Hughez87
Odd that if IWEP change was from ages as you ago claim that Collis and James holdings show no change even though they were awarded 106 million more share shares each in July 2022 to top holding up to 513 million shares from 406 million they previously held from Tradeflow acquisition.
Hughez87
I see you have now printed revised screen shot. Thanks.
I see that IWEP, a Dominic White controlled entity appears to have has dumped 5.5 billion shares when Julius Baer was buying 1.38 billion shares?
Elllltel
Extrader and I aren’t the same person. We do both look at SYME and challenge some of the claims made on its behalf by supporters though.
Mister Green asked me if I thought SYME was a fraud and my answer is I don’t know.
What I do know is that having institutional share holdings, well regarded directors, and respected trading partners doesn’t exclude fraud as some investors keep saying as I pointed out in my Wirecard example.
You will have to form your own.
Hughez87
Abusive response which doesn’t answer my simple question.
Why are TAG and Venus Capital not on list but Collis and James are with an unchanged holding.
Perhaps your mate can print off list of holders in descending order?
Except that Collis and James are both on that Bloomberg list with unchanged holdings both are much lower than TAG and Venus Capital
Julius. Baer is a potentially interesting development.
Can you explain why AZ’s holding via TAG or. Venus Capital holding aren’t on your Bloomberg screen shot? Both are well above 3% disclosure limits?
Ashden
What makes you think I am invested in SYME, just because I post on that chat board?
I don’t rate SYME as a share as most people who read my posts would be able to spot.
It is clear that some punters in Iconic don’t understand the risks and you seem to be one of them.
The FRC remit is to look at U.K. listed companies accounts and the accounting treatment they adopt for their business in those accounts. It doesn’t matter which country the transaction took place it must comply with the IFRS standards.
Secondly Italian IFRS is same as U.K. IFRS so Italian law or Italian equivalent of the FRC is a red herring from a SYME plc perspective.
I expect the FRC to examine the first IM transaction that occurred if SYME keep pushing their true sale and no debt approach.
Brass
There was an independent accounting advice from one of the top accounting firms which the FRC say they have seen but don’t agree with the conclusion reached see page 66 of the 2021 annual report.
EHGOSF sell because despite their name the fund is really a credit provider not an equity funder.
Generally these funds try to hold only a small position and then sell it quickly.
The worst case scenario as happened with Iconic is that have lent money but can’t sell shares to recover the cash due to suspension.
That is why EHGOSF rescued Iconic to get cash back.
OTT helped and got a bonus of £365,000 for getting Iconic out of administration and now charge £50,000 a month for their services.
Yes there could be RTO but how many more shares will be in issue by then?
Poor investor
Funding isn’t the same as cash.
We can agree that funding only arises if EHGOSF sells shares.
At present the facility remaining is more than market cap so if utilised it could halve share price unless there is reason for Iconic’s market cap to increase from current level.
As an example If investors think that Iconic’s value as a shell should be £4 million then if share count doubles investors won’t be any better off.
For me Iconic is too risky but goog luck.
Poor investor
I know that an RTO is going to occur as the RNS state that.
However, why would a business owner pay a huge amount to reverse into a shell with relative to its market cap a massive death spiral in place?
Is your theory they might pay double or triple market cap to get RTO done?
I see you ducked my question on why you think Iconic has £2.6 million in cash.
Fint69
The only problem with your Amazon example and their low share price post the dot com boom and bust is that Amazon was growing its sales volumes throughout that period. It was gaining new customers every month.
SYME isn’t in that position as revenues are fairly static even with Tradeflow.
Has Phase 2 of VeChain actually happened yet? I may have missed the announcement.
Poor investor
Why do you think company has £2.6 million in the bank?
Yes, it has a £2.7 million convertible loan note facility but that isn’t the same as cash.
Iconic has almost no assets, £1.5 million of convertible debts on balance sheet and it’s paying OTT £50,000 a month.
Why is this such a great share?
Passiton
OTT who provide the BOD got a £365,000 fee for saving the company plus a fee of £50,000 a month.
EGHOST have now recovered £700,000 of cash plus made profits on selling shares.
I can’t see what new shareholders have got apart from large losses.
Passiton
Iconic is valued at £2 million at present.
Iconic is a shell with gross assets of £2 at 30 June 2022 and liabilities of more than £1.5 million.
OTT is billing £50,000 a month or £600,000 a year.
How is that suddenly go to become worth £20 million?
Passiton
Even if there is a 1,000 for 1 consolidation it won’t mean an end to dilution whilst you have two convertible loan notes on the balance sheet and a £2.3 million facility running.
Your consolidated shares will still get diluted.
Roy3
The market cap won’t become zero because they are always traders who want to buy shares.
The only restriction on selling shares is nominal value of shares which is much lower.
Even then Iconic can then reorganise share capital to reset nominal value of shares when it issues Prospectus.
Poor investor
The RNS states as I said Iconic now has secured debts of £1.5 million.
At 30 June 2022 iconic had gross assets of £2 and net liabilities of £8.9 million. So even after loan write downs mentioned in RNS it was still in a net liability position.
You say an RTO is likely , I agree but why you think any business will pay a fortune to reverse into Iconic I don’t know.
Poor investor
Iconic still owes £1.5 million on its balance sheet plus it hasn’t actually raised £3 million.
Last time Iconic was crushed by the facility and it looks like the same is happening again.
EHGOSF and OTT will be ok but other shareholders will take a beating in my view.