Member Info for Theanalyzer

DarkHero 1991

Care to explain why Tintra Acquisitions Limited accounts at Companies House show no shareholding held in Tintra Plc despite numerous RNS by Tintra to that effect?

I bet you can’t.

Demolition123

The mythological monster is the “Kraken”

Just like the internet changed the world, FinTech will change world of finance.

Could SYME be a winner possibly but it isn’t scaling rapidly at present.

For its model to be a success it needs to show to finance providers that its systems can operate at scale and ensure that there is an acceptable rate of credit losses from inventory financed by lenders.

At present it has IM $1.5 million and we still don’t know how that transaction is performing financially for either SYME or VeChain.

Not having a balance sheet of its own that can kick start the process with an example transaction or two hinders its speed to market in my view.

I remain of the view that if IM does take off rivals who already run inventory management software systems such as Taulia will be in a great position to also perform IM because they already have customers inventory on their systems, they can monitor rate of sale, obsolescence and other factors that you need to know when financing the inventory. Securing finance if you can prove you deal with the inventory aspects at scale becomes less of any issue in my opinion.

Any serious sized business will also perform due diligence on their service provider and as check how financially strong the service provider is because if service provider goes bust how do I unravel the deal. SYME scores badly on any metric on financial sustainability at present as it is heavily loss making and has a thin capital base. Any lender will also do the same financial due diligence.

Time will tell and things can and do change rapidly in FinTech world.

Dark Hero

A CLN is typically a reference to Convertible Loan Notes when issued with connection with fund raising whereby loans are provided that can be converted into shares which are then sold to repay the loan.

DraigGoch has picked an incorrect reference.

The Tintra arrangement is more a share subscription where the subscription is finalised at a subsequent time.

Ex

Generally Prospectus have a sponsoring bank and they also get a copy of auditors comfort letter.

As Venus were providing all the cash there was in this case no sponsoring bank, so reference to bank was an error on my part.

Ex

I agree with you that it’s highly likely that SYME will need to put in place new finance facilities before April 2023 to enable auditors to sign off 2022 accounts. Even then they will probably still need to flag up a material uncertainty due to SYME poor track record in generating revenue.

That isn’t the same as saying that SYME will be out of cash in April 2023 as Nobby keeps stating.

The auditors assurance comfort letter is private to the company.

Until the outstanding CVA payments and CVA settlement shares are issued this company is still in an uncertain position because if either of those issues aren’t resolved then company could return to administration. Yes risk is now low but it hasn’t gone away. Why would sell your valuable business to such a group until both these matters are resolved?

I bet CVA shareholders feel a bit less happy now that shares awarded have fallen over 50% in value.

Nobly

Why can’t you just admit you were wrong on the involvement of the external auditor on the working capital statement?

The CFO not just a company accountant would have been involved in the working capital statement and have prepared a memorandum to be approved by the entire Board. Also the auditor would have provided an assurance opinion over the forecast to the bank signing off the Prospectus. That is the standard procedure for Prospectuses in the U.K.

Second I think your wrong about running out of cash in April - did you remember to include the cash raised from Venus? Why not post your workings if you have any or did you just make the numbers up?

Dr Calvin

No debt that is apart from £1.5 million of convertible loan debt note debt mentioned in the recent RNS. Clueless ramping.

Assuming that in an RTO the vendor is going to give away huge value simply to get a quote is naive. There are a number of quoted entities that could be used as a reverse take CTEA not Standard List of main market but AIM market cap under £500,000.

I think the £50 million facility is history at present time. Iconic have around £2.5 million left of their £3 million facility.

EGHOF will be dumping over 1 billion shares to raise the £115,000 mentioned in the RNS at current prices.

You then have 1.6 billion shares to be issued to creditors, most of whom will want to get some cash and will be sellers.

Plus you have David Sefton holding £750,000 in convertible loan notes.

Iconic also need to fund cost of Prospectus which will cost around £250,000 which will need for share issuances.

So likely to be plenty of new shares for buyers over next few months.

Passiton

Iconic is a Standard Listed as opposed to Premium Listed main market and there are plenty of Standard Listed main market companies being absolute dogs.

On AIM you at least have NOMAD on Standard List you have in theory FCA but they actually do very little for the Standard Market companies. The FCA want to kill off such tiny companies which is why new Standard List entities will have to be valued at £30 million on admission.

Other Standard List companies include Supply@ Me Capital, Toople, Guild Esports, Chill Brands, Cellular Goods. None have performed that well.

If you read accounts you can see that Beckham still hasn’t been paid all of the £3 million he was due on 4 May 2022 and is still owed £750,000 more than half of remaining company cash.

Company needs a placing very soon.

Iconic have already highlighted in prior RNS announcements that they need to pay costs of administration and preferred creditors plus cost of Prospectus out of the £3 million. To that end they have already drawn down £550,000 for such purposes.

Tranche 5 can only be drawn if a Prospectus is published.

Iconic has £2.45 million of EGHOF facility left plus £1.5 million of convertible loan notes which will be issued under terms of CVA.

Given Iconic had assets of just £6 at 30 June 2022 I don’t really understand the bulls excitement about its prospects.

It’s only active business *** Star News was purchased for only £30,000.

Assuming that someone will reverse in a hugely valuable business and give a lot of value to Iconic shareholders is a nice fantasy but that is all it is.

400 million shares just dumped for £44,000

Looks like EGHOS are in hurry to get their cash back.

Tintra needs a further £115 million of capital according to the Allenby note.

Dig deep shareholders.

Tiptop43
Why is a shell company worth north of £30 million?

I know that LSE now wants a minimum capitalisation of £30 million for new issuers but that doesn’t suddenly make shell companies with death spiral funding suddenly worth £30 million.

EGHOF back to dumping shares now up to 39.6 billion in issue.

Plenty more shares to be issued yet.

This is why EGHOF rescued Iconic so it could recover its money by dumping shares.

Nobbygnome

The working capital statement in a Prospectus is subject to an assurance opinion by the reporting accountant so you are wrong to imply that it hasn’t had any external scrutiny.

Unlike me, I suspect you have never been involved in performing work in respect of a Public company prospectus which is why you don’t know what you are talking about.

Iconic still have to issue £1.6 billion shares to creditors under IVA and there are two existing £750,000 convertible loans to David Sefton company and EGHOF plus further £2.45 million left of new £3 million EGHOF convertible loan facility. So more shares to be issued yet even before they buy a business.

I suspect they will consolidate when Prospectus is issued either 100 or 1,000 to 1 to get share price back to pence.

If U.K. market is not important it’s odd that Nicola Boninii was appointed in Sept 2021 to lead deal origination in U.K.

If PNP is so key but equivalent exists in U.K. why no deals?

Keep on making excuses for SYME.