RE: Insiders shares18 Jan 2021 21:26
The original 'insiders' were 'old TAG' , who started out with 92% of SYME at the time of the RTO.
They sold 18% or 5.9 billion shares in a Vendor Placing that netted them £ 40 million.
If split pro-rata, 'they' took out
-IWEP 42 % £ 16.7 million
- Orchestra AZ 33.34% £ 13.3 million
- Finance Partners 17.66% £ 7.1 miilion
- Maurizio Belli 5% £ 2 million
- Emanuele Facile 2 % £ 800k.
IWEP has since sold 4.2 billion shares to 1AF2 ('new TAG') @ 0.48 p , [ 13% of SYME, apparently taking out another £ 20 million] who have on-sold most of these to 5 new, unnamed investors....and 1AF2 is owed 5.9 billion shares (17.99%) by the 3 x pledged stock lenders, where 1AF2 has recently agreed * that it will accept cash (unspecified ) in lieu of shares.
On the face of it, the 'original insiders' have definitely sold 18% and likely allowed another 18% to go adrift, that's 36% in third party hands; another 12 % or so is with the 5 new investors, who may or may not be insiders (they're described as independent, and will get to nominate a director).
* RNS 9730J, when talking about the pledged shares says that .."(this [ie cash] option has been negotiated in order to avoid any take over risk), at the choice of the borrower.
which suggests that 'new TAG' somehow perceives a risk of these 18% falling into hostile hands, which seems to suggest that 'new TAG' think there's a theoretical possibility of a second party or group controlling 33% or so of SYME.
Or maybe that was just the best explanation they could think of for agreeing to a cash alternative aka Occam's razor.
This thread started with Newtothis123 ..."I'm invested here, but just read that insiders own nearly 90% of shares. They could wipe us out any time they feel...."
From the above, I think it's pretty clear that 'insiders', however defined, DON'T own 90%, in fact much less. How much less is pretty unclear.
As to the second concern, the reference to takeover risk suggests that it remains a possibility.
HTH
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