Syqic Share Discussion Threads

[masurenguy] 07/11/2016 08:33

LOL - and uncollected receivables of 44p per share !

[chrisdgb] 07/11/2016 08:28

So the latest interims, with FX benefits, showed eps of 7.8p.....!!!!!!!

[masurenguy] 07/11/2016 08:28

LOL fft. If the shares were relisted now you would be trampled on by the rush from residual PI's heading for the exit. You would find it difficult, if not impossible, to sell any shares during the first few hours and, in my opinion, once the rush had subsided the shareprice would probably be less than a penny !

[mikeja] 07/11/2016 08:17

The shares are not being relisted because that would interfere with Bidco's intention of ensuring that the shares are delisted,probably accompanied with a derisory offer. Their intention is to pay as little as possible to acquire the trade debtors for next to nothing and once moved offshore will reap a very handsome profit.
I suggest people google up Johan Robb's cv.to get an idea of Hassim's confederate.
Another major winner for Allenby who issued a very misleading prospectus somehow failing to mention that nearly all Hassim's previous ventures had ended up in bankruptcy.
I suggest that everyone avoids anything that has their name attached.
Remember Camkids ?

[masurenguy] 07/11/2016 08:05

fft re # 1043 - this is why !

"Due to the qualified audit opinion on the financial statements for the year ended 31 December 2015 and emphasis about the Company's ability to continue as a going concern being dependent on inter alia, the collection of trade receivables and the ability to raise future funds, the Company's shares remain suspended from trading on AIM. In the event that trading in the Company's shares is not recommenced within six months of the date of suspension, trading in the shares on AIM will be cancelled altogether."

The shares were last suspended on June 28th so if they remain suspended for a further 7 weeks - until December 28th - the company will be delisted. This is the most likely outcome and Bidco is not under any timeframe pressure to make any possible offer either prior to, or after, any delisting.

android re #1044 - RLOL, you must be kidding !

[androyd] 07/11/2016 07:59

It seems to me, all that's needed here is a placing, I can't understand why they can't get one away.

[fft] 07/11/2016 07:44

Accounts for Y/E 2015 and 6 months accts to june 2016 are out.

Yes, there is a qualified statement from the auditors, but not sure why the shares cannot now be relisted and the shareholders decide whether to buy or sell and establish a share price.

[chrisdgb] 28/10/2016 09:03

Well, I know I have been accused of being too optimistic, but only a 2 week extension, suggests we will know our fate soon..........!!!

[chrisdgb] 27/10/2016 08:24

Dreading another deadline tomorrow....................

[masurenguy] 19/10/2016 12:43

yump - the company would automatically have been delisted at the end of June if it had not already been suspended. AIM rules require publication of audited annual results no later than 6 months from the F/Y end date. As this was 31/12/15 the deadline for the results to comply with this requirement was 30/06/16, which was 16 weeks ago. This also means that the existing suspension cannot be lifted, and so the shares cannot be readmitted for trading, without the prior or concurrent publication of the 2015 audited results

In my view the two most likely outcomes are:

1) A token offer at some point by Bidco - remember the company apparently owes Hassim circa £650K or the equivalent of 2.5p per share - so this could either constitute the total takeout price which would offset the entire debt - or constitute a large proportion of any agreed final price with any residual financial balance going to secured creditors.

or

2) No offer is made and the company goes into administration.

Either way I cannot see that there is likely to be any return for existing shareholders.

[mikeja] 09/10/2016 16:43

And that will.of course come in the middle of the Christmas holidays,when nobody is looking.

[yump] 08/10/2016 16:59

All they need to do is wait 6 months, then they'll have to delist. Then free to disappear into the ether. Actually much less than 6 months now.

[chrisdgb] 07/10/2016 08:20

Well, it was at the suspension price because we knew there would be provisions, I guess the question now, is how much..? I note only a 3 week extension this time...

[chrisdgb] 04/10/2016 10:30

Another deadline this week............come on guys

[fft] 23/9/2016 15:58

RNS out. Seems to be preparing us for how good Jamal is to take the company off us ...



Loans by a director to the Company

As previously announced the Company has for some time had a high level of outstanding debtors and the Company's management team has been working to reduce this amount, but with slow progress. The Board of SyQic believes the debtors are largely recoverable but the low frequency of payments has put pressure on the Company's working capital position.

As a consequence, since June 2014 SyQic has received a number of loans and other financial support (together the "financial support") from Jamal Hassim, the Company's CEO. The financial support provided to the Company, that has accumulated since June 2014 until the end of August 2016, is made up as follows:

Salary not drawn by Mr Hassim GBP195.0k
Amounts lent to the Company by Mr Hassim GBP302.9k
Expenses paid on behalf of the Company by Mr Hassim GBP114.0k

Total financial support GBP611.9k

All the financial support is unsecured, interest free and does not have a set repayment date. Mr Hassim is expected to continue to forego his salary for the time being and may provide additional similar financial support in the future as necessary.

In addition, the loan of MYR300,000 (being approximately GBP55,000) provided by Mr Hassim to the Company as per an agreement dated 12 November 2013 (and as set out in the Company's Admission Document dated 29 November 2013) remains outstanding. This loan is unsecured, interest free and does not have a set repayment date.

The provision of the financial support by Mr Hassim to the Company constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies. The Board of SyQic save for Mr Hassim, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the terms of the financial support provided by Mr Hassim are fair and reasonable insofar as the Company's shareholders are concerned.

[chrisdgb] 19/9/2016 08:33

Just frustrated to be still stuck in these, if only I had been clever enough to sell on a 'spike'.......

[masurenguy] 16/9/2016 12:43

"masurenguy is like a rubbernecker at an rtc"

As a former investor here I have a genuine interest in the outcome. Meanwhile, you just continue to make ridiculous claims and when challenged you are totally unable to substantiate them. Instead you just resort to personal sniping.

[chrisdgb] 16/9/2016 11:22

masurenguy is like a rubbernecker at an rtc.............

[qs99] 16/9/2016 11:13

its the accounts that need sorting and publishing!

[mikeja] 16/9/2016 11:13

I think we may have some clue about the level of a bid,if any,from the recent transaction at 18p

[mikeja] 16/9/2016 10:59

I have spoken to the Takeover Panel. Their rules on postponements were originally introduced to protect offeree companies. I pointed out that,in this case, the offeror and offeree sides were represented by the same parties since the original board were colleagues of the CEO. It was the shareholders that needed protection and their interests are being damaged by unlimited postponements.I was told this would be circulated.I expect to contact the FCA next week .

[aylingd] 16/9/2016 10:09

'Frustrating', a bit of an under statement, I'd say.

I'd like to think the takeover panel are acting professionally & needing to see something substantial indicating there is light at the end of the tunnel getting closer at each deferral - but who knows ?

This must be hugely frustrating & distracting to the employees etc trying to run the business, hope the uncertainty is not eroding what value may remain here (if any).

Wish I'd listened to those on here who flagged up the ever increasing receivables - note to self about rose - tinted glasses, I think !

My guess is there are two likely outcomes:

1). The receivables get paid & we all smile.

2). The accounts eventually get published with a huge chunk written off. The co. comes back from suspension & the share price gets trashed. Bidco then pounce at a low price & we all have a moan about lack of governance on AIM.

Take your pick.

D.