RegTech Open Project (#RTOP) – “UK Contract win”, no financials (natch!)
- 2023-12-28 07:53:08
UK 04:20 Thursday, 15 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
If RegTech Open Project Plc (RTOP) survives until it publishes its first set of results for the period to 31 December 2023 (that is assuming that Alessandro Zamboni companies manage to provide the working capital promised on two previous occasions on which it is reliant to continue trading) it should be reporting losses of more than £50 million.
This morning RegTech Open Project Plc (RTOP), as I suggested it should do in article yesterday, issued an RNS fessing up that just like Supply@ME Capital (SYME) it too hadn’t been paid monies requested from Alessandro Zamboni’s private group The Avantgarde Group (TAG). In Regtech’s case it was TAG subsidiary RegTech Italia srl that hasn’t paid up. It is now apparent that the TAG Group, which has still not filed its now way overdue 2022 accounts, is undergoing a major liquidity and financial crises of its own.
Today’s announcement by Supply@MECapital (SYME) of the failure of The Avantgarde Group Spa to pay Supply the cash due under its debtor due for the disposal of 81% of Tradeflow and make timely payments under its drawdown facilities likely marks the beginning of the end for Alessandro Zamboni’s corporate empire.
According to Regtech’s (RTOP) RNS of 7 September 2023, Paul McFadden will be arriving as Chief Financial Officer with an effective start date of 5 December 2023. When his appointment was announced Regtech’s share price was just over 200 pence per share and now languishes close to its near its 52-week low of 9 pence per share, a drop of more than 95%.
Regtech Open (RTOP) is in my view a plain fraud. Listed at 100p on August 25 its shares at peak ramp were 314p within weeks. They are now 11.5p. A peak market cap of £188 million is now less than £7 million and it may well be insolvent. Companies owned by Alessandro Zamboni of the fraud Supply@ME Capital (SYME) infamy were meant to provide loans of £2.5 million by early September but he could not dump enough stock so did not. Revised payments in 4 equal instalments totalling £2.063 million were meant to complete yesterday. Have they?
Ian Halliday-Pegg the CEO of Regtech Open (RTOP) has recorded a video interview with Stephen Gunnion which was published today on Proactive.
Still the FCA refuses to intervene in the scandalous fraud that is Regtech Open (RTOP). The FCA approved a prospectus and the shares listed at 100p on August 25. Within a couple of weeks they were 304p. Now they are 12.5p, a loss of 87.5% in less than two months from the IPO and 97% off the peak of a couple of weeks later.
In part 1 of my article on this trio of sham companies which are all technically insolvent, I looked at the dependency of Supply@ME Capital (SYME), Regtech Open (RTOP) and Eight Capital Partners (ECP)on the financial strength of privately owned The Avantgarde Group (TAG).
I have written to the Financial Reporting Council today regarding the interims of the Standard listed cons Supply@ME Capital (SYME) and Regtech Open (RTOP). Both companies are, as I have demonstrated on this website, technically insolvent and if the FCA was not so utterly clueless and pointless it would be suspending the shares NOW! But pro tem, the issue is interims on 29th September.
Yesterday I wrote to the FCA about the £60m con and scandal Regtech Open Project (RTOP) which it allowed to list on 25 August. Now I explain why the company is, even if scoundrel Alessandro Zamboni, has made a revised payment, insolvent.
I have written to the FCA which on August 25 approved an IFRS non compliant joke prospectus full of red flags allowing the con Regtech Open Project (RTOP) to list on the Standard list. Now there is clear evidence that should see the regulator suspending trading in the shares and demanding a series of bank statements and details of share trades.
So has Regtech Open (RTOP) received the funding due by close of play on Wednesday or not. If it has it should have announced it just to reassure investors if it has not it would be legally obliged to do so. But since Regtech and Alessandro Zamboni don’t give a FF abut the rules who knows? We all know what is going on here and the FCA’s failure to suspend the shares is a scandal.
The FCA approved the prospectus for Regtech Oen Project (RTOP) to list on the Standard segment of the Main Market on 25 August. Today, just a month later there is a disaster. I have warned the FCA abut this, surely it must consider an enquiry into how it has fecked it up yet again.
I have already highlighted issues such as the joke valuation methodology and the lack of IFRS Compliance which the clowns at the FCA seem to have missed. RegTech Open (RTOP) underwent a direct listing which meant that it didn’t have a broker scrutinising its Prospectus nor undertake any marketing on its behalf and it really shows, a few more errors for the FCA to consider, follow.
On Tuesday morning I flagged up glaring red flags in the Monday announcement from the bezzle Regtech Open (RTOP) that Alessandro Zamboni’s Avant Garde had transferred 250,000 warrants “to settle a debt”. A corrective RNS duly followed. Gotcha! But the transaction still makes no sense.
The FCA has failed again in its role as the body charged with approving prospectuses for companies listing on the Standard List. I refer to RegTech Open Project PLC (RTOP) which listed on 25 August with a £60 million valuation at 100p and which is now capitalized at £180 million. But it is clearly an almost worthless entity. Folks are going to lose a lot of cash. I have written to the FCA begging it to put an end to what is clearly a false market.
At what point will the FCA show some shame for admitting this worthless POS with a non IFRS compliant prospectus to the Standard List with a £60 million joke valuation? The shares are now 292p valuing a loss making company with (falling) sales of £1million last year and no balance sheet at £173 million. And now there is another red flag at RegTech Open (RTOP)
Regtech Open (RTOP), the latest monstrously over valued standard listed vehicle majority owned by Alessandro Zamboni has appointed a CFO, Paul McFadden. He won’t be starting work at RegTech until a successor is found according to the Chairman’s statement at Shearwater.
