RE: Just another 1000% will do8 Apr 2025 10:31
As at 16 December 2024 (being the latest practicable date prior to this announcement) the Group had a client company inventory monetisation pipeline of £125.2 million which is supported by signed letters of interest or term sheets. This compares to £124.0 million reported at 20 September 2024 on the same basis.
· The current amount of inventory which has been monetised using the SYME Platform through first IM purchases is £3.5 million as at 16 December 2024, this compares to £1.9 million as at 20 September 2024.
· A new funding commitment has recently been finalised by Société Financière Européenne S.A. ("SFE") and one of its wholly owned Italian stock companies (the "Italian Stock Company"). This new funding commitment will allow the Italian Stock Company to enter into new IM transactions with client companies collectively worth €3.5million. This new funding has been provided to the Italian Stock Company by global players in the asset management industry who have subscribed to a secured bond issued by the Italian Stock Company. This is expected to be an attractive financial product for the asset management firms interested in investing in the Italian real economy.
· The Group has developed an updated offering with the Italian neo banking group with the aim of initially delivering a comprehensive inventory and receivables financing facility to Italian corporates clients. This would allow the SYME Platform to also be used to provide a service to client companies who prefer to follow a more traditional inventory financing model.
· Supply@ME and Banco BPM S.p.A ("BBPM") are continuing to work together to provide an alternative solution which would allow IM transactions to be completed without the need for a specific remarketer to be contracted for each separate IM transaction. The objective is to allow the need for a remarketer to be avoided in certain circumstances, unlocking the potential and scalability of the IM facility further. Alongside this, the working group is continuing to work with the targeted customer base (agri-food supply chains) which, as of today, comprises the first White-Label Client Company (an Italian cheese producer) and a new second one originated by BBPM, being an Italian leader in production of tomatoes products.
Business Lines Update
Open Market Inventory Monetisation
Open Market IM transactions are those originated by the Group from its internal pipeline and which are funded by the independent stock companies through use of funds from third party investors.
Italian neo banking group alliance
On 29 April 2024, the Company announced that it had entered into an agreement with SFE and an Italian neo banking group aimed at deploying an Inventory Monetisation programme (the "IM Securitisation Programme"). In particular, the Italian neo banking group, through its investment banking division, acting as arranger and, following the necessary internal approvals, was expected to fund the
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