Member Info for Theanalyzer

Unless there is some stellar news in interims due by Monday (which I think is highly unlikely) I think it’s game over for Supply.

At current market capitalisation, I suspect even a bucket shop placing wouldn’t raise enough cash to keep it trading for long and Supply has a balance sheet deficit of around £4 million at present time.

I think there is almost zero chance of a new auditor stepping in to this insolvent group given high risk of non payment of fees.

Alessandro is as usual putting the most optimistic spin on it by saying Supply will look for new auditor.

You can’t polish this turd of an RNS as being potentially good news.

I suspect Crowe had trouble getting their fees paid. We may find out more when their resignation is posted at Companies House.

The latest in a sea of red flags at Supply.

Meanwhile TAG Supply’s working capital provider still hasn’t sorted out the debt due to Eight Capital now over 2 months past due date of debt.

Bazzaman

The RNS now specifies a launch date at a major cosmetics event, I don’t think Croda will want to miss that date.

The last announcement said no more negotiating points remained and that financing should occur in September so I remain relaxed about progress.

Some will remain sceptical but I think it’s too far advanced now to not proceed.

Bob socks

Tern doesn’t have the cash to support its own 20% holding let alone get paid a fee to underwrite placing for others who choose not to subscribe.

If Tern were in the loop with Wyld they could have issued an RNS just after Wyld indicating their stance on rights issue and proposed take up in but fact that they scrabbled out a covering RNS hours later suggests they weren’t.

Only 2 of 7 investments made by Tern, FVRVS and Talking Medicines are now worth more than cost of Tern’s investment.

TwoGoodToDie

The Banco BPM deal which hasn’t happened yet but it meets True Sale requirements. You mean based on the accounting advice before deal is completed simpler to how FRC formed its own view considering accounting advice before deal had happened?

Steveward

For me the FRC’s views has more credibility than your friend’s view because they have seen SYME’s accounting advice from Big 4 firm so they know the full background. Your mate may well be a Chartered Accountant but I doubt he has as much deep technical accounting expertise as the FRC.

Mister Green

The Financial Reporting Council who are experts on accounting matters and had seen SYME’s accounting advice letter did not believe that SYME’s True Sale worked and made SYME state that view in the accounts. SYME have never rebutted that view.

I trust the FRC over some part time lecturer in accounting who hasn’t even seen the accounting advice provided to SYME.

Claiming you have a USP over other lenders but which the FRC say doesn’t work is a massive Red Flag for me.

Savvy

If you look up Venus Capital SA you find that Matteo Ricchebuno is a director.

He is also a Director of SFE part funders of first €1.5 million for BNP Banca deal and linked to the €135 million Neo bank deal. He is also a Director and investor at US listed Nubaru where AZ is also a Director.

SFE also own the SYME stock companies and Matteo is a Director of the first Italian Stock Monetisation company.

So he is bed with AZ via three separate businesses.

It’s a small world.

Mona

I see you that can’t admit that you were wrong on the supposed warrant issue or that you didn’t understand that Tradeflow wasn’t included in ongoing activities.

Back to ramper school for you.

Mona

The loss on continuing activities was actually £4,160,000 I.e excluding Tradeflow (its reported on a separate line as a discontinued activity). The profit on continuing activities included a gain of £376,000 from a creditor who gave a discount for actually getting cash out of SYME. That is close to £350,000 a month. So using your number of £2 million, SYME are saying they have reduced costs by over 50%, let’s see when interims arrive what saving actually was.

I see you ignored the point that it was a share issue rather than warrants. All the SYME warrants are out of the money so nobody is going to exercise warrants to raise £1.5 million.

Your limited ability to correctly read accounts and RNS announcements probably explains why you're a loyal shareholder and I am not.

Mona

You say SYME has just raised £1.5 million by sale of warrants almost a year’s worth of expenses.

Except the £1.5 million was by issue of 9 billion shares and it’s less than six months expenses based on 2nd half of 2023 cash burn.

LOL

Even the most supportive shareholder would have to admit that SYME’s news flow has been weak over the summer.

It’s only 5 weeks to interim results when AZ will have to explain what has happened in last six months other than a placing to fund ongoing losses of around £300,000 a month and give his usual exciting promises of jam tomorrow.

My view.

Cannot

Recommend

A

Purchase

Mona

PNP as a legal concept to enforce security over movable goods. Its nothing to do with tokenisaton. Just because you have a floating charge doesn't mean that it is tonekenised.

Your a bit confused as well.

ToGoodToDie

For some reason the BPM Banca deal on 5 Jan doesn’t mention tokenisation at all. Perhaps you’re the one that is confused?

The PNP law establishes security rights over movable assets.

It has nothing to with how revenue is recognised under IFRS15 which is why you won’t find any reference to it either IFRS 15 or the new Italian Standard. It’s simply irrelevant to revenue recognition.

TwoGoodToDie

So now it’s the Italian Central bank that needs to give a whole raft of approvals for an €8.5 million secured loan to an existing client by the third largest bank in Italy with gross assets of over €180 billion.

I suspect the closest you have got to working in a bank is behind the counter of a bank helping people pay their utility bills.

TwoGoodToDie

Yes that is the Italian Standard which aligns with IFRS 15 as I said earlier.

TwoGoodToDie

PNP has nothing to do with revenue recognition under IFRS15 or new Italian GAAP that has aligned with IFRS 15.

It’s like saying that floating charges in U.K. impact revenue recognition, they don’t.

TwoGoodToDie says its level of complexity at BNP Banco and cites a whole shopping lists of regulations to try and justify why the deal is still not finalised months after initial March deadline. As usual SYME doesn’t explain the nature of the delays.

Given the number of past deals that SYME have announced that never materialised it’s not that a big assumption to think that BPM may fall into the same category as the Commercial Bank, Quadrivo, FinTech Bank, Storm Harbour funding etc.

Mona

Why don’t you show me something that says that SYME have now proven to FRC’s satisfaction that is effective.

Take you time.