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Maid308
67 million in share buys isn’t much when issued share capital is 46 billion shortly to increase to over 230 billion is it.
So Iconic can now exit its CVA.
Quadruple it’s issued share capital and pay off most of its debts.
Once it’s done that it’s a relatively clean shell burning a £100,000 a month.
It’s need an RTO to survive but it will need to get through most of the share issues before it can get someone to accepts its shares in deal so they have a clear idea of what they are getting.
A key reason for the consolidation in my opinion is because companies can’t issue share below nominal value. Iconic was trading above the nominal price but it was getting closer and still has a lot of convertible debt to turn into shares and sell.
Nobody’s
You comment is valid about reducing cash tied up in inventory but it doesn’t address Goodlife’s comment about SYME customers saving money by using SYME does it.
Wesley
If you’re a fan of Space X link up why would you not buy Wyld shares directly and get 100% exposure as opposed to around 27% exposure by buying Tern?
Incidentally Wyld share are down this morning so buying Tern to get Wyld exposure when Tern is trading at a massive multiple to fair value of investee companies isn’t that smart.
Wyld shares are down almost 6% this morning.
Goodlife
I hope you realise that the lenders to inventory stock companies will also be charging interest on the funds they advance to buy the stock that they acquire?
Plus there are upfront fees payable to SYME.
So unless funders of SYME want to charge much lower rates of interest and why would they, what are the substantial savings you expect companies to make?
Fsmith
Institutional investors in Iconic - what a joker.
Iconic remains in a company voluntary arrangement and needs to issue a Prospectus to exit that arrangement.
It has no business.
It has net liabilities of £3.4 million as at 31 December 2022.
It has a lot of convertible debt on its balance sheet which will result in future shares issues and share sales.
There are much cleaner corporate shells out there awaiting an RTO.
S Morris
The more interesting point from a dilution perspective is that TTT still holds a further £240,000 of loan notes convertible into a further 2.4 million shares.
Dan55
If you looked at the AGM notice, a key part of the agenda is to allow shareholders to ask questions on accounts and then approve accounts, so your theory is nonsense.
Tintra’s AGM this am will be a joke and will have to be rescheduled to hold another to approve the audited accounts when they eventually emerge.
Tintra indicated that unaudited accounts would be published before AGM on 31 July 2023 in suspension RNS.
Failure to publish those would be down to the company.
Bunsen
It’s true that lots of smaller companies are struggling to get audited accounts out on time.
Tintra said it had been talking to technical specialists for 3 months so the issues don’t sound that straightforward.
For me the biggest concern is delay in getting the funding at 1178 pence.
Tintra needs a lot of cash based on its own reporting to build its business and if that is not forthcoming then there is an issue about its business model.
I actually like the idea of using AI in KYC and AML in emerging market banking just not convinced that Tintra has cash to deliver.
The odd circumstances around disposal of Tintra Acquisitions, the former intermediate holding company of Richard Shearer, raises some concerns as well.
Sharebel
The RNS indicates that Tintra engaged with technical specialists on the audit over 3 months ago.
It’s clearly something complex the auditors are grappling with if it takes over 3 months to audit. FTSE 100 companies got their accounts signed off by end of March i.e 3 months in total.
One issue facing all the Audit firms is that their regulator is pushing hard on level of audit documentation that is required before listed company sign offs.
Jeffrey’s Henry quit Public Interest Entity audit market I.e Main Market (mostly small market companies in their case)this has also reduced audit capacity for some companies.
What a shambolic state of affairs.
Six months to get audited accounts out for a group with 12 employees including Directors at end of last year.
Auditors qualified prior year accounts due to lack of appropriate evidence for two subsidiaries.
Occam
Your wrong.
Interims to 31 July 2022 were issued in RNS Oct 2022.
Finals to 31 Jan 2023 due by end of July 2023 per AIM deadline
TwoGoodToDie
I am not exactly a fan of SYME but you are wrong about the business model.
SYMEs client sell their inventory to a Stock Company, which SYME don’t own or control. The lenders to the stock company lend cash to the stock company which then provides the cash to SYME client.
SYME charge the stock company their fees.
There is no SYME inter company because SYME neither buys the inventory nor provides any cash.
AZ calls this a platform because it facilitates the transactions for a fee but doesnt enter into the underlying transactions.
The majority of assets are intangibles which were historically supported by reference to market cap of company as net present value of cash flows did support the value. Come this year end they will be heavily written down. Goodbye supposed asset support for share price
The CFO was paid £298,000 for 18 months to 30 September so it’s hardly a big commitment.
If company lasts only 2 months longer he is still ahead with his purchase even after tax.
Make more money
I was just answering another posters question.
Final results to 31 Jan 2023 due by end of July 2023.
Peak
Any reason why you are quoting the German regulator?
The U.K. regulator is of course the FCA and whilst rules are similar Brexit did change some of the aspects.
In any case U.K. Directors and PMDRs are also subject to insider trading rules which extend beyond the 30 close period around interim and year end financial statements. So if SYME had a significant deal in process, the Directors and PMDR couldn’t trade unless it was disclosed.
This is why SYME announced the U.K. IM was near completion before the Tradeflow deal because under the Tradeflow deal AZ used a controlled company TAG to buy more shares and thus he needed to ensure the market was aware of the proposed IM to avoid potential criticism of insider trading.