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Ex-Div is today (3/8), tomorrow is the record date. There has been a small drop, but less than the value of the dividend.

"So at 2p that’s £1.22 trillion ($1.56 trillion)."

1.22 BILLION, not Trillion.

"What’s due:

- Centrifuge"

I don't think that you will hear anything on centrifuge judging from the conversation here:

https://gov.centrifuge.io/t/issuer-supply-me-capital-plc/4376/21

Received in my AJ Bell Account on 1/6/23

Check your broker account, and (this may be blindingly obvious, but to be sure), check you owned the shares before the ex-div date (11/5/23). If no cash and you did own them, chase your broker.

Today's results say "A fourth interim dividend in respect of the year ended 31 March 2023 of 1.6 pence per share will be payable to shareholders on the register on 6 June 2023. The ex-dividend date will be 1 June 2023."

The ex-div date and record date seem out of kilter, but the main thing is that they are announcing a dividend with an ex-div date before the announcement - I didn't know/ think you could do that, or have a missed an earlier RNS with the above details?

Omni didn't off load, their %age holding dropped due to the increase in shares from the recent issue of shares to Venus.

Just for clarity. You can debate whether the cash raise was a good thing or not of course.

400m over 3 years, so 4m revenue per year. Which iirc is less than the current cos figure.
I'd be interested in how the figure is aggregated, e.g. If a client company does 10m IM in year 1 and keeps that balance for 3 years, is that counted as 10m or 30m.

Annual report. The accounts.

"How is it nothing to do with True Sale!!!!????"

Because it is not a sale. It is a pledge. Pledge =/= sale.

SYME have 2 propositions, True Sale and standard warehoused asset finance (much more akin to what TF offer). Both can be WL. WL of a PNP non-true sale will likely be a lot simpler than WL of True Sale.

PNP is nothing to do with "Temporary True Sale". True Sale is not temporary. PNP is supposed to allow financers who don't want the extra leg work of "True Sale" to get security over stock using SYME's WL platform for NON-True Sale transactions.

PNP is the equivalent of having a charge over goods in the UK. For instance I look after numerous Asset Finance arrangements for my company, the Bank/ Finance House has a charge over those bits of plant (if we go bust, they get first call on liquidating those specific balance sheet items). But we still have legal and accounting ownership of them - they appear on our balance sheet as assets and related liabilities, with the depreciation going through our P&L.

"Can anybody clarify what % wl is worth to syme if it's only use of the platform? €15m would be a nice figure if we got the 2.75%"

From the Interims 2022 RNS (29/9/22)

""White-label" IM platform servicing ("WL.IM"): revenue to be generated through the use of the Platform by third parties who choose to employ the self-funding model. When delivered, this stream is expected to generate recurring software-as-a-service revenues of approximately 0.5-1.5% of the value of each IM transaction (the amount of funding provided)."

So on pure average, 1% which would mean €150k pa on this transaction, although Savvy has used 0.75% in some of his calcs - he may have better info to come to this % - €112.5k on that %. If it is a WL transaction. I can absolutely see a reason for SYME not to announce the first WL as theirs so as to preserve client confidentiality, it is a white label for a reason after all, but I'd expect something in the accounts.

"Is this us via a white label solution? Only i don't see SYME in the text or is that the translation?"

Some people are reading it as a WL solution between the lines.

The only bodies named are the 'customer company' Latteria Soresina, the Bank BPER Banca and the technology consultancy Sopra Steria. Whether Sopra Steria are fulfilling the "SYME role" in the arrangement and it's nothing to do with SYME or whether they are assisting the other parties to use the SYME WL solution is not spelled out.

So, have I got this straight,

August '22 (from the link):

thespaceacatjr Centrifuge Credit Group / Active Contributor "We echo the KF recommendation, having concerns that a lack of capital will remain a constant challenge to succesful launching this pool. The expected senior pricing also looks relatively tight to us given the aforementioned backdrop. Altough we would love to suggest that all process proceed, we don’t currently see merits here at the moment."

ctcunning Active Contributor "k/f recommendation: Do not proceed to Pool Party.

As articulated in the quality conversation above, there simply is a lack of capital demand for this POP at this time. More broadly in TradFi it seems that capital is available off-chain, but unable to move on-chain.

Within the on-chain ecosystem, there does not seem to be capital providers willing (or visibly supporting) the initial launch and/or future growth of this POP."

alexzambo "Please Centrifuge Community let SYME know if it’s possible to structure a liquidity pool or not. Accordingly, we will evaluate other DEFI a opportunities."

followed by - alexzambo "Kindly, let us know if we can progress the POP process with the aim that SYME will bring investors on-chain (both senior and junior tranches).

We would like to be ready to pitch the on-chain Investement opportunity in early September."

followed by silence from Centrifuge.

Translates into:

Jan '22 RNS for Year End Business Update

"SYME also expects to commence a new onboarding process with Centrifuge[4], and, accordingly, the opportunity to explore potential funding of IM transactions through DeFi (decentralised finance). The Company will provide a further update to the market as and when the Centrifuge onboarding is finalised."

Unless there's a whole communication chain on another link (and I couldn't find any via a quick search), then that's pretty optimistic expectations by AZ! If I ask a girl out, and she says "no I don't think so" then ghosts me, I dont "expect to commence a new onboarding process" with her anytime soon.

From the 2022 Annual Report:

"The TAG Group includes other companies which the Group had entered into transactions with. These companies include the Future of Fintech Srl and RegTech Open Project S.p.A, a regulatory technology company focussed on the development of an integrated risk management platform for Banks, Insurance Companies and Large Corporations. Alessandro Zamboni is also the sole director of both these companies."

S.p.A is the Italian version of Ltd (iirc), this is the UK version.

That would make some sense - that the residual $8.4M was never going to be used for a duplicate of the first IM transaction but instead is being reserved for the 'new' IM paradigm of the VeChain dominated process.

Skimming through the SYME explicitly VeChain RNS's and the year end RNS, that reads as possible although it feels like the ground has shifted over the months since the initial announcement. If the use of the $8.4M is now dependent on securing $41.6M more funding to make a total of $50M, then I expect it to be some time before the money is deployed.

Have you got any links to the timescales mentioned? I couldn't see any in the SYME RNS's (but it was a very quick skim through).

"Also , I would be interested to know what is happening with the other 8.4 million dollars of Vechain funding? I assume it is not dependant on PNP but that does not mean it hasn't been tied in with PNP as it is now imminent."

I think this is a massively important question. It shouldn't be dependent on PNP, as it was supposed to be used for 'true sale' IM which doesn't need PNP. PNP is for funding where the fundee retains legal title/ possession of the goods but the funder has a charge over them. PNP was supposed to unlock White Label 'traditional' Inventory funding where banks would not need to get involved in 'true sale' and stock holding companies.

So the question is whether the $8.4M has been deployed but not announced (unlikely given SYME's penchent for shouting things from the rooftops), not deployed because the pipeline clients who have paid due diligence fees for access to IM funding are dragging their feet (I suspect unlikely), not deployed because it has been locked up as part of the $50M package that SYME are trying to fund via VeChain and other crypto's and is awaiting the extra $41.6M (possible but sounds like smoke and mirrors), or not deployed because the whole onboarding process is very complex and SYME can't move that quickly (to me this sounds like the most likely).

I can't think of any other reasons why a company with a client base with £350M ish of funding requirements, who are so keen to get funding that they have paid due diligence fees hasn't used the $8.4M of funding that it has had available for some months to generate revenue that the company is desperately short of.

IIRC ...

Once a company has declared an offer for it, holders over a certain %age (1%?) have to declare all their dealings - unlike the normal TR-1's where they only have to declare when they cross full %age point thresholds. Without checking each one I think these Form 8.3's are holders making declarations of their holdings as starting points.

Happy to be corrected if I'm wrong as I'm NOT an expert.

"And for about a week the sector has also been able to count on the non-possessory pledge : companies sell their inventory to inventory trading companies which – thanks to this tool – can be financed more easily by banks and investment funds and, therefore, put provision of new liquidity to companies to improve their working capital."

This is mixing up 2 concepts.

Selling inventory to trading companies is SYME's IM 'unique' True Sale approach and nothing to do with PNP.

PNP is about establishing a 'charge' over products that the client company retains but the lender has security over to guarantee the loan. This is supposed to be the trigger for White Label arrangements using SYME's blockchain platform.

Makes me question whether the article writer is providing anything of value or just cutting and pasting different press releases together to generate a word salad.

I think Hughez=Market Master= Fintech Investor.

This would worry me a little.

In 3 months (just over), during which the company has delivered the first working IM, the sales and onboarding crew have only delivered £13.7M of new pipeline (and I would assume related fees). Even if it was all monetised tomorrow, that would generate SYME an income of about £411k per year. If this run rate was annualised, they would only be generating £1.6M of new business income a year. That says that the potential pool of new customers is starting to run dry or becoming harder to convert/ onboard.

Obviously if the whole £343.5M was monetised tomorrow, it would be a different story, but the fabled snowball doesn't seem to be growing as fast as hoped.