Member Info for THE_CHAIN

It's obvious to me why they were suspended last year, the going concern sign off was ropey at best.

We narrowly avoided an enforcement event, when the companies market cap fell below £5m Atlas had the right to immediate redemption of debt, plus accrued interest and penalty interest. They waived this right for a year and a day, this month that deadline is up.

Again, see the accounts it's all there.

If they had sold them at a respectable price they wouldn't have done everything they could not to tell us they sold them. It would have been rns'd and published as a victory.

The only reason it was included in a business update at all was because investors from the telegram group forced it out of them.

Also, had they got a respectable price at the highs they would have been able to pay down most if not all of the debt which also would have been RNSed.

Ive been here years, you've been here 5 minutes, perhaps trust I might know a thing or two.

And suspension absolutely does have to with with cash/debt position.

Look up market listing rules, going concern....

The auditors cannot sign off until this can be proven..

I am really trying to stay calm 😂

Yes they did sell their CRML shares, and used the proceeds inevitably to pay down the mountain of interest payments that had accrued...

My previous post asked you, do you think creditors would have allowed them to continue defaulting on payments whilst sat on £2m (from the sale of crml, for avoidance of doubt)?

The answer is a resounding no.

What im saying isn't conjecture, it's publicly available information from the accounts and interims.

My views are balanced, I'm not going to sit here and say the situation is rosey when it ain't.

But there are things that could come from the Recyclus side to rectify that situation, tm1 has no way to pay the balance or future interest payments, so no going concern, unless Recyclus stumps up via revenue/profit or some other means.

I've researched this as extensively as I can Troajan, we've issued £854k in shares as payment this year.

And worse case we sold most of crml shortly after the lock in period at around £1.50.

I do think we are likely up to date with interest payments, and have perhaps reduced the balance, albeit it minimally. If it was meaningful they would have told us.

My point is, now the share price is under par, shares as payment are not an option. Look at the Tr1 from Atlas in September, they have been forced to hold 150m shares as they can't sell them, because if they did, it would be at a loss as they were issued at par value.

TM1s options to sustain itself are spent. My hope now is Recyclus is successful enough to take the lead.

Lord knows we've been dragged over the coals, I just hope it's worth it in the end. Me and mine stand to make a lot of money if this excruciating gamble pays off!

Christ... No it's you who doesn't understand.

We have two Major creditors, Atlas and Jonathan Swann. The combined debt balance is in the region of £3m, with monthly interest, coupon interest, and penalty interest for defaulted payments. Up until December 2024, none of this had been paid, so a year of accrued interest just in 2024

Do you really think they have also allowed us the entirety of 2025 with £2m sat in the bank, or do you think they would want their money?

There is no way on God's green earth they haven't used that money to service debt.

They did the same thing last year because they had a hard time proving going concern, this year they have no chance for the reasons I've stated.

No cash, unable to issue shares as payment, unable to raise.

They could do two of those things last year but still had defaulted debt, crml wasn't out of lock in until February but cash was coming, so going concern was achieved by the skin of their teeth. That cash has undoubtably been used to pay down the debt as agreed. But that leaves is with a sub par value SP and no way of paying the remainder, hence no going concern.

My motive is simple, to keep to the facts. I do believe Recyclus is doing well, my point is, it we do come out of suspension it will finally be due to Recyclus success the future of this share now firmly rests on its shoulders.

They don't have £2m in cash you mad man 😂

If they did, we wouldn't be suspended right now, we'd have the accounts with auditor sign off as going concern.

TM1 is spent, if we are to have a recovery it will be because Recyclus has become profitable and it os able to repay its dues.

TM1 has been the lifeline for Recyclus to get to profitability, it's now time to repay the favour or be dragged down with us.

If you think for a second that Atlas, in the knowledge of us being in receipt of £2m, wouldn't demand payment after defaulting on interest payments for 12 months, and being unable to issue conversion notices to recoup money owed, you need your head wobbled 😅

To be absolutely clear, Recyclus have the loan, not TM1.

And we absolutely categorically do not have any cash from selling CRML shares. That undoubtably has been used to service the CLN debt that we had been in default of for quite some time....

I don't want to damage the company, as I said previously my family has considerable interest in Tm1.

But these are the facts, read the accounts and learn about the debt position.

And I doubt close brothers would be providing funding for expansion, if Recyclus was about to be pulled down by a tm1.

Kinda looking forward to the next rns...

If Recyclus don't repay tm1 very shortly, tm1 won't be able to pay its dues and prove going concern, and their creditors will be looking to take the 48.3% of Recyclus in lieu of cash...

I suspect the bod will want to avoid that....

Time to pay the piper, one way, or another.

Big If, but if Recyclus is now operating at full capicity it could be generating around £2m a month in revenue.

More than enough to back a loan from our mates at Close brothers.

IPO shareholders have been royally screwed, unfortunately that is often the case with start ups!

I think those with low averages still stand to make a few quid if Recyclus finally pays its dues.

I think it's a very real possibility that should not be ignored Dusty.

I hope you are right. And I hope I am right that Recyclus is coming to the rescue shortly.

Regarding debt restructure, that's already happened, again I will point you to last year's accounts and the interims...

Creditors will not keep giving quarter ad infinitum, somethings gotta give.

Behave Dusty 😂

What I've said is fact, tm1 cannot service its debt any longer, the accrued interest was over £1m in value, they had to sell crml and issue a tonne of shares to combat this. The well is now dry.

Recyclus on the other hand, has been doing quite well reading between the lines on socials.

I do firmly believe tm1 is spent, and I am hoping Recyclus has now done enough to swoop in to the rescue.

If not, we are bang in trouble.

No I haven't, I'm holding, my family have considerable interest in tm1.

I'm just stating facts. Read last year's accounts. And the interims.

They made that money from CRML and had to hand it straight to creditors. No cash in the bank.

Recyclus needs to pay its dues or down goes the ship.