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So we can now see that Negma has been replaced with another much smaller CLN facility.

The headline cost understates the real interest rate as there as also warrants attached to the facility which creates a small amount of further dilution.

If it’s not a CLN why does it even mention the words?

Were all those big buys last week actually sales as Negma offloaded early in day and brokers only filled order by end of day?

Why can’t SYME attract a sizeable tech investor or major investment house or even well known bank if it’s future is so great? There are other loss making Fintech who attract such investors and lenders but SYME attracts names who aren’t household names.

Marik
It’s very simple SYME didn’t prepare the interim accounts in compliance with IFRS 15 I think due to error as opposed to fraud. The principles stated in interim and final were the same but the principles simply were not properly applied at the interim. How else do you explain change in revenue for same period?

Ex you right I didn’t recall number properly when I switched from interim RNS to LSE chat

Marik. Read footnote 4 where 2020 revenue is now nil due to IFRS 15 requirements versus £320,000 in the interims. IFRS 15 came into force on 1 Jan 2018 so it’s an accounting error,

I would say having to remove all your revenue due to a restatement due to an accounting error isn’t great.

They are not even honest enough to state that it was an error but when interim accounts arrive the error will be reflected in a prior year adjustment.

I suspect they became aware of the error in preparing 2020 year end accounts with new CFO and auditor but have only just partly fessed up.

Don’t place too much weight on LSE or FCA regulation for instance see NMC.

Guitarman. Revolute being a prime example of a loss making Fintech which is valued at £21 billion after Tiger Global and SoftBank injected $800 million into the entity. Whilst loss making it has a growing customer base not just 6 new customers in last period.

The big question for SYME shareholders is why is no major Fintech investor that we know of backing SYME? They ended up with death spiral lender Negma with a convertible loan note.

Is the example software on their website yet?

Two valuation updates in portfolio both uplifts to previous valuations - the good news continues

Marik
You say that SYME have a good track record.

In yesterday’s RNS they admitted prior year revenue comparatives were materially non compliant with IFRS 15 (the same standard that it is at the heart of their revolutionary inventory financing concept) and revenue should have been nil. SYME also reduced forecast revenue by 60% from Proactive report issued just over a month ago.

We also have had two changes of accounting for RTO costs and a change of year end that got shares suspended.

Could it all come good possibly but SYME do appear to be accident prone.

Yes it’s only a small purchase but better than a sale or no purchase.

A NED doubling his stake is interesting because they don’t get the money that executive Directors do nor do they typically get options. Also a NED with background in equities and booking so hopefully reasonably informed.

Doctor100
Proactive “research” indicated revenues of £12.1 million for year ended 31 December 2021 on 14 July 2021 report now forecast revenue updated to between £3.8 to £4.9 million by SYME on 31 August so a drop of at least 60% in forecasts revenue.

You make diagnosis that SYME is in robust health. LOL

Sparkly glitter time for rampers because whilst you can’t polish a turd you can roll it in glitter.

Still no indication of Tradeflow funds under management or historic results - almost certainly losses based on revenue of £212,000 nor assets acquired. No wonder the two Directors accepted £7 million in upfront payment with £4 million of cash.

No update on Negma death spiral renegotiation.

Just the usual kicking the can down the road about this next year Rodney…

Bobberoonie The Zinwald distribution has a number of conditionalities as set on page 1 and they are outside of control of acquirer and BCN, so there is a risk that you may not get Zin shares.

You will have to take a view. My personal take is that we will get the Zin allocation and I am holding my shares in BCN for extra value in deal not reflected yet in share price but as I am conscious that deal might not complete I am not buying more shares.

DYOR

Bobberoonie Normally companies pay dividends in cash in BCN case the share in Zinwald are being distributed as a dividend as opposed to cash..

Bobbberoonie
A complication if you hold shares outside ISA or pension is that the base cost for CGT purposes of the disposal profit will need to be split between Bacanora and Zinwald shares. The element of your base cost attributable to Zinwald shares should be added to existing cost of shares in Zinwald. When Circular arrives this will be set out for shareholders.

Dee12345. Your comment about nominee accounts only being counted as 1 vote is simply wrong.. If you vote via a broker, I am with Interactive, the number of shares iyou own via the nominee are all counted as is every other holder via the same broker who votes. Suggesting that shareholders with Hargreaves, Ii and other nominees only get 1 vote is complete and utter rubbish.

I intend to vote my 10,000 shares for the deal.

Bobberoonie Yes assuming deal goes though and distribution in specie occurs.

Some LTHs here will vote against but I think deal will go through as Zinwald distribution has sweetened the deal a bit.

I only bought in at 45 p through in Primary Bid offer and topped up at 58 p when price didn’t hit initial offer.

So personally happy with 73 p in a few months

The correction actually make me more relaxed. Why because we all make mistakes and a prompt correction is a positive in my view.

Great RNS at Opti investment Skin this morning. Everything is on track to commercialisation.

Further support for Opti share price

RNS better than expected as on track to market with first product with indicative product pricing given. As a bonus it might help other skin conditions although more testing needed. Other major product on track as well. Plenty of cash as well.