Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
@Havoc
I said that the other day, it's in my history. I stated DW was leaving and I thought he potentially was selling out.
But apparently, I was just a troll and didn't really do any research.
Funny that, apparently, I did my research correctly.
@ Peakhope
I wasnt quoting the email, I was stating the general context of it. For balance, could you please post the email up again, I don't remember it word for word. But if it doesn't state something like it's up to the company to decide, I'll apologise. I'm sure you won't in return if it does.
My last post tonight, I wish I was a paid basher, the amount of responses I get from posting would ensure the pay day was always meaty.
@Havoc - I agree, only 5 doesn't add weight, bit I've read the article, it pretty much sums up most conversations I've had with fellow accountants on the subject. The one contributor on the thread is the founder of the site, and the site is extremely well respected in accounting circles. This is why I say at the AGM it would be good to get the CFO opinion on the IFRS subject.
@Parm
No confirmation of big 4 from anywhere, not even stating which two of the big four have agreed. It's like me saying 2 of the 4 golf clubs I've played at have said I'm the best amateur they've ever seen. But, I'm not going to tell you which golf clubs, so you'll have to believe me.
@ strangmartian
How does an IFRS website post that is a year old become obsolete, do IFRS revisions really mean that anything said a year ago is worthless. If so, I really need to tell every single accountant that's ever studied that they'll need to restart their studies each and every year.
It's an interesting article, but it is just people's views, interesting and well discussed and thought out views, but it would assist when thinking of questions for the AGM.
And here, just to leave you with my guesswork. The person dumping shares, I think it's DW. Can't prove it obviously, but with him leaving as chairman, makes perfect sense.
@waddaweknow
Good line of questioning, just some points.
Question 1 - AZ said in recent email, it's up to client company and their accountants/auditors to decide if they believe it fits IFRS. With that statement, they can really dismiss the question, however, the company website still states IFRS compliant. So it would be good to try and get confirmation under which IFRS they believe the product fits. IFRS 15 would be my guess, but after talking to someone at IFRS, the fact SYME don't take full control of the good, and cant sell on to whoever they choose WILL pose issues with IFRS 15.
2 - great question, asking the caveat about if customers can be loaded onto the system should really get you the detail and a definitive Yes or No.
3 - Pretty much covered in accounts, not sure if they will elaborate here, and asking the start date will just be estimates. Would be an interesting answer anyhow.
4 - again great question, demands committment. But, thinking from a BOD perspective, they'll direct you to the latest RNS on funding structures and probably won't give anymore than that.
As for SYME currently, if I was a holder, one thing I'd be doing at the moment. I'd have an external hard drive, and I'd save and record every bit of information SYME have produced, all the videos, tweets, articles from proactive etc. Think of it as your old school record of achievement. If this hits big, that hard drive in many years to come will show you why you were in it early. But on the flip side, the sceptic part of me, a record of events that can't be deleted is always a good tool should the worst be realised.
Peak, I apologise for my naive comment, but we are on different viewpoints so will see the company different. I'll address the post and also you seem very conscientious, and someone who actually isn't afraid to research so this is what I would do personally
1- The email from AZ earlier I liked, it stated that the accounting treatment is to be decided by customer and auditor of said company. I agree with that fully, it's a far removed email from the past bluster, it proves to me the CFO is in situ. So simply, if you work for a company with an FD, ask them? Face to face, or if you don't have an FD, ask the companies accountants for advice, they will give it. You then remove the issue of the faceless posters. Simple solution to give you comfort.
2- SYME selling point is a true sale, if as you say you record it as a loan, then it's an inventory loan. Now Google inventory loan, and see how much competition there is in the world. Your then in the realm of competing and adjusting rates to do this.
3- 2 of the big 4 have agreed it. Each big 4 has a contactable compliance department, the only department in the big 4 that would give the ok for the accounting treatment. Call them, and put up the 2 companies that have said yes. That stops the ambiguity, they'll even give you their name and position to reference.
4- why would anyone ask AZ about accounting treatment, he's not an accountant. But I'm certain your address has many chartered accountants nearby, call them and ask them instead.
The fact is, if the transaction cannot be recorded in the accounts, it cannot happen, ever, regardless of the need of the customer. Even a stamp or a pencil has to be correctly accounted for in a company, so a huge monetary sale impact certainly has to.
Anyhow, I'm going now. I want to leave this board alone but people keep dragging my name into it. Simple, if people don't want to hear from me, don't mention me, I'll just then become a silent reader.
S.A.M
I was asked a question, I answered. I don't look here that much anymore, but I do want to try and trade it so I do have an interest. I will not short as too much news, but I'm going to try and buy and sell if I think Negma are in play. So just because I'm not interested still doesn't mean I can't try to make money. Understand?
@waddaweknow
Before I go into the answers, I must put a disclaimer that after the last three RNS releases, I have no interest in investing in the company as a long term hold, and now view it as a trading opportunity company. Whether or not that bears weight to the answers I give is up to you. As for that, the agm would not interest me, but to ask challenging and though provoking questions is still an excellent idea for any investor. An AGM should be tough on the BOD, that's what their paid to deal with.
1 - Accounting principles has to be number one challenge. There has been talk about 2 of the big 4 have said its on ok asset class, but that does not matter at all, it has to be adopted into IFRS. The issue you have is if the inventory has only sold to a funder, that is very very unlikely to be able to be classed as a true sale, and would be seen more as a finance agreement/loan (as if the inventory does not sell/becomes obsolete, who covers that in the balance sheet and do the T&Cs cover returns for this issue and slow moving). The only P&L recognition would be the fee generated from the inventory agreement, which needs to be recognised immediately as a loss.
2 - Technology testing - I have read somewhere that the programme is at concept stage, whether or not this will mean IM cannot happen until concept has become launched I do not know, maybe someone with more system experience could shed light on whether this will hamper customers signing? It's worth a question though definitely, if your a finntech company, surely the tech has to be up and running? So I would try to get clarification as to what stage the tech is at.
3 - Valuation. You won't get an answer on this, you can ask, but you'll be fobbed off on NDA basis. What I would ask is how the company have ensured this valuation won't result in an impairment like the IPO valuation did. Also ask re the TF EBIT data, this should give you comfort on what TF brings v cash burn and the salary implications the new board members will incur.
If I was to ask further they would be as follows
- Shareholder register, question any movement in BOD or parent group holdings, up or down.
- Share release to Parzival Partners, seems an absolute abhorrent amount for that service, why this agreed amount for a pretty basic task.
- Dominic White leaving as chairman, when planned, why not announced even though the chairman position role is advertised and being touted to board level applicants.
- Progress on captive bank, the new strategy will not cut it for high IM, is the captive bank still on the table?
Your basis for questions seems spot on, definitely answer all holders should want/need to hear. You won't get the full answers you want, and that's pretty standard for all AGM's so don't be disheartened by brush offs.
Further drawdowns were evident from the accounts unfortunately. The auditors going concern told you all it needed to about future funding necessity. I thought it may take them longer than a day to confirm it though..
Its making the DW share sale and 50% salary increase look very............well I wont continue that sentence
Congratulations Petermac999 at being the first poster to prove you have read the accounts. They are extremely detailed and I've skimmed on phone but will sit with a tea on laptop later.
However, as I'm not liked on this board, I will stay quiet after this message unless anyone directs anything to me.
The market will tell you all you need to know today, that is for sure.
Poorinvestor
First of all, probably everything that gets said on here daily is regurgitated day after day, it's the nature of a bb. If we only ever put up new info there would be one or two posts per week.
The remit of the FCA isn't how SYME issue RNS or the interviews, tweets etc they do. The FCA doesn't regulate any company, apart from statements on its financial product on offer.
As for RNSs, well, that's down to the PR company involved. There are plenty of clever ways to distribute an RNS. It's why I hold accounts in such high regard, because a third party auditor with their credentials on the line, and plenty of tick and bashing will give you a sound document about the business, past and future.
I'm interested in SYME, just because I'm not in yet doesn't mean that one day I don't intend to be. My risk appetite is different for different shares. Look, I have some punts, most of which a lot of people would laugh at and plenty that you could legitimately de ramp. I'm interested in SYME because I really do see a future in its product, it is a real solution to a lot of problems that manufacturers face today, if this solution becomes reality it will be profitable and assist with working capital, cash flow and therefore general employment.
I do invest in blue chips, but a lot more research and work is needed on penny stock start ups, as FTSE companies react to macro economic factors and RNS, with very little volatility.
I have concerns over SYME granted. I'm not convinced by AZ. That's my gut feeling. My gut feeling has been wrong plenty of times before with penny stocks so it should have no influence on any reader or their holdings. I can show you some absolute car crash trading decisions i have made in the past. I could be 100% wrong.
I agree it's high risk high reward share, and I still think I'd have the opportunity to be in early enough to substantially profit even if I wait for positive concrete news.
Final point. If people don't like hearing me or my views that's absolutely fine, but if I didn't want to hear off me, I wouldn't start a thread with my name on it.
Deltafox
My comments should have no bearing on your investment.
Who am I? I'm a poster on a BB, for all you know I could be some hedge fund troll, or a competitor sowing doubt, I could be absolutely anyone. And so can everyone else on here.
My post, motive, shall we call it is simple.
You buy a car? You don't just walk into a showroom and say, oh that one looks good because someone down the road says it's good, but I don't know that person or their previous driving experience.
If your investing 4, 5 or 6 figures on that car, you research it, you test drive, you analyse it faults and weigh up if you want to buy it or not, then and only then, that decision to buy is yours. If it's the best car ever or the worst piece of junk you've bought, well it's down to you.
If you don't like what I say, go out and conduct your own research, surely your money deserves that. You may find lots to counter me with, and by finding that, post the research on this board and make it a better BB.
For what it's worth.
Would I invest on another person's say so. no never
would I invest on the back of RNS alone. No, unless just audited statements from FTSE 100s, PR companies are very clever at the bread and butter RNS these days.
Would I reconsider my investment days before accounts due. Never, not unless I was completely convinced about suspension.
But that's just my take, again this is a faceless BB, but if I was in now, I would not be changing position before Wednesday at least. If there are some golden nuggets in those account , or separate news releases coinciding them, you'd kick yourself.
S.A.M
I admitted I got it all wrong?
Nope, sorry, that's a complete fabrication.
I got the Parzival Partners involvement wrong, a massive schoolboy error from me and skim reading proved fatal. Lesson learnt and Steve was well within his right to correct and challenge me on it. That's is exactly what these boards are for.
The remainder, no, unless we are going to have a thread about whether it's E&Y or EY, which, in context, does it even matter. I can't really find any link or reasoning to bring that up unless it's a point scoring exercise.
We disagree about the funding, that's just how we both read an RNS, and compare to previous unrelated situations and take context of the language. But I think we both believe the way out if the funding issues sits within AZs lap.
I was wrong about Parzival, I am big and ugly enough to recognise my error and apologise. The only point from that though, is the valuation was completed by an unknown company, and given SYMEs track record with valuation by unknown companies, I'm not sure any wins that argument proving otherwise.
This has become a red black roulette play, simple. The accounts will push the fall of the ball in favour of one colour. I sincerely hope that for all holders it falls there way, no one on these boards should wish other PIs lose money. We have enough market forces to fight with.
Anyhow its Saturday, we should take the day off these boards, enjoy the weather and our families, and even as a proud Englishman, support the Welsh, even though the Danish have shown the utmost courage and resilience over the past few weeks.
Steve
Appreciate the responses
I'm not telling people what to do with their finances, I have absolutely no idea where this is going, it's one of the attractions with the share. What I do despise is companies like Negma, bad BODs, and the market taking people's money, I'm not saying it's happening here, but I like to dig.
I personally think the stats, and especially the narrative with the forward statements and going concern will highlight the potential need for further tranches or if operational.profit is the saviour. I think we can be pretty confident after Wednesday whether it's confirmed death spiral finance or not. Cash burn with new appointments plus forecasts should show the need for further funding, if needed at all.
I do think there are a lot of smoke and mirrors here, sorry but that's my view, but the accounts should take care of some of those fears, or indeed amplify them.
I think our heads are in a very similar space, we just display it completely differently and eloquently.
I've said for a.long time, the stats are the most important document in this companies recent history, that should not be disputed by anyone interested or invested in this share.
21:39 Steve
There's questions there, you didn't answer
Seems like you don't have the ability to read black and white, who'd have thought it
You want to hang on one word, go ahead, if only there was one word that was the issue.
Tata for now hunny.
Steve
Lol, just because the mob are ticking you up, doesn't mean you have a clue what's going on.
I've met my match on boards before, but haven't met one on here today. I could pick apart some of the things you've said, but that's too crass for me, see what I've done there. Anyhow, keep dodging
Until Wednesday
Steve
Yes, in honesty I do not like the TF valuation, I don't like it one bit. It feels smoke and mirrors to me, and a lot of that is in my gut, but I go off gut feeling quite a lot.
I can't fathom a 31m valuation, and I don't really see how any other company can unless you have forward orders for that time period. I don't like the use of a valuation in any interview etc etc because a lot can happen.
I don't dispute the £4m, but would have liked to see more transparency.
Anyhow, it is really too late now, and I'm up early. So until Wednesday, round two? You game?
No Steve
I've countered plenty, you've answered nothing.
Pretend all you want but all you've shown here is a feeble attempt at questioning.
I'm sorry my career offends you, I truly am. Anyhow, Wednesday we can go again with accounts in hand if you so wish?