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Todays RNS wasn’t awful and wasn’t unexpected as 2nd tranche of Venus Capital was indicated when annual accounts were published.

I think SYME lack of detail about VeChain initial deal and lack of explanation of why second tranche of $8.4 million hadn’t happened yet was weak from AZ.

The Open Offer exercise warrant date was extended to 31/12/2026 when Venus made their latest investment.

Blues

Tradeflow’s buyback has to occur within 24 months of purchase early July 2023 per 24 March announcement.

Half market cap just realised in cash

C2H5OH

The 55,000 fee shares were issued for value at 227 pence representing the fee due.

The 280,000 shares were issued at nominal value. The RNS stated initial share price was 504 pence, a 94% premium to prevailing share price but that issue price would be revised to a VWAP formula subject to a floor. Tintra share price is now below that floor price and revised share price appears never to have been reset.

Not clear to me why there is a dispute over cash repayment. If investor wanted shares they can pick them up much cheaper than either 227 pence or 504 pence as recent CIO investments show.

Given the large holding RS has plus a huge holding of CULS that swap into shares at 10 pence why would RS want a low share price?

RS is highly motivated for a high share price.

Also you won’t find it easy to take a loss making start up that needs over £100 million to fufill its strategy.

Dealer1298 RS isn’t on a huge salary.

Trek

The U.K. government has provided lots of grants to Versarien but Ricketts was unable to make material sales and gobbled up vast amounts in his salary.

Flogging off the plastics and metals business may generate a couple of million but VRS will will end up in administration before Xmas is my take.

If the technology was that great why haven’t a big name business brought the company for a small sized punt?

Not being able to get your audited accounts RNS out at 7.00am on morning of last day of publication before a suspension is poor form.

I suspect the Tradeflow buyback has complicated matters with respect to its valuation.

The SYME CFO is based on what I see in account’s technically sound.

First traditionally funded IM and it’s for just €1.2 million and it’s the same customer which used VE Chain funding so not even a new customer.

Still no names for funder or the client or even in the IM results in a True Sale the claimed USP for SYME.

Napalm

Your right on DTR point but RNS will be no later 30 as April doesn’t have 31 days

Gave106

The administrators had to make a fulsome public apology to David Sefton when they tried to sue him for alleged actions as a Director so you might not to throw accusations around.

Second A David Sefton entity holds £750,000 of convertible debt on current Iconic balance sheet. It converts on a VWAP basis.

So you haven’t seen the last of him at Iconic just yet.

Dr Calvin
Typically when a convertible loan note holder is awarded the shares they have already sold an equivalent number on a forward settlement basis.

The next £50,000 of shares being the last third of £150,000 subscription will be sold shortly and then a conversion note issued.

This will wrap up 5th tranche of CLN.

Poor investor

The fifth subscription was for £150,000 and so far two lots of £50,000 have been converted to shares so there is a further. £50,000 worth of shares to be sold. So at least 2 billion more shares to be sold by EHGOF.

Next steps complete CVA by issuing another 1.3 billion shares to former creditors and then issue a Prospectus.

Iconic should really do a 100 or a 1,000 for 1 consolidation when issuing the Prospectus to get share price up to a more sensible level.

With net liabilities of £3.5 million why are punters expecting a buyer to pay a large sum for this shell with limited cash?

True the CVA shares will reduce debt by £1.1. Million but that still leaves £2 million in convertible loans as as at 31 December 2022.

Until CVA is completed at end of month, the Prospectus is issued and a bit more of CLNs are converted then Iconic will struggle.

A consolidation of shares won’t change a thing.

The only way shareholders get more is if creditors get less and given Iconic is technically insolvent at present time that isn’t going to happen. Why would the creditors accept a lower settlement. The trade creditors already know that the shares to be given a heavily reduced in value and I can’t see EHGOSF or David Sefton reducing the amount of convertible loan they have accepted.

Iconic is a going concern but one with material uncertainty given need to get a Prospectus approved by FCA.

Once CVA shares are issued, the Prospectus is sorted and a lot more of CLNs are converted then Iconic will be on a stronger footing for an RTO IMO

Blueveiner
OTT got a £365,000 bonus for saving Iconic plus £50,000 a month in fees.

EHGOSF charge fees and make cash on every conversion.

David Sefton got £750’000 in convertible loan notes.

Trade creditors were offered shares.

So real surprise why Iconic was saved.

The bullish posters on Twitter #VRS like Doc Holiday, Big Gib, Andy Blowster talk about high risk, potential high reward are spouting rubbish and try to fool less experienced investors into buying the stock.

This a group is serious financial trouble with £8 million of debt and cash of £1.4 million. It is consistently loss making and cash consuming. In 18 months ended 30 Sept 2022 it burned £463,000 every single month. A £318,000 placing doesn’t go far when you are burning cash at that rate.

The 3 executive directors are currently costing almost £50,000 a month if you include employers national insurance.

The CEO is sitting at home do nothing and they have just employed a firm of consultants to come up with a revised strategy I suspect they will be charging £’000 per day.

I suspect interims for six months to 31 March 2023 due at end of June 2023 will be full of red ink as Versarien has to write down its intangible assets.

JamesSimon

Ricketts is on £17,500 a month

AB investor

Next accounts to 31 Dec 2022 are due by end on next month under DTR and as stated by SYME in last RNS.

EHGSOF sold £50,000 of £150,000 conversion for 1.3 billion shares which leaves another 2.6 billion shares to sell.

No rush to buy.