Member Info for Theanalyzer

Alamo’s

Last RNS on funding clearly stated end of March.

Not sure why you think it’s end of February.

TwoGoodToDie

Your previous reply stated I had used mitigation in the wrong context.

Your latest reply uses mitigation in the same context.

QED

TwoGoodToDie

My comment was as I clearly pointed out from BGM’s perspective of accepting the audit and highlighting that the Supply going concern issue is unresolved at present.

From an auditor’s perspective the going concern risk, is if an auditor issues a clean opinion and then the company goes bust within 12 months, they have risk of being sued for a poor quality audit.

If the auditor includes a material uncertainty paragraph this mitigates or reduces auditor’s risk of being sued.

TwoGoodToDie

Last year there were two Key Audit Matters being going concern and Tradeflow disposal. Tradeflow disposal is no longer an issue..

BGM can mitigate the remaining key audit risk around going concern with a material uncertainty paragraph unless AZ somehow pulls a rabbit out of the hat and can demonstrate no material uncertainties exist. SYME has had a material uncertainty issue for the 2020,2021 2022 and 2023 accounts, quite a track record,

There is hardly any revenue, a few million of expenses and not much in the balance sheet so it’s not that challenging an audit.

TwoGoodToDie

BGM would not have to perform detailed audit work to ensure that there was at least 12 months cash left to be a going concern before its appointment. It probably has asked questions and should have asked for upfront payment of it fees.

Even if it had performed audit work, given TAG’s restructuring hasn’t yet concluded and even Supply acknowledges that the purpose of this is to provide TAG an opportunity to restructure its liabilities and continue operating and avoid insolvent liquidation and there have been no RNS announcements on revenues or other fund raising activities for SYME I believe that there remains a material uncertainty over going concern.

Unless BGM has a crystal ball and can see into the future.

The appointment of BGM is clearly as a positive.

Although BGM are small, so is Supply, so audit should get done in 2.5 months. Barclays and NatWest have issued audited accounts this week.

Still doesn’t fix lack of funding for Supply and IM or TAG debt issues though which remain work in progress .

Nuburu riding to rescue is a long shot because it has financial challenges as well.

Good news for traders and LTH who want an exit.

Fails to deliver RTO

Has net liabilities, little cash and huge convertible loan note.

Note exactly the best shell for an RTO.

Micky1

No doubt you have spotted that the Eight RNS states that SFE is controlled by TAG whereas SYME state the opposite.

TwoGoodToDie

The €33 million piece of the 1AF2 bond is owed to IWEP not Eight Capital Partners Plc but why let facts ruin your latest theory.

The Open Offer Warrants expire December 2026. It set out in 2023 accounts under warrants.

I suspect Supply will be delisted before then though

I think Crowe aren't that exposed as auditors because they had a material uncertainty on going concern both on TAG not paying up on funding and also on IM deals not materialising as planned. The balance sheet had no intangibles as they have all been written off, total assets and liabilities are quite small so I don't think there is much risk there either and Amy Benning strikes me as a technically competent accountant.

They also signed off on 30 April 2024 over 9 months ago.

Micky 1 what is your source of data?

TwoGoodToDie

I don’t think that TAG has reduced its €73 million loan liability due to the Eight debt sale.

I note that Eight retains in charge over TAG assets until it can liquidate the listed financial instruments received from SFE in exchange for the 1AF2 loan note which tells you the assets aren’t easy to sell. SYME could have provided an update on security position but failed to do so.

Unless SFE which now owns €40 million of the TAG loan note has waived that debt then TAG still owes $73 million being €33 million to IWEP and €40 million now due to SFE.

I haven’t seen a debt waiver have you?

TwoGoodToDie

The fat lady has been singing for ages.

The restructuring is due to the €73 million loan which I remember you were trying to argue months ago didn’t even exist.

As ever the gullible Supply board take AZ word that the cheque will be in the post and believe him.

Suspension and administration lies ahead in my view.

TwoGoodToDie

You ask “Could it be that Supply@Me are now self funded”.

Given interim revenue was £39,000 and interim losses were £1,371,000, I suggest that is highly unlikely given no new revenue contracts have been announced and Supply has to date operated with negative gross margins I.e cost of sales have exceeded revenue.

AZ and AG get over £350,000 a year in base salary .

Steveward

I have never believed there was a viable business model.

True sale never worked and that was the only claimed USP of the business. SYME was always a sub scale organisation and never really monetised anything at scale and it had years of trying.

Lending against certain types of inventory e.g bulk commodities Oil, Metals. Soft Commodities, has been long established by likes of Glencore, Trafigura, Cargill banks lend against Whisky and Parmesan in Italy because there are a wide number of end users of the products. Trying to monetise inventory of all sorts and all types is much more complex and risky.

I onder if Zamboni might try and get Nuburu to bu

Steveward

The IP is owned by Italian entity owned by SYME which is the company BPM lent money to. So I suspect the bank has a charge over company shares. It doesn't matter because the IP is worthless imho.

Savvy006

I doubt that TW is paid to rubbish companies or paid to promote them for that matter. He has a good track record of calling out poor companies (better than his long calls).

SYME's failure is primarily down to AZ and the wider Board who failed to exercise proper control over what was reported.

Most of TW articles were based off published information and events.

There may be correlation with share price changes but that simply isn't the same as causation.

I suspect loan shares were used to dump AZ's shares and I do have concerns about AZ's claimed stake in SYME versus his practice of never voting the shares he purportedly owned via TAG.

The absence of an RNS when your largest share and provider of working capital loan which is owned by your CEO becomes insolvent is an absolute disgrace.

The chances of a rescue equity issue is I think highly doubtful given current low valuation.

Cashers

AZ and his mates only paid up around $600,000 of the proposed $3 million investment and made some dog ate my homework excuse about foreign exchange controls as a reason for non payment of balance.