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That SYME are at least talking to BPM. After 3.5 years here, I'm very mistrusting of anything the company announces.
Defamation apparently (it wasn't). If he considers a politely-worded email defamation, heaven forbid he go on Twitter and search the hashtag #SYME.
More or less at ease than when SYME named ISPB, iMass, Lenovo, Stormharbour or DP World?
"Binding agreement" provides me no comfort whatsoever - especially when the initial agreement is for such a small amount. Given the share price is 50% since the WL "binding agreement" with BPM was announcement, it seems as though the market would agree with this perspective.
I have contacted BPM asking them to endorse the RNS of 3rd Jan, and while BPM has declined to respond as yet, it did prompt a few thinly-veiled albeit nicely-phrased threats via LinkedIn, which would imply at least there is some grain of truth to it....
What's to say? Every initiative ever announced by the company hasn't come to any meaningful fruition, and when you start to do a post-mortem on one's investment, it's depressing. FWIW I disregard the conspiracy theories, and I do think AZ for all he has done means well, but he has absolutely shafted private investors and has overstepped the line in terms of communicating with investors and outrageous promises ahead of significant falls in the share price.
Of most concern:
- Tradeflow. In hindsight, this purchase was a baffling move, and the de-merger an even more baffling one. The seemingly bloated valuation of £31m needs scrutiny in my opinion, as this does not stack up.
- Non-release of news to the market - Captive Bank and Shari'ah as two obvious examples where we've been given indications of something that would happen, only for news flow to go quiet. News should be RNS'ed, whether good or bad, but there seems to have been intentional withholding of bad information at certain times, presumably to support an inflated share price.
- Outrageous statements - "Ready to fly" the most famous and public, but the numerous LinkedIn messages shared on Telegram implicating good news/good investment points etc., only for the share price to fall.
I'm old enough and ugly enough to accept losses in the market, but I'm struggling to accept losses where I've been treated unfairly as an investor because I simply haven't had the relevant facts at hand.
I'd suggest it is time for the genuine LTHs who've been wronged by this company to stand up and make a very loud noise.
Significantly 0.32 (not 0.032) is when the CLNs to pay for Tradeflow were announced and the share price nose dived. I wish I'd had the sense to sell then. How long will our regulatory expert take to get us to 0.0032?
@TheChosenOne24 - I wholeheartedly agree with your sentiment re.: attack the share, not the poster, but you could try and be a bit more discreet about your overt ramping. We all get it, you're here for a trade and have recently bought in, but please remember there are some investors here who bought in at 0.2 or 0.3, so calm the tones as AZ would say.
It's a risky strategy, FWIW I'd say desperate even, but presumably you're hoping for a dead cat bounce before this recedes into the ether.
How do we know they have?
Interesting we didn't get a soundbite from Banco in the RNS, nor any announcement made by Banco. Might they be added to the long list of third parties SYME claim a business relationship with that delivers the total sum of naff all?
£500m inventory to monetise?! There's optimism, and then there's blind naked ramping. That falls firmly in the latter camp.
Most of us LTHs were waiting 3 years for £500 to be monetised, then at the first sign of each initative/funding model the trail goes cold. SYME has had its HE1 moment - it did the big rise before it was trendy - now it needs completed, signed off deals to begin to see a rise. The fact the SYME board have gone into hiding and now ignore investor emails, Collis and James are MIA and AZ still hasn't learned to pen a factual RNS minus a diatribe of waffle doesn't bode well.
Into the 2's would put SYME's market cap at around £18m (if we take the midpoint at 0.0025), so approximately half of the £31m paid for Tradeflow. If we take SYME's continuing holding in TFC as 19%, and assume the £31m valuation was fair, then nearly £6m of that MCAP is based on TFC ownership, leaving the MCAP of SYME at a paltry £12m, below what it was even in early August 2020 at the previous lows before dilution.
Anyone who has held here for longer than 6 months has been well and truly done. Why aren't LTH's angrier about this? Why hasn't an EGM been called? Maybe AZ should update the ticker to #SYMP.
SYME did 1700% in 3 days, so why not?
Because:
- Market trust - AZ has destroyed market confidence in SYME by repeatedly releasing news with no follow-up. There are too many cliff-hangers and open-ended initiatives to list.
- PI holdings - the vast majority of investors in SYME have averages much higher than the current share price. There will be a mass scramble to sell at the first sign of a spike - the +40% days would appear to be behind us.
- The volume of shares in issue has increased dramatically, such that an increase even to 0.10p would give a market cap of £61 million, which would need significant revenue to support.
- It could be argued the WL tie-up with BPM is significant and could drive revenue, however WL % earnings are lower than traditional IM/other models. There are a number of unfinished initiatives, including Shari'ah which to all intents and purposes from the RNS given was ready to go with a willing funder over 2 years ago and has yet to come to fruition, so why should this latest WL announcement be any different?
26th May 2021 - Parzival Partners were confirmed as "introducing and supporting" Supply@ME Capital's acquisition of Tradeflow.
Parzival Partners website describe themselves as "a team of executive search consultants working directly with tech-focused and PE-backed firms. We specialize in talent sourcing and headhunting for specialty and hard-to-fill roles across the Healthcare and Technology sectors."
Why are a recruitment firm getting involved in a Fintech acquisition? What expertise did they bring which justified the payment of 100m shares (for which us investors were diluted for, plus another 400m).
A director for Parzival was especially bullish, quoting share price targets "much higher" than 3.5p. Do they still hold those targets?
Did Parzival input into/provide the £31m valuation for Tradeflow? How was this valuation arrived at, given that the subsequent financials in Supply@ME's trading updates would seemingly not support this, even with significant allowances made for IP and multiples for innovation.
10th August 2020 - MOU signed with SYME to facilitate the expansion of SYME into the Middle East market. Khaled Almass mentioned in RNS (MD).
3rd November 2020 - The strategic launch of the Shar'iah product.
20th January 2021 - The Shar'iah platform was approved. (You'd think approval would be needed before launch, but minor details like this don't seem to stop our enigmatic entrepreneur Alessandro).
23rd November 2021 - Shar'iah funder confirmed in the form of Intessa Sanpaolo.
What's the hold-up? Why aren't the SYME trading updates announcing hoards of cash from Sheikh's monetising their Bugattis in dusty UAE barns?
Seeing as iMass was arguably genesis for the SYME hype, with the infamous 1700% rise starting 3 days after the MOU was announced, this seems quite a critical detail. Then over the following 3 years, albeit with a few twists and turns, the 1700% rise has slowly but surely been eroded...
While I have huge concerns over Parzival's involvement in the acquisition of Tradeflow, I think I'm right in saying they weren't responsible for the valuation - I haven't the will to trawl through the RNS, but I think I'm correct in saying that:
1). It was an undisclosed third party company
2). They were a Singapore-based business.
Yeh, it's just the last few transfers, ii's closing their shorts, AZ's friends taking their positions, and whatever other guff can be offered up to explain the cataclysmic depression in the share price for 3.5 years. Next you'll be telling us American's online soon and you wouldn't want to be out of this over the weekend....
Jones Richard is that you?
Why should no news come as a surprise? There's no timelines offered in the previous RNS, for all we know finalisation of terms between all parties could take another 12 months+. Everything else with SYME has moved at a snail's pace, why should this be any different?
The LinkedIn messages and share price movement ahead of news is a massive red flag - we can reference MAR all we want, but the moment AZ started making outrageous misleading statements during ProActive interviews, firing carrot-dangling LinkedIn messages to investors or even purportedly posting on this board, all bets were off in terms of proper Director conduct.
I've reduced my holding significantly, and remaining shares hang by a thread - I'm doing a deeper retrospective this evening, but my inclination is this is a non-starter veiled by a series of misleading news releases. How did the US pilot go? Where are Storm Harbour? How much Shar'iah compliant monetisations have we done? What are Lenovo doing? What are ISPB doing? What's Tony Brown up to in the States? What's the state of play with Tradeflow? Are we still on track to secure a Captive Bank / Fintech Bank? What was the purpose of the Open Offer? How much have we spent on RNS to announce £3.50 worth of warrants converted? Who valued Tradeflow at £31m considering their revenue, and were they qualified to do so? Why is the identity of the valuer kept secret?
I think it's time the true long-term shareholders started making a noise - something does not sit right here.
Well and truly been had on this one - looks like the bears called it right all along. I'd been invested since August 2020 but the last 2 years things have gone from bad to worse, such that nearly four years after listing I'm still unconvinced whether there's actually an underlying business here, or if it was a ploy for those in the know to trade shares. The listing of RTOP also makes me suspect the days of the random unexplained spikes and "this is it" moments are behind us now as well... The bad news RNS followed by vague carrot of promise has grown tired - even in the last AZ, the carrot felt a bit half-baked.
£15k in the red on this one, could have been a lot worse given I had nearly 50m shares at one point, but fortunately some clever (crazy?) averaging down allowed me to get out with more modest losses. Ironically, I first invested to help fund a weekend old Jap car purchase. The weekend Jap car would have cost about £15k.
I hope AZ antics don't go unpunished - sharing insider info on LinkedIn, posting on here, crazy interviews, RNS' with outrageous promises and critically massively overvaluing Tradeflow... I've raised a complaint with the company but been stonewalled by the company (14 weeks and counting). I was tempted to escalate with the FCA, but SYME/AZ aren't even registered...
Maybe, but that's part and parcel of working for any company - I work for an established FTSE company and we're trying to deliver too much change, have disagreements and are sometimes tired, but we wouldn't present to investors in such a poor fashion (I'd hasten to add, not me - I don't envy those presenting, but if they're not up to the task they shouldn't have been thrust in front of potential new investors, and you'd like to think someone who's job is to drum up new business can exude a bit more charisma than simply reading a slide).
I've been very positive about SYME for the three years I've been invested, but today has really ****ed me off, and I'm not quite sure why - I think combination of lacklustre presentation, rehashing of old material and a few silly bullets (e.g.: mentioning acquiring new companies), all of which makes me think solid, repeat, revenue-generating business is further away than I had "envisaged".