Come on, It's not as if they have millions of transactions to reconcile, and warehouses of stock to stocktake. And they have just recently produced their 2019 accounts, so that should have made this easier. I think at the best, the CEO is way out of his depth, or at least someone should be questioning his competence. Would a competent experienced CEO have made this many unfavourable to the share price decisions. Or, considering the worst case senerio, he is so much cleverer than his worshippers and he knows the company is a busy, but when you are earning £170,000 a year (as posted a few weeks ago, not checked), if you can string out another months wages it's another £14, 000 in the bank and better than £9.00 hour flipping burgers in Macdonald's. Of course the accounts may be difficult, as it's done on materieliety. If you have no assets, other than goodwill and an idea and software that no one uses, and your bank balance is low, that 1/2 a roll of unused celotape could make make a huge difference to the asset count and the end of year balance sheet.
A lot of excitement and movement here on record sales from existing 3000 Tonne per annum plant. (TPA). Cannot wait until news that the 9000tpa plant is also in operation at end of Q2. Total capacity is then 12000 TPA pro rata for the remaining half of the year.
TheShen. I think you are right. There is nothing to hold this share price up above 0.5 , and as time goes on it will just keep going down. Somewhere in my mind is the thought that we will not get finance news by end of April, for the simple reason if news is withheld, (and what's the rush to proceed ) LOGP may fold altogether, and then they announce funding. They then have Logp share of future businesd for free. That should cover their initial drilling investment.
0.6 p by close????? Come on it's gone 3pm. April fools jokes supposed to cease at midday. Personally, I think the company has a great idea but incompetent management. If you want to see this fly I suggest s change of CEO, (someone who could inspire confidence in investors and be seen to have a clear strategy and drive for the company). Sorry, but this management just goes from disappointment to disappointment, let down to let down. Couldn't even publish this "trading statement " to timeframes promised.
Luckybob. Don't confuse stick with inventory. I can't help but see double accounting on the balance sheet. If you have monitised inventory, you have swapped it for cash. You are the sole rights to that, but it's "sold" to holding company, and you are committed to returning the value to the captive bank equal to the inventory value at a later date. Its a a committment people argue not a debt, but it's still a liability that must appear somewhere on the accounts. Perhaps a new accounting class of assets on the debit side of the balance sheet and financial statement is required such as "monitised asset".
DG73 your example appears good but you have not worked it through. Let me explain, You are a wine company, you have £1m of Inventory ( WIP ) brewing in the vats. You see a parcel of adjacent land for £500Km which you want to buy, so you monetise half the inventory and buy the land Since monetising the Inventory was a true sale, your assets (WIP) goes down by £500K + cost of sale, but your Land Assets go up by the value of Land (less cost of buying). Sometime in the future (end of of fermentation arrives) its time to bottle and sell. However you only have £500K of wine to bottle, the other £500K belongs to someone else, (and you are paying the storage and warehouse cost: but that's an aside). But it is no problem, you just buy it back ( because that is the Syme business model) Hand over £500K, inventory is returned, and everything is rosy. But where does te £500K come from? Sell the land you just bought, mortgage the land, or get a loan from the bank - (Interesting the company potential is only half of what it was before as they only have £500K of WIP). The idea is great, I think it will have limited applicability. The way this is accounted for and accounting treatments is what needs to be worked through (which as far as I understand has always been a difficult area). It is great for some Inventory, but you cannot say a company with £100M WIP on the balance sheet could monetise that. It will only be a very small fraction, maybe 1 - 5% if they are on top of Inventory Management.
Reply to Napalm12, I think we are both operating in the same space.
Reply to others. Please no abuse, if you don't like my thoughts just filter me out. I only post when I think there is an "elephant in the room" that is not visible or being addressed by other posters. Your may disagree, with my thoughts, and that is fine and alternative views are most welcome. I learned that I am never always right, and it's the wisdom of others that make the greatest contribution to my success. After all, isn't that why you are hear and reading this and other posts.
Sorry, being lazy with my writing. I should have said "The board may want to consider asking" in stead of "If I was on the board I would be asking" And before you all jump on me and critise my writing style and look for hidden meaning in my words, none is intended.
Theanalyser, This is the only element of truth that has been posted here in days. "It makes company look incompetent at managing it’s own financial affairs" I don't know why people are not questioning the competence of the management team. Syme have s great idea, they appear to be successfully turning it into a great product, but a good product does not s great company make. Consider WHY companies hold inventory, ( it is about risk management), and would you add further risk or undo your good work by "selling" the inventory to a partner that you do not have 100% confidence in ( It is management we are talking, not software tool, Bitcoin type crypto engine, or FCA rules, these are product . Management take care of that for you). If I was on board of Syme I would be asking, what just happened, how did we mess this up, how can we fix and prevent recurrence. There is obviously a competence gap in the board, about managing a listed company that needs to be addressed. I think this is the news that we should be waiting on, that will strengthen the company long term.
RE: Please help me post this to chats on Reddit and wherever else you think it suits01 Feb 2021 15:23
Don't forget when they recapitalised though issue of 500m shares, s dilution of approx 50%. Your share holding value is now 50% of what it was before dilution, so your 130 share price is probably 70 now.
No wonder they "Buried" the "Skin Trust" mention. Have you been on the skintrust.com website. It does not inspire confidence (mis-spelling, broken links) and the knowledge they give advice to "25+ females".
Should have said - about the rumour of a rig appearing in the Celtic sea this year, I would be disappointed if that was not the case, and it would be nice to know that consortium of world class oil and gas operation and delivery companies can keep to the programme of work they committed to. Thanks for the reminder.
I would be disappointed if that was not the case, and it would be nice to know that consortium of world class oil and gas operation and delivery companies can keep to the programme of work they committed to. Thanks for the reminder.