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2GTD
Given there is a legal charge filed at Companies House by 1AF2 in favour of IWEP and a security arrangement held by another DW company, I suspect DW has got legal position covered.
If TAG can’t repay Eight then SYMEs working capital provider is in trouble.
At which SYME needs an emergency bailout to prevent insolvency crystallisation.
Not that hard to understand.
To AZ’s little helpers trying to deflect things.
I think we can all read the 8CP RNS and confirms exactly what we knew regarding the flooring of the SYME and RTOP share prices to reduce the value of the security due to DW.
Also, we have this little beauty :-
“In the year the Company received a number of coupon interest payments in the form of listed shares as per the bond agreement”
Try not to deflect from the evidence now in full view.
Who got the 9 billion ? Would sure not have been 50 randoms especially the fact they allegedly “bought” them at 0.0175 and now look at 0.014. Wonder who been selling them and specifically what what reason (well it’s as above)
Unbelievable.
As to what were the 50 individuals were told to convince them to invest not inconsiderable sums...? Well nothing we do not know already. Anything else would be a serious breach of Insider Trading regulations.
The analyzer
The 73m and the underlying transaction probably would just fall apart under legal scrutiny I doubt there is any real asset supporting the valuation or even cash transferred orginally..ergo it will just get trimmed down to near zero over time..DZ has limited influence and even less likelihood of gaining control over either TAG and SYME and even if he did what would he do, SYME has no real assets as yet of value to sell..I think your at risk of disappearing down another pointless rabbit hole like many detractors here!
"Marionette
"Not sure what your point is..the shares are free to buy and sell as they please and the 50 private investors all face same risks as others here..."
The 50 private investors have taken a punt at 0.00002p but at 0.000015p are already down 25%."
Struggling to understand your understanding of all this.
The 50 individuals were clearly introduced by the Broker and this" Private institution" is unknown. The cash was raised because TAG cash was clearly not available. Executed at 0.01752 not the PAR figure£0.00002 each you gave! The additional warrants issued to the Private institution was clearly a payment for procurement.
"· Following the issue of the Subscription Shares, the Company will issue 450,000,000 new warrants to the UK investment firm, the exercise price of the warrants is 0.01725 pence each, with the warrants being exercisable anytime up to 28 May 2029."
· Keith, Bayley, Rogers & Co. Limited acted as corporate broker to SYME in relation to the Subscription."
So how do we come to a figure of €73 million due on 22 July 2024? DW certainly won't recoup that amount if he gets syme shares. SYME mcap is fraction of what is owed.
TGTD
Of course Eight have no control over TAG as TAG is 100% owned by AZ but TAG is struggling to pay SYME and RTOP their working capital and TAG owes Eight and IWEP €73 million due on 22 July 2024.
Time will tell if AZ still has his shares in SYME or whether Eight takes control of them and sells them to pay bills.
....Bingo!
"In addition as an alternative view it could simply be a whole raft of issues relating to all Eight Capital loans not just those with TAG and SYME..
It seems some posters are adding 2 + 2 together and getting 5!"
Theanalyser
It seems that Eight Capital has limited influence and control over TAG and hence SYME hence taking a hair cut on a dodgey bond that would be hard to hold up to court scrutiny..
Me thinks there is still plenty of life left in SYME while Eight Capital dissappear under the waves..
Suggest you and the other like minded herberts keep those discussions on the relevant BB's thanks in advance. It's creating too many irrelevant distractions here and adds little to no value!
Bond live now till 22nd July ?
Eight results out this am.
It has written its 1AF2 bond due from TAG subsidiary down by over £14 million, around a 50% haircut.
Hopes to recover cash in July from €67 million of privately held investments and cash that AZ claims to have. Odd that he hasn’t used them to pay SYME and RTOP the cash owed which would boost their value.
2GTD - the 1AF2 loan was and is the principal asset of Eight.
In addition as an alternative view it could simply be a whole raft of issues relating to all Eight Capital loans not just those with TAG and SYME..
It seems some posters are adding 2 + 2 together and getting 5!
It depends how you interpret the content and meaning of that RNS as it states 'Temporary' with a positive note at the end..It could simply be that both AZ and DW have reached an agreement and a major restructuring has been agreed requiring prior year statements to be revised which takes time hence the need to temporarily suspend shares and abide by Company Regulations..It could be that Banoco BPM insisted it wanted these loans sorting out to ensure financial stability of a supplier....there are a whole host of reasons fir the suspension and some of the figures being spouted in these forums are fanciful at best and based on ridiculous amounts....SYME is a tiny £13 market cap business it never had £70m+ to start with.
-----------------------------------
Eight Capital Partners plc
("ECP", "Eight Capital" or "the Company")
Temporary Suspension of trading on AQSE Growth Market pending publication of 2023 Annual Report & Accounts
Eight Capital Partners plc (AQSE: ECP), the financial services operating company that aims to grow revenue through businesses engaged in "Fintech" operations including in the digital banking and lending sectors, announces a delay to the completion and publication of its audited Annual Report and Accounts for the year to 31 December 2023.
Accordingly, the Company no longer expects to be able to publish the 2023 Annual Report by 30 June 2024. Pursuant to Rule 5.1 of the AQSE Growth Market Rules, trading in the Company's ordinary shares on the AQSE Growth Market will be suspended with effect from 7.30 a.m. on 1 July 2024, pending publication of its 2023 Annual Report and Accounts.
The Company anticipates that it will be in a position to publish its final results shortly, following which trading in its shares will be restored.
A further announcement will be made in due course.
Extrader
I think the vendor loan was swapped into Eight equity shares. Its not in the Eight balance sheet anymore.
The whole SYME / RTOP saga is playing out badly but there have been a lot of red flags to guide the more savvy investor to steer clear.
A strong red flag for me was when Jim Coyle a very experienced CFO in the world of banking stepped down as Chairman after only a few months citing work pressures - a convenient excuse.
ATB
"AZ really needs to get to grips with the meaning of the word 'imminent'..." yes and quickly.. :)
Hi Theanalyzer,
I've pretty much given up commenting on SYME these days as things unfortunately seem to be playing out as expected.
You've called it pretty right so far, I think you may have oversimplified this bit :
.."Eight’s largest asset is a loan from a TAG subsidiary called 1AF2 Limited worth £30 million due to be repaid on 30 June 2024..."
The extra wrinkle is that ECP's purchase of the 1AF2 Bond was facilitated by a Vendor Loan (at concessionary ie to ECP profitable interest spread) and AIUI it's the latter that's the root cause of ECP's problem(s).
Either way, the moral of the story remains : Beware of spivs bearing gifts....
AFAICS
ATB
We have all done it on multiple occasions Hallowed. We believed his lies.
This person should be dealt with but as usual he continues to get away with this legalised theft. No wonder LSE is on its last LEGS. The Financial authorities allocated to stop corruption allow it daily.
More accurately, I should have said bankruptcy.
AZ really needs to get to grips with the meaning of the word 'imminent'...the only thing that appears imminent right now is the danger of his companies going into receivership. I can't believe I fell for the SYME story yet again.
That's what I know as this was said several times already. I just thought he might know something more.
We'll see what July brings.
Mario
Eight’s largest asset is a loan from a TAG subsidiary called 1AF2 Limited worth £30 million due to be repaid on 30 June 2024.
1AF2 owns 8.3 billion shares in SYME plus has a €61 million guarantee from its parent TAG pledged as security for the Eight loan.
If 1AF2 can’t pay the loan to DW then DW can gain control over both 1AF2 and TAG by appointing an administrator and AZ doesn’t own any SYME or RTOP shares.
If loan shares sorted out on the 3rd and WL comes to fruition the Sp may well be alot higher when dilution occurs thus costing more.Probaly wrong but can live in hope.
Demo, can you explain what all this to do with Syme?
I get that but at todays prices?