Member Info for WolfofWarks

Old Spurs fan - I think the sticking point is that the risks and rewards of ownership do not pass to the funder who is the legal owner. Although I think this is somewhat complicated by the new world, ie blockchain and digital tokens.

In accountancy there is the concept of substance user form. So if you take something like a leased car although the car is owned by the lessor it’s presented on the lessees balance sheet.

My current fascination is the concept of non-fungible tokens ...

Ndn - if a company doesn’t comply with accounting standards their accounts are basically worthless. They will not be able to attract investment, borrow money, etc. They are tried, tested and globally accepted.

I’d have to check this out but I’m reasonably certain compliance is written into the companies act in the uk.

Hi select

Prices very all the time regionally as well. I bet you pay more for a London Greggs pasty than say in Middlesbrough.

I remember going to an away match at Burnley around 2010 and the beer in the Wetherspoons was £1.99 a pint. I couldn’t believe my luck!

Do you think the BBC and the Guardian take turns to bash every time the share price starts gaining upward momentum.

It’s not always clear who owns stock at any given time anyway. I’ve worked with a wholesaler before and between them and their suppliers most of them wouldn’t agree to each other’s t&cs but they all traded on a broad commercial framework based on levels of rebate, discount, etc, and rubbed along nicely. It was the way things were done in that industry.

It’s only when there was a warranty call or something like a fire caused by a product that they looked into the legal fineries to work out who could be sued and counter sued.

I’ve always thought the captive bank was more down the line.

Excellent post Bob

‘Do you know what, right now I'd be happy with just one client over the line and after that, if we go back to the start, so be it’

Agreed.

BigMac - I said yesterday I’ll be looking to take some off the table now once I get near my average of 0.465.

I think to panic sell over the next week or so is probably selling at the bottom and not allowing for some of the likely recovery.

Once thing is clear, proper discussions and scrutiny need to be allowed to happen now without being closed off by rampers and we’ll all end up better informed and more comfortable in our investment.

Mick - not for commercial loans. The interest is usually a small margin over LIBOR. So at the minute on a credit worthy customer I would expect somewhere between 1.5-2.5% on an RCF.

JR is harmless. Some of the others more sinister.

One of the issues I have with it is 80 odd of the clients were there at the time if the RTO - so how long have they been waiting for funds, at least twelve months and during a pandemic. It doesn’t make sense to me.

Then you’ve got to factor in the November interview where AZ said smaller companies couldn’t go on because they need to be IFRS compliant and that the pivot was to medium and larger companies. So how many of the current pool fit into that criteria?

Now from what I’ve seen of trade flow they deal with SME. So will they need to be compliant with IFRS? Is that just another revenue stream and they are not intended to go onto the platform?

Plus when you’re dealing with large corps you cannot do thorough due diligence in four weeks and for £16k, not a chance. I’ve seen how these work in £50m+ frameworks. There’s appraisers, auditors, etc, involved. Expensive professionals. Plus wouldn’t the funder want to do there own due diligence if they are lending large amounts.

My assumption now is we are back to the start with the UK and Mena clients and a small portion of the Italian portfio.

You only need to fund the account, not physically buy the shares so there is still a few days left.

Yep I think the two bank holidays have come at an opportune time for the SP.

That was written before yesterday’s update - 31/o3/21.

I think the main reason for the drop other than the obvious delays is the reclassification of what the ‘gross originations’ actually are. It’s created uncertainty over the supposed £2bn worth of rolled up clients waiting to use the service.

Re the major banking institutions, they’re the biggest investors into fintech and could provide a pipeline into SYME of potential clients in theory.

Hi Steve - can any text be in Calibri font? I hate Ariel with a passion.

We’ll see I’m not so sure. Depends on H1 21 revenue vs H1 20.

Hopefully momentum is being carried forward.

Hi monkey

‘ Actually, looking at the accounts in more detail, the £10,342,719 ‘other receivables’ detailed page 67 of the accounts could be Bidstack Group valuation of Bidstack Limited. Presumably the IP sits with Bidstack Group but Bidstack Limited still has a monetary valuation. I've asked Bidstack for clarification on this point. ’

If you look at note 23 related parties you can see that a big chunk of that balance is inter group loans which are then eliminated on consolidation.

‘ 23 - Related parties
Transactions with subsidiaries
During the year, cash advances of £5,897,736 (2019: £3,510,001) were made to Bidstack Ltd and incurred net costs of £376,746 that were paid on behalf by the Company (2019: £176,314). The advances are held on an interest free inter-group loan which has no terms for repayment. At the year end the inter-Group loan amounted to £10,030,230 (2019: £4,405,090).’

This is basic double entry.

Sales to a customer
Cr sales
Dr receivables

Payment to a supplier
Dr purchase
Cr payables