||EPS - Basic
||Market Cap (m)
|fft: 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.|
|masurenguy: chrisdgb - 21 Jun'16 - 999: I cannot understand why you continue to offer such clueless speculation
If my posts are "just clueless speculation" then why don't you provide some "clued up insight" coupled with an intelligent contrarian view to challenge the facts and subsequent interpretation in my posts #934, 945, 953 and 985. So far you have completely failed to do this - instead you just attack me rather than address the actual data and issues that relate to the company.
I comment upon the facts and give my interpretation on the information published by the company. Your posts are just meaningless remarks, often containing nonsensical claims like those in #989 below, and they also ignore reality. You're just a cheerleader for SYQ rather than a discerning investor!
chrisdgb - 9 Jun'16 - 989: Remember from the last trading update that they are ahead of expectations.....I also thought the view was that one of the debtors had actually improved their payments in the last year, hence the feeling no provision was required............??
chrisdgb - 8 Jun'16 - 988: Hadn't noticed but we made it to the Daily Mail market report today, highlighting that 1 year ago the shares were 47.6p.........
chrisdgb - 7 Jun'16 - 984: The company remain in bid talks, what a crazy share price reaction....!!|
|mikeja: Quite interesting that Everbrite bought 1 million shares. Perhaps they are not so bearish as the share price suggests.|
|masurenguy: After 7 weeks there is still no indication of any acceptable potential deal on the table and the continued rescheduling of a deadline date does not augur well where shareholders are concerned.
There has also been no news of any significant receivables collection since their trading update in April " The results from the management accounts for the year ended 31 December 2015 are before any provision against the amounts owed by the Company's principal trading partners. At 31 December 2015 the Company had outstanding trade receivables of £11.7 million (half year ended 30 June 2015: £8.4 million) and collections from the Company's primary customer had been less than previously anticipated by the Board. At 29 February 2016 trade debtors totalled £14.2 million. As part of the audit of the Company for the year to 31 December 2015, the Directors will be discussing with the Company's Statutory Auditor whether there should be a provision for impairment against the trade receivables, which could negatively affect the profit before tax for the year. In the Company's Annual Report for the year to 31 December 2014, the Statutory Auditor raised concerns as an 'emphasis of matter' in respect of the Company's credit exposure to SyQic's two largest customers. The Directors were of the opinion, at the time, that the debts were fully recoverable and thus no provision for impairment was required."
Therefore nothing has changed since my view expressed at that time and the lack of any subsequent positive updates on payments suggest that finances might even have deteriorated further.
Masurenguy - 21 Apr 2016 - 934: Just a small part of my portfolio but I took advantage of the spike at the open and sold my stake. It's a business with good potential but the trading update demonstrated that the increasing debtor position is deteriorating and not improving as expected. That is the key factor as far as I am concerned since the previously agreed repayment/collection schedule is obviously not being maintained. Since the two prime customers are overseas companies who account for over 90% of the business, there is little that they can do to recover receivables if they are delayed or not paid. These two debtors alone account for the annual sales of the whole business - circa Â£11.7m - and total debtors - circa Â£14.1m - account for 120% of the annual turnover. The business is viable if it can significantly write down, or even write off, the legacy debts but the existing company would only be in a position to do that if they could raise significant new working capital from existing, or new, investors. I doubt that the existing entity could do that so it raises questions about the future financial viability of the existing business especially if these receivables are going to be subject to bad debt provisions in this years accounts.
A potential CEO led private equity buyout could potentially buy the business at a bargain price on the basis that even a low price would be better than the likelihood of virtually nothing from any potential insolvency and the price paid would effectively constitute a debtor write-down on the legacy business that Bidco would acquire. They could then focus upon exploiting the existing potential via Fortumo and other payment aggregators to overcome the receivables issue, which is blighting the current business.
There are far too many financial risks going forward where the present quoted entity is concerned and if some sort of discounted deal is not concluded with the existing potential bidder then a possible insolvency or a third party acquisition at a distressed price could eventually follow, unless they can suddenly obtain a payment of several million from their existing debtors. The history here does not suggest that this is a likely proposition.
It seems to me that the likeliest outcome could be a loball offer from Bidco (maybe a few pence per share) as the only potential alternative to insolvency since without a significant reduction in receivables they must be close to running out of cash to fund continuing operations.
chrisdgb - 984: The company remain in bid talks, what a crazy share price reaction....!!
The price reaction reflects the above reality and I'm just surprised that it hasn't fallen even further on this news. With uncollected receivables that exceed annual sales and a potentially dire cash position, are you really expecting some kind of offer at a premium price?|
|chrisdgb: The company remain in bid talks, what a crazy share price reaction....!!|
|yump: I don't think we'll see anything.
Lets assume that the BOD CEO etc. are competent and shrewd business people.
So they would know very early in the business, which suppliers are likely to be late payers. Even little old me knew that before I started.
So what was the purpose of the flotation ?
...and if you were shrewd you would know in advance what reaction the market would give in terms of share price, if the bad payer(s) stuck with their known record
...and if you were shrewd, what would your fall-back position be ?|
|androyd: Just think where we'd be if we had received all money owed. The share price would be 100p+|
|yump: Perhaps one of the companies who pay so slowly that it generates doubts in Syqic's investor base about their cashflow, leading to a very subdued share price, will make an opportunistic bid. But I'm sure nothing like that goes on in the world ;-)|
|jojaken: A trading update was put out last year in the first week of December. That helped stabilise the share price at the time, for a while at least. Allenby's silence isn't helping either. No news is often worse than poor news as it only makes people think the worst. If management can, they should at least try to put out some info about current trading. IMHO
Edit. Looking back at Allenby's last update: hxxp://allenbycapital.com/research/research-syqic_19_1411362610.pdf
a couple of points standout.
Allenby said, "The cloud on the horizon is the weakening Malaysian Ringgit. Syqic predominately invoices in MYR and the currency has fallen by C.20% against GBP."
- The MYR has continued to be weak and is in fact Asia's worst performing currency this year and is near year lows !
They went on to say, "Although yet to make a material contribution, the advertising based Cool2Vu continues to grow its consumer base. In our research published in June 2015 we noted that it had risen to position 84.6k in the Alexa rankings, as of September it has risen further to 74.3k"
-That compares starkly with the latest data from Alexa: hxxp://www.alexa.com/siteinfo/cool2vu.com
Even though Allenby was forecasting revenue of only 250k for all of 2015, this is very disappointing as this was supposed to be one of the bright spots.
-So Yoomob trading is all the more important it would seem. So how have the launches in a number of new jurisdictions (such as Kenya, UK,& Myanmar) worked out? And how is H2 cashflow going? Allenby were expecting yearend cash of 128k down from 580k in June but that was contingent on payments from Indonesia's PTNP. So is Syqic actually cash positive at yearend? My guess is that it won't be but . . .
much of the above is already reflected in the declining share price. So a strong set of Yoomob numbers (as was expected by Allenby) will be key IMHO.|
|adamb1978: Would have been unusual to see much more detail given the recent results, but the cash position comment helps. Its hte only logical thing which is holding back the share price at the moment - once hte market doesnt think that they might need to raise equity, then this should re-rate quickly|
Syqic share price data is direct from the London Stock Exchange