IntelliAM aiming for significant growth with £5 million Aquis IPO. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Been saying it all along AZ & DW tied in this together as Eight Capital Partners now suspended as well along with Rtop,I have shares in both so be interesting to see how this maps out either a big scam or a master stroke for all 3 companies involved by AZ .Been a solid supporter from day one but it's looking a bit suspect now hope I havant been had ?
Demo, can you explain what all this to do with Syme?
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.
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.
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
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
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.
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!
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.
Bond live now till 22nd July ?
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!
....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!"
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.
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.
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!
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.
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.
He’s fcuked by the looks of it 🤔
And how does insolvency benefit DW? There are no assets.
If DW gets control of TAG he can then manage its assets directly including 22 billion SYM shares
The intellectual property has value despite its current dismal performance, DW could sell the platform or manage the business.
Who knows we might actually get some deals done if he did.
Theanalyser
Why did DW take a hair cut on its loan to TAG with a legal charge over their assets if it in such a strong position?
There is nothing to be gained and quite frankly everything to lose trying, and it be a try at best seizing SYME and TAG assets that currently hold very little market value in a fire sale!
Your argument is falling apart around it's just noise without any real substance!
TGTD
DW may have a strong legal position but I agree that doesn’t mean his financial position is strong because as you note SYME is essentially worth nothing based on its net liabilities. A lot depends on what private assets in €67 million security package can be sold for. Eight are essentially valuing these at Nil at year end.
Perhaps Eight will roll the loan over in exchange for some cash now and give AZ a chance to get SYME working and recovery money from share appreciation. If Eight runs out of cash then it’s administrator will take over.
In any case the Eight loan gives AZ something else to deal with.
We should know next steps soon.
Theanalyser
Can you ouline the underlying transaction substance as to what the 73m loan relates to and was cash or assets exchanged in favour of a charge as security..I will let you grind away trying to prove that assets we're actually transfered between two parties that have a value of 73m..