Member Info for WolfofWarks

Bang on Tex.

Is the insinuation here that there is some link with SYME due to our partnership with Epic?

This deal incorporates products that SYME offer no synergies with SYME’s model, for a start they look to be loans:

“ With this investment, Azimut accelerates the development of the Banca Sintetica (Synthetic Bank) project with the aim of providing loans to Italian SMEs for 1.2 billion euros in the period 2021-2025. This is also thanks to the Alternative Credit product range that has seen the addition of two new innovative funds over the past few weeks:
i. ELTIF PIR Digital Lending, a strategy focused on government-guaranteed loans and commercial credits invested through fintech platforms;
ii. FIA Private Debt Multistrategy, a private debt strategy with the benefits of high diversification between performing assets, non-performing assets, direct lending and special situations.”

I don’t quite get it!

Great so no actual real news then!

I've sent emails to investor relations and Walbrook and they couldn't even be arsed to reply.

I really don't get it Tex. Radio silence for weeks and then a link to a document that's not even in English and all the twitter mongs are lapping it up.

Am I being a dumb ass here where is the English version?

Surely a board appointment would have needed RNS?

What does the Italian document say?

“All accounts has such 'warnings', those warnings are 'highlighted' even more in the current 'Covid' financial”

No they don’t. GC is an basic assumption and is only reported if there is uncertainty.

https://www.ft.com/content/db4109db-2a03-446e-9b66-90dca1ce1176

Ha ha Alfred I can’t keep up with all your tips!

The institutions will be IG, HL, II and the banks, etc, and will most likely be PI shares.

With the EFTs and pensions jumping in once we are established.

Doctor - I agree if we come out of this the other side with all boxes ticker we could get a decent boost.

Haha I heard that in the radio

Any clued up investor, which these funders will be, will understand this is purely procedural on the proviso that the suspension is brief.

However the longer this rumbles on the more suspect it becomes. The big unknown is a) are we sat in a backlog waiting to be processed due to FCA resource constraints, etc, or 2) are they taking a deeper dive into the complex web and all the things Ex is talking about, in which case that’s not a five minute job and will require experts to analyse.

From the annual report:

“ Impact on Inventory funders

The impact of COVID-19 on Inventory funders, that is the investors through the SYME Platform into the inventory portfolios, has been more difficult to interpret.

Interest rates are at historic lows which means that investors are getting lower returns on capital compared to previous years when higher interest rates were the norm. SYME's new inventory asset class will offer a strong relative margin compared to interest rates on a risk adjusted basis. However, investors are undoubtedly more cautious and taking longer to make decisions. Time to close transactions, not only in Inventory funding, but across the investment spectrum, has increased.

The three to four month delay that SYME announced in July 2020 to its initial end September 2020 forecast to complete the first Inventory Monetisation has been the result.

We are positive about the performance of the Company in the coming months as we expect the first securitisation transaction to close and the Captive Bank to launch as announced in the Trading Update of 30 November. The re-opening of the global economies as the uncertainty caused by COVID-19 dissipates will undoubtedly also help.”

Peak .... what a er .... discussion board .... with er ..... discussion on it .....

If you read the annual report it’s the funders dragging their feet that is causing the delays.

By the way I emailed investor relations and Walbrook about five mins before the RNS came out so I’m taking the credit!

I think they only have to do that if they leave before the end of term. Re not tendering was in relation to the ftse350 which get mopped up by the big four.

I do quite a bit of work with Crowe, albeit not the London office and I’ve found them a decent firm so I find the fact that they have been through everything a great comfort.

The sticking point is that the £225m was used for the RTO incorrectly (?) and then subsequently addressed afterwards in what was the interims to Mar-20 (the accounts at this point were extended to 18 months to 30/09/20) since then the presentation has been changed again - now shown as a movement in reserves rather than through profit and loss). In the middle of all this Grant Thornton resigned.

So you can see who they possibly have some explaining to do and why we are not trading quite as swiftly as we expected.