We know from the interim accounts out on Monday that Supply (SYME) has a major liquidity problem. In this note I take a deeper look at the position at 30 June 2024 and then estimate the current position. The Fat Lady should be getting ready to talk Italian.
Amazingly, the fraud Supply@ME Capital (SYME) got its interims out on deadline day. They showed that the company was technically insolvent and failing to deliver on everything promised as I explained HERE. But share suspension was avoided. But what about next week.
The fraud Supply@ME Capital (SYME) served up its interims at 14.45 PM, primarily, I suspect, because it had to wait until The Avantgarde Group Spa (TAG) had extended its loan note from ending on 30 June 2025 to 31 December 2025, to maintain the dubious proposition that Supply has the possibility of continuing to trade and isn’t hopelessly insolvent because it has a working capital facility that extends beyond 12 months of the signing of the accounts. Let’s ignore the fact that the provider The Avantgarde Group is itself financially insolvent on its filed accounts for the year ended 31 December 2021 and hasn’t paid a single cash call under latest facility.
Listed at £226 million, the fraud Supply@ME Capital (SYME) is now capitalized at just £5 million despite issuing gazillions of new shares. This is a massive scandal that the FCA could have stopped in its tracks at any point as various frauds and lies emerged or were exposed on this website. Yet with the auditors having walked today and the company technically insolvent still the useless FCA as regulators of the Main Market is doing nothing at all. It should be forcing Supply to come clean on 2 matters TODAY:
Auditors Crowe signed off on the obviously cooked books of numerous China frauds so its standards are pretty low but even it seems to have had enough and has resigned the Supply@ME Capital (SYME) account saying, according to Supply, that this was: “having carried out a reassessment of the risks related to auditing the Company and concluding that they (sic) were not willing to continue to act as auditors.” Boom! Gotcha!
I ask because the four companies below, one of which has been taken private, linked to Alessandro and Dominic are not updating shareholders on crucial matters relevant to their companies.
Supply@ME Capital (SYME) has announced the departure of Enrico Camerinelli who was appointed on 23 March 2020. He was the longest serving Non Executive Director.
The fraud Supply@ME Capital (SYME) has been very quiet in terms of recent RNS announcements, the last one on 9 July 2024 announced the issue of just £5.77 of shares following the exercise of open offer warrants. There has been no update on White Label Inventory Monetisation progress or any explanation given for lengthy delays for a deal that was originally due to complete at end of March. Nor has it issued any updates on whether The Avantgarde Group has paid any outstanding funding cash it owes to Supply or updated on its current funding situation, it is after all insolvent..
On April 30, 2024, the Board of Directors of Nuburu, Inc. approved an increase in the size of the Board from seven to eight directors and appointed Matteo Ricchebuono and Alessandro Zamboni to the Board. I revealed a stinking Zamboni scandal about Nuburu just last week HERE. But back to his new colleague…
Back in April 2024, some of the Bulletin Board Morons who continue to hold and, in some cases, even more stupidly continue to top up and average down their investment in Supply@ME Capital (SYME) shares got excited by the news that Alessandro Zamboni had invested alongside SFE into Nubaru.
As I had predicted earlier Alessandro Zambon’s 1AF2 Limited, a 100% subsidiary of The AvantGarde Group S.pA. has failed to pay the EUR 73 million owed on its bond to Eight (and also Dominic White controlled IWEP Limited) on the due date of 21 July 2024.
You may remember that AvantGarde, the insolvent private Italian company yet to file its 2022 accounts owned by Alessandro Zamboni, “lent” vast numbers of shares in the fraud Supply@ME Capital (SYME) to some US chaps who promptly sold them on. AvantGarde now claims it wants to repay the loan and get back its shares. That is mad at two levels:
The prize is a jar of something home made from the Welsh Hovel. The technically insolvent fraud Supply@ME Capital(SYME) now sees its shares trade at a new all time low of 0.012p,down 99% in just one year. The contest is so simple even a Supply shareholder should be able to understand it.
The Supply@ME Capital (SYME) AGM votes have been released and the highest number of votes cast for any resolution was 4,075,619,899 shares out of total of 71,132,142,145 shares in issue. So just 5.7% of investors bothered to cast a vote which reflects the fact that so many investors can’t be bothered to exercise their vote for their now trivial value holding after a 98% drop in Supply’s share price.
I logged in to the AGM of the fraud Supply@ME Capital (SYME) via Investor meet and put up more questions as we went along. To be fair Alessandro Zamboni has answered a couple. Both he and hapless FD Amy Benning talked utter bullshit. What is amazing is that some real folks actually attended in person. Let’s start with poor Amy.
With the Supply@ME Capital (SYME) AGM later this morning the key question that should be answered is why Supply is not trading whilst it is insolvent. As it happen I am entitled to attend as a proxy, have registered and have put this very question and two others. Let us see if Supply accepts my presence and questions. But here is why that big question needs answering:
The technically insolvent fraud Supply@ME Capital (SYME) now has 71,732,142,145 shares in issue following the placing of 9,000,000,000 new shares effective from 31 May 2024. The Avantgarde Group issued a TR1 on 31 May showing its reduced holding but to date death spiral provider Venus has not issued a TR1.
I leave this article outside the paywall in case someone who is a shareholder in the insolvent fraud Supply@ME Capital (SYME) is reading. Your company’s AGM is on 26 June and one can attend virtually. Is there anyone out there holding some shares who might want to make me his proxy? I am not doing anything of great importance that day and I have a question or two. I think I would start with….
