Member Info for extrader

Hi Theanalyzer,

Agree your comments re new info to come. There's one caveat /typo :

SYME was an RTO with ' Abal' plc.

'Abalone' is Abalone Asset Management of Malta, founder Roberto Colapinto , whose sub-fund Cosmos Sicav provided the start-up capital and sole director Riccardo Teodori in April 2018 for VAD Option 1 Ltd.
Dominic White became sole director of VAD in October 2018 and the company changed its name to IWEP Ltd in March 2019.

See https://find-and-update.company-information.service.gov.uk/company/11326360/filing-history

HTH

Hi poorinvester,

ZIOC is at the far end of my (small) 'mad money portfolio .
It's one of my earlier 'educational' shares and is binary : either 0 or 10-bagger.
I'm positioned accordingly.

Oh...and the few posters (positive or negative) are mostly (a) saying something informative and (b) polite.

HTH

Hi Hughez87,

The thing about shorting is that your upside is limited but your downside isn't.
It doesn't suit my risk/reward criteria, so it's not for me*.

HTH
* respect for those that do and get it right.....like base-jumpers.

Hi Hughez87,

Thanks for this check-list.

I looked - and found few (if any) that applied .

Then I turned the proposition around .....and noticed something curious.

"The signs of a spread betting gambler /RAMPER who tell lies to real/NAIVE investors hoping the weaker sell up/BUY IN.

-Relatively new accounts DITTO
- Personal insults are very common. DITTO
- they have the same negative/POSITIVE approach on all shares or all their only contribution on the one share is negative/POSITIVE
- they make up bull **** lies which are easy disproved.DITTO
- they will try and sound intelligent but those who have truly researched can see right through it as they always slip up.DITTO

Remember nobody wants you to sell /BUY IN to protect /RISK your money without negative intentions. Ask yourself, why does that person really want me to sell /BUY so much to post all day every day?? "

I suspect the lack of self-awareness in your post probably escapes you ...and anyone who rec's it ...

;->

Today 17:42

Prime Minister ? Would that be the Taoiseach or BoJo ;-> ?
He could probably do both...

Hi Divvyup,

Not sure where you got that shareholding list from.

AFAICS, # 2, Eight Capital Partners doesn't have the 9.55% you show, but 0.07% per the 7th July RNS after AZ exercised his TAG options
https://uk.advfn.com/stock-market/london/supply-me-capital-SYME/share-news/Supply-ME-Capital-PLC-Exercise-of-Options/82803150

#3 (sold out), #4 (0.75%) , # 5 (sold out)and # 6 (1.34%) are also wrong .

HTH

Hi knowles,

People will have lots of questions, lots duplicated.
So I'll only ask one :

AZ : Pls provide a status report of 1AF2's pledged loan facility : Loan amount originally drawn ? Loan mount outstanding today ? Number of shares still with lenders (if applicable) ?

ATB

Hi Bazzaman,

Can't access, can you decrypt or whatever for us mere mortals....or give us the gist ?

TIA

Hi G_G_G,

.."Their coal fired power plants will still be consuming an immense amount of the resource for decades to come..."

IIRC, China's plan , at least until recently, saw coal dropping from over 50% currently to 30% or so, see
https://www.reuters.com/article/us-china-coal-climate/chinas-coal-demand-to-peak-around-2025-global-usage-to-follow-report-idUKKCN1VD0BD?edition-redirect=uk

.."Li Ruifeng, vice director of the China Energy Technology and Economics Research Institute, a think tank run by the China Energy Group, China’s biggest coal producer, said coal would remain China’s major fuel over the next 15 years, with smaller mines replaced by bigger and more efficient collieries in the west.

That would force utilities on China’s east coast to turn to foreign markets to guarantee supplies, with imports set to remain at around 200 million tonnes per year in the coming years “if there is no significant trade barrier”, he said..."

touching on your 'lesson to the Aussies' point....

ATB

Hi Nyama,

.."They need to produce their accounts and if they don't the delisting process?.."

I honestly don't know, that's why I talk of 'unintended consequences'.

SYME appears to have brought this on themselves by wanting to align accounting year ends and make future like-for-like comparatives possible

We don't know when they decided this or how much advice they took beforehand , from their new auditor.

They could, AIUI, have avoided all this kerfuffle if they'd cracked on with the 'missing' Dec 2019 results asap and quietly / quickly presented the FCA with a fait accompli, which the FCA (not known for its rigour*) would probably given the nod, maybe with a slap on the wrist.

Instead, having made the issue public, they've given ammo to TW and - likely, because of the publicity - forced the FCA to take action...and be seen to be taking action.*

In other words, 'nudge, nudge, wink, wink' and ' a quiet word' under 'regulation-light' is out and 'following the rule-book' is in.*

The big unknown is : where did the 31 Jan 2021 date come from ?

If from the FCA, that suggests a 'grace period' to rectify after which - if not done - the rules pretty clearly call for mandatory de-listing.
That would be harsh, but not impossible.
If from SYME, that suggests they've checked with their auditors and are comfortable it can be done...and the FCA has gone along (but with the threat still over-hanging).

I think/hope it's the second, but if - for any reason they don't deliver - the FCA may be forced into something it would rather not do, not least because this has all become very public...and therefore 'political'.

* Esp in light of very recent reports of FCA failings :
.."18/12/2020 · Bank of England governor Andrew Bailey has apologised after an independent report severely criticised the City regulator that he led at the time of a £237m investment scandal. The report found the Financial Conduct Authority (FCA) was "wholly deficient" in the oversight of minibond provider London Capital & Finance (LCF)..."

Any outcome is as likely to be based on politics as on anything else.

HTH



https://news.sky.com/story/bank-of-england-governor-apologises-after...

Hi marlenabadmonkey,

Good morning to you.
I always wake up with a spring in my step, not that that's obvious from anybody seeing me on my morning run ;-<

I've already explained that my interest in SYME is as a case study for 'fintech' , which is a new investment area for me. I made a 'covid-inspired' foray into biotech last year (2020) , which so far is going well. Next up for research is 'bitcoin' - I'm a slow learner.

SYME turned out to be much more educational than expected, the 'gift that keeps on giving'.

I never knew, for example, that it was possible to manipulate dealing statements, for instance. Now, thanks to The Real Deal, I do.

Onwards and upwards !

And SYME seems to be feeling the pressure.

From the relevant filings at Companies House
https://find-and-update.company-information.service.gov.uk/company/03936915/filing-history

20 Jan 2021 Current accounting period shortened from 30 December 2020 to 31 December 2019;
18 Jan 2021 Current accounting period shortened from 30 September 2020 to 30 December 2019
19 Jun 2020 Current accounting period extended from 31 March 2020 to 30 September 2020;

Incidentally, the filing also names 5 officers, a corporate secretary + AZ, DW, Chishti and Camerinelli. So far, so good.

But if you go to 'Persons with significant control', it says that the Register hasn't been updated since July 2017 and that there's currently

'0 active persons with significant control'. aka 'PSC'

Which seems to be a breach of https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/621568/170622_NON-STAT_Summary_Guidance_4MLD_Final.pdf

I would have expected AZ (who declares as a PSC on TR-1s) to figure here under :

2.1.2. A PSC is an individual who meets any one or more of the following conditions in
relation to a company:
(i) Directly or indirectly holding more than 25% of the shares (sections 5.1 and 5.4) ,
(ii) Directly or indirectly holding more than 25% of the voting rights (sections 5.2
and 5.4),
(iii) Directly or indirectly holding the right to appoint or remove the majority of
directors (sections 5.3 and 5.4),
(iv) Otherwise having the right to exercise, or actually exercising, significant
influence or control (section 5.5),
(v) Having the right to exercise, or actually exercising, significant influence or
control over the activities of a trust or firm which is not a legal entity, but
would itself satisfy any of the first four conditions if it were an individual
(section 5.6). "

At the very least, SYME don't seem to be meeting/updating statutory these reporting requirements either.

Murkier and murkier.
And damaging commercially, because any potential Client company doing a check at Companies House is going to ask who's actually behind SYME.

Hi Lancaster,

Thanks for the relative distances - 35 Km vs adjacent - I couldn't see a ready reference.

I see, incidentally, that the scenario you envisaged here may be unfolding :

.."Taking account of Ultra Low Emission Technology, I think in addition to the Power Project the Chinese may well be interested in the coal. The integrated open pit coal mine is targeted to supply 1.5 mtpa to the power plant. The original plans for the open pit coal mine had a target production up to 10 mtpa export quality thermal coal with the further potential of metallurgical coal..."

Thanks again

Hi Angusscott,

.."Well if it is a con he will be going to jail not a chance this will be back next week.."

Actually, I thing it's a bit more complicated (and serious) than that ... here's why :

There's an argument that WW1 was ultimately caused by something as stupid as a clash of European railway timetables : countries couldn't mobilise their troops in one direction without moving their trains (main mass transport methods back then) in ways that suggested they might be preparing to attack other countries...which then got the other countries nervous, who then mobilised THEIR troops...leading to a chain reaction of escalation.

The law of unintended consequences.

If you look at the rules around suspension for 'failure to produce accounts on time', which sounds pretty trivial and nit-picky in SYME's case - the RTO hadn't even taken place as at 31 /12/ 2019 - you get an odd 'technical' situation [I've inserted the relevant dates] :

A company has six months to release their year end results [ based on the 19 Jan RNS, SYME has voluntarily made the relevant date = 31/12/2019 ]. This has activated an automatic timetable :

(1)Technically, if they're not out in six months [ 30/6/2020 ] the shares will be suspended [per the regs].
(2) The company then has another six months [ie to 31/12/2020] to cure the breach ie produce the accounts.
If they don't , the listing is cancelled [again, per the regs].

On this basis, as SYME results for year ending 31/12/2019 have [now] not been published 'on time', the listing should have been cancelled [ 6 months + 6 months] from 07:00 on 01 January 2021.

SYME RNS'd the change [backdating] of the relevant dates on 19th Jan, which has - I believe accidentally/unintentionally - set an 'automatic' procedure in motion. Again, a timetable dictated by FCA regs. So the suspension yesterday, said to be 'requested' by SYME , is actually following 'operating procedure' , if you read the terms of 'de-suspension' :

.."The Company will SEEK [ as in 'permission' ] a restoration of its listing immediately following publication of its audited Accounts for the year ended 31 December 2019 and Interim Results for the six months ended 30 June 2020, which are both expected before 31 January 2021...."

The decision to suspend is just following FCA rules and permission to restore lies with the FCA.

31 January 2021 may be the timetable that SYME (and more importantly, its auditors) are comfortable working to, but it's also exactly one calendar month from the 'technical' breach that starts the delisting process.....and this one month could be the grace period that the FCA has given.

If this interpretation is even remotely possible - and my WW1 example shows an extreme example of 'unintended consequences' - then SYME /its auditors absolutely MUST deliver the goods before 31 January 2021.

Not a 'nice to have', but a self-inflicted 'must have'.

No pressure , then..

Hi all,

Saw this today https://www.reuters.com/article/us-japan-mitsuimitsui-co-coal-idUSKBN29Q08C

VALE disposing of its Moatize mine as it seeks to exit the coal business. Apart from ESG considerations, it appears on a quick skim to have had a lot of logistical challenges getting product to the coast.

Its in our neck of the woods - early project docs refer to our project as the 'Ncondezi-Moatize Coal-Fired Thermoelectric 600MW Tete project , see https://www.marketreportsonline.com/724949.html

Anyone aware of any potential read-across or implications for us ?
I've messaged Hanno.

TIA

.."Now that the Shari'a process has been authorised, it would seem that AZ has a great RNS up his sleeve..."

It's hardly up his sleeve if he's already committed to provide this info....and could in fact have done so as part of the Sharia'ah authorisation RNS.

Especially as he knew by then that the 'new accounting period' issue was coming up and may even have known of the regulatory breach.

A chance to get ahead of the news with some 'real news' , in fact.
And he blew it.

Hi S.A.M,

.."AZ regulatory background, personally I think he knew exactly what he was doing..."

That's actually pretty scary.

He could easily have had the accounts prepared in compliance with the regs and new reporting dates and THEN notified the market , 'curing' the breach of rules beforehand.
'Nothing to see here, move along now'

Instead, we have this apparent ****-up, which at the very least will have frightened a lot of investors and - incidentally - made TW for once less of an idiot than he often appears to be.

Very clever (not) !

Hi iantobach,

You're unhappy because you say he reported SYME to the FCA for an avoidable breach of regulations ?

He also worked with his father Albert to save approx £ 50m worth of pensioner savings from a Bank of Ireland attempted rip-off.
See www.irishtimes.com/business/financial-services/boi-could-face-action-over-shar…

.." The Bank of Ireland could face renewed legal action from a campaign which represents about 2,000 British pensioners at threat of having £46 million worth of their shares confiscated, according to reports today., cont......"

Just to put things in perspective.
HTH

Hi TimTimes95,

"Raise some money and recruit a proper FD and put in place proper accounting standards and compliance controls."

Original TAG shareholders (mainly IWEP (Chairman) and Orchestra Group (AZ) took out about £ 30m via a £ 40m Vendor Placing concurrent with the RTO that raised £ 2.2m for SYME's coffers.

In the circs, rather than diluting (hah!) shareholders even more , I would think that a non-interest bearing 3 year loan of , say , £ 5m by them to SYME - to do the things you suggest - would be the 'right thing to do', as they say in babble-speak.

Don't hold your breath.