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Ah ok, be great to hear his reply if he sends one
Peace, not sure I understand your post, so what exactly did you discuss with Antonio?
From what I can gather, you phoned him but he was busy and asked you to email him, which you did. You've shown us the email but where is his reply?
Why are so many so impatient ? This is the start of something big and new. We are in the middle of worldwide disruption due to covid too. Things will take a little longer than normal operating conditions, isn’t that obvious ?
For the impatient people go and watch a tree grow. Can you see it growing when you look at it ? Over time you know it has grown. Give SYME time and you will see the growth...
They were contacted months ago to see if legit. The must be getting pee'd of with investors of SYME haha.
Confused Peace..
You rang him, he couldn't speak, you emailed him, what was the reply?
ATB
Indeed Storm Harbour are the agent issuing. Clients are on boarded. The funders are behind taking the whole first tranche and being our partner for all future ones.
I believe they are also behind the recapitalising of the captive bank.
With the COVID situation worsening there are administrative delays everywhere, including regulatory approvals I would have thought... There is nothing can be done about this and out of SYME influence unfortunately.
4. Middle-East Programme
A Shari'a assessment on the Supply@ME Platform provided by an internal specialised department of a global bank has been positively completed. This Bank has also identified a local Funding Partner available to support the UAE Programme of SYME and iMass (MENA strategic Partner - as announced by SYME in the RNS of 10 August).
The Parties above are currently agreeing a Memorandum of Understanding, details of which will be published in a separate announcement.
3. Italian Sell-funding agreements
The Company has agreed the key terms of the partnership with 2 local Banks. With one of these, the Parties are studying a more extended relationship. Pursuant to banking regulation, the agreements with SYME will be approved by the relevant internal committees by the end of September.
Furthermore, the Company has been invited to a tender promoted by Finlombarda (the main Lombardy public bank) in relation to fintech services to be provided to local SMEs.
Mick that's what I understand to.
The captive bank is still going through regulatory approval.
1. Securitised Note Issuance (through StormHarbour Securities)
As planned, the Company has received offers, subject to contract, from a number of large, global institutional investors, to provide funding, in the form of securitisation notes, in order to monetise more than €300m of inventory. There has been strong demand from a number of investment funds (including private equity and multilateral financial institutions supporting businesses that are promoting post COVID growth) which are individually requesting exclusivity for the securitisation notes issuance, and which are also remaining available for strategic support to the Company for the next funding rounds. The Company is currently analysing whether to syndicate this first securitisation issuance or work on an exclusive basis with one of the Funds mentioned above. Meanwhile SYME is keen to complete the signing of binding contracts with regard to the Client companies forming part of the securitisation portfolio by the end of September.
Storm harbour are the agent
https://en.wikipedia.org/wiki/Fininvest
Todays RNS is purely a continuance of this...
1. Securitised Note Issuance (through StormHarbour Securities)
As planned, the Company has received offers, subject to contract, from a number of large, global institutional investors, to provide funding, in the form of securitisation notes, in order to monetise more than €300m of inventory. There has been strong demand from a number of investment funds (including private equity and multilateral financial institutions supporting businesses that are promoting post COVID growth) which are individually requesting exclusivity for the securitisation notes issuance, and which are also remaining available for strategic support to the Company for the next funding rounds. The Company is currently analysing whether to syndicate this first securitisation issuance or work on an exclusive basis with one of the Funds mentioned above. Meanwhile SYME is keen to complete the signing of binding contracts with regard to the Client companies forming part of the securitisation portfolio by the end of September.
Note,
The Company is currently analysing whether to syndicate this first securitisation issuance or work on an exclusive basis with one of the Funds mentioned above.
Just so I'm clear, this RNS is saying that storm harbour and the captive Bank are now being replaced with this beast or is this in addition?