Supply @ME Capital PLC Outcome of General Meeting (0913X)
December 30 2021 - 8:51AM
UK Regulatory
TIDMSYME
RNS Number : 0913X
Supply @ME Capital PLC
30 December 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
30 December 2021
Supply@ME Capital plc
(The "Company", "the Group" or "SYME")
Outcome of General Meeting
A General Meeting of Supply@ME Capital plc, the innovative
fintech platform (the "Platform"), which provides the Inventory
Monetisation(c) service to manufacturing and trading companies, was
duly convened earlier today (the "Meeting").
The Meeting was held to enable shareholders to consider whether
any, and if so, what steps should be taken to address the Company's
"serious loss of capital" as defined and required by section 656(1)
of the Companies Act 2006. Details of the largely historical
situation which resulted in this position were set out in the
formal Notice of General Meeting and the Company's RNS of 7
December 2021.
Following discussions at today's Meeting, it was concluded that
the Company's anticipated increase in revenues commencing in 2022
from each of the three revenue streams (per the definitions
introduced in the RNS of 31 August 2021), which includes the
positive impacts generated by the completion of the first inventory
monetisation transactions and the acquisition of TradeFlow Capital
Management Pte. Ltd, will contribute towards alleviating the loss
of capital. The "serious loss of capital" does not itself have any
specific bearing on the Company's current financial position or
current trading performance.
The Company also intends to issue a trading update, covering the
second half of 2021, tomorrow, 31 December 2021.
Shareholders were not asked to vote at the general meeting as it
was a discussion forum only.
The board of SYME always welcomes dialogue with shareholders and
today's General Meeting provided a suitable forum for discussions
on this issue to take place.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the directors of the Company
are responsible for the release of this announcement.
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 programme which will be focused on both
inventory in transit monetisation and warehouse goods monetisation.
This programme 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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