Good companies do not break rules. They tell the truth in all RNS statements, they file all documents on time as they have nothing to hide. But bad companies, ones that are insolvent or frauds do not follow the rules.
Sometimes it is what companies don’t say rather than what the do say that is of interest. Today is deadline day for 2 of our favourite POS companies.
Yesterday the fraud Supply@ME Capital (SYME) announced a discounted placing raising £1.5525 million (i.e. as much as it could get) at just 0.01725p.It is still technically insolvent to the tune of almost £3million and today’s revelations of massive prospectus fraud at its sister company Regtech Open (RTOP) prompt a reader from the City to ask if Supply will actually get the dosh.
If you are prepared to raise money for a proven fraud and in doing so that fraud is still technically insolvent after the raise you are beyond the pale and have no place in financial services. Folks should, on principal, boycott bucket shop Keith Bayley Rogers for it is clearly a firm operated by morally bankrupt scumbags.
Following the delayed appearance of the annual report from the fraud Supply@ME Capital (SYME) I have written to my good friends at the FRC asking for a formal investigation into Supply and its auditor Crowe UK. This looks like an open and shut case as you can see below.
It is almost as if folks at the FCA actually paid attention to this website as, belatedly, the fraud Supply@ME Capital (SYME) has published its 2023 accounts. You can see what it does not wish us to ask and a missive to my good friends at the FRC about the accounts and auditors Crowe UK is on the way later today, after yet another appointment with the Shipmans.
I flagged up yesterday that the fraud Supply@ME Capital (SYME) was in breach of FCA rules in not publishing its full annual report on its website or at Companies House. I have raised this with the FCA which should be suspending the shares. As of today Supply is still in breach: what is it hiding?
I rather fear that round at FCA Towers the answer to my question is NO! The regulator of the Standard List is great when it comes to issuing weighty tomes on the need for more lesbian visibility week events in fund management as diversity delivers outperformance (hint, it does not) but is crap at enforcing its own rules.
Yesterday’s RNS from the fraud Supply@ME Capital (SYME) was, as I suggested in bearcast, a spoof. But I haven’t worked in a lending bank since the black and white era. A more recent banker has written in the comments section why the RNS is a spoof and I republish his comment below as it merits a wider audience. Meanwhile, the annual report is due today. Where is it? Good news travels fast, bad news is always slow to come…
This morning shares in Regtech Open ( listed at 100p last August) trade at an all time low of 1.8p-2p with sod all volume. Shares in its sister fraud Supply@ME Capital (SYME) are now at an all time low of 0.025p having started their market career at well over a penny. So what next?
This is insanity but then again welcome to the world of Alessandro Zamboni of the Regtech Open (RTOP) and Supply@ME Capital (SYME) frauds. Nuburu is a developer and manufacturer of industrial blue lasers incorporated in 2015 and listed in the US with a $6 million market cap. And it has just announced that you know who is getting involved.
The latest kick the can down the road business update from Supply@ME capital (SYME) is a typical Alessandro Zamboni announcement full of promises of jam tomorrow. Zamboni famously said that Supply was “ready to fly” back in a Proactive podcast on 5 January 2021. Over 3 years later and more than 4 years since its RTO Supply is looking more likely to crash land in tits up alley. Wikipedia informs us that the Wright brothers actually did manage to fly in less than 3 years.
For the avoidance of doubt I am not a Dutchman. But on the other hand Mr. Zamboni insists that his company has not sold any shares in the fraud Supply@Me Capital (SYME). Whatever you say boss.
This is all batshit crazy and any sane investor would run a mile as a result. First up there are those EFH style loans I discussed less than a week ago.
The long running farce continues with more shares being issued, no more cash being raised and Supply@ME Capital (SYME) still a fraud, generating SFA in revenues and technically insolvent. What is not to like? If only we had a world leading regulator looking at the Standard List where these worthless bits of confetti are traded.
Here are the facts. And it is the facts which show why the fraudsters at Supply@ME Capital (SYME) are talking such complete and utter bollocks in today’s RNS. It really is Alice in Wonderland stuff. The FCA should be all over this. Of course it is not as it is not fit for purpose.
