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Hi 99icecream,

Thanks !

I hadn't appreciated that in squeezing Oz coal , China was boosting demand for Oz LNG....'unintended consequences ?'

Meanwhile, here's another article highlighting the practical difficulties of diversification
Https://www.scmp.com/economy/china-economy/article/3117449/china-australia-relations-breaking-free-dependency-australian

.."“We do not expect the first tonnes to be shipped from Simandou, assuming it goes ahead, until at least 2026-2028, at the earliest,” she said. “Like most greenfield iron ore projects, the lead time is several years. Most projects in Africa are greenfield in nature, politically risky, and require massive [capital expenditure]. This is not a short-term solution.”
And even if it does roar to life in 2025, Simandou’s maximum capacity of about 150 million tonnes a year would still be only a small portion of the global market share dominated by Australia and Brazil, CRU Group’s Hedborg said."

Cue 'plain vanilla' Zanaga ?

ATB

Hi calamari,

.."Of course if the lenders had the option of handing back cash instead of shares (at the price they sold the shares) they would have no problem. .."
(a) we don't know what the 'cash equivalent' is : an awful lot of SYME deals are at 'mates' rates' , eg the recent 0.48p trades;
(b) even assuming it was 'market', you're asking 3 x lenders to open their books or otherwise verify to a 3rd party.....

We don't even know the principal amount 1AF2 has to repay for money that it hasn't so far been able to apply to its intended purpose.

ATB

.."On the other hand, AZ would risk losing all those golden tickets. He wouldn't risk that, would he?.."

That is the 5.9 billion question. Followed by, if so, why ? Cui bono ?

Hi calamari,

Very droll ! And covered by the normal LTV 'top-up' provisions ....

Mind you, that's if Az remembered to include them : a valid concern, since he's allowed the right to sell; he's locked himself in for 2 + years; he didn't (apparently) foresee that the money wouldn't be used (if at all) for its stated purposes for the next 5 months at least; and we've just learned that he's granted the 3 x lenders the option to settle collateral in cash....

On this metric, AZ is the Gavin Williamson of fintech.

The same website that was happy to quote a broker target price of 16p.....

Hi mick2,

It's not - or shouldn't be - that difficult :

.."Are those shares in 'free float' or not ?.."

If they're not included in 'free float' ie in secure hands and available to be returned in due course, why would AZ/ 1AF2 tell us now that there's a cash alternative (a previously undisclosed alternative that makes no commercial sense) ?

Unless they ARE to be included (in whole or part), in 'free float' - in which case the free float figure is much higher.

Its one or the other. It can't be both.

Capisce ?

You really think that the 3 x lenders are still sitting on 17.99%, 5.9 billion shares ?

(1)The initial RNS bizarrely gave them the right to sell, since explained as 'for hedging purposes'. What hedging ?

(2) The 24/12 RNS introduced .." the collateral will be returned in shares OR CASH, at the choice of the borrower.."

Why would 1AF2 not want to retrieve 5.9 billion shares , with a market value already 6x collateral value at time of August drawdown...and presumably a much higher 'deal sweetener' value ?

Are those shares in 'free float' or not ?

I'm not a journalist; yes, I have; and your question doesn't follow on from either.
However, it's your lucky day !
I listed 10 things I like about SYME not 7 minutes ago.. my bad for 2 x (8), which may have confused people.

Hi Gotham,

.."Con trader, DA sorry Mickyj who is now on ADVFN spouting off, is Maltese. ABELA surname comes from there. Ties in with your article about con artists and their associates.....Ex..."

No idea. 'Takes one to know one, maybe ? In any case, I suspect that proximity to Sicily , lax regulation and corrupt politicians are more important considerations for the corporates I mentioned.

IMO

Hi futuresbright,

.."An 'old dog trying to learn new tricks' and 'interested in supply chain innovations' etc etc
Should be researching just that, you've gone off track and all you're doing is researching corporate entities, rather than the new tricks themselves..."

On the contrary ! [ And you clearly didn't see or understand the request for information behind the links to corporate entities I provided. Itself an interesting data point ]

Things I was not aware of /have updated myself on since looking at SYME, a startup in a new sector - 'fintech' include

(1) the complexities of IPO's and RTO's;
(2) listing requirements;
(3) accounting standards;
(4) 'inventory4.0';
(5) regtech and blockchain;
(6) Companies House and offshore company formation;
(7) the ICIJ database and Panama Papers;
(8) manipulation of online statements (courtesy TheRealDeal);
(8) money-laundering and fraud (I notice some feedback from Spotify still pending);
(9) investor behaviour (ongoing) a.k.a. 'extraordinary popular delusions and the madness of crowds'..

plus a few others that escape me atm.

I'm still not clear in my own mind whether Mark Twain's aphorism - a man who knew plenty about snakeoil salesmen - will turn out to be applicable here or not : " It's easier to fool people than to persuade them that they've been fooled".

To quote Geoffrey Rush : 'It's a mystery'

HTH and thanks for your interest.

Hi Tinker 786,

.."the CEO himself bought 1.63 billion shares, i.e. 5% of the company's shares for an investment total of about 40 million..."

I don't think the guy's opinion is worth very much, if that's an example of the quality and depth of his research.

Each to their own, I suppose.
ATB

Hi all,

https://citywire.co.uk/funds-insider/news/woodford-investors-miss-out-on-millions-a

I wonder what the multiple on Patient Capital's hVivo stake will eventually be worth ?

.."The $1.45bn Sanofi deal on Monday valued that stake at $28m or €23m, more than three times the price at which Link [administrator ] offloaded it in the summer. ....

ATB

Hi Spotify,

On 6th Jan you shared that .." In my working life (now retired) I was a Money Laundering Investigations Officer / Police liaison, and came across some truly despicable characters. I've no time for the 'crooked' element and have happily called them out thus far, and will continue to do so, if necessary..."

In light of this, would you kindly share your professional opinion as to what liability SYME management (or , indeed , any management) might have if it inadvertently picked up some of these rogues ? What steps is a company's management expected to take ?

Earlier today I posted :

..."I've posted months ago about this 'early-stage' flipper /investor in the RTO : https://www.focusrisparmio.com/news/supply-me-fintech-gamma-capital-markets-investitori
from Gamma Capital Markets, Malta.

[ Side observation : I've discovered that Malta seems to have a lot of boutique financial services firms run by Italians. Not prejudice, just an observation. I guess location plays a part. Parrot Capital (Global Capital plc) Malta, Chair Paolo Catalfamo, , for instance, is listed as a 4.98% shareholder in the Prospectus. ]

Looking more closely at this entity https://www.gammacm.com.mt/about.php says it's run by Eros Lombardo /Enzo Fillipini (although the photos change), both of whom appear here, along with Alexander Vella https://offshoreleaks.icij.org/nodes/55045674

The thing is , Gamma Capital Markets , Enzo Fillipini and Alexander Vella are also all named here : https://www.catholicworldreport.com/2019/12/21/the-vatican-centurion-global-financial-scandal-a-cna-explainer/

an article about .."a Vatican financial scandal involving a multi-million-dollar investment fund, Centurion Global.."
which shares an office in Malta, as well as a single phone number and email address, with Gamma Capital – Centurion’s formal investment manager.

From this article and the ICIJ searchable database , there are a lot of other rabbit-holes one could go down, eg drilling down on the individual names and their connections. It's a whole parallel universe out there.

Coming back to the RTO and SYME, I've no idea what due diligence , if any , a company is expected or required to perform on the background of prospective investors - I can imagine that in today's KYC culture , that might be quite tiresome - and whether it can subcontract that to third parties.

But there's at least the possibility that, in the Vendor Placing, Gamma Capital may not have been the only 'wrong 'un' to slip through the net.

Maybe Spotify [ AIUI , works in anti-fraud and /or money-laundering ] can comment ? "

It's a little more urgent now , because I've since been sent this https://twitter.com/SupplyMECapital/status/1313011750032363521?s=20
where it turns out that AZ has - unfortunately - re-tweeted the Gamma Capital article.

TIA

Hi Wolfof Warks,

.."With your background I’m surprised you’re not suspicious of the suspicious goings on here..."

That's the potential elephant in the room, IMO. Who knows what's going on with all these unknown/unknowable shareholders ?

Here's a 'for instance' :

I've posted months ago about this 'early-stage' flipper /investor in the RTO : https://www.focusrisparmio.com/news/supply-me-fintech-gamma-capital-markets-investitori
from Gamma Capital Markets, Malta.

[ Side observation : I've discovered that Malta seems to have a lot of boutique financial services firms run by Italians. Not prejudice, just an observation. I guess location plays a part. Parrot Capital (Global Capital plc) Malta, Chair Paolo Catalfamo, , for instance, is listed as a 4.98% shareholder in the Prospectus. ]

Looking more closely at this entity https://www.gammacm.com.mt/about.php says it's run by Eros Lombardo /Enzo Fillipini (although the photos change), both of whom appear here, along with Alexander Vella https://offshoreleaks.icij.org/nodes/55045674

The thing is , Gamma Capital Markets , Enzo Fillipini and Alexander Vella are also all named here : https://www.catholicworldreport.com/2019/12/21/the-vatican-centurion-global-financial-scandal-a-cna-explainer/

an article about .."a Vatican financial scandal involving a multi-million-dollar investment fund, Centurion Global.."
which shares an office in Malta, as well as a single phone number and email address, with Gamma Capital – Centurion’s formal investment manager.

From this article and the ICIJ searchable database , there are a lot of other rabbit-holes one could go down, eg drilling down on the individual names and their connections. It's a whole parallel universe out there.

Coming back to the RTO and SYME, I've no idea what due diligence , if any , a company is expected or required to perform on the background of prospective investors - I can imagine that in today's KYC culture , that might be quite tiresome - and whether it can subcontract that to third parties.

But there's at least the possibility that, in the Vendor Placing, Gamma Capital may not have been the only 'wrong 'un' to slip through the net.

Maybe Spotify [ AIUI , works in anti-fraud and /or money-laundering ] can comment ?

ATB

Victory 1,

.."contrary to your comment, which I have quoted below:
"Well, they market was not impressed with this RNS. The price is down. I doubt more RNS like this will help."

Not my comment, I'm afraid.

Hi Victory1,

The relevant factor was likely the availability a few days before of 5.9 billion shares to play with, IMO, but I chose to mention the others as contributory factors.
Since you asked...

HTH

Hi Victory1

That month had the benefit of OG's 1.63bn increase, the Chair's 220m punt, the M East link news and the effect of the 3 x pledged loan facilities, so a bit more 'eventful', maybe ?

Well done ShrewdDude67 !
You definitely pass the 'initiative test' ;->

Longlad's idea is a good one too - perhaps including Gary Nagle's reply, to see whether it 'chimes' with what ZIOC's understanding is...

You can tell it's a slow day...

ATB

Hi Holly14,

.."Surely this platform isnt built solely on the IM of wine??.."

The bizarre thing is that , for some reason, it's - almost perversely - being built on anything EXCEPT wine !

Here we have an apparently highly regarded wine business, a user of SYME's IM concept, happy to talk about it...and yet it's NEVER been referred to by SYME or used as a 'worked example', showing prospective customers the benefits ....

https://winenews.it/en/wine-if-the-warehouse-turns-into-economic-liquidity-without-opening-credit-lines_417592/

https://www.tascadalmerita.it/en
"The Tasca D'Almerita world. An open-air laboratory where we focus on ideas and initiatives aimed at enhancing some of the finest characteristics of our age. Tasca's World. 20 Sep 2019 Tasca d’Almerita among the best 100 wineries of the world..."

Why ever not ? Talk about looking a gift horse in the mouth ...the first 'concrete' example of a real, live, apparently satisfied customer...

I just don't get it.

Anyway, this is all starting to look a bit academic.

GLA

Hi beardozer,

It looks as though they're already in C-B , see https://www.offshore-technology.com/news/lukoil-republic-congo-project/

They're particularly active in CAR Central African Republic atm, see https://www.unian.info/world/car-russia-uses-hybrid-influence-in-africa-to-pressure-france-11271737.html

A good overview is here : https://theconversation.com/how-russia-is-growing-its-strategic-influence-in-africa-110930#:~:text=There%20was%20a%20strong%20Russian%20influence%20in%20Africa,diplomatic%20or%20military%20support%20from%20the%20Soviet%20Union.

At the end of the day though, Russia is arms -rich but cash- and population-poor...and doesn't have as much to offer in the way of 'soft power' goodies as the Chinese.

IMO