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If/when licences are awarded i wonder if it then makes sense for BOD to raise finance themselves for the initial test drilling to establish ore grades and commerciality of any resources. Derisking to this point will allow for better terms in any subsequent farm in. So may see BOD issuing new shares for proving reserves?

Possibility of a farm in with a much larger minerals and metals mining company or companies where mine development costs are incurred by them for a share of the licence ownership.

I agree NTM but wonder about the time horizon of the buyers who will turn up on good news. Usually it’s just a churning of shares over several weeks by traders looking for a quick gain. Let’s see though what if anything happens. I’d like to see more institutional shareholders on the register but I do accept that for an AIM stock SYM is rare in that it has institutional investors significantly invested already and issued new shares recently at a premium - amazing really. Living in hope that this confidence doesn’t dissipate.

No buyers and a small (frustrating) seller chipping away once or twice a day with small volumes that can just about be absorbed by market makers. Miserable!

The news vacuum is always a difficult time with AIM but this is pretty bleak. If company is moving into sustainable profitability and cashflow positive then surely choice is either a full market listing or going private. AIM volumes and liquidity have dried up. Literally no point in companies paying the listing costs for AIM when 2 or 3 trades a day and no need to access further funding. Got to be one of the worst markets for stocks anywhere in the developed world.

For what it’s worth I’ll be asking company to consider a main market listing as soon as possible (assuming that SYM can evidence significant and sustainable revenue growth and cash generation).

Think I agree with you LTB in that trading update will be skipped, going straight to results.

Surely SYM would have included this information in any upcoming trading update rather than put out a separate update?

Either SYM therefore have already drafted their trading update and we will get it via RNS this week or they have no trading update RNS planned in the foreseeable future and so wanted to issue this update as a standalone item.

If the latter then would be disappointing as would imply not a lot else to update us on.

Agree that Brazil market news is a small positive though and could provide a source of very strong revenue growth in the future. As always though SYM have to demonstrate that they can actually sell their own products in these markets where the regs are moving more favourably. Something that they have not been able to prove to date.

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Interesting that ChatGPT indicates intertek India testing of d2w has been successfully completed. There is no reference for this though and so not possible to verify statement or context. You’d have thought that SYM would have updated market by now if that was the case!

Little over £100k traded value today from 40 odd trades. Not really a market view. Long term holders are sitting tight and more evidence of a turn around needed to bring new investors in leaving short term price movements being set by traders with a time horizon of hours or days. I think the fundamentals are shifting more favourably for cap-xx albeit slowly and ‘the market’ will begin to price this is. There will be a lot of focus on the forward looking picture at Wednesdays investor presentation which should help to clarify things a bit but will likely be months until impact of shurter and digikey + other distribution agreements begin to show through.

Good news also leaks. If intertek India had confirmed successful completion of the d2w trial, opening up the significant market opportunity there then the share price would already have moved. Just my opinion of course.

Agree though that the wait for results is frustrating now but it is also not overdue. Let’s just hope for profit in most recent quarter and some additional detail on big market opportunities.

Let’s hope so! It’s possible that intertek India have an expected date for completion of the d2w trial and Sym are waiting until that date to update us. We’ve been here before though and much more likely that they have little to report. Let’s just hope for quarterly break even or small profit and a bit more detail on all the good stuff we have been promised for 2025.

Thanks for sharing these links!

What a mess though. I’m no legal expert and find these kinds of docs difficult to understand some of the time. However a couple of things that I think I have gleaned from them:

1) both GAIL and Focus Oil & co are claiming breach of contractual delivery

2) judge recommends arbitration

3) judge has given an opinion which is that ‘I am of the view that there is a strong prima facie case in favor of the petitioner, and balance of convenience lies in favor of the petitioner.’ Ie GAIL not Focus are in the right

4) arbitration will decide though and security for the value of make up gas owed to GAIL needs to be provided by Focus

Some other thoughts on this.

1) little Focus taking on the might of GAIL almost certainly not going to win. The little guy rarely does in situations like this

2) Focus are claiming that there has been significant damage to gas wells as a result of GAIL not taking gas and as a consequence having to shut in gas volumes. Could just be a play to support their case but if true then is problematic for Focus going forward

I doubt also that government of India will award any extension of the PSC until they know the outcome and the financial viability of Focus.

Let’s hope Gynia can provide some kind of short term loan to post the security for the outstanding amount owed to GAIL while this goes through arbitration. Other alternative is that there is a placing to achieve the same outcome.

Ultimately GAIL is leveraging its scale and influence and this situation is a bit of a mess. It does explain why the share price is so far below fundamental value as Focus have got themselves in a bit of a difficult spot.

Interested in others thoughts and conclusions.

historically looks like trading statement has been issued anywhere between mid dec and mid feb - so maybe something this coming week or maybe in three weeks time.

we all know that the jam tomorrow has to turn into jam today in 2025 as even for sym the recent comments on an imminent step shift in sales have been very strong. not delivering now would be the final nail in the credibility coffin!

in particular im looking for:

1) a very positive update on the intertek india led d2w testing for plastic biodegradation. this process has gone on for a long time and previous updates have indicated end of 2024/beginning of 2025 for completion.

2) evidence of big uplift in me sales of d2w as saudi phase one of biodegradable plastics regs are enforced and other countries in the region demonstrate pick up in demand. sustainability ambition in me is really taking off more generally and so sym really need to be converting this to sales now.

3) d2p fire ******ant sales uplift. cited by sym recently as imminent and substantial opportunity so definitely don’t want to see this one disappear off the radar like so many other market opportunities have.

4) further insight into africa and se asia market opportunities

it won’t happen but what would be nice is if sym provided a table by region breaking down all sales pipeline by market size, number of opps in pre, semi, and fully commercial trials in each market and also an estimated timeline to full commercial traction in each.

clearly we need to see sym move through b/e quickly and into decent profit and cash flow. the convertible debts are due for repayment by end of 2025 and dont want to see these repaid in huge chunks of new discounted equity issuance.

last chance saloon. time to deliver!

Many thanks

Would appreciate it if you can dig out that estimate of India market and share here. If it’s from 2022 then has to be a reasonable chance that SYM see a bigger market opportunity now.

As far as Saudi is concerned ML indicated ‘multiples’ of current annual revenue around a year ago. So this could mean £10m to £20m.

South America and North America each have to conservatively be at least a similar size opportunity in the medium term.

Huge opportunity clearly but market is pricing SYM shares on a very small probability that the company will deliver.

On the one hand sometimes markets do get it very wrong, on the other SYM have a long track record of under delivery. Current market cap clearly reflects the latter and no meaningful revenue growth (ever) so any evidence of moving past break even and beginning to unlock these big market opportunities should catalyse a large rerate.

Board and institutional shareholders have put significant money on the rerate so it’s exciting times. But no such thing as a guarantee on AIM obviously so care needed and DYOR.

Wishing all investors here a joyous Christmas and a transformative new year with SYM.

Thanks LTB. I can’t comment on the forecasts you have provided but I do believe that there will be at least one breakthrough piece of news in the coming months (India or Saudi most likely for d2w and potentially d2p). How quickly sales can be scaled from this is anyone’s guess, but like you I do also think that SYM should just about be in a position to pay back the debt from free cash by end of Dec 2025.

Around 8m options are due to expire in a few days time at end of Dec if the share price does not increase to over 4.5p which is the lowest exercise price of the Dec 2024 expiries.

Dont think we’ll quite get there so that at least takes some of the options off the table.

The convertible loan provided by Sea Pearl is for £1.573m so if they did convert at say 4p (the formula used is 80% discount to 3 month volume weighted average price on date of conversion) then they would receive close to 40m new shares. With 225m in issue already I would be keen for the company to avoid this outcome! We already have a significant number of options outstanding ready to dilute us!

Just to clarify NbR - natural biodegradable resin is not nitrile butadiene rubber. And the relaunch now reflects product reformulation and upgrade in 2024 to enhance fossil resource reduction demands in the market.

And Somerston and Seapearl have both invested £500k recently as in they took up the placing. (Sea Pearl have also loaned money to SYM , repayment of which has been pushed out to end of next year I think but they are very significant shareholders also).

Also reposting this from earlier in the year from SYM.

‘The Government of India has published guidelines to reduce plastic pollution. The product offered by Symphony India, falls within the following standard:

· IS 17899 T:2022 Assessment of Biodegradability of Plastics in Varied Conditions. This is a tentative standard and due to be revised to a regular standard by July 2024.

The testing of d2w under the above category is ongoing at Intertek, Mumbai. Our sample had achieved 74.4 per cent. biodegradation as at 25 January 2024. The test of biodegradability will pass when 90 per cent. biodegradation is achieved which we expect to be achieved during this year.

If the above standard is satisfied, then the prospects in India could be substantial. Symphony India has identified more than 500 prospective companies for which d2w could provide a material benefit. The majority of these target customers have already been directly corresponded with, but the Board believe the prospects of Symphony India extend far beyond this initial 500 companies.’

So this news should be any day now and even if delayed a bit should be within next few months. India one of the transformational markets for SYM so when this lands we take one big step towards substantially higher revenues. Not actual contracts obviously by itself but would be impactful for share price when announced in my view.

Thanks for this Ctw and agree that options price and timings is encouraging.

One aspect of recent news flow that is raising a question in my mind is the timing of lauriers 3m share purchase for £105k in March. He didn’t need to come in with this size of purchase at that time so assume that he saw some imminent positive news flow that he expected to move the share price up. It’s been close to 8 months now since that purchase and no real news. The share price is also now below the 3.5p placing price from March. Should we conclude that whatever Laurier saw on the immediate horizon that prompted his share purchase hasn’t materialised? Or did he just want to signal strong outlook through his share purchase in March to support the placing and was taking a 1 year view on transformational news flow coming through?

Laurier, institutional investors and the new ME distributor all seem to be very confident so that’s a positive but we do seem to be waiting a very long time for the sales growth!