Member Info for extrader

Hi calamari,

If AZ knew today that he planned to sell SYME at year end (maybe someone has made him an offer he can't refuse), I agree he couldn't/shouldn't deal.
He might have an idea of how SYME is likely to perform/ how he hope it will perform , but he can't foresee a MACC event ...or how shareholders /the stockmarket would react to SYME's performance/ or any number of other uncontrollable/unforeseeable variables.

ALL IMO
ATB

Hi apunter2,

.."it’s the orchestra group.. the investment vehicle that hold 1AF2 and ii in a Jv partnership in 1AF2, they own the vehicle that does nothing but holds the shares.."

I think you're wrong.
Orchestra Group is 100% AZ * (* previous caveat), 1AF2 is separate, see the Pledge RNS :

"Supply@Me has been notified by 1AF2 Srl ("1AF2"), which holds 23,91% of SYME shares, that it has transferred as loan security a number of SYME shares to three lending platforms as follows ("Lenders")...."

followed by

"Mr Zamboni's 18.98% shareholding in SYME held through Orchestra Group remains unchanged."

HTH and ATB

Hi apunter2,

"Nikiki. Ok , he pays, but not his money."

From the Orchestra Group RNS : ..
"Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity : 100% Alessandro Zamboni.

Mind you, there's AvantGarde 4.0 somewhere in the mix there....

ATB

Hi Robbo13,
Where from ? From an existing holder , most likely of Consideration Shares (considering the price and the 'receive'), ie one of the Concert Party or mates.
ATB

Hi s23pho,

If you go back to basics, 'insider trading' is dealing on the basis of privileged information of price-sensitive matters.

AZ may have a view of where SYME will be at 31 Dec, but -unless he's the Messiah, as some people seem to think - he won't/can't have the knowledge today.
So he can enter into a conditional contract today, because he's not an 'insider' to any hard future facts.

Although, again, some people on the boards treat his forecasts as though he was.

ATB

Hi Robbo 13,

If you go to the holding RNS, it quotes 3 %ages : holding before, increase, holding now.

I'm sure there'll be more RNS's re changes in holdings, so you can work it out for yourself in future.

HTH and ATB

Hi alwayznow,

.."the £1.1m is paid to the COMPANY who sold him the option. There is no reason why he needs to name which COMPANY he used..."

Doesn't have to be a company, does it ? Could just as well be one of the previous suppliers of 'Direct Transfer to Custody Account' shares ie someone from within the founder shareholders.

ATB

Hi ssl1975,

.."So as posted earlier but continued -
AZ/Orchestra group has just paid £1.1m to have the option (right not obligation) to buy 630m shares *IF* the SP is at or above 0.6945 on 31/12. So;..."

It's an option to 'receive' ie take delivery of, not 'buy' ie pay for....It'll be another 'direct transfer to custody account' .. ie off-market and at whatever price the 2 x parties agree (or maybe have already agreed ?) , if the option is exercised/exerciseable.

ATB

ATB

Hi Zitswd25,

..I think you'll find that he's just dealt....

ATB

Hi justthefactsmam,

I doubt anybody outside understands what's behind this, certainly not me !

I'd like to know
-if the right to 'receive' includes the obligation to actually pay anything for the shares, noting that these are @0.6945p ie coincidentally or not the value ascribed to the 'nil/negligible cost' Consideration Shares;
- what, if anything, this has to do with the 'acquisition' of 660,000,000 shares by OG back on 28th August, at the same 0.6945p;
- whether this has anything at all to do with the series of call and put options within the AvantGarde Group set out on p. 130 of the Prospectus.

This all seems more 'financial engineering' than 'fintech', AZ really should be concentrating on the day-job.

Which isn't 'plumbing', AFAIAA .

ATB

Hi all,

People shouldn't rely on great CV's.

I've already mentioned Theranos https://www.jflinch.com/theranos/#:~:text=%20Board%20of%20Director%20Lessons%20from%20Theranos%20,morally%29.%20Diversity%20does%20matter%20morally%2C%20but...%20More%20

which had these luminaries on board : .." George Schultz, former Secretary of State, Henry Kissinger, former Secretary of State, General Jim Mattis, former head of US Central Command and former Secretary of Defense, Richard Kovacevich, former CEO and Chairman of Wells Fargo, Sam Nunn, former US Senator, and Bill Frist, former US Senator and heart surgeon..".

Closer to home, one of SYME's seed investors (@ 4.98% ) is Parrot Capital (Global Capital plc) Malta.

Here's a link thttps://www.globalcapital.com.mt/investors-relation-corporate/
to a highly qualified BoD, laced with pedigrees from FranklinTempleton (world's third largest asset management group) , KPMG and major law firms.

And yet, if you google the name, there are a litany of press and other articles reporting major governance failures , mis-selling, failure to file accounts, mis-representation, unexplained departure of CEO, etc

-https://www.independent.com.mt/articles/2019-06-11/business-news/Major-shareholder-of-Global-Capital-plc-fails-to-file-annual-financial-report-and-accounts-6736209403
- https://www.independent.com.mt/articles/2019-05-02/local-news/Listing-and-trading-in-GlobalCapital-shares-suspended-by-financial-services-watchdog-6736207542
-https://www.independent.com.mt/articles/2018-03-18/local-news/What-exactly-is-Global-Capital-plc-all-about-6736186435

These are all recent articles from the same source, so there may be a political or other axe to grind, but a good Board - especially of a company in the financial sector - wouldn't leave itself open to reporting of this type.

Quite the opposite. Like Caesar's wife : " Not only pure, but seen to be pure".

ATB

Hi Weathergeek,

.."Article talking about 2019..."

Not so. It was written in March 2020, in the context of the RTO, justifying the step-change in valuation of SYME , from Euro 25 million to £ 225 million, by (1) deeper investment pool because of extension to 3 years/ better yield possibilities (2) now 'bullet-proof' legal structure, after investment of Euro 1.5 million and (3) the pipeline of business that StormHarbour was about to generate.

I fully accept that the journalist may have misheard/misunderstood/misquoted......if so, a prudent CEO would have managed expectations back to reality at the time.

ATB

Hi all,

On the other hand...

..."Bubbles can be good for us
Bubbles often come with very negative connotations. Bubbles raise your hopes on the way up, then smash them to pieces on the way down. Bubbles burst. If you’re the one holding the bag when they do, you’ll lose money, often a lot of it.

Bubbles are also extraordinary breeding grounds for fraud. Our low-interest-rate world has already created some vintage frauds in the last few years (Germany’s Wirecard is only the most recent). And I am absolutely positive beyond all doubt that we’re going to see some real stunners in the next few years.

But you know what else bubbles do? They get things done. Nothing gets an otherwise wildly ambitious or even borderline deranged plan of action over the starting line like the promise of getting rich beyond your wildest dreams.

Bubbles are how the railways got built. Bubbles laid the fibre-optic cables that enable the internet. If you really want to get a lot of people to spend money on laying out the infrastructure for a new era, then a good old-fashioned investment bubble is a very good way to do it...."

Courtesy today's Moneyweek

ATB

Cont...

My takeaways (with the caveat that there may be some journalistic license and AZ exuberance in the above) :

(1)"SYME" has gone from an equity value of Euro 25 million in June 2019 (extrapolated from a Euro 2 million investment for 8%) to an equity value of £ 225million in March 2020 (extrapolated from a 1.01% Placing Proceeds of £ 2.2 million). The balance of the 'equity value (ie 99%)' was made up of Consideration Shares, this value has since been written down/off as 'Deemed costs of listing' ....£ 224.4 million.

That's a lot of advisor's fees and 'corporate hospitality ' ;->

(2) The difference in ascribed value comes from the 'pipeline of future business' (see below) and a Euro 1.5 million investment in legal fees 'to have a bullet-proof structure'. Both are - Sept 2020 - as yet untested/unproven propositions (or, at least, not yet RNSable)

(3)The only specifics in the pipeline quoted in March 2020, were that StormHarbour would bring to market a Euro 250m + deal by April 2020.....as 1/4 tranches, hence the Euro 1 billion.....

(4) The seed investors , who got 8% of SYME in June 2019 for Euro 2 million , appear to have ended up with nearly 15% (3 x 4.98%) of SYME postRTO in March 2020, ie 3 x 1.63 billion shares 4,890,000,000, 'worth' on paper at peak £ 48.9 million and even today £ 25 million.

Nice work if you can get it. Euro 2 million to £ 25-45 million in a year....But only 'real' when you sell.

So far, on the above numbers/background, SYME is more a case study of 'financial engineering' than of 'fintech'.
The coronavirus is both a problem (delay) and an opportunity (demand), let's see how things pan out over the next few months.
But - in apparently suggesting in March 2020 that StormHarbour would have a deal ready in April - this appears to be another (fairly extreme : one month ?) instance of AZ 's enthusiasm getting ahead of the 'actualite'.

ATB

Hi all,

Interesting release from hxxps://bebeez.it/en/2020/03/18/italys-fintech-scaleup-supplyme-will-list-london-march-23-with-227-5-mln-pound-market-cap/

Gives some new background. Extract :

.."Supply@ Me is today 92.2% controlled by TheAvantGarde Group spa, which in turn belongs to Zamboni and other investors, while the remaining 7.8% is owned by a group of investors who in June 2019 had subscribed to a club deal investing 2 million euros in capital increase, based on a 100% equity value for Supply@ Me of 25 million euros . At the end of the operation, TheAvantGarde Group will dilute to 72.95%, while Equita sim and Ceresio sim will enter as new investors on behalf of their private customers, and the Maltese asset manager Parrot Capital (Global Capital Plc), each with 4.98%.

Supply@Me operates in the segment of the so-called inventory monetization, that is, the enhancement of the warehouse of industrial companies....

The important updated assessment of Supply@Me compared to that of mid-2019 is due to the fact that in the meantime “the company has originated contracts with client companies for the disposal of the warehouse for a total total of over 900 million euros and that it is three-year contracts, which offer investors of securitization notes a more competitive yield range than financial products existing on the market in the context of working capital”, Mr. Zamboni explained to BeBeez, adding that “in the meantime we are signing agreements with institutional investors” and that “we have invested more than 1.5 million euros in legal fees to have a bullet proof structure and be operational from this year “. And Mr. Zamboni added: “In April[2020], we will bring our first issue on the market for a value greater than 250 million euros, which will be placed by an important UK operator [StormHarbour] with which we have an agreement for a total of one billion euros of issues distributed in four tranches and we have a target of 3.5 billion euros in 2023 “.

THAT's the source of the 'new' Euro 1 billion business.....

Continued......

Hi gsorros,

Thanks for the feedback !
I'd rather be safe than sorry...and maybe miss out on some 'gold' if I can dodge a few 'silver bullets'.
Of course, usually you don't know what you've missed, by definition...

ATB

Hi gsorros,

Thanks for the feedback !
I'd rather be safe than sorry...and maybe miss out on some 'gold' if I can dodge a few 'silver bullets'.
Of course, usually you don't know what you've missed, by definition...

ATB

Hi gsorros,

MalwareBytes. A paid-for version.
Interested in your feedback.

HTH

Hi HereKittyKitty,

The link is blocked for me by Malware as insecure due to fraud.....

ATB

Hi kinna,

Welcome aboard and thanks for honouring NCCLwith you first Post !
You write with seeming authority and experience, if you’re free to say are you connected with the project in any way ?

ATB