Member Info for Theanalyzer

Elllltelinv
I estimate using 2021 accounts as a starting point that the interims results will be **** poor.

Revenue will be I suspect be under £350,000 (assumes growth in Tradeflow) and losses £4 to £5 million.

The best shareholders can hope for is a positive outlook statement although I expect Directors to include material uncertainty over going concern statement into interim report as well.

Argo you may not have crystallised your loss so it is an unrealised loss but you have lost money.

Peak

The FRC the U.K. accounting and corporate reporting oversight body also don’t think SYME’s claimed True Sale works. They are expert accountants.

Who would I believe more on accounting the FRC or a poster stating that he is AZ the CEO of a company that has had numerous accounting blunders including having to change prior year accounting for errors found by the FRC?

For me it’s the FRC every time.

Peak

Better informed investors knew that the Nasdaq listing reference was a spoof reference to excite less well informed punters.

How because If you look at the Nasdaq financial requirements SYME misses them all by miles so a share consolidation would not help them get a Nasdaq listing.

It was yet another red flag for me.

Peak
Tradeflow buy commodity products where the client has already made a conditional sale.

As a commodity product it is fungible and has many other potential customers and a readily available market price.

This is a much lower risk proposition than SYME morntising all sorts of products.

I suspect the challenging of being able to understand risk of stale inventory over ten of thousands os SKUs is one of SYMEs challenge in raising finance.

Even Tradeflow with its proven model in terms of volume of transactions successfully executed isn’t profitable after 3 years of operation.

The FRC who have seen the accounting advice given to SYME made SYME publicly state that they don’t think SYME’s true sale accounting works in their annual report.

Yet bullish investors who are clearly not accountants try and make arguments for why they think it works using examples which rely on different fact patterns and often wrong accounting standards.

As to IFRS for SMEs I suspect that paragraph 23.A.3 a of the SME standard on revenue which states that

The seller recognises revenue when the buyer takes title, provided

a) it is probable that a delivery will be made

Given SYMEs SPVs never take delivery of inventory , true sale looks a dead duck.

Finally SYMEs business model has two elements

Front end sourcing customers and having systems which can administer client inventory.

Back end securing financing and constructing securitisation vehicles

Taulia owned by SAP which are software experts already does the former at some scale.

It is backed by JP Morgan who raise finance and perform securitisations at scale regularly.

How hard would it be for Taulia to replicate SYME supposedly unique business model?

Hughez87
Shame somebody keeps dumping 50 million blocks of shares depressing the share price.

Perhaps they don’t believe the hype or more likely it’s Venus who just want to earn a nice profit by selling selling shares received at 0.05 pence per share.

SYME share price will struggle until it generates enough cash not to have to rely on Venus for cash.

That is still some way way off as interims due by end of September will show with ongoing cash burn and net debt and as per usual I expect a fundamental uncertainty over going concern.

AZ says he has substantially derisked the business time will tell.

Two such large sales is most likely Venus unloading another lot of shares.

Most PIs don’t hold that large a stake.

On the very day of 1st IM to add insult to injury.

Castle
If you read the RNS announcements you would know it’s now 43.9 billion shares or nearly 44 billion. You have missed off the last Venus issue.

Lots of positives in results.

I suspect market will be concerned about energy cost outlook and what happens when hedges expire.

I like the progress on Greenbloc which sounds like it is getting real traction.

Hopefully market will be a bit less negative about this group

So the real question now that SYME has achieved first proof of concept is can it scale it up and how fast.

Milestone day for LTHs.

A real positive for the company.

I see the Twitter rampers have resorted to Its the Italian holidays that ended on 29 August that have caused the 5 week IM delay story.

Well with just over 3 weeks to interim results it won’t be long until we see what SYME has delivered in first six months results wise beyond issuing billions more shares (now at 44 billion shares) and (over 5.5 billion) in the money warrants.

On the supposed snowball effect if it is this hard to monetise just $1.5 million of inventory to 1 customer with 1 finance provider already signed up how hard will it be to get that figure into the hundreds of millions or billions when SYME are dealing with multiple customers and multiple finance providers across multiple countries.

For CSN I tend to focus more on Solvency II surplus and free cash as that is what drives dividends to shareholders.

The IFRS results will be volatile because as CSN states Scildon marks assets to fair value but it’s liabilities currently use historic locked in assumptions so when interest rates rises the bond assets fall in value but liabilities don’t fall which creates an accounting loss. I suspect that assets and liabilities are largely matched and this is what matters in economic terms.

The gearing of the balance with debt that qualifies as SII capital should also boost returns on ordinary shares as it can be deployed for acquisitions to generate income in excess of cost of debt.

With 3 recent acquisitions I am happy to hold CSN for its yield.

Ns20
Don’t forget the 5.5 billion warrants with an exercise price of 0.065 pence per share in your potential dilution.

Plus there will be further dilution as Venus converts more convertible loan to shares so SYME can pay off Mercator loan and fund trading losses.

SYME’s cash burn is now a much higher percentage of market capitalisation than historically due to fall in market capitalisation and it’s increased cost base.

In manner of Hughes87 there is a lot of news to come

Interim results for six months to June 2022 by end of Sept to reveal
- Loss for period around £5 million according to TW
- Cash burn around £2 million
- Mercator debt outstanding
Open offer warrants exercises
Tradeflow strategic review outcome
Next Venus conversion
First IM for $1.5 million
Filing at Companies House to reveal who and what they issued 500 million shares to

Remember it’s all good it’s SYME

Pleased that product is at 85% repeat order but it needs a push that only a major company can give through multiple channels through medical industry and retailers. I think many will be disappointed by volumes announced.

Oral product news helpful but probably a few years away from revenue.

Croda at least we now have some idea of timing.

Check out VRS who also used Lanstead financing.

It’s just a different type of death spiral.

How do you Trading 212 charge if they don’t charge commission? Answer a bigger spread than a mainstream commission charging broker and a bare bones service.

Castle
I thought that the warrants can be exercised at any time subject to ability of company to issue new shares as per Circular.

The warrants aren’t a listed instrument but the shares you get on exercise of warrant once issue by company can be sold.

I was surprised by low take up of the guaranteed element of the open offer.

Given SYME price you could have taken up open offer and sold your shares for a profit plus had warrants that you can exercise at 0.065 pence per share until 31 December 2025 if SYME share price takes off.

Some smarter holders logically put in big bids for extra shares and will have earned a nice profit on extra shares and warrants.

When exercised the warrants will generate a bit of extra cash for SYME