Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Janet2007
It’s an utter dog.
Loss making
Technically insolvent
Not even paying full directors fees to save cash.
Likely to go bust before June accounts are published.
First it’s a RNS reach so not a financially significant RNS.
Second chips in Parmesan cheese first cited in one article 8 months ago so it’s an established technique not a new market development.
However, it keeps enthusiasts happy and allows flippers in the placing still not out to exit.
A sign of a weak company is lots of RNS announcements pre deal.
Meanwhile SYME will burn another £10,000 of investors cash today.
Peakhope
Look at IAF2 Limited accounts describes the loan or look at Eight Capital Partners accounts who own part of the debt
Micky1
The 1AF2 bond is most likely to extended because no way will TAG have €72 million by end of June
Launch has occurred should put end to conspiracy theories that it will never happen
Sharebel
The biggest detractor is AZ with his constant unfulfilled promises.
Perhaps this time it will be different.
Meanwhile SYME remains technically insolvent with net liabilities of around £3 million. The £1.5 million raised will just about cover the first 4 and half months of 2024 cash burn and net liability reduction over the year end figure is due to subsequent TAG debt for equity swap of £800,000.
At least the cash raise will help pacify the creditors for a while.
tag is financially ****ed.
the £17.483 million due from all 11 buyers never arrived as they defaulted on share purchase. odd to put it mildly.
tag has been dumping those shares in market which is why rtop share price has cratered.
it owes syme £1.8 million and rtop about £4 million which is more than its stakes are worth.
The funding will ease short term cash challenges but with a £3.7 million equity deficit at year end even after this and £800,000 TAG debt for equity swap SYME remains technically insolvent even before last 4 and half months trading losses.
Perhaps this is why Hughes87 was so busy tweeting and ramping last few days.
Sharebel
What about the €72 million payment due from TAG to Eight Capital / IWEP by end of June?
DW could get his hands on all AZ shares in both SYME and RTOP if TAG does’t pay.
I can see DW unloading if SYME price spikes.
Time will tell.
Sharebel
SYME are reliant on TAG for cash which it isn’t paying on time. In the SYME RNS it’s stated that TAG has experienced delays in getting finance.
I think that and fact SYME and RTOP haven’t been paid on their working capital loans from TAG supports my view that TAG is strapped for cash.
Posters who resort to abusive responses simply can’t rebut my point.
How will TAG repay the cash on stock loans when it can’t even fund TAG and RTOP cash requests and says it needs to refinance to do that and has had delays in doing so? Also why TAG pay the effectively much higher share price to buy back the stock lent out when it could get a lot more shares by supporting next fund raise at current price?
AZ is playing people just when he converted loan of £800,000 into SYME shares at way over extant share price.
TAG has to theoretically find €72 million by end of June or DW can basically get ownership of TAG through enforcing his guarantee. I suspect DW will extend the loan but at what price?
Interesting few months coming up
Here are some FACTS YOU IGNORE
Year end cash only £5,000
Largest net liability position ever £3.8 million
TAG owes SYME £1.7 million which remains unpaid and TAG is due to pay DW companies Eight Capital and IWEP €72 million by end of June 2024 so it is in deep financial trouble
Paying interest to Italian tax authorities for late payroll taxes
Carrying on ramping it hasn’t worked out to well so far
No TW tweeted about it yesterday.
Trevor
SYME were late filing their annual report due by end of April.
TW reported them to FCA highlighting this failure including absence of published audit report an suggested FCA suspend them.
SYME scurry around and publish audit opinion in separate RNS and say annual report will be out shortly so still overdue
Big loss as expected
Minimal revenue as expected
Material uncertainty over going concern as expected
Net current liabilities and net liabilities which mean SYME remain technically insolvent as expected
Cutting staff in 2nd half of 2023 and is being fined by Italian authorities for late payment of payroll taxes.
How long until next bailout placing and at what price?
SYME is on verge of insolvency and it is owed over £1.7 million by TAG which remains unpaid. Requested almost £1 million in 2024 but paid nothing.
SYME still overvalued.
Too Good 2 Die
Yesterday’s announced announcement was clearly a big positive.
You are starting with highest margin of 3% and ignoring SYME’s cost of delivery of providing its service.
To date SYME has operated with a negative gross margin. I do expect that with a much larger volume of IM SYME will now switch to a positive margin but breakeven is still some way off.
Hard To Handle
I think you have identified the wrong company. Nubaru was reversed into Tailwind Acquisitions not Tailwind Acquisitions II.
Itsagame
Have you factored in the reserve deterioration charge in your calculated NAV?
Peak
Nuburu is loss making and it has written its inventory down by 50%, it’s just over $1 million, so I think your idea about IM is unlikely.
Possible corporate transaction involving NYSE listed group Nubaru
Details on their website