Member Info for oldspursfan

@silversun
I've had similar queries over the months but have managed to get some comfort from the following:

If we have had non-binding offers in, what are the chances none of them end up in Best And Final Offers? Imo unlikely, EUA too desirable.

If we have BAFO (or more than one) can the Board unilaterally decline it without informing the market or us smaller shareholders? They dont have a majority shareholding, so worst case is an RNS saying "here's the best of the BAFOs received, we recommend rejecting it." Never seen that happen, it's been no offers in/none likely, or recommended offer. In that scenario, whilst it is highly likely the lack of BoD support will prevent it from succeeding, it has to go through due process. I cant see it not happening.

So either way, we get told what the best BAFO from the FSP is, when the BoD are in a position to close the process.

The investment strategy until 2030 (half-8 tomorrow night then). Buy EUA? Motion passed!

How much will they have left though??

@Strangemartian - your last line is asking for more trollish response there!

I think most of us have had bad experiences of other company placings (for "working capital"/ keeping the lights on/ Directors in pay and lifestyles) so naturally become averse to the word. We only know the intention for now, we don't even know the cost, so any grumblings about placings are only speculation. For now.

...and mine was removed, but simply suggested that questions around why two changes of accounting date would have been literally the first thing the FCA would have asked about - the fact that the shares have been restored gives comfort no serious financial conduct issues exist.

That you don't yet know or understand what the latest RNSs and activities point to, just means you are in the same boat as the rest of us. In the absence of more information, asking again and again isn't going to suddenly result in an answer. We will be told, in due course.

Even if there is one coming, placings aren't bad if the reason for it generates more value on the company balance than it cost. It's called investment, but as has been said, issuing shares is not the only method of funding an acquisition.

...had it drafted but looks like the thread has gone!

For when it gets raised again: the point about why two changes in accounting date is not exactly new. I would imagine it was question 1 the FCA would have asked. That the shares were restored is proof enough (teapots aside) that no serious financial conduct concerns exist. If it's part of a grander plan, we'll find out.

Second, next time derampers/trolls come on, do NOT suggest that because we have been restored to trading, that delisting and investigations were never put forward and never conceivable an outcome. That is ALL we had for six weeks in all its disgraceful trollish glory.

Anyway onwards and hopefully upwards. GLA

Thanks Monty you make a fair point yourself! The only downside to your approach is that the market is unlikely if ever to fully recognise the monstrous reserves in your share price if everything is under wraps.

And in the context of selling said assets and proprietary rights, however, you'd instead be looking for/ needing a heck of a lot of goodwill. Literally (accounting joke)!

Never seen a company sale done quite the way EUA have set their stall out. Hopefully we'll see if it all works out for best soon...

- that was to Monty's 15:27 "why on earth would you want transparency?" See the thread's had a few more comments since!

Monty what you say makes sense only in the context of JV or Farm in, where EUA would continue to exist following completion.

This is an FSP so the first and foremost intention is a sale of the company and its assets. What is has should be open to scrutiny and allow fair valuation. This would also allow the bidder to convince their own shareholders that a) its worth buying and b) worth buying for the multiple £ per share that we all want.

All interested buyers and bidders are confidential anyway - them's the rules.

See there is more talk today of no sale/going badly etc. ****** imo, but even so think logically how this could work in practice.

Simple research will show that FSPs that simply end with no sale do so because they have had no formal offers and do not believe they will get any. How can this happen here when offers have been put in for consideration? Answer: if we trust the BoD are telling the truth, then it can't.

So the best offer has to be publicised when the BoD choose to end the FSP i.e. when they think that's it, this is the best we're going to get. Then there needs to be a shareholder vote (BoD recommendation alongside), but which gives time for the market to adjust and people to make their buy sell hold decisions.

Now we're back in the public domain, there's nothing to stop further counter offers or gazumping once the value to beat is known. This is the fun part.

The only way a no sale can happen imo is if the best offer coming out of the FSP is rejected at vote. Then, as has been pointed out, it's activate sinosteel and mine the lovely metals ourselves (hopefully we find out exactly what everyone working on it thinks is there).

Nothing bad about any of the above, again imo.

Sentiments echoed guys. Wasn't to be yesterday in the RNS stakes so SL will have to wonder what might have been - but like being a Spurs fan all hope and crushing disappointment!!

The Big C in various forms has hit my family hard over the years. ***** to deal and live with but trust you two gents to fight the good fight and give it what for. You certainly have the support of the BB so hope that helps in some way.

There will be some types of RNS that have to be announced irrespective as they are time-bound so accounts for one, TR1s or option exercise if they are relevant. Otherwise it's up to the company. As you say if no trading is possible no news is price sensitive!

I was wondering if syme would release trading updates anyway. Guess current evidence answers that!

Hi Ian
Same for me, as I have just thrown my two discussion points in. I did say God knows, but He just said "Don't ask me I don't control it - CS and DS do!"

Could you be so kind as to log my guess for this Friday 26th? Price: equivalent of £1.95/ share, and the bidder claims the record for the biggest premium to prevailing shareprice ever!!!
Well why not? Cheers!

This is the part which I find most curious. We are in a Formal Sale Process, whose aim is first and foremost, to secure a sale of the Company or a significant portion of its assets.

I could understand talk of NDA and confidential data rooms in the context of sensitive JV negotiations, but you wouldn't enter an FSP to get a JV. Therefore if the primary aim is company sale, then what the company has to sell cannot be confidential. Bids yes, the sales brochure? No.

It's like the company is telling the market "we're up for sale" MArket says "OK - you have 2m oz of PGM yes?" "Maybe, but maybe we've got more..." "So what do you have then?" "It's all in the Russian archives Mr Market, DYOR". Usually the market has a good idea of what the selling company has: assets, liabilities, income and expenditure. 8 months in and we are still guessing?? Don't get me wrong - I trust the research and fully applaud the extraordinary efforts A1EX and (yes) Rowka put in. But an update on what's being sold, in the context of a company that is putting itself up for sale, is a fair request, nay expected?

It's a strange way of doing it - I can't yet think why it's bad, it just curious...

@glyn 12:13 Friday. Does the business model of SYME demand that clients "buy back" the stock they monetised before they can sell it? Or do they sell it but return proceeds (or agreed portion thereof if sale price goes up - fair value) back to the SPV that monetised it? That's how securitised debts work: when payments are collected they are passed to the SPV and not "bought back" so not sure your wine company example would need to stump up the 500k before they try to sell the finished product. They COULD but not sure they must.

Afternoon all
Thinking about this, does the fact that the last update RNS said we had received bids (albeit "non-binding") mean that, when the BoD finally close the FSP window, we WILL have a best offer reported?

Logically there are three outcomes here: "Closed with BoD recommended offer" and "Closed with no offers - as you were lads" are the two you see commonly; however the third possible outcome is "Closed, best offer is this, BoD do NOT recommend accepting". I was wondering if the BoD are obliged to state what the best offer was, if they don't want to accept. AFAIK the BoD do not have a majority of shares between them so cannot unilaterally turn down the best of the bids received (correct?)

If that is the case, then there is some comfort that, as bids have been submitted, the details of the best including a figure will be released in due course. This should give a certain value that the MMs have to (more or less) reflect, rather than playing with sentiment.

Appreciate any thoughts. GLA

Not forgetting:

Trifle - the Yorkshireman's weapon of choice...

Pick me! I know! They're not going to relist because they are ALREADY LISTED ON THIS EXCHANGE.

Hi NewInvestor.
I've read what you have put and I understand your concerns - this is admittedly not turning out quite as straightforward a restoration as originally thought/ implied so far.

However with shares, the ONLY way you could lose your whole investment is if the company went bust. Then EVERYONE who owns shares will lose all their investment too. (Note that even in the unlikely event it delists, you still own shares, and whilst slightly more tricky to trade you can still do so.) So please bear in mind that when you or anyone posts "I may lose all my money here" is that you are also by extension asking everyone else to panic, that they may lose all their investment too, and that is likely to attract some strong counter views.

As it currently stands there is NO evidence of anything untoward, or that SYME will not be restored to trading in due course. It is curious why it hasn't happened yet, but like others having sat through EUA's suspension for five months (where there was a genuine risk of delisting as the NOMAD had also resigned - though that is not relevant here), until we are told via RNS, everything else is just guessing.

Take care

Hi Gary
Agreed - amazing how when Kane gets injured, as he does pretty much every January, the remaining attackers can't score, the remaining midfielders can't create, and the remaining defenders forget how to defend! He's quite the player really isn't he?

Anyhoo, looks like SYME should be up and running soon, so some positives there. Take care.

We have an update people (email reply just received from investors email address):

"Good day,

Before we could apply to the Regulatory Authorities for the suspension to be lifted, both the Audited Accounts for the 12 month period ended 31 December 2019 AND the Interim Results for the Six Months ended 30 June 2020 were required to be published. This was done last Thursday 28 January and Friday 29 January 2021 respectively. With both these sets of results published, we were then able to request the lifting of the suspension from the Regulatory Authorities which we did last Friday. We are currently awaiting confirmation from them of when the suspension will be lifted and dealings recommence.

All the best"

So request is in according to this. Watch this space...