Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
Ohh, and just to be a pedant, the reader infers, the writer implies.
2G2D - either you are being deliberately misleading, or you are incapable of reading a full RNS. The numbers I quoted are in the 2023 Annual report RNS. They are quite a way down, not at the very top.
You have taken what I said and turned it into a 99% switch which is NOT what I said. (Numbers after here are from memory). What I said is that the UK pipeline has decreased by 99% and the Italian Pipleline has increased by 96%. Those numbers are there in the company's own black and white. I have shown you the words and numbers, I have told you where and how to find them, LuckyBob has done the same. You can lead a horse to water ...
You can spin this as a positive for SYME if you like - look at how well the Italian originators are working - a market AZ has close ties to, one where Banco BPM (not Banoco - just a personal irritant) who are interested in WL operate - a great foundation for growth etc etc.
Comment is free - you can think what you like - but facts are sacred (to expand the old quote).
"As for UK pipeline the figures are for companies signing letter of intent."
The entire UK pipeline is £1.8M, and that company has signed an LoI.
For Italy, the pipeline is £318.6M, of which £19.2M has signed an LoI.
For the rest of Europe, the pipeline is £10.3M and that is all covered by an LoI.
There is no 'extra' UK pipeline that hasn't signed an LoI.
"Richred_uk
No mention of UK or Italy!"
Keep scrolling down, it is quite a bit further down. I am not writing paragraphs of made up RNS, it is a direct c&p from the release. Do a text search for "212.1M" or "21 April 2023" and you should find the relevant section.
"Could it be that a company in UK is now being funded by an institution registered in Italy hence the shift in pipeline values?"
I don't think so. It refers directly to the value of inventory held by "client companies". Here's the whole paragraph:
"United Kingdom
Origination in the UK has slowed in line with the market indications that corporates are trying to optimise their cost of funding and the availability of dedicated inventory funding programmes by the CH Trading Hub. As Supply@ME continues to onboard the existing pipeline and build its track-record, this will unlock further related client company opportunities in UK. Client companies from the UK included in the overall pipeline KPI have inventory equivalent to £1.8 million as at 19 April 2024, (£212.1 million as at 21 April 2023). The New LoI pipeline number is £1.8 million."
It hadn't occurred to me before, but the UK IM that was announced but hadn't happened yet per an earlier update - I don't know if that is the remaining £1.8M under LoI, or if that has now happened and is therefore not in the pipeline or if it has died completely.
I am not taking them from the SYME website, I am taking them from yesterday's RNS.
https://www.lse.co.uk/rns/SYME/2023-annual-report-and-accounts-8zpyiufqm3hvhow.html
Not sure if LSE will block the above link which is to the RNS on this website. If you go to yesterday's RNS and search for the text in quotes from my posts, they are direct cut and pastes from the RNS.
Oh, in case it wasn't clear, the quotes/ numbers etc are all from the 2023 Annual Report and Accounts RNS released 1/5/24
"Can you be more specific in sharing the link where it claims there was a 99% shift from UK to Italian clients, cheers in advance!"
I can't give you page #'s as the RNS I am looking at isn't paginated, but in the CEO Statement> Our Delivery Model> Post-Inventory Monetisation Activities> Pipeline section, there is a "Country Breakdown" section, broken down into "Italy", "United Kingdom" and Europe (excluding UK & Italy".
Under Italy, para 3, it says "Client companies from Italy included in the overall pipeline KPI have inventory equivalent to £318.6 million as at 19 April 2024 (£162.5 million at 21 April 2023)."
The increase from 162.5m to 318.6m is a 96.1% increase.
Under United Kingdom, para 1, it says "Client companies from the UK included in the overall pipeline KPI have inventory equivalent to £1.8 million as at 19 April 2024, (£212.1 million as at 21 April 2023). "
The reduction from 212.1M to 1.8M is a 99.1% decrease.
In non-numeric terms, Italy has pretty much doubled while the UK has pretty much disappeared.
The numbers re: what is actually signed up to comes from earlier in the RNS - pretty much page 1 - para 2 of "Operational Matters".
Hope this helps.
The pipeline details had some interesting notes:
" Client companies from the UK included in the overall pipeline KPI have inventory equivalent to £1.8 million as at 19 April 2024, (£212.1 million as at 21 April 2023). " A 99.15% drop.
"Client companies from Italy included in the overall pipeline KPI have inventory equivalent to £318.6 million as at 19 April 2024 (£162.5 million at 21 April 2023)." A 96.1% increase. This global funding platform seems to be VERY Italy-centric right now.
Total pipeline down from £374.6M to £330.7M, an 11.7% drop. And of the remaining pipeline, 91% has not signed an LoI or term sheet, so could have lost interest in the entire thing! Might be a good thing that the "€135M" funding will be released in €35M tranches, as 1 tranche would seem to cover the entire committed pipeline on current figures.
Does "Bought another 8k top up again" mean bought 8,000 shares (£2.40 @ £0.0003/ share) or bought £8,000 worth of shares (26.67M shares @ £0.0003/ share)?
AJ Bell on the 12th
Technically it doesn't actually say AZ is putting $3M in - it says "investors" (plural) are putting $3M in and that AZ "has led the charge on this strategic investment, as he seeks to bring his knowledge and past successes to NUBURU."
Could mean he has put in $2.99M and others have put in $0.01M, could be flipped around or even that he has put in zero but has put together a consortium of other people that put in $3M. I'd suspect the truth is somewhere in the middle and will come out with later filings if people want to check.
Dividend, not benefit - senior moment
IIRC last year's cash/ benefit benefitted from a French VAT refund that was in the low 10's of millions.
Aldermore do Invoice Finance (and I think Asset Finance) too - I used them for factoring invoices at a job about 20 years ago.
Now down just under 12 per cent.
From the dividend announcement :
"Dividend Declaration
The Company's Board of Directors has approved a dividend of 2.0 pence per share for the September end quarter. The ex-dividend date will be 28 December 2023, and the record date of 29 December 2023. The dividend will be paid on or around 12 January 2024.
Any such dividend payment to Shareholders may take the form of either dividend income or "qualifying interest income", which may be designated as an interest distribution for UK tax purposes and, therefore, subject to the interest streaming regime applicable to investment trusts. Of this dividend declared of 2.0 pence per share, 1.15 pence is treated as qualifying interest income. "
I *think* if you hold outside an ISA, the 2 'types' of dividend can be treated differently. For the trust, I think it allows then to get tax relief on the "interest" part of the divi, in the same way as if they were paying interest to a bank.
Maybe that was vagabond's piggy bank money?
"All you need to know is the debt now is insignificant to the potential coming"
The debt is irrelevant, the break even point is highly relevant (Balance Sheet versus P&L). SYME will go deeper and deeper into debt (or more and more diluted) until it breaks even. Looking at the break even point and whether/ when it can be reached is the key to whether this company/ model can work or not.
True, but the CoS is a very murky figure in SYME - in 2022 it was 338k GBP but a year earlier it was 804k - who knows what they are charging to it? I assume a large chunk is staff salaries, and one would *hope* that especially for WL business, those costs wouldn't rise in a linear relationship with turnover.