Supply @ME Capital PLC First UK IM transaction from traditional funding (0257C)
June 09 2023 - 2:00AM
UK Regulatory
TIDMSYME
RNS Number : 0257C
Supply @ME Capital PLC
09 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF UNITED
KINGDOM ("UK") DOMESTIC LAW PURSUANT TO THE MARKET ABUSE
(AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) ("UK MAR"). UPON
THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS
DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
8 June 2023
Supply@ME Capital plc
(the "Company", " Supply@ME " or "SYME")
Supply@ME secures a binding commitment for first Inventory
Monetisation transaction in UK, from traditional funding
sources
SYME, the fintech business which provides an innovative fintech
platform (the "Platform") for use by manufacturing and trading
companies to access Inventory Monetisation(c) ("IM") solutions
enabling their businesses to generate cashflow, is pleased to
announce that has secured a binding commitment (the "Commitment")
provided by an institutional investor (the "Investor") to invest in
the first IM in the UK (the "Transaction").
Following the Company's announcement of its first Italian IM
using traditional funding sources on 5 May 2023, the Commitment is
another key milestone under Company's action plan to work with a
consortium of European investors to fund IM transactions with
monetisable value of up to EUR5m, as announced on 20 January
2023.
The Commitment has been provided to the representative person of
the stock company which is going to be established in UK ("UK
StockCo"). The funds committed will be used by the UK StockCo to
monetise up to GBP1.8m of warehoused goods of a UK client company,
which provides parts and technology to the global marine industry
(the "Client Company").
The Client Company has entered into the Commitment with the
representative person of the UK StockCo to finalise the necessary
definitive commercial agreements in relation to the Transaction by
30 June 2023.
SYME will provide further details regarding the Transaction
following the execution of the definitive commercial agreements
between the UK StockCo and the Client Company and the funding
instruments subscribed by the Investor.
Alessandro Zamboni, CEO of SYME, said:
"Our first IM transaction using traditional funding in the UK
represents another key milestone, following the first IM using
traditional funding in Italy. Momentum is building and our pipeline
is strong and growing every day, as we continue to build our
traditional and non-traditional funding routes. There are further
milestones to reach to activate all of our initial funding routes,
however, we now have a clear base in both core markets from which
we are pursuing new and existing opportunities."
"This milestone will also help us to target our strategic goal
to have white-label and self-funding transactions up & running
in our core regions in 2024, with the first agreements with banks
expected in 2023."
For the purposes of UK MAR, the person responsible for arranging
release of this announcement on behalf of SYME is Alessandro
Zamboni, CEO.
Contact information:
Alessandro Zamboni, CEO, Supply@ME Capital plc,
investors@supplymecapital.com
MHP Group, SupplyME@mhpgroup.com
Notes:
SYME and its operating subsidiaries provide its Platform for use
by manufacturing and trading companies to access inventory trade
solutions enabling their businesses to generate cashflow, via a
non-credit approach and without incurring debt. This is achieved by
their existing eligible inventory being added to the Platform and
then monetised via purchase by third party Inventory Funders. The
inventory to be monetised can include warehoused goods waiting to
be sold to end-customers or goods that are part of a typical
import/export transaction. SYME announced in August 2021 the launch
of a global Inventory Monetisation programme which will be focused
on both inventory in transit monetisation and warehoused goods
monetisation. This programme will be focused on creditworthy
companies and not those in distress or otherwise seeking to
monetise illiquid inventories.
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END
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