Member Info for WolfofWarks

Forgive my ignorance I know nothing about the Middle East, being a Muslim, sharia compliance, etc, etc.

It sounds like you guys are arguing from a religious, ie quran perspective about whether this is compliant or not. Which is great but in terms of conducting business in the Middle East, from a regulatory perspective, are we clear?

Is it simple sharia principles or are any actual regulations that have to be met?

I'm not sure what all the fuss is about Topshop. It's a stale old brand with a relatively small audience.

Unless it was going for peanuts I wouldn't touch it.

Hi Tex

“I have dealt with this on the revenue side when we would check the accounting of ‘non standard’ transactions with KPMG in advance of doing them. “

I work for a group of companies with an annual revenue of $2b and we do the same - everything ‘out of the box’ is screened for tax and audit compliance.

Whether this translates to smaller and medium caps I’m unsure as I work in industry rather than practice.

“Wolf, so you think they either found out late or were given a nudge? Hmmmm I was loving my conspiracy theory up to that point...

What do you think of ‘technical breach’ over ‘breach? Just a minor one versus major?”

Up until this week we were set for results in Jan so my assumption is that this has all happened very quickly and they have been caught out. An unintended consequence of splitting the reporting period.

“However, in changing the Company's accounting reference date, SYME is technically in breach of the Disclosure Guidance and Transparency Rules (DTR) regarding the timing of these financial statement announcements.”

The irony here being that they are having to produce these accounts for a period that they were not involved with Abal, no prior auditor around, etc, etc. All to produce a comparative that will be completely irrelevant anyway.

Hi Tex. they are kind of stating the obvious there because the year end date would of been 30/09/20 and hence were due to be filed on time.

I’ve worked on acquisitions before and we have re-aligned the accounting year so everything fits neatly for the group accounts. However it would be done in plenty of time and in conjunction with the tax advisors and auditors so this looks to me like a decision that may have been made hastily without full consideration of the implications (missing filing date and technical breach). I described it yesterday as whack-a-mole. Maybe this happened because of the lack of continuity of the auditors (Grant Thornton out - Crowe in) meaning appropriate planning meetings didn’t have the chance to happen.

For me, until I have reason to believe otherwise, one for the learning curve.

Hi Mark - in terms of the de-recognition the proof in the pudding will be when the clients come to be audited, it’s a matter of opinion and whether or not an auditor is prepared to sign off on those accounts reflecting a ‘true and fair view’ of the companies finances.

It’s not black or white, well not to me anyway. I’ve said this before and I’ll repeat it again but I think this will be the biggest challenge for SYME. Plus there has to be an acceptance by the wider financial community in terms of the double counting of sales and purchase transactions, affect on margins, trading update announcements, etc, etc.

It all depends what we are getting. SH in it’s previous form no longer exists. So we are not getting a block monetisation but an ongoing incremental build of up clients, but all clients can be added on regardless of the local region without the need for separate block transactions. Could this be 10 or 1000?

At this stage I would err or the side of caution and be happy with ten over the line at £100m to show there is take up. There have been some updates to the platform since the last originations disclosed - for example the pivot towards medium and large corps which might mean the smaller companies can not longer be onboarded (due to IFRS compliance needed). The passing of so much time has probably moved some onto other finance as well given the current economic environment. However we may well have picked more medium and larger corps and potentially bigger contract values.

The only difference between now and the dot com bubble is that these companies are fully integrated into everything in our lives. They are not a new fad. There is however a hole bunch of new over values IPOS like Snowflake they could bring the whole lot crashing down.

Definitely some frothy valuations post covid.

This would obviously depend of what the suspension was for.

As this is only an ‘administrative’ suspension we should be expecting to come out of it this week.

Hi Divvy

A lot of the ‘institutional’ holdings will in pi shares bought through retail banks, H&L, IG, II, etc.

I’ve read before that simply Wall Street should be taken with a pinch of salt. Don’t really know too much about it though.

Investing is a gamble, anyone who thinks it isn’t is kidding themselves.

The optimist in me thinks that this is the first step to the UK being ready to rock and roll.

Spacs over in the US are also adding to the froth.

When I work from home I quite often have CNBC in the background. There is definitely a growing under current of money men/hedge fund types who are betting on a near term crash in stocks. One yesterday referred to private investors throwing all their money into new Tech IPOs/Tesla, etc, as frogs in boiling water. They are also talking about the reflation economy and are keeping an eye on any further stimulus and/or interest rate rises.

I’m no economist but wouldn’t be surprised to see some pullback in the coming months. I hold Tesla, Amazon, Apple, Shopify and Draftkings over in the US so am keeping a keen eye on it.

EVE took a big dip after a good trading update today that’s primed for a quick bounce back.

:)

Hi Kim. For me it all hinges on the monetisation RNS at the end of the month and whether or not we have POC and therefore a business.

Steve - it’s not even that the deadline has been missed. They were previously on target to hit it when they extended by six months (which the RNS states).

It’s more like whack-a-mole. They shortened the reporting period which then breached the transparency rules by brining the required filing date forward meaning those accounts are now late. Whether this was intended or not is unclear. I’d like to think not.

There’s some *******s being talking here. Clearly it depends what the suspension is for. So in the case of Vela it was suspended in order to reorganise the capital structure of the company. Clearly shares couldn’t be traded while that was going on.

Syme have (hopefully) unintentionally broken the transparency rules by shortening the latest reporting period to such as extent that they have missed the filing deadline. Given they had already extended the period by six months and issued interims to 31/03/20 i still can’t believe how this happened.

Worth pointing out here that SYME is still a small business with only 13 employees at the last count so won’t have a substantial finance dept. It does make you wonder what the advisors are being paid for though and the circumstances around Grant Thornton giving up a FTSE client so easily.

I’m still keeping faith that nothing untoward is going on and this is an unintended consequence of yesterday RNS, a small start up company on a very steep learning curve.

It’s because with everything that is going on with this share at the moment JR’s uber ramping is both distasteful and disingenuous.

499,762,065 according to yesterday’s RNS.