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2G2D: "why do it that would make no sense struggling to get a difficult business model off the ground"
That's my point - 4 years since listing, supposedly numerous years prior to that developing the model, numerous seismic shifts in strategic direction, and they haven't. The business model is very much grounded.
To turn that on it's head, why get involved in a secondary business (RTOP), why buy and then sell another business (Tradeflow), instead of focusing on getting your own difficult business model off the ground?
i'm angry so my judgement is clouded, but fwiw with benefit of hindsight and with the lack of delivery (barring a couple of half-****ed im's through vechain to keep the story alive), i think syme was set up with the purpose of making money through share movement rather than through the business model itself. the loan share agreement, the open offer, the inflated tfc purchase funded by clns only to later sell it with the relationship delivering nought, az's li messages, the options calls, all points to a ceo who was far more interested in what the share price is doing than business delivery. none of these activities really make any sense in the context of setting up a new fintech with an innovative product.
@chewy8uk - no, I'm not tw or Nobby reincarnated, otherwise I wouldn't be £15k down thanks to AZ and his criminal enterprise. My losses would be a lot bigger if not for some lucky (crazy?!) averaging down. I sold up in September/October time for 0.10p on a spike, and to be honest the current share price since has me incensed. Hindsight casts a very dim light on some of the disclosures, activities, statements and LinkedIn messages from AZ and others shared across Telegram. I even had a letter sent to my home address by a troll urging me to sell. The dwindling share price and still the lack of WL delivery (yet another delay for a supposedly transformational move in the company's development) leaves me with the overwhelming feeling I've been well and truly had.
For a long time I was one of AZ's biggest defenders. I've been here 3.5 years, I made over 40 purchases, and I now sincerely regret every one. I believe I was falsely induced to purchase shares based on material representation in formal news releases to market, and I've said as much to the company (although they have declined to respond).
So when I see baseless ramping using the same phrases that people were banding about in late 2020, I'm inclined to call it out. I'd dearly love to see AZ turn the ship around - I still have enough warrants that a return to the SP of 0.10p would take the sting off my losses here, but frankly the continued antics, distraction techniques, pining false hope on unrelated bits of news, the embarrassing RTOP performance, now huge spread and noticeable lack of buys, it is looking increasingly unlikely.
Chewy8uk - are you JonesRichard reincarnated? If you’re going to make silly suggestions, at least back it up with some justification otherwise it just comes across as desperate ramping.
I’m tempted to goto the AGM to go on the rampage - do my warrants (now utterly worthless) qualify me as a holder? Anyone remember the Open Offer? What the $€|¥ was the point in that, and what happened to no more dilution?
Thanks Mickey - makes complete sense.
If I understand correctly, you're suggesting Nuburu rhymes with Subaru, who once made a car called an Impreza, which had an interaction called the World Rally Cross, or WRX for short, which just so happens to be the ticker for a Crypto Currency called WazirX, which inevitably means Stratton Oakmont are lining up a $4,000,000,000,000 bid for a 2% equity holding in Eight Capital Partners, who will then invest the profits in Supply@ME? Did I get that right?
What's wrong with just doing the basic delivery? Why/where is AZ getting funds from to invest in another company that is 98% down?
Instead of starting up/investing in other companies, what's wrong with performing the basic business model and generating some revenue? Maybe AZ is addicted to share charts with cataclysmic drops in shareholder value.
I'd love to see some recovery in the share price, but this has all the hallmarks of another AZ smoke and mirrors share dealing to distract from the complete lack of delivery from the underlying business.
For trapped and ex-shareholders who are fed up with this situation, if an EGM is not possible due to shareholder % requirements, and the FCA aren't interested as SYME aren't registered / they don't seem to be particularly interested in enforcing market rules, how do we make a noise?
I can accept losses, I went into this with my eyes open, but I'm struggling to accept the lies and skullduggery surrounding this company which I now believe they're complicit in. The activities around this company are so strange that while I was invested, some troll wrote to my wife calling me for a moron for investing, signing off with "Tom Winnifrith NOT" - how they got my home address, name, or the fact I was invested was a mystery to me, but possibly the most bizarre occurrence I've ever had while investing. Most irritatingly, the poison-pen author has been proven correct....
So ideas - spitballing - how do we show AZ and the BoD our collective fury?
- Email chain with all investors on copy + BancoBPM and the FCA? Maybe Tradeflow and Parzival cc'ed for good measure?
- Website listing the points of incompetence and company failings?
- LinkedIn messages to SYME employees further down the food chain demanding answers?
Chin up LuckyBob, Americans online in 51 minutes, and the results from Tony Brown's US Proof of Concept must be due any day now......
AZ said when the share price was 0.15 that the price represented a great buying opportunity, so 0.028 must be exceptional. How lucky we are.
When riot?
ChewyUK: " Ready to fly", "under promise over deliver", "8bn captive bank", "we're buying a Fintech bank", "big bang moment", "snowball effect" etc etc....
Irrespective of whether people are invested, still invested or sold up, we've all been duped. That's an indisputable fact.
Hey, maybe I'll eat my words and we'll announce monetisation of Rolls Royce's entire inventory with Stormharbour as the funder tomorrow morning at 7am, but I wouldn't hold your breath....
Thanks Luckybob23 - that's interesting, and disappointing indictment of the FCA - especially given the previous suspension.
I guess the small cap market really is the Wild West.... Painful (and expensive) lesson learned here.
Agreed - feel we have been well and truly done over here. I suspect a lot of the faux-positivity is from people who've bought recently and hoping for a dead-cat bounce.
I'm shocked there hasn't been an EGM - a 500% rise gets us to 0.15p, so even then anyone who bought pre 2023 and hasn't been able to heavily average down will still be showing loss. That said, a 500% rise is unlikely as a lot of people will be trapped and waiting for an opportunity to sell.
Has anyone raised a complaint with the FCA? The nonsense AZ has spouted, the valuation of Tradeflow, the lack of materiality of news in previous RNS does not sit well with me.
It's following the standard Alessandro pattern. Drop a carrot early, way before anything concrete has been agreed, in an effort to pump the share price. The effect is lessened this time has the market has grown wary of such transparent tricks, but it still causes a flurry of excitement.
Then the promised delivery drags on, way longer than it should reasonably take, only for it never to get mentioned again and then either eventually presumably be descoped or filed in a massive bucket ready for one gigantic RNS when the Captive Bank, Stormharbour and Shar'iah Funding Model all explode into life and SYME touches down on the moon.
We have well and truly been had - -97% on SYME and RTOP, it's outrageous the FCA haven't investigated AZ yet.
Companies don't "choose" when to "release" the share price so it can rise - suggesting otherwise is market manipulation. The "they're holding it down" argument is the biggest load of nonsense and often trotted out cliche by rampers, and is either a desperate way of explaining the appalling share price or implicates AZ as a criminal.
Added to that, if I'm Head of Origination at a promising Fintech start-up with a big future and have the inside track on a big juicy White Label arrangement with a large bank, I'm hanging on for the big bonuses and trying to buy all the shares I can as and when MAR allows, not leaving just before the Big Bang moment for what is a demotion in terms of career ladder.
Head of Origination is a more senior position than a mundane Business Development Manager, surely?
People do often move on, but when you're in a critical business-facing role, you typically have a three-month notice period to suffer through. The primary purpose of this is to allow the business to find a suitable successor.
Who's Head of Origination now? Whose job is it to go out and sign-up clients for inventory monetisation? Or do we not need a Sales Person now we're using a white-label model - so has the traditional model/VECHain/all the other business lines been abandoned? Why haven't we been told if so?
One person leaving is not a positive or negative sign. One person leaving without appointing a successor in a critical, revenue-generating role meanwhile the business continues to fail to deliver or bring in any revenue whatsoever is catastrophic.
Aldermore are a bank, they have lots of products including business/personal savings accounts.
Hmmm SYME need a bank, and Nicola has left as Head of Sales to join a bank. Coincidence....?
Yes, of course it is. She's ****ed off as being Head of Sales and selling diddly squat for 2 years isn't great for career longevity.