Supply @ME Capital PLC Notice of General Meeting (8007U)
December 07 2021 - 2:00AM
UK Regulatory
TIDMSYME
RNS Number : 8007U
Supply @ME Capital PLC
07 December 2021
7 December 2021
Supply@ME Capital plc
(The "Company", "the Group" or "SYME")
Notice of General Meeting
Companies Act 2006: serious loss of capital which arose in
FY2014 when the Company was listed on AIM with the name Imaginatik
plc
Supply@ME Capital plc, the innovative fintech platform (the
"Platform") which provides the Inventory Monetisation(c) service to
manufacturing and trading companies, gives notice that a general
meeting of the Company's shareholders will be held at the offices
of Cicero/amo, HKX Building, 3 Pancras Square, London, N1C 4AG at
11 a.m. on 30 December 2021 ("the General Meeting").
The formal Notice of General Meeting and accompanying letter
from the Chair of the Audit Committee, David Bull, are today being
sent to all shareholders and will be available on the Company's
website, at www.supplymecapital.com.
Under the Companies Act 2006 (the "Act"), a "serious loss of
capital" occurs once the value of a company's net assets is less
than half of its called-up share capital. In such circumstances,
the directors are required, pursuant to section 656(1) of the Act,
to call a general meeting to consider whether any, and if so what,
steps should be taken to deal with the situation.
Having reviewed the historical financial information of the
Company, the current directors believe that the situation giving
rise to the serious loss of capital actually first arose in FY2014
when the Company was listed on AIM with the name Imaginatik plc.
The current directors have attempted to ascertain whether a general
meeting was held by the Company around that time and have contacted
a number of previous directors to obtain further information. They
have concluded from the results of these enquiries that it is
unclear whether the then-directors dealt with the issue as required
by the Act and accordingly are calling the General Meeting.
Accordingly, the board is calling the General Meeting to ensure
that this matter is addressed with shareholders as required by the
Act.
Although the directors are calling the General Meeting now, as
required by the Act, shareholders should be aware that the issue is
not specifically related to the Company's current business and
should note that:
-- The Company was incorporated in 2000, listed on AIM in 2006,
and, for the first 18 years of its existence was undertaking
operations in an unrelated sector to the Company's current
business;
-- In 2019, the Company disposed of its then undertaking to
become an AIM listed cash shell under the name Abal Group plc
before undertaking a reverse takeover of Supply@ME Srl and listing
on the London Stock Exchange's Main Market in March 2020;
-- The position of both its share capital and net assets derives
principally from operational results and corporate transactions
undertaken prior to the Company becoming Supply@ME Capital plc, and
before any of the current directors were appointed to the
Board;
-- This is not a new issue which has arisen since the
publication of the annual financial statements for the year ended
31 December 2020.
Notwithstanding the above, the directors consider that, as shown
in recent RNS announcements, the anticipated growth in revenues
will assist in alleviating the loss of capital and also consider
that the "serious loss of capital" does not itself have any
specific bearing on the Company's financial position or
performance.
The board always welcomes dialogue with shareholders and the
General Meeting will provide a forum for discussions on this issue
to take place. Shareholders will not be asked to vote on any
matters at the General Meeting as it is a discussion forum only.
There will be no other items discussed at the General Meeting in
line with the Act.
Notes
Supply@ME Capital PLC and its operating subsidiaries (together
the "Group") provide an innovative fintech platform (the
"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
warehouse goods waiting to be sold to end-customers or
goods/commodities that are part of a typical import/ export
transaction. SYME announced in August 2021 the launch of a global
Inventory Monetisation program which will be focused on both
inventory in transit monetisation and warehouse goods monetisation.
This program will be focused on creditworthy companies and not
those in distress or otherwise seeking to monetise illiquid
inventories.
Contacts
Alessandro Zamboni, CEO, Supply@ME Capital plc,
investors@supplymecapital.com
Paul Vann, Walbrook PR Limited, +44 (0)20 7933 8780,
paul.vann@walbrookpr.com
Brian Norris, Cicero/AMO, +44 (0)20 7947 5317,
brian.norris@cicero-group.com
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END
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