Symphony Environmental T... Share Discussion Threads

[bbd2] 28/9/2016 20:16

it's slang for "I hear or understand you".

[robertnash2] 28/9/2016 20:08

Roger that???

[bbd2] 28/9/2016 19:49

Roger that.

[robertnash2] 28/9/2016 19:08

bbd2 you have always been fair, checking the blogs it is apparent that the question of USA has been around for the past 18 months. Of more importance a name was recently mentioned, I have checked him out and am in touch. Interesting days ahead. Enough said for the moment.

[bbd2] 28/9/2016 18:35

Robert - if only the change in the USA distributor deal could be considered notifiable under Rule 17, but sadly it didn't make any money and so could hardly be considered as a "Material change in performance" issue requiring an RNS (but then you knew that being a company director yourself right ?).

I do however share your pain and frustration with this company - did you ever buy back your holding?

[robertnash2] 28/9/2016 09:58

AT LAST AN ADMISSION THAT WOULD HAVE NOT BEEN FORTHCOMING HAD IT NOT BEEN FOR NEILLR. WHEN WAS THIS DECISION MADE AND WHY WAS THERE NO ANNOUNCEMENT??? NOT GOOD ENOUGH BEARING IN MIND STEPHEN IS AN EX BARRISTER/SOLICITOR WHO WELL KNOWS AIM RULES. WHAT OTHER SKELETONS ARE IN THE CUPBOARD? THIS BOARD HAS AGAIN PROVED IT IS NOT TO BE TRUSTED IMHO.
The USA has been one of our smallest markets representing less than 2% of our business. We have therefore restructured the business from a distributor model to a direct sales approach. This is being supported by dedicated resources both in the USA and UK. The distribution agreement with the US distributor was therefore terminated.

[robertnash2] 27/9/2016 18:22

Neilrr who is Lev Parnas? I checked the name on Google and found his name associated with a firm called Fraud Guarantee based in Florida, if I may ask what is the relevance to do with Symphony?

[neilrr] 27/9/2016 11:37

The role of the non-executive director

The Code clearly gives a strong role to the non-executives. Their job description includes:

constructive challenge and help in developing proposals on strategy;

scrutiny of management’s performance in meeting agreed goals and objectives and the monitoring of performance reports;

satisfying themselves on the integrity of financial information and that controls and risk management systems are robust and defensible;

determining appropriate levels of remuneration for executive directors;

appointing and removing executive directors, and succession planning.

The Walker Report has re-emphasised the constructive challenge part of the job, in the light of the perceived quiescence of bank directors faced by a dominant chief executive. And the role of the non-executives in setting pay in banks has been widened beyond the executive directors to include firm-wide policy and particular oversight for the pay packages of the most highly paid non-board members.

The non-executive directors should convene regularly, as a body, with the chairman, but without their executive colleagues; and at least once a year they should meet on their own under the leadership of the senior independent director to appraise the chairman’s performance. (See: (See: Composition and structure of the board, an OUT-LAW guide.)

If the executive directors have a collective interest in any matter that goes to the board, the non-executives may effectively be left in control. This situation is commonly seen where a bid for the company is received from the management team, or from a private equity group with management involvement. The executives can play no part in the decision, and it will be for the independent directors to decide alone whether to recommend the bid to shareholders.

Walker also put a time commitment on the role in a major bank board: a minimum of 30 to 36 days a year for at least some of the non-executives. The Code says that all directors must be able to allocate sufficient time to the company to perform their responsibilities effectively. Less time will be needed for smaller companies and those with less complex businesses, but, with a norm of 10 board meetings a year, additional committee meetings and off-site visits, the job should be no sinecure.

Independent non-executive directors

The Code makes a distinction between non-executives who are independent and those who are not. To qualify for the former category, an individual must not only have the necessary independence of character and judgment but also be free of any connections that may lead to conflicts of interest.

The Code makes it clear that someone will not normally be considered independent if:

they have been an employee of the group within the previous five years;
they have a ‘material business relationship’ with the company or have had one within the previous three years, including an indirect relationship as a partner, director, senior employee or shareholder of an adviser or major customer or supplier (this would catch a partner from, for example, the company’s audit firm moving on to the board after retirement);
they receive remuneration from the company in addition to director’s fees or they participate in the company’s share option or performance-related pay schemes or they are members of the pension scheme;

they have close family ties with any of the company’s advisers, directors or senior employees;

they hold cross-directorships or have significant links with other directors through involvement in other companies or bodies (this works against the ‘old boys’ club’ method of appointing non-executives: George is finance director at company A and sits as a non-executive on the board of company B; Harry is chief executive at company B and sits as a non-executive at company A);

they represent a significant shareholder;

they have served on the board for more than nine years.

Ultimately, however, it is up to the board to decide who ‘qualifies’. The board is expected to consider the above – and, indeed, any other factors that may impair independent judgment – but none of them is to be thought of as grounds for automatic ‘exclusion’. It may be that an individual is judged to have the strength of character and integrity to remain unaffected by circumstances that, in theory, compromise their independence.

Sir David Walker, in his 2009 review of governance at major banks, argued for less emphasis to be placed on the independence of nonexecutive directors for the sake of it and for greater weight to be given to relevant financial industry experience. Independence in name was less important than ‘the quality of independence of mind and spirit, of character and judgment’.

When they appoint non-executives, and each year when reporting to shareholders, the members of the board have to identify who is independent and who is not. If they have decided that, despite previous and/or current connections with the company, etc, an individual may be classed as independent, they need to explain the reasons why.

[neilrr] 27/9/2016 11:30

Just thinking out loud here but I wonder if the interims are delayed 'cos they are now forced to add info about the US distributors abandoning SYM & wording it so they can avoid admitting they did not inform the market in a timely fashion is proving trickier than they anticipated.

It seems very strange that when asked about the state of the US deal, announced with much fanfare & at least 2 RNSes in 2011, SYM Finance Director Ian Bristow refuses to comment. If the rumour of the death of SYM's relationship with their US distributor are true then the failure of the BoD to inform the market is despicable.

Do we have any NEDs? Do they understand what their job is?

[ionlypostafterbbms] 26/9/2016 13:34

Prescient or what?

IOnlyPostAfterBBMs
18 Aug '16 - 11:24 - 4848 of 4883 0 0
SIR,

You have no idea if ANYONE who posts here holds SYM shares & frankly, whether they do or they don't is immaterial.

Investor Relation's job is to answer any & all ???s that are thrown at you, whether they are from believers (none left) or the disillusioned (everybody). If you are unwilling or unable to do that what's the point of you?

Here are a few easy ones for you.

Why did Michael Laurier hire a bankrupt real estate guy with zero experience in SYM's field to run your last US foray?

Has SYM USA ever reordered or are they still trying to move the original order?

Why does SYM never mention of SYM USA now?

[neilrr] 26/9/2016 13:26

symphony ir,

Who is Lev Parnas?

[mrphiljones] 26/9/2016 13:22

Disgusting people within the company should be Jailed for clearly withholding price sensitive information.............

[neilrr] 26/9/2016 13:20

I expect SYM is busy working on the RNS (which will not date the split) right now.

[neilrr] 26/9/2016 13:18

Just heard that SYM & their US distributor parted company four months ago.

[mrphiljones] 26/9/2016 13:13

Wow!.....Why couldn't he simply say "why of course we are"?...Don't you just love AIM..;-(

[neilrr] 26/9/2016 13:09

Not informing the market by RNS of this material fact would be a very serious omission.

is a dead site.

makes no mention of the USA at all.

I just called SYM in Borehamwood & spoke to Susan Kelly who wouldn't give me a straight answer as to whether SYM USA & SYM UK still still had a relationship. Much humming & hawing, prevaricating & her requests for my phone # for a call back before she passed me along to Ian Bristow.

Bristow, who denies he works for the shareholders, refused to answer the question, claiming first he wouldn't comment on BB rumours, then he wouldn't respond over the phone.

To my mind the shocked evasion, prevaricating & bluster just reinforce robertnash2's assertion in 4877 that the USA is no more.

[neilrr] 26/9/2016 10:26

Snort of derision at use of "global headquarters" for this rinky dink, mickey mouse company.

Will we get the interims at no one is watching o'clock?

[robertnash2] 25/9/2016 19:01

In the year 2010....has the business had a rapid growth???
SYMPHONY ENVIRONMENTAL MOVES TO LARGER OFFICES TO SERVICE ITS GROWING BUSINESS.. and is pleased to announce that it has moved its global headquarters to larger new offices at 6 Elstree Gate, Elstree Way, Borehamwood, Herts WD6 1JD.
The new offices have twice the space of the the old offices, to accomodate Symphony's rapidly growing business

[shepc] 21/9/2016 14:43

See in paper France is to ban plastic cups, cutlery & plates from 2020 unless they can be composted, is that an opening for Symphony?

[neilrr] 21/9/2016 11:06

Half yearly results due any day.

These are the last 2 years, for comparison when this year's output from Symphony Jam co. arrives.

2015 -

2014 -

[neilrr] 19/9/2016 07:41

Mattjos,

One of the triumvirate of SYM defenders to the death. Wondered where you had got to.

That's quite a change in your position, from SYM apologist to attacker!

Finally seen the light & realised what a desperate bunch of incompetent leaches are in charge of this sorry company?

[robertnash2] 14/9/2016 22:33

Thank goodness I only noticed that overpaid individual known as M.Stephen as I was leaving the Ivy Chelsea Garden this evening. I trust he did not use company expenses for his table of 4.