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Tom Winnifrith Letter to the FCA - suspend Supply@ME Capital shares NOW

By Tom Winnifrith | Tuesday 19 January 2021

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Supply@ME Capital (SYME) shares are listed on the Standard List which means that no Nomad has to sign off on its ludicrous RNS statements. The regulator is the FCA which only acts in a reactive way, i.e. after a company has sinned. Actually, the FCA’s overpaid staff are too busy publishing papers on global warming, the gender pay gap or just shitting on the floor to do any regulation at all. The FCA is institutionally useless. However, in the hope that Supply’s sins are so egregious that it might just act, I have emailed Mark Steward – the Enforcement Director of the FCA – asking him to get his minions to have a butcher’s and actually do something. The letter is below.

Mr Steward.

I have published numerous articles on Supply@ME Capital, a joke enterprise listed on the Standard List which your organisation claims to regulate. In my humble opinion it is an outright con. 

We can argue about that at another time but I write today to ask you why the shares have not been suspended from trading as they should be with immediate effect and on two counts.

Shares in this company were admitted to the Standard List on march 23 2020 on the basis of a prospectus claiming net assets of £226 million signed off by your colleagues. Within a few months it became clear that the prospectus was a work of fiction, net assets were in fact, sub £1 million

The company has published 2 statements of its financial position

The last audited information appears to be that in the prospectus, which covers.

20 Oct 2017 to 31 Dec 2018 for the operating company and the year to 31 March for the PLC Supply@ME capital was reversed into.

Since then Supply has published second unaudited interims for the 12 months to 31 Mar 2020.

Today it said that it would announce audited accounts for the 9 months to 31 December 2019 by the end of January 2021. I remind you that the FCA suspended, Standard listed Zenith Energy (ZEN) for not publishing audited accounts within 6 months (the Covid extension giving you 6 rather than the normal 4 months under DTR 4.1), even though it had published unaudited 12 month figures akin to what Supply did. So there is a case precedent here and to show consistency Supply shares should be suspended at once. 

Under DTR 4.2, you normally have 3 months to produce interims, but that is currently extended to 4 months, so the interims to 30 June 2020, should have been produced by 31 October 2020.  Interims being produced by 31 January 2021 would only be appropriate if Supply had kept its old accounting year of 31 March and it had had those figures announced for the 12 months to 31 Mar 2020 audited. Supply is in clear breach of DTR 4.2 and so its shares should also be suspended at once until those interims are produced. 

So there are 2 reasons why you MUST suspend the shares at once. I hope that you do so.

I am, as ever,

Your obedient servant

Tom Winnifrith

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