13.8% stake held by Cosmos Sicav, Malta,and 5.83% held by JIM Nominees (2 x Abalone Group , Malta entities) see https://find-and-update.company-information.service.gov.uk/company/09301329/filing-history?page=1 page 11 of AR to Dec 2019 filed 02 Sept 2020
(4) IWEP started life in Apr 2018 as VAD Option 1 with its 10K sharecapital also provided by Cosmos Sicav, Malta; IWOLF (DW vehicle) subscribed an extra 15K in Oct 2108 and then 25K in Jan 2019; Cosmos sold out in Mar 2019 and the Company's name changed to IWEP.

(1) , (2)and (3) seem a bit incestuous to me, but maybe that's inevitable in an RTO, aka 'hand-holding' ?

The shares were allocated (Prospectus p 60) based on the level and nature of demand; Prospective Investors’ profile; and which firm made the application. Epsion also had to make sure that at least 25 per cent. of the Ordinary Shares would be in public hands (a Listing requirement).

So the Broker is gatekeeper and vets/decides who gets shares.

The Prospectus mentions the 1.01% Placing that raised £ 2.24 m but says nothing about how the 25% requirement is to be met ( via TAG selldown, by post-fact inference from RNS).

(3) and (4) suggest that Cosmos Sicav provided , at the very least, 'seed capital' to ECP and IWEP.

(5) Cosmos Sicav is part of the Abalone Group, Malta .

ALL of the above, less Epsion , plus a couple of other ‘bit players’ in SYME ( Finance Group, Maurizio Belli and Emanuele Facile) have walk-on parts in this 2018 ‘comedy of errors’ in Palermo Football Club, Sicily, Italy :

Cessione Palermo: Dominic White, l'aumento di capitale e la sua SPV. Ecco chi detiene le Loan Notes da 15 milioni di sterline... - Mediagol

I imagine that - whatever else it is reviewing - the FCA will want to ensure that nothing similar has happened in their ‘manor’ / on their watch.
IMO
HTH