Member Info for extrader

Hi Hallowed,

..""Furthermore, discussions are in place with a number of Insurance Companies in order to create: financial guarantee in favour of the Inventory Funders .."

This should tell you that the cash raised by 1AF2 when it pledged 5.9 billion shares to 3 x stock lenders - which AZ said in the 30/7 Proactive interview was 'to provide first loss security to prospective funders' - either wasn't enough or wasn't in fact used for that purpose (because we haven't seen any funders announced - 6 months later).

It suggests that funders still aren't convinced, IMO.

Hi PeterS23,

I hope CF can tone down his enthusiastic delivery for Mello and let the hard info do the talking.

There are a number of heavyweight/well-connected investors there - Stredder, Sir John Lee, Leon Boros being the 'public' names - if news/the market haven't given ORPH a lift before then, a good presentation would, IMO.

ATB

Contested election results - and not in America.

Hi caml,

Quite possible....and the Chinese (if it is they) may want to get past the elections , in case there's a surprise or violence.

ATB

"Syme are in exactly the same position regarding funding as they were prior to the suspension"

Not quite, surely, because existing and potential shareholders and clients are now formally aware that - as at 27 January 2021 - SYME had no 'live' customers and no 'funding mechanism' in place , which might have commercial consequences.

IMO

.."

Late start flwg long run and outside appt.

Quick skim :

(1) Good that they got the annual preRTO figs done and dusted; let's see what the interims to 30/6 say - when they come out - we know they'll show less than the Sept figs already out;

(2) Going concern issue flagged by auditor , mitigants provided by co, have to look in detail;

(3) acknowledgement that 'origination' *as a metric is irrelevant, funding is key.

*Interesting footnote : "Gross origination" includes all client companies that have signed (1) an NDA, (2) a term sheet, or are (3)in or (4) have completed the onboarding process.

.."the group has a portfolio of interested customers, with SOME having signed term sheets.[ie stage 2] The cash flow model assumes a growth in customer base in line with the INTEREST THAT HAS BEEN RECEIVED in the product but there is uncertainty over the ability of the group to be able to secure these new customers."

In the 4th March 2020 Prospectus, SYME's endowment from Italy included 'originations total Euro 972 million/66 Client companies'.

ATB

Hi waddaweknow,

The Crowe endorsement of the accounting treatment of 'true sale' would indeed be a big +ve.

Their view on the accounting treatment change pre-/post RTO - neither of which has previously been looked at by an auditor, much less approved - will also be important, IMO.

ATB

Hi Chalker,

.."The company could simply argue that if the client did not believe in the true sale approach it could account for it as financing. .."

If it did that, then the whole business case - "a way of generating off-balance sheet cashflow from a currently un-/ semi-productive asset (I simplify)" - falls away, doesn't it ?

ATB

I have interest (academic), but not concern. And I am agnostic (= questioning) about SYME , God and lots of other things...

I may have quoted from the Bible from time to time, but that's only because there's a lot of distilled wisdom there.

I've also quoted from Mark Twain here , including :

..." It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so..."

Even the Italians (well, Romans) get in on the act , too :
'Caveat emptor'

All 'life lessons'.

HTH

Hi Doctor100,

No fears re bitcoin etc, atm : as far as I'm concerned , it only becomes investable when governments accept it as a form of payment, which they won't do because that would undermine their 'fiat' currencies.
If the facts change, etc...
Meanwhile, the ESG lobby will realize the humongous waste of energy needed and - if they're not hypocrites (admittedly a big IF) - push against it .

You'll not be surprised to learn that I prefer silver and gold.
HTH

Hi poorinvester,

Your questions :
Q : The truth coming out now eh? A : I think so.
Q : How much you got stuck in Syme? A : See my reply, 2 mins after your Q.

It must be a memory thing.

How much you got stuck in Syme?.."

Not per David0097's post at 0903 .."Long as they are received and stamped on time then they’re not late. .."

Hi poorinvester,

.."The truth coming out now eh? How much you got stuck in Syme?.."

I have no position, long or short.
Something you've berated me several times for in the past, IIRC.

You either can't read, don't read, don't understand what you've read or don't remember.

GL

Hi David,

They'll need a superbike !

From your link

Companies House London
Our London office is closed until March 2021.
There is no public access or letterbox at our London office. You must send all mail directly to our Cardiff office.

;-<

Hi David 0097,

Could you help me understand, pls ?

.." It’s IN THE POST to companies house then any potential covid delay in uploading them. Long as they are RECEIVED and STAMPED ON TIME then they’re not late. Regardless of the date they appear online.

(1) If there are postal delays, but the accounts have to be received and stamped on time (ie 31 January, a Sunday), then surely there's a good chance that they're already pretty close to missing the deadline ?
(2) Under the circs, who'd use post ? Fast courier on a bike, surely ?
(3) Does Companies House work Saturday ?
(4) If they don't , is the actual 'deadline' close of business Friday ?

Why is nothing about SYME straightforward ;-< / ;-> ??

Hi earache,

.."He's not allowed to announce anything of material significance on the Webinar. Any such news has to come first via RNS..."

Is that so ?

The reason I ask is that - provided whatever he says is after hours, and anything material is duly reported in an RNS at 0700 the next day - the level playing rules have been observed, have they not ?

And from a different direction - there certainly isn't a 'level playing field' when the whole market , incl PI's, get an 0700 RNS and there's a conference call (for those aware, interested and available) or worse - a cosy analyst's meeting - mid-morning , to give some 'colour' to the news, available to the lucky few.

Rant over !
If you've got a source for your comment, I'd be grateful.

TIA

Hi all,

FT article today, behind paywall.

Basically says that investment in renewables is up - 57% / $ 11 bn - of its total investment in ENERGY INFRASTRUCTURE, but coal still has a role - roughly doubling (to 30%) it share of $ 20 bn in ENERGY INVESTMENTS.

Concludes by saying that although it installed 120 GW of renewables in 2020 [nearly four times the UK’s total capacity, for perspective ] China also approved more new coal power plants in the first half of 2020 than any year since 2015.

ATB

Hi Theanalyzer,

.."Ex trader the going concern look forward period is at least 12 months from date of approval of accounts Jan 2021 ie until Jan 2022 as a minimum..."

Thanks for this ! That makes Crowe's sign-off a much bigger deal.
If you're an accountnt/auditor, will they have to express a view on whether they agree .the 'true sale' concept is valid ? That would be a major +ve.
Related : how close a look at the assumptions and execution of the business plan would the auditor normally take ?

ATB

.."Extrader, what do you make of the change of accounting dat to 30 December. Was that just an insignificant typo, or could there be real reasons or implications?.."

I thought (and said) at the time that it could easily be just because they were running around like headless chickens after realising the 'rooster-up'.

I've since heard people claim that it throws sand in the regulatory gears and /or provides an excuse for delay. But that doesn't make sense if you accept that they DO expect to have the figures all available by 31 Jan.

The people who matter , of course, are Crowe, who apart from auditing the numbers also have to certify that SYME passes the 'going concern' test on a 12-month forward look ie to Dec 2020.

They'll have a look at SYME's business plan and see whether its assumptions are reasonable/realistic or not and whether its likely to generate enough cashflow to meet its obligations as they fall due, over the next 12 months.

They're 'looking forward' to December last year, so who knows how rigorous they'll be ?

An awful lot of stuff is still 'work-in-progress' , they 'll have a view on due diligence income, but as to 'on-boarding', actual monetisation , set-up of Captive Bank etc, I've no idea what they'll see.

And presumably they'll have to express a view on the 'true sale' accounting treatment, which would be an endorsement by a named major auditor.....

I'm not an accountant and happy to defer to other views.

All IMO

Hi Glib,

They're historic : audited 12/19 ie pre RTO, may give some insight into SupplyMe Italy, Abal plc was a dormant shell.
unaudited 30/6 will only cover 3 months' worth of (covid-disrupted) trading activity, so at most a little due diligence income.

AIUI