Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
It’s a decent update. Usual word soup but ChatGPT is our friend when simplifying it. Essentially we should be revenue generating from fees for second half of 23, bit of cash going and frying around the tradeflow disposal, Italian banks are beginning to line up to get involved to offer the service to their client bases as is a uk asset based lender.
Few other bits and bobs but those are the main takeaways for me.
True there is regulation. I’m sure there’ll be another fintech somewhere in the world eyeing up this “unique” asset class though.
It’s been three and half years since those heady days of .85p when we were young and crazy enough to believe we were at the start of something massive.
Attending the AGM should be a given wherever possible.
Whatever we may individually think of the management, it’s far better to show up and see the whites of their eyes so to speak. And even more importantly, to pipe up with questions. Make them uncomfortable if necessary. Don’t by shy about it because if we are, we are essentially letting them off the hook for another year.
It’s not really surprising that the communications both publicly and privately has dried up. They’re probably all out of excuses, answers, responses.
However, I am minded to recall what Ryan giggs once said about sir Alex Ferguson and I paraphrase, “I’ve heard all his teamtalks more than once but it doesn’t stop me performing when called upon.”
We should be prepared to hear the same old stories and “ready to fly” words but with an widening sense of cynicism and scepticism.
With AI etc, any bank can set something like SYME up in a month if they wanted to. First mover advantage is becoming increasingly remote by the day.
Even a bank wanting the intellectual property of SYME would be hard pushed to buy the company out at current valuations and with opaque IP ownership. Better for them to set up their own systems.
Happens to the best of them…just need to be patient and think long term, maybe
https://www.statmuse.com/money/ask?q=what+is+the+all-time+low+price+of+amazon+stock
Could be a case of managing expectations, or to be back off the constant pressure to deliver results. No one to blame except himself though, he pumped us all up with his numerous bullish statements in 20-21. The expectation hasn’t abated since. Let’s see if the more measured approach in the last 18-24 months since the suspension pays dividends, pardon the pun. Noticed on LinkedIn that a staff member got some sort of promotion or sideways move to sales lead, so maybe something is happening.
Who knows. By throwing the possibility out there, it certainly encourages folks to stay in. GLA LTH
Maybe, tepid at best. 😀
Said with such conviction. How can you be sos ure given all the words and delays over the last 40 months or so?
I asked ChatGPT to simplify that word soup and this is what it came up with: AvantGarde Group is a new company working in Italy and abroad, using a system that merges different companies' knowledge to help businesses with digital projects.…..
If we’ve got the technology for these kinds of transactions up and running, and now Illimity have proven the concept as well, some other larger bank might try a takeover of SYME. 40-odd million quid isn’t that much in the bigger scheme of things. Maybe with a slight premium.
As usual, in amongst the word soup of an Az inspired RNS there is some progress here and real benefits.
Rather than the full divorce many were expecting, it’s actually a discreet distancing but holding on with fingertips.
Holding almost a fifth of TF means SYMe gets some upside. We are all agreed the TF guys know their finance onions.
Getting two million quid albeit in shares is interesting too.
Finally, TF will be leasing the SYMe platform for around 300k a year for next 3 years, so revenue as well.
This is only my initial reading of it. This may change once I get in my leather armchair with my quill pen and go through it line by line again with my abacus.
1st question, yes.
2nd question, more than some, nowhere near as many as others, enough to be interested.
Solid post as ever Peaky. In terms of detractors, one has to consider an alternative viewpoint. Just because it’s a challenging question or point doesn’t mean it’s a negative.
From my source:
AGM was ok, not spectacular, just ok.
Some interesting notes about apparently having an abundance of possible clients needing funding. The challenge is actually getting the funds to fund the IMs.
Albert provided the more grown-up coherent answers although he did waffle a bit when challenged about the lack of board investment in company shares. It is safe to say he was unconvincing in his reasoning, things about “small windows” of time to be able to buy in due to knowing about contracts and things happening in the business.
An attendee who had City experience pressed the point and outlined how large corporates boards are able to invest in the companies they sit on, but Albert stuck to his lines.
Another attendee questioned about the lack of visibility of Supply@Me’s offering the commercial finance market.
AZ said marketing was actively being discussed at board level.
Mr computer manufacturer man from last years AGM who said he’d be interested in talking about an IM, confirmed he hadn’t been contacted by any rep from SYME regarding a possible IM of his inventory in the intervening 12 months.
There were a couple of queries around TradeFlow. The responses were again verbose but not really explanatory. Apparently the impression of the “stop date” for the deal isn’t really a hard stop, more of a “nice to achieve by” date.
The votes were low-numbered, approx 3 billion actually voting. What happened to all the other billions of shares votes?
There seems to be a focus within the company to target banks and financial institutions who could use our tech. Albert stressed that it a no brainer as large financial institutions have both the need and the client base, and how our platform is an excellent value added product or service for said fin insts to market to their client base.
All in all, nothing really new. We await further announcements regarding imminent IMs.
As long term holders, we’ve gotten used to AZ’s “over-enthusiasm “ regarding prospects. I recall one investor actually telling him at last years AGM how we prefer the more understated version of him.
That said, he can be very positive on the presentation today but nothing earth shatteringly significant will be announced without going to RNS, I would’ve thought.
The current trajectory of a rise, slight pullback then another rise, is promising.
After the week we’ve just had, time to reflect.
Let’s get the negative out the way first. The detractors and shorters seem to have gone back into their holes. There are a few wannabe detractors floating about on Twitter but little uptake on their jaundiced and biased views.
The first real money IM will only generate a few grand in fees. On the face of it, a bit rubbish.
But now the positives,
For those LTHs who’ve been in since pre-August 2020 boom days, when an RNS about a memorandum of understanding with Middle Eastern setups helped us to get over .85 of a penny, this week has been a vindication of our patience, fortitude and intelligence. I believe .85 will be revisited sooner than we think.
The proof of concept with real money, not just magic beans crypto, gives the business development team something really solid to show and tell the SupplyMe story to prospective funders and potential clients. If I were a possible client, it’d be the first thing I’d be asking, show me it works.
There is also a massive PR opportunity here. The Financial Times, Bloomberg and Wall Street Journal will lap this story up.
The company should be making connections with all the finance broker trade associations too.
It’s been said before on here about the company not being as out there publicly as they could be. Truly, now there’s no excuse. I may even ask the question at the AGM.
Of course there will be bumps along the road, there will be competitors, maybe business doesn’t come in as quick as we’d like but there’s definitely something extremely valuable about first mover advantage.
The opportunities not just for new business, but also to innovate even further are vast.
The last 24-36 months have been an emotional rollercoaster, (remember those lost days in suspension? I can remember exactly where I was when I read it’d been lifted. I distinctly remember being in a thunderstorm in Scotland when I took a screenshot the .85 price, thinking I was going to be a multimillionaire by that Christmas:-)) but now it’s been proven we should relax and look forward to a steady stream of news.
No going back.
My thoughts entirely.
Another thing to consider, the “market” may start taking a larger interest in SYME now that AZ has truly tempered his enthusiasm. A year or two back he may have over egged the immediate prospects and, understandably, folk became a little disillusioned at another apparent false dawn.
This time, by measuring expectations and only reporting when something (especially financial) tangible is/has been happening, then backing it up, we have been able to relax and ensure the credibility is intact. In fact, the credibility has been solidified.
Good work all.
Good positive news this morning. Kind of predictable given the CEO acquired shares 28+ days ago.
AR won’t pull up any trees, apart from the ones used to print it of course.
One assumes this announcement of a first traditional funding IM will open the floodgates, or at least give the sales dept something solid to show when they’re on their road trip round prospective clients and funders.
Guess they’ve been holding their reigns in somewhat til this first “proper” IM.
This is a justifiable concern. It could be that the company simply hasn’t got enough sales staff to outreach, apart from maybe core market of Italy.
I seem to recall at the AGM one shareholder who had a computer company (I think) and had a possible need for the service saying he hadn’t been approached. The sales manager said she’d happily get in touch. Wonder if anything came of that.
Only done deals will enable us to have another spike like we did on the MoU with the Middle Eastern guys back in august 20.
Exactly right. The rns this morning is just standard regulatory stuff. The company has to announce it. Thems the rules.