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Mitchman
I often post when there is news. With SYME it’s often bad news which is why there is often a drop in share price.
TwoGood
Sometimes it’s what isn’t said in an RNS that matters.
Mitchman
There you go again with your TW and his gang of evil shorters and stock loan company conspiracy theories.
The much simpler explanation is that SYME 4 years after its IPO hasn’t delivered anywhere close to its constant promises.
I note there was no update on VE Chain Phase 2 now 15 months late or U.K. IM that was announced but hasn’t completed yet either.
White Label IM progressing but no indication of BPM funding line or expansion to a larger offering
Crypto might raise $10 million having secured $5 million
No update on SYME funding by TAG or alternative funding
No date given of when year results will be published
Slow progress for a company burning £400,000 a month in cash
Peak
We all make mistakes but your apology shows your class.
I hope AZ turns this round for you but I fear he won’t.
SYME shares price collapse is due to non delivery by management not wicked shorters or a website publish negative articles.
The blame lies squarely at feet of AZ who promises a lot but rarely delivers.
Well 18 more trading days until AZ has to dream up his year end excuses of why 2023 wasn’t the breakthrough but next year will be great.
Steadyasshegoes
The 1.5 billion new shares have been issued to AZ as per RNS sold not sold per AZ filing.
Micky1
I agree that 9 months is up which as you say is normal deadline.
I was looking at first page for 1AF2 Limited at Companies House which states that accounts aren’t overdue yet.
Perhaps AZ has got a filing extension?
Micky
Agreed TAG have failed to comply with Italian company filing deadlines but the penalty is probably trivial like in U.K.
I suspect reason for non filing is so people can’t see how much financial difficulty TAG is in.
Micky1
1AF2 Limited accounts are due until May 2024 so no rules broken. Its a private company.
Peak
The same language around 1AF2 Limited was used in RNS of 9 May 2023. The 1AF2 loan is outstanding at Companies House and we should get updated 1AF2 accounts by end of May 2024.
1AF2 Limited is a U.K. company whereas 1AF2 Srl was the Italian entity that was merged with TAG.
Basically AZ owes DW controlled entities Eight Capital Partners and IWEP Limited for the purchase of DW stake in Supply which he purchased via loans.
TAG’s share in SYME are only currently worth a fraction of the loan and DW loan matures in June 2024. So in theory DW could force AZ to give him all of TAG’s shares and assets. I suspect he will extend loan term.
So in summary you are wrong about DW loans being paid off.
Peak
What do you mean DW charge is settled?
The 1AF2 charge remains in place at Companies House and 1AF2 is due to pay €73 million secured over 8.3 billion SYME shares and a guarantee from TAG of up to €61 million less value of SYME shares to Eight Capital Partners Plc and IWEP Limited in under 3 months time.
I suspect deal will be extended because TAG clearly doesn’t have €61 million and 8.3 billion shares are only worth several million.
You can read about charge and guarantee in 1AF2 accounts at Companies House.
Why would I be worried if SYME finally delivers on a €10 million contract that will generate €150,000 pre costs?
As I am not short, so my risk is that I miss out on a big gain. We all miss big gains.
I am not short so no financial exposure.
Will the SYME end customer be happy with the long delay in getting their loan?
It’s hardly a great advertisement for SYME to have such long delays.
A bank might cost more but at least you will know whether or not you will get funding.
Banks have lending against Italian Cheese for over 50 years so it’s hardly new and innovative.
AZ never seems to hit self imposed deadlines.
Accounts due at end of month when AZ will have to explain what has occurred in second half of 2023 plus update on future prospects.
I have decided now is the time to buy SYME
Wiggy
The RTOP Prospectus states that £17.483 million shares were sold for £1 which raises the question why can’t TAG pay the cash owed to SYME and RTOP?
It’s a mystery.
RTOP owed millions by AZ company put out results after market close just before Easter holiday.
They show tiny revenue, negative gross margin and huge loss.
What a dog of a share.
Interim results promised by 31 March and today is last trading day.
Suspect they might slip them out at end of day
Given issue of 1.5 billion new shares to TAG around 2.5% of issued equity a new TR1 should arrive shortly.
A positive move for SYME as it reduces their debts, small dilution for shareholders by using artificially high share price.
TAG admits it is trying to raise finance using SYME shares as collateral I.e it needs more cash to pay off SYME working capital requests.
No mention of status of £1.766 million still owed by TAG to SYME as at 29 February 2024.
No new cash raised by SYME or TAG by today’s news.