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Hi Sneeze. I take it you have been banned under another user name? Care to tell us who you were, or shall we just have to wait for you to post defamatory posts and lies until your taken down again?
Weird stuff happening all the time…
HI. MisterGreen. When you say “ VeChain/SYME have said these first IM's are part of a proof of concept phase ,”
That may be what they say, but bearing in mind AZ has been ‘proving’ this POF since 2016, and the RTO valued SYME by the insiders at £224M , you would have expected all these hurdles to have been dealt with. But no, they valued themselves at that price with no proof and 2+years down the line their is still no proof. But here we all are eh?
Fly.
I have thought about it, but to be honest, I’ve seen a number instances when it could/should have been suspended, therefore to high risk for me to be caught with worthless shares. Even if you could short this (which you can’t anymore) the daily fee could wipe you out on suspension. But good luck if your having a go. Has been a day traders dream and with the FCA being pretty useless, may continue to be so.
Of course CINE wouldn’t/shouldn’t pass the SYME due diligence test. Unfortunately no company who would pass the test would want the high finance costs even if (nothing proven) they require the ‘true sale’ element of the deal to be a proven concept. Look away folks, nothing to see here..
I have stated many times, that the purchase of Tradeflow was a sticking plaster to avoid a going concern issue. Unfortunately in order to make the purchase, SYME entered into a series of CLN’s making a significant impact on SYME’s share price and dilution.
In the RNS of the 17th March 2021 SYME was sold to you as a “leading FinTech-powered commodities trade enabler, focused on SMEs, based in Singapore”.
RNS - 26th May 2021 “TradeFlow has been valued at approximately £31m by an independent valuation company” named as Parzival partners who were to receive 500 million shares (equivalent of nearly £2m). The Tradeflow directors THOMAS and COLLIS recieved £4m cash and 813m shares (£7m at the date of the transaction) the remainder being paid via earn out. AZ stated “The Company intends to fund the initial cash component of the transaction from an investment of fresh capital being finalised with a group of new institutional investors”. As we know, the institutional investors never materialised and it was actually paid via a CLN agreement with Negma superseded by Mercator, which in turn was superseded by Venus. On each occasion the arrangers get their cut and the shares get more diluted.
IMO the purchase of Tradeflow is the main catalyst for the companies current predicament. Since acquisition, the Tradeflow financial figures have been at best, disappointing but in no way justify a valuation of £31m. A “leading FinTech-powered commodities trade enabler” as it was sold to you, it was not. All SH’s should know exactly what they purchased, why and critically how it was valued. It is SO important that Note 27 of the annual report dated 31st May 2022 provides this stipulation:-
“Transaction costs of £2,009,000 have been charged to the statement of comprehensive income as a transaction cost. £1,900,000 of these costs represented the fair value of 500,000,0000 new ordinary shares issued as consideration to third party intermediaries who either introduced TradeFlow to the Company or who provided due diligence activities in respect of the TradeFlow business, market, sector and geographic location. The Companies Act 2006 required that when these shares were issued they be accompanied by an independent valuers report as to the value of the services. However, due to an error on behalf of the Company, this was not done at the time. Despite this, the shares were issued in good faith between company and the third parties and remain legal and valid and the independent valuation report has now subsequently been received by the Company and, having sought legal advice, this and an amended share issue form will be lodged with Companies House to rectify the situation. The remaining £109,000 related to legal fees that were directly associated with the acquisition.”
Its now 13th August, and SYME have still not lodged the independent valuers report or amended share issue form with Companies House. As shareholders, why are you not holding your BOD to acco
Rosie.
If my memory serves me well, Doctor100 was a used car salesman.
LSEking is on here as JonahB.
I think they must have been embarrassed by their posts under their old names, and who can blame them.
Hi all.
Well it looks like AZ is now officially overdue on news of what happened to the nearly 6 billion shares pledged/loaned/sold to the three funders. He should have announced by 24th July whether he intends to buy back the shares, but hey ho, just one more broken promise.
So what did he do with the money 1AF2 recieved? The RNS of 29th July 2020 states “SYME has been further informed by 1AF2 that, subject to regulatory approvals, it will offer to invest funds from the capital raised into the Company's inventory funding process alongside institutions (in the Open-Funding and Self-Funding structures) as described in the Trading Update RNS of 27 July 2020.”
Can anyone find any evidence that he has done this? If not, where’s the money gone AZ?
“ This announcement and the Circular include statements that are, or may be deemed to be, 'forward-looking statements'. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'targets', 'believes', 'estimates', 'anticipates', 'expects', 'intends', 'may', 'will', 'should' or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include matters that are not facts. They appear in a number of places throughout the Circular and include statements regarding the intentions, beliefs or current expectations of the Directors concerning, inter alia:”
Even AZ is now telling you not to believe his own BS.
In the press release provided by Hallowed, the last contributor, Andrea Casaretelli states this, “The due diligences were conducted by PWC regarding the financial and legal aspects ”.
Now wouldn’t that be a fantastic statement for AZ to make on behalf of SYME, rather than “One of the big four”. NDA’s my A*se.
Thanks for the warning Burnley. But what you gonna do? Vote for massive dilution, or vote against and wait for the administrators? Catch 22. But I guess you always knew this would happen which is why you’ve been warning everyone…. Or not..
Rosie.
Couldn’t open link but found the resolutions within the FCA website. The resolutions I found only state;
11. To authorise the Directors to allot shares in the company.
12. To authorise the Directors to allot equity securities in accordance with Section 560(1) of the Companies Act 2006.
Are you able to shed any further light on your source?
Lucky. It’s not a theory, its the reality. IM is a concept that only gets approved when it passes the audit test.
And you say “ No company is going to pay 15k to go through DD without running the whole process past several accountants eyes “. Maybe if they are told they will get their money back as per previous RNS’s showing the money was repaid. Can you show me in the latest accounts any DD income/payments that will not be repaid if no funding is forwarded?
And nothing in this for me now. I bought back my short at .14p so I’m now here as one of those people you hate, ie not invested financially but keep a watching interest and learning every day.