Supply @ME Capital PLC Board Change (6640D)
March 04 2022 - 2:00AM
UK Regulatory
TIDMSYME
RNS Number : 6640D
Supply @ME Capital PLC
04 March 2022
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.
4 March 2022
Supply@ME Capital plc
(The "Company" or "SYME")
Board Change
Supply@ME Capital plc, the innovative fintech platform which
provides the Inventory Monetisation(c) service to manufacturing and
trading companies, announces that James Coyle, Non-Executive
Chairman, has tendered his resignation as a Director of the
Company. Mr Coyle is leaving the company for personal reasons,
which will allow him to better balance existing time obligations
across his extensive portfolio of non-executive roles. The Board
has acknowledged Mr Coyle's personal reasons and has agreed with Mr
Coyle that his departure will take place with immediate effect.
In the RNS of 31 December 2021, the Company provided an update
on in-progress White Label and Inventory Monetisation initiatives.
Once the first transactions are complete, the Board expects an
increase in business volume. Due to the level of commitment this
will subsequently require, Mr Coyle has decided it is the right
time to step away from his role at SYME.
The Board is now actively seeking a permanent, long-term
successor to Mr Coyle. In the interim period, until a permanent
successor is in situ, the Board will appoint one of its existing
non-executive directors to chair future Board and Regulatory
meetings.
Additionally, the Company has appointed an independent adviser
(the "Adviser") to complete a strategic review of the Company, as
it prepares for the next phase of growth, which will focus upon the
delivery of its long-term business objectives, and its governance
system requirements. Upon completion of the Adviser's review, the
Adviser will make recommendations on any additional expertise and
capabilities required to ensure Supply@ME is positioned to realise
its planned global growth and diversification of revenue streams.
The Adviser will also make recommendations on the potential
appointment of a corporate broker and any additional advisers to
the Group.
Mr Coyle joined the Board at the end of October 2021 and has
since been instrumental in supporting the Company's progression.
During his time with the Company, TradeFlow Capital Management
("TradeFlow") signed a revenue-generating Investment Advisory
agreement with DP World, per the RNS of 18 February 2022. He has
also worked to improve SYME's corporate governance structure and
implement a refreshed investor relations strategy.
SYME Chief Executive, Alessandro Zamboni, said: "I am truly
grateful to Jim for his support and counsel. While his tenure with
us has been short, his impact has been immense. The level of
commitment he has given to the role far exceeded our expectations
and he leaves our business in a stronger position than he found it.
We are very sorry that demands on Jim's highly valuable time
prevent him from being able to provide the level of support
required for our next phase of our growth. On behalf of the Board,
I would like to thank him for his tremendous service to Supply@ME.
I wish Jim all the best for the future."
James Coyle said: " It is with deep regret that I have decided
to step down from my role at Supply@ME. Having worked closely with
the extremely dedicated team I wish the business every success in
the years to come."
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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